Income protection insurance can pay a regular benefit if you’re unable to work because of a covered illness or injury, helping with living costs while you recover. Policies usually include a waiting period and a maximum benefit period, and the amount payable is set by the policy and insurer rather than guaranteed. Check the product disclosure statement for exclusions, pre-existing conditions and whether redundancy is excluded, as income protection generally covers sickness or injury, not job loss. Premiums and benefits can have tax consequences, so consider checking with the insurer, a licensed financial adviser or a tax professional.