The number of personal insurance holders in Australia and New Zealand may be lower than that across the world, but this doesn’t mean that there are fewer options available through both countries’ leading insurance companies. In fact, there’s a chance that you don’t know about all the personal insurance options available to you.

So, in addition to the traditional plans you’ve heard of, make sure to ask about these five unconventional yet profitable personal insurance plans.

1) Funeral Insurance

Funeral insurance is a policy that provides its holders with a lump sum that can be used to cover funeral costs. It can be offered along with life insurance under another name, so you may want to make sure of this before investing in a separate policy, especially since funeral insurance is quite expensive. Regardless, it is a good investment since it comes with a few or no medical criteria.

2) Group Life Insurance

This type of personal insurance policy is usually offered by companies to cover a group of its employees. It provides the same coverage of term life insurance policies but its premiums are lower since it covers more people. Keep in mind that most insurance companies in Australia and New Zealand offer group life insurance with an automatic acceptance limit, which is the amount each member gets without underwriting.

3) Group Salary Continuance Insurance

Similar to the previous personal insurance plan, group salary continuance insurance allows its members to enjoy the benefits of income protection insurance. Again, the premiums here are lower but their annual minimum is in excess of $50,000. Also, automatic acceptance limits are available but only for large groups.

4) Mortgage Protection Insurance

For homeowners, mortgage protection insurance can be a blessing. It may be covered by term life insurance or similar plans and is a great help for covering your mortgage repayments. If you combine it with income protection insurance, it can also help cover your mortgage.