Both life insurance and income protection offer financial support to your loved ones, but they are very different in terms of what they cover. Life insurance will pay out a lump sum if you pass away during the term of your policy. This will be paid to your loved ones and after a claim is made, the policy will end. Income protection will pay out a monthly benefit worth a percentage of your income if a medical problem prevents you from working. You can claim multiple times on your policy until you are well enough to return to work. Even when you have stopped claiming, your policy will still be active, and you can claim again if you need it. You can continue making claims on your policy until you choose to end it or until you retire.