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Since 2006 we have helped 342,313 people compare Protection Insurance quotes.
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Since 2006 we have helped 342,313 people compare Protection Insurance quotes.
We would love to do the same for you...

Which would be the better option for you: critical illness cover or income protection insurance?

If you’re in the market for protection insurance right now, but especially if you have never actually purchased such a plan in the past, you might understandably feel overwhelmed or confused about the many areas of ‘overlap’ across the various types of policy available.

One potential area of confusion relates to the differences between a critical illness insurance policy, and an income protection one.

Both types of policy appear to provide a layer of financial protection in the event of the policyholder suffering from illness - so what factors truly distinguish them from each other? And how might this impact on the decision you make between these two forms of protection cover?

Defining these two potentially crucial forms of cover

As you might have already seen if you have perused the QuoteLifeCover website, there are certain key differences between these two types of cover.

One of the most obvious of those differences is that income protection insurance - if the policyholder makes a successful claim on it - pays out a sum of money every month for a certain period of time. These payments effectively constitute a ‘replacement’ of the policyholder’s usual income in the event of sickness or injury preventing them from working - except that the monthly amount paid out is typically limited to 65% of their normal monthly salary or income.

Critical illness cover, on the other hand, doesn’t pay out on a monthly basis over time like this. Instead, if you make a claim on this policy that is approved by your insurer, you will receive a one-off tax-free lump-sum payment - and that’s it. After this payment, the policy will end.

How do these forms of cover vary in the illnesses that they protect you for?

Something else you need to appreciate about these two types of insurance is that while they both help protect the policyholder in cases of illness, the exact way in which they relate to illness is different.

A critical illness insurance policy will typically set out the specific illnesses that it covers in its terms and conditions, so it is important to scrutinise the list of illnesses when you are considering a particular policy. If you attempt to make a claim in relation to an illness that isn’t stated in your policy, you won’t get a payout.

Income protection insurance, on the other hand, uses a broader definition of illness and injury than critical illness cover. So for example, if you were to suffer from back problems or depression that prevented you from working and earning an income, you might find that an income protection insurance policy would pay out in such circumstances, but a critical illness policy wouldn’t.

Does that effectively make income protection the wiser choice of protection policy if you are anxious to ensure your policy will definitely pay out in the event of the worst happening? Our answer to that is... not necessarily.

After all, some critical illness insurance policies can be more comprehensive than others in terms of how many health conditions they cover. Also, you might feel that your circumstances would make a one-off lump-sum payment more beneficial for you than money paid out gradually over time. If you have especially large outstanding obligations such as a mortgage, you might find that a critical illness policy would better cover you for these bigger expenses.

There’s a lot more that we could say about the differences between critical illness cover and income protection insurance - as well as, of course, the similarities. Please feel free to call 0800 316 6917 today for a more in-depth conversation about your own circumstances, so that we can provide tailored advice and help put together a policy that perfectly caters to your needs.

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Get Insured within 20 Minutes

It is possible to be protected with a life insurance or critical illness policy within 20 minutes provided the insurer does not require a GP report or medical.

A GP report or medical is normally required for large amounts of cover (over £400,000), or if your BMI is over 30, or you have any significant ongoing or past medical issues, or if you are involved in dangerous job or high risk hobby.

Calculate Your Cover

Find out how much cover you might need by using our simple online calculator. It will take into account your outstanding mortgage, any loans or credit cards, your monthly income and how many children you have.

Ultimately the right amount of cover is often a balance between what might be an ideal figure and what you can sensibly afford.

Calculate your cover here

Personal Service

We have tracked down the very best protection insurance advisers in the UK to ensure you have access to best advice and the best products from the leading insurers.

Instead of pushy sales people, our advisers offer a more personalised service to guide you through the process and ensure you enjoy lasting peace of mind by making an informed choice.

Read What Our Customers Think of Us

Five Stars (4.9)

Great communication, help and guidance.

All my questions were answered, as I know little on how life cover, critical illness and terminal insurance policies work.

I was given good independent advise, so I could confidently make my choice on what was right for me.

- Denise

Clear, friendly, efficient and prompt service.

No nonsense, no jargon, just clear and informative guidance. Very quick with results which did not disappoint. Delighted with my deal which was a third cheaper than my own bank offered me and I didn’t do any of the legwork. More than happy to recommend.

- Ms Shannon

I found the customer service representative very polite and informative and helpful.

I wished some information on life insurance for a mortgage I have applied for.

All in all the process was very useful and informative and the representative was very helpful and polite. I would recommend this online service to anyone who is looking for life cover.

- Mrs Severn

Very good professional service.

I was impressed by the quality of service by the advisor who dealt with my request. He has carefully listened to my requirements, asked a few relevant questions and has provided me with the option which suited my needs in the best possible way. I have really admired his flexible approach and fantastic customer skills.

- Mrs Cookson

Professional and no-nonsense approach.

Very thorough yet friendly service. Good contact and information one can understand.

- Heather Cronley

A professional customer centric company with the client at the heart of the transaction.

The advisor put me at the heart of the transaction, was professional, gave realistic opinions and suggestions offering me choices in clear terms which I understood.

- Andrew Hughes

Outstanding service and knowledgeable customer service rep.

I received a call as promised in my email. Marie Bedding was very knowledgeable in her subject matter, she took some basic details and was very polite and courteous in her manner.

Marie was very sensitive when discussing personal circumstances and listened carefully and showed compassion to my details. Marie then said ‘leave it with me and ill get back to you’, within 20 minutes Marie was back on the phone with the quotes as promised and gave me a selection of options to chose from.

Marie did not pressure me with the ‘Hard Sell’, I needed time to discuss the options with my partner, Marie kindly emailed me all the details and left it in my hands to contact her once I had made a decision and if I would like to go ahead with the policy.

I cannot fault this service and the professionalism I received.

- N Marsden

Excellent Service.

Great service, easy to understand terminology. Everything explained and documented by adviser. Thank you.

- Glenda

The quotation service is provided by an FCA-authorised insurance specialist

Promoted Premiums for 35 year old male (non-smoker) on a 25 year term - September 2022*
Life Insurance: £5/month = £65,371 sum insured
Critical Illness Cover: £10/month = £27,546 sum insured
Combined Life & Critical Illness Cover: £10/month = £25,230 sum insured

 

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