Protection insurance: the basics
Updated
Protection insurance pays out if something serious happens: death, illness, or being unable to work. It's about covering the financial hole that event would leave, especially if other people rely on your income.
Life insurance
Pays a lump sum (or income) to your dependants if you die during the policy term. Most relevant if someone, a partner or children, would struggle financially without your income, or to cover a mortgage.
Income protection
Pays a regular income if illness or injury stops you working, usually until you recover or retire. Worth understanding if you'd run out of savings after a few months off work and don't have generous sick pay.
Critical-illness cover
Pays a lump sum if you're diagnosed with one of a defined list of serious conditions. Often bought alongside life or mortgage cover.
Important
Life, income protection and critical-illness cover are regulated products. Blooom provides general information only and does not give insurance advice. A regulated adviser can assess what suits your circumstances.
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A regulated adviser or partner will be available here. Blooom provides information only and does not give regulated advice.
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