Income protection insurance can provide regular payments if illness or injury prevents you from working, subject to the policy’s terms and exclusions. Policies differ in their waiting period, benefit period, payment percentage, definition of disability and whether cover is held through superannuation or purchased directly. Premiums and benefits may have tax implications, so it is worth reading the Product Disclosure Statement and comparing policies carefully. An insurer or licensed financial adviser can explain whether the cover suits your work, income, savings and existing benefits.