Life Assurance or Life Insurance, is an insurance against the likelihood of your death.
Serious illness cover, is an insurance against the likelihood of you being diagnosed with any one of a set list of Serious illnesses and injuries which are covered by a policy.
Mortgage protection is the most cost effect form of life assurance and is used most widely to protect both the borrower and the bank against the risk of the borrower dying within the term of the mortgage.
Income Protection, also known as Permanent Health Insurance (PHI), is an insurance to protect your income against long terms sickness or injury and not being able to work. It is set up whilst you are earning income. It does not protect you against redundancy.