Income protection and life insurance serve different purposes:
- Income protection: Provides regular payments if you are unable to work due to illness or injury, helping you maintain your standard of living.
- Life insurance: Pays a lump sum or income to your beneficiaries in the event of your death, providing financial support to your loved ones.
- Focus: Income protection focuses on maintaining your income during periods of ill health, while life insurance focuses on financial security for your dependants after your death.