Income protection insurance provides payments to individuals who are unable to work due to sickness or injury. It can cover up to 75% of regular income and help cover living expenses like mortgages, bills, and medical costs. Without income protection insurance, most Australians would run out of money within 3 months of being unable to work. Income protection insurance offers benefits like income payments, tax advantages, rehabilitation assistance, nursing care, worldwide coverage, and a death benefit to provide financial security during times of illness or injury.