Income protection insurance can help first home buyers manage mortgage repayments and living costs if illness or injury temporarily prevents them from working. Policies generally pay a portion of your income after a waiting period, for an agreed benefit period, subject to the policy’s terms, exclusions and assessment of your circumstances. Compare the cover, waiting period, benefit period, premiums and whether payments are taxable before applying, rather than choosing solely on price. An insurance adviser or licensed financial adviser can help you assess whether it suits your budget and existing employer or government support.