Income protection insurance can pay a regular benefit when illness or injury prevents you from working, helping with expenses such as rent, mortgage payments and bills. Policies usually cover a percentage of your pre-tax income, subject to a waiting period and a maximum benefit period, with the exact terms set by the insurer. Exclusions, definitions of disability and medical evidence requirements vary, so benefits are not automatic. Compare the policy wording carefully and consider speaking with a licensed financial adviser or insurer about whether cover suits your circumstances.