Which type of protection insurance is best suited for long-term cover?

Income protection insurance is designed to provide financial support for individuals who are unable to work due to illness or injury. Unlike other types of insurance, it pays out a portion of the policyholder's income for an extended period, often until they are able to return to work or reach retirement age. This makes it particularly suitable for long-term cover, as it addresses ongoing financial needs resulting from an inability to earn an income.

In contrast, life insurance typically pays out a lump sum on death, which is not designed to provide ongoing support. Critical illness insurance provides a one-time payment upon diagnosis of a specified illness, which might not last throughout a long-term period of incapacity. Term insurance, which covers mortality risk for a specific period, also does not provide support beyond that term if the insured remains alive but unable to work. Therefore, income protection insurance stands out as the most appropriate option for long-term financial security in the face of illness or injury.