An income protection insurance guide should explain how policies may replace part of your income if illness or injury stops you working, subject to the policy terms. Compare the benefit amount, waiting period, benefit period, exclusions, definitions of disability and whether premiums are stepped or level. Check how the policy works with sick leave, workers compensation or other payments, and whether benefits are generally tax-deductible when the policy is held personally. A licensed financial adviser or insurer can explain suitable options and assess how the terms apply to your circumstances.