Final answer:
The typical maximum payout for an Income Protection Insurance Policy is 75% of the policyholder's income, offering financial support if they cannot work due to illness or injury.
Step-by-step explanation:
The maximum benefit payable on an Income Protection Insurance Policy is typically up to 75% of a person's income. This policy is designed to provide benefits in the event that an individual is unable to work due to illness or injury, ensuring a steady stream of income during the period of incapacity. However, the specific percentage can vary by policy and insurer, and the actual amount paid out will depend on the policyholder's income and the terms of the policy itself.