Income protection insurance may pay a regular benefit if illness or injury prevents you from working, subject to the policy’s terms. Check the waiting period, benefit period, maximum cover, income definition, exclusions and whether premiums are stepped or level. Benefits are generally taxable when you claim, and policies can differ significantly, so read the Product Disclosure Statement (PDS) and compare the insurer’s definitions carefully. A licensed financial adviser or insurer can explain how the cover may fit your circumstances and existing sick leave, workers compensation or other benefits.