Which types of policy are designed to protect consumers against mortality risk?

The correct answer focuses on types of policies that are specifically created to protect consumers against mortality risk. Term assurance, endowment assurance, and whole of life assurance are life insurance products designed with this purpose in mind.

Term assurance provides coverage for a specified period. If the insured individual passes away during the term, a death benefit is paid to the beneficiaries, protecting them from the financial repercussions of the individual's mortality risk.

Endowment assurance combines elements of life insurance and savings. It not only provides a death benefit if the insured dies within the term but also pays out a lump sum if the insured survives the term. This dual function reinforces its role in protecting against mortality risk while contributing to financial security.

Whole of life assurance offers coverage for the entire lifetime of the insured, ensuring that a death benefit is paid regardless of when the insured passes away, thus addressing the perpetual nature of mortality risk.

The other options include policies that, while valuable, do not primarily focus on mortality risk. For instance, income protection insurance primarily safeguards against loss of income due to illness or disability and does not directly cover mortality risk. Critical illness policies provide payouts when a policyholder is diagnosed with a specific severe health condition but do not cover mortality risk unless the condition leads to death.