Income protection insurance costs vary between providers and depend on factors such as your age, occupation, income, smoking status, health, waiting period and benefit period. Policies generally pay a portion of your income if you cannot work because of illness or injury, but premiums and cover limits differ. A longer waiting period or shorter benefit period may reduce the premium, while higher cover can increase it. Ask an insurer or licensed financial adviser for a quote based on your circumstances, and check the policy’s exclusions, definitions and tax treatment before applying.