An income protection cover does exactly what the name suggests; it protects your income from unforeseen situations. These plans ensure that you can manage to run your household when you are either ill or have hurt yourself and need some time off to get better. Depending on the type of plan you select, the waiting period and the benefit period you will be given a number of benefits which you can enjoy once you file a claim.Some of the Many BenefitsAn income protection plan offers assurance that when you are ill or injured you will receive monthly compensation amount from the insurer. This type of insurance plan allows you to carry on with your daily life knowing that the selected insurer will help you financially when you are unable to work for a short while. An income protection plan also allows you to live your life worry free since you know that, once you file a claim you will receive timely compensation payments from the selected insurer.Other Important BenefitsIf you select a premium policy also known as a comprehensive policy, then you will be entitled to receive additional benefits when you file a claim. Accommodation benefits and rehabilitation benefits are a few of the perks premium policy holders are eligible for. Guaranteed renewable and worldwide cover are some miscellaneous benefits some insurers offer. Some insurers in Australia also offer transplant surgery benefits, day one claim benefits and add-on covers for nominal rates. A short waiting period will ensure that your first compensation payment reaches you within the shortest time possible and a long benefit period will ensure that you can enjoy the purchased benefits for the maximum number of months allowed.Easy PaymentsYou can pay the income insurance premiums through the phone, online or in a few other ways. You will be given the option to choose between convenient stepped premiums or uncomplicated levelled premiums. Stepped premiums are ideal for you if you want to pay low premiums now and higher premiums as your age increases. Levelled premiums are ideal for you if you want to pay a steady amount to the insurer while the policy lasts.Important InformationTo be eligible to purchase an income protection cover, you should be a permanent resident of Australia and you should be employed. To be eligible to get superannuation benefits as part of your income protection plan, your employer should offer these benefits as part of your salary package. To be eligible, to get compensation payments your claim has to be filed through one of the methods suggested by the insurer. In addition, all the required documents have to be submitted on time.