Insurance is something that everyone, at one point or another, should consider. You may be wondering where to start, and you’ve come to the right place. There are plenty of different insurance routes to take, but this blog is designed to identify the top 3 insurances to consider.

If you have ever wondered about income protection, funeral or burial insurance, or life insurance, you’re about to get a rundown of each. Buckle up for an interesting and educational ride!

Income Protection

Firstly, we have income protection. Income protection is designed to help you out in the instance that you’re not able to work. Income protection will pay out up to 75% of your pre-tax income if you’re ever unable to work due to a full or partial disability.

This, of course, depends on your policy, but it will be enough to allow you to stay on top of your bills and expenses while you are unfit to work and recovering. When you insure your income, there are two things you can do. You can either go with:

  • Agreed Value: Decide upon the amount you’d like to receive every month (up until a maximum of 75% of your income at the time of your application)
  • Indemnity: You must prove your financial income at the time of your claim (rather than during your application)

Funeral or Burial Insurance

Funeral/Burial insurance is an absolute must. It is a fairly easy to qualify for, low coverage, and a whole life insurance policy that is specifically designed to cover the end of life expenses such as medical bills, funeral expenses, and other debts that are left behind when you pass. The best bit is, most funeral/burial insurance policies are affordable, can be issued very quickly, and have great fixed premiums.

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Some expenses to consider for your funeral are:

  • Coffin
  • Death Certificate
  • Funeral Director Fees
  • Burial or Cremation
  • Cemetery Plot
  • Celebrant
  • Wake

There are plenty more costs, but that should be enough for you to realise how important funeral/burial insurance is.

Life Insurance

For most of us with loved ones, we know that when we pass, people are going to be in emotional, physical, and mental pain, so why enhance that with financial pain? When you pass, your family will need to provide you with an adequate funeral and that alone is not cheap. But, by taking out life insurance, you can make sure that your family are debt-free after your passing.

The purpose of life insurance is to help ensure there is enough money to cover your medical bills, funeral expenses, and other debts that are left behind when you pass. That way, your family will not have to absorb the debt left behind. When you are searching for the right life insurance policy for you, don’t just look in one place.

You must consider a few and keep your options open before deciding on one policy as there could be better ones elsewhere. Life insurance can cover you for death, illnesses, and even accidents depending on the type of life insurance you decide to take out.