Critical illness vs income protection
Summary: Critical illness cover pays out a lump sum if you are diagnosed with a serious condition, whereas income protection will pay out in the event you are unable to work and will continue to do so until you die, retire, or fit enough to return to work.
Critical illness vs income protection
Critical illness cover pays out a lump sum if you are diagnosed with a serious condition, whereas income protection will pay out in the event you are unable to work and will continue to do so until you die, retire, or fit enough to return to work.
Critical illness cover
Critical illness cover protects you and your family financially, if you were ever to be diagnosed with a serious condition such as cancer, heart attack, stroke, or any of our other 18 listed conditions.
It can be added to your life insurance policy for additional protection if you were ever to fall critically ill. It is not always possible to continue working whilst recovering from a critical illness such as cancer and the lump sum can help remove some of the financial stress and gives you and your loved one’s financial peace of mind whilst you focus on your recovery.
Income protection
Income protection provides a regular payment in the event you are unable to work due to illness or injury and can only insure up to 60% of your gross income, depending on your provider. It is individually assessed based on your job type and health and may exclude existing medical conditions.
Beagle Street do not offer income protection however, we do offer critical illness cover which can be added onto your life insurance policy.
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