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People often have the burden of trying to deal with their thoughts and their worries. Thoughts of losing their job, losing their homes and their families and all that anxiety tends to build up and create a lot of tension for a person. When that happens, then things start to go bad and because you are not focused on what you are supposed to be focused on, you end up causing the problem to happen anyway, even when you are trying your hardest to prevent it. If you really can’t stop yourself from worrying about it, then your only other option is to put measures in place that will allow you to cover yourself financially whenever something like that happens. You need to start off by looking for income protection policies that allow you a monthly benefit or a lump sum payout in the event that you get retrenched. pricelineprotects.com.au is a good example of an Australian site that can be used to get quotes and more information on the actual policy itself and what it covers. You have to be aware that this type of policy will only ever kick in when certain circumstances are met. To give you an example, consider a retrenchment package when your company goes under. You are forced to leave your job even though you don’t want to, and you have not been fired in any way for poor work performance for example. If you cannot find a job within the two or three month period that your package is supposed to cover, you will then be entitled to the benefits from your income protection. Your stipulated indemnity period would be the amount of time that you have left to get a job again and the amount that you are compensated will never be more than 75% or your total salary. You are allowed to play with those amounts if you want to try and get a cheaper premium, but you need to check that with the specific insurer first, because it varies from one company to the next. If you are still uncertain of what to do when it comes to the amounts and choosing the benefit period, then you should definitely consult with a financial broker. They will be able to advice you what to take and what amounts to allocate without breaking the bank and leaving you without any money each month. After all, you still need to live while you are still earning that salary and you don’t want to go bankrupt trying to prevent it.
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