Income protection is a type of insurance coverage that helps individuals and families maintain their standard of living if they are unable to work due to illness, injury, or other covered events. It provides a source of income to help pay for living expenses, such as mortgage or rent payments, groceries, and medical bills. The coverage usually replaces a percentage of a person’s income and can be paid out as a lump sum or as a regular income stream. Income protection is designed to provide financial security and peace of mind in the event of unexpected events that could impact a person’s ability to earn an income.