Income protection (aka salary continuance) policies are either an:
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Indemnity value policy: The amount you're insured for is a percentage of your salary when you make a claim. If your salary has decreased since you bought the policy, you'll get a smaller monthly insurance payment. If your income is variable, your insured amount will be based on average annual earnings over a period of time appropriate for your occupation.
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Agreed value policy: The amount you're insured for is a percentage of an agreed amount when you sign up for the policy. These are generally more expensive but can be useful if you have income that changes from year-to-year.
From 31 March 2020, insurers can no longer offer agreed value policies to new customers. If you purchased an agreed value policy before this date, you can generally continue to hold this policy. If you decide to change policies, you will only be able to purchase an indemnity value policy.
Tip: Indemnity value policies are generally cheaper and can be useful for people with a stable income.