Here is an exercise for you.
Calculate what maximum amount of income protection you could have (using 75% of your gross salary).
If you have income protection or salary continuance policy – look at the benefit amount that is insured. What is the premium being deducted?
Can you see what the waiting period and benefit period are?
Are you comfortable with this? Don’t forget to factor in that the amount you receive will be taxable income and you will need to pay tax at your marginal tax rate.