Personal protection explained
Life Assurance can be issued on a level or decreasing term basis and pay a cash lump-sum upon the death of the life assured if it occurs during the term of the policy. You might use these plans for covering debts, such as a mortgage, or providing a sum of money to support your family.
Critical Illness is commonly linked to a Life Assurance policy but can also be held as a standalone product. This policy will pay out a cash lump-sum in the event of a diagnosis of a qualifying illness or disability; for example, some cancers, heart attack or loss of a limb.
Family income benefit is similar to Term Assurance, however, rather than a cash lump-sum, it will pay out a regular income for the remainder of the policy term. These policies can be arranged on a life-cover only basis or can include critical illness.
Income protection pays an income to you in the event that you are unable to work because of a long-term illness or disability. You would use this policy to replace your earnings to support you and your family.