Income Protection Insurance provides a regular tax-free income if you are unable to work due to illness or injury. This insurance can help cover essential living costs such as the mortgage, rent, and bills, reducing financial strain until you are ready to return to work or retire.

Long-term policies will continue to pay out until you return to work or retire, whichever comes sooner. There are also limited payment options available, such as paying out for one, two, or five years only. Premiums for these options are generally lower than for long-term policies.

You can expect to receive about 50% to 70% of your gross earnings with this insurance, as some money will be deducted for state benefits, and the income from the policy is tax-free. This security provides you with peace of mind during unexpected financial hardships.