subject: Income Protection And Funeral Plan Insurance Australia [print this page] Insurance is something that is very smart and very important and that everyone should make sure they have. While insurance might seem like an unwanted direct debit among many when you start paying it when you come to need it it can be quite a different matter and is something of a Godsend. Here we will look at two very important types of insurance and how they can benefit you.
Income Protection
Income protection does what it says on the tin and protects your income. In other words, using income protection you can be sure that you will continue to receive the same amount of income on a regular basis as you are used to (or thereabouts sometimes it will be more or less). This essentially is insurance that protects you against losing your job under certain circumstances (it is important to check the policies to see precisely what you will be protected against). Thus if you suddenly lose your job due to illness or redundancies, you can continue to live the lifestyle you are accustomed to for a period of time while you search for your next job.
There has never been a better time to take out income protection. With the current job market as unstable as it is and the economic crisis causing so many people to lose their jobs, this is something that can help you to feel safe in a time of crisis and to ensure that you are never left without any kind of income. At the same time there are other reasons to get income insurance to prevent you from getting into debt when your income stops coming in but the bills are still very much present, and to help you to look after your family. This can also help you with things like getting rent when your job seems less secure or taking out loans.
Funeral Plan Insurance
Funeral plan insurance is like life insurance but a smaller cost and will deal only with the cost of the funeral rather than supporting your family. This is useful for those who don't have anyone financially dependent on them such as the elderly, but who don't want to burden anyone with the cost of their funeral (or who want to protect the savings they've built up for their family to inherit).
This is so important due to the surprisingly high costs of a funeral which can in some cases be comparable to the prices of a wedding. There are the practical elements to purchase such as the casket, the burial ground and the stone, there are the the services such as the funeral home, there's the location needed for the wake, and then there's all the food and drink that everyone will consume while they are there and the possibility of a DJ.
In other words, there is a lot to consider for your funeral and you need to make sure that you can fund this for your family to prevent them from getting into financial trouble and to make sure that you get the send off you would want and that your family will want to give you.
by: Alex Hale
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