Protection insurance can help cover your costs if you become too ill to work or are diagnosed with a serious illness. There are different types of protection insurance:
- Insurance that pays you a regular income. For example, this may be to replace a salary you are no longer getting. This includes income protection insurance.
- Insurance that pays out a lump sum. This includes critical illness cover.
- Insurance that pays the regular payments (the premiums) for you, if you cannot work because of illness or disability. This arrangement is called a waiver of premium benefit.
We have more information about different types of protection insurance.