Income protection insurance is designed to replace part of your income if illness or injury stops you working, subject to the policy terms. Beginners should compare the waiting period, benefit period, maximum monthly benefit, exclusions, definitions of disability and whether the cover is held personally or through super. Premiums, claim payments and tax treatment can vary, and the insurer decides claims using your circumstances and medical evidence. Read the product disclosure statement and consider speaking with a licensed financial adviser; ASIC’s Moneysmart website also explains key questions to ask.