This is the policy that would cover you and gives you peace of mind should you be unable to earn an income because of illness or injury. These kind of policies ususlly let you receive up to 75% of your income until you are able to go back to work.
Income Replacement policies are very important as you will find that the bills still keep coming after your income has stopped.
The only thing that you have to be careful of is that these kind of policies cover you for a certain agreed term between you and the Insurance company and usually a monthly benefit is payable if you are unable to generate at least 80% of your pre-disability income and are under the care of a doctor.
The benefit paid depends on whether you select Agreed Value or Indemnity cover.
Always read the terms and conditions.
Please note: This kind of policy usually works for fully employed people. If you are self employed, you need to make sure that it does cover your situation.