Income protection insurance - yay or nay?

Life insurance is a basic need to protect your family from the loss of YOU. Your mortgage, other loans, the kids education and cash to get your spouse and kids from devastated emotionally to a stable future. If you are employed and have Super, they will issue you cheap term life cover through your superannuation. And unless its shifted in the last few years, the premiums are deducted BEFORE tax. So its about the best deal you will get..
Income protection on the other hand in my view only works for self employed people, like tradesmen, who arent covered by sick leave or workers compensation. Most of the other situations where you might claim have a ton of hoops to go through. Personally I wouldnt..😷

You have to remember insurance companies are there for profits. No one is going to give you extra or more money then you pay for. Best income protection insurance is put that money in savings/ CD and forget until you absolutely need it. ( If you have that discipline). Or employer or government sponsored savings accounts which is hard to withdraw.

It is a policy should you think if you lose your job, you need money to cover your expenses till you find a new job.

But if you have a few months of your salary in your savings as contingency, you may not need it.