Is income protection a good product or handy money for insurance companies/brokers. I have got monthly premiums based on for 3,6 and 12 months coverage by employer. My present employment only pays for 5 days while out sick. The policy is sold on covering 75% of salary but in actual fact the Social Welfare coughs up the first 200 every month, making the contribution from the insurance company more like 50%. Contributions are tax deductable so the premiums are effectively 42% less due to increase in tax relief. To date I have been extremely healthy and have hardly missed a days work in 15 years. I am 37 years old.