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With Income Protection insurance, you can be paid some 70 per cent of your income for a specified period to help when you cannot work.

The most common claims are for illnesses such as cancer, heart attack, anxiety and depression. Payments generally last from two to five years although you can take a policy up to a certain age, such as 65, and the amount is generally based on 70 per cent of your income in the 12 months prior to the injury or illness.

For some, Income Protection insurance may be part and parcel of your superannuation although more commonly this is limited to life insurance, and total and permanent disability cover. But, if you do have Income Protection insurance in your super, check the extent of the automatic cover as it can be modest.

Alternatively, you could take out a policy outside super where you will enjoy tax deductibility on the premiums. Income Protection insurance is the only insurance that is tax deductible.

^{i Income protection insurance | Moneysmart (moneysmart.gov.au)
ii The Most Common TPD Claims in Australia with Examples | Aussie Injury Lawyers}