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Income Protection and Redundancy

Nonetheless the tough competition among Australian insurance firms could offer products that might somehow function as an income protection insurance against redundancy and job loss. For example, an insurer’s unemployment cover benefit program  offers to offer a policy owner with monthly benefits up to a quarter so he / she could still cover any loan payments and obligatory costs in the period.

One problem is that such a program could be regarded as a promotional scheme as it couldn’t be commonly implemented and period of coverage is fixed at 3 months at the most. Loan payments should additionally be under mentioned local banks.

You can consider some types of credit protection insurance. Such insurance programs could well serve as your protection in the event you become involuntarily unwaged. It’s a good idea to explore possible options now.


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