Life Protection Overview

Understanding the difference between life, critical illness and income protection insurance.

Life Assurance

If you or your partner were to die, you might leave your loved ones facing financial difficulties unless you plan your finances. No-one likes to talk about it but it's a reality that your family could have to face. With life cover, your family gets a lump sum or you can opt for them to receive a regular income when you (or another person named on your policy) dies. This could help pay off commitments such as a mortgage, pay for a funeral or leave a legacy for your loved ones.

Critical Illness

If you were diagnosed with a critical illness, you may not be able to work again. This obviously presents a serious threat to your future income. Critical illness protection pays you a lump sum of money if you're diagnosed with one of a number of specified critical illnesses. The lump sum could take care of your mortgage, protect the long term security of your family or pay for necessary adjustments to your home

Income protection

This cover is for your income and means if you can't work for a prolonged period of time, you can still receive a percentage of your income. You may have an accident or become ill which means you are unable to work for several months (perhaps even years). However, if you have an income protection plan in place this will pay you a monthly income until you’re able to return to work, the plan ends, you retire or in the event of your death, whichever happens first. Protection for your income means that you can concentrate on getting better without the stress or having to worry about paying bills.


Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on Investments, Pensions, Life and Protection Insurance and Inheritance Tax Planning. Newcastle Financial Advisers Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.