Planning for the unexpected - what cover do you need?
Use our table as a guide to help you understand the different life insurance and protection related products on offer, so you can see if they provide the cover you are looking for. And remember restrictions may apply - so always ask an insurer if you are eligible for cover first.
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Insurance
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Level of cover/main benefits
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Exclusions/restrictions
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Tax relief on premium
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Serious/Critical Illness Insurance
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Pays out a tax-free lump sum if you are medically diagnosed with one of the serious illnesses or disabilities that your policy covers. Cover is renewed once you renew your policy on time.
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Eligible illnesses and exclusions will be listed in your individual policy and will vary between providers. Your age, gender, health and family medical history will affect your eligibility and the cost.
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None
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Income Protection/ Permanent Health Insurance
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Provides you with a taxable income if you lose your work income due to disability/illness or injury. The benefit is paid out for a certain period of time (assuming your illness is listed in your policy)
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You must be in full-time paid work or be self-employed to get and continue to have income protection cover.
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Yes
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Life Insurance
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Pays your estate either a lump sum or regular income if you die during the time limit set out in the policy. The cover is either whole-of-life or for a specific term
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Your age, gender, health and family medical history will affect your eligibility and the cost.
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None
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Mortgage Protection Insurance
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A type of life insurance policy that repays your mortgage if you die before clearing the loan. The cover lasts until you repay your mortgage.
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Your age, gender, health and family medical history will affect your eligibility and the cost.
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None
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Mortgage Repayment Protection Insurance
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Repays your mortgage for a certain time if you're unable to work due to an accident, sickness, hospitalisation, compulsory redundancy or serious illness covered by the policy. The benefit lasts for a specified time, usually 12 months.
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Varies by policy but you may not qualify if you are self-employed, temporary/contract worker or know yourself to be at risk of being made redundant when taking out cover
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None
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This is a general description of the main types of insurances that are available. Terms and conditions will vary between providers and their individual products. You should read providers' terms and conditions carefully, to find out the details of their products.
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