Life Insurance vs Income Protection: Which Do You Need First?
Life insurance pays a lump sum to your beneficiaries if you die during the policy term. Income protection pays you a regular income if you can't work due to illness or injury — it does not pay out on death.
If you have dependents and a mortgage, life insurance (specifically decreasing-term, matched to your mortgage) is usually the priority — it's also the cheaper of the two for equivalent risk.
If you're self-employed or have no sick pay from an employer, income protection often matters more day-to-day: a serious injury that doesn't kill you but stops you working is statistically far more likely than death during your working years.
Many people need both eventually. If budget is tight, start with term life insurance matched to your mortgage and dependents' needs, then add income protection once that's in place.