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When you insure something you do so because you want to protect that item. You can insure a brain surgeon’s hand so that if anything ever happens to that hand which would then cause the surgeon to go out of work he would be fiscally reimbursed. You can insure your house, your car, your laptop and pretty much anything else in your house that has some intrinsic value. When you insure something you agree to pay a monthly fee to a company who, in return, promises to give you money if something happens to what you insured. Insurance is basically a way to combat all of the surprise expenses in life.

One insurance that many people don’t even know exists is funeral insurance. When you have funeral insurance you are making it so your family, after your passing, has enough money to both pay off any unpaid debts and pay for all of the funeral expenses. Funerals can be extremely expensive. There’s a coffin that has to be bought, the piece of ground where the person is going to be buried, a headstone, flowers, food, etc. People will oftentimes struggle to afford funerals which causes major family stress. When a loved one dies it is a time to mourn not to worry about whether or not you can afford the funeral.

Funeral insurance works differently than other types of insurances. It’s basically a glorified savings account. Every month you pay your funeral insurance company money. They then promise that when you die all of that money plus interest will go to whoever you named as your beneficiary. That money can then go toward funeral costs and unpaid debts. It’s a simple concept. Many people enjoy having funeral insurance purely because it gives them peace of mind knowing that their family is fiscally protected.

Another type of insurance is income protection insurance. This is similar to the example where the brain surgeon insured his hand. When you become disabled or unable to work due to illness income protection insurance will then start to pay you up to 75% of what you make on a monthly basis. These insurances can last anywhere from 1-5 years. Some of the more expensive ones can even last up until you’re 65. Income protection insurance does not protect you from unemployment. With income protection insurance you’re guaranteeing yourself against any type of injury or illness that would make you unable to work.

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