Income protection insurance is designed to replace a portion of the insured person's income if they become unable to work due to a covered illness, injury, or disability. The benefit is typically paid on a monthly basis and can help cover ongoing living expenses, such as mortgage or rent payments, bills, and daily necessities.

Income protection insurance can cover a variety of medical conditions, disabilities, and injuries that prevent the insured person from performing their regular occupation or any occupation, depending on the policy terms. It provides protection against both short-term and long-term disabilities.

The benefit period, also known as the waiting period or elimination period, is the duration that must elapse after the start of the incapacity before the benefit payments begin. It can range from a few weeks to several months, and the choice of the waiting period affects the premium amount.

Income protection insurance policies can be tailored to suit individual needs and circumstances. The coverage amount can be selected based on a percentage of the insured person's income, allowing for personalised protection that aligns with their financial requirements.

Income protection insurance premiums and coverage may be influenced by factors such as the insured person's occupation, age, health condition, and lifestyle habits. Higher-risk occupations or pre-existing health conditions may result in higher premiums or exclusions.