Income protection insurance can pay a regular benefit, usually a portion of your income, if illness or injury prevents you from working, subject to the policy terms. Before buying, compare the waiting period, benefit period, definition of disability, exclusions, claim requirements and whether cover applies to your specific occupation. Premiums and benefits can have tax implications, so check the current Australian Taxation Office guidance or ask a qualified tax professional. The insurer will assess your application and any claim based on your circumstances, medical information and the policy wording.