Life Cover and Life Income Cover
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Whether you have Life Cover or Life Income Cover, both will pay out if you become terminally ill or upon your death. Life Covers (and Terminal Illness Cover), however, pays out a single, one-off sum, which you may wish to be used for funeral expenses or by loved ones to pay off the mortgage or to create an education fund for the kids. Life Income Cover, on the other hand, pays a regular monthly amount for a set number of years, so in this way it works to replace the regular income lost.