What You Need to Know About Personal Insurance

Nobody knows for certain what the future holds. One day you're healthy, then it takes a sudden turn for the worse due to an illness or accident. It's natural for you to avoid thinking about these things, however, you can't deny that there is always the chance that these can happen. It thus helps for you to be prepared for the unexpected.

Personal Insurance can protect you and your loved ones in your times of need by maintaining your financial security. Having money to spend can make it easier for you to deal with your situation during a trying period in your life. You can use it to continue paying for your bills and mortgages, and provide a secure future for your family.

Types of Personal Insurance

There are several types of insurance under Personal Insurance. These are:

    • Income Insurance. If you lose your job due to illness or injury, this type of insurance can help provide you with up to 75% of your pre-tax income while you are recovering. You will receive your benefits monthly, and your benefit period may range from 6 months to 5 years, depending on your plan.
    • Life Insurance. In case of death, Life Insurance protects the people you love by covering their daily needs such as recurring bills and education, as well as the debts you may leave behind. Ranging from $100,000 to several millions of dollars, the actual amount depends on the monthly premium that you pay. Regardless of the amount, however, it is always good to know that you can continue providing for your loved ones even in death.

Funeral Insurance.

    Funerals are a costly affair, with typical costs starting at $4,000. By covering this with insurance, your family will have one less thing to worry about during that difficult period. They can use the benefit to cover the costs of your funeral and other financial obligations.

Choosing a Personal Insurance Company

While insurance companies provide the same basic service, they offer these at different rates depending on your livelihood and the type of coverage you choose. Weighing the benefits of each insurer against the competition can be a daunting task. Therefore, it is essential to have the help of a qualified advisor to help you choose, such as our advisors at Rate Detective. They will discuss your options with you depending on your requirements and provide you with a comparison of the top 9 insurers in Australia. This enables you to get the most of your hard-earned money and ensure a more secure future for your family.

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Published on October 10-nd, 2012 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.