Types Of Insurance
Risk is something that is everywhere. When you drive a car when you travel somewhere when you take a bike ride, or in every other thing there is a risk. You can’t just stop your life. But for a safer side, you need the security of insurance.
Insurance is mainly of two types.
Life Insurance
General Insurance
You should have both in life.
Life Insurance
It is a contract, made when a person is in good health. It offers financial compensation in case of any medical disability or death. It is a must-have for everybody as it helps to secure your family’s financial stability even in your absence. While purchasing a life insurance policy you either have to make a lump-sum payment or make periodic payments. These are called premiums.
General Insurance
General Insurance as the name suggests is a contract that covers things other than life. Your non-life assets like travel, vehicle, home, etc. get covered under this. A general insurance policy will pay for a loss of a certain thing within the insured period of time. Know about the different types of general insurance because of the different benefits they offer.
Home Insurance
Home is a valuable asset for every person. So it is important that you secure your home with a proper home insurance policy. A home insurance policy protects your house and the items in it which may get damaged under any natural or man-made circumstances.
Motor Insurance
Whenever you buy a vehicle, do not forget to purchase its motor insurance. It secures it against any damage, accident, theft, etc. If your vehicle met an accident with a third party, insurance takes care of the harm caused to the third party.
Travel Insurance
When you plan an international trip and unfortunately suffer a loss due to the loss of baggage, trip cancellation, or flight delay, a travel insurance policy covers you up. In addition, you may get a cashless hospitalization in case of an emergency during your travel.
Health Insurance
Health insurance helps you deal with any medical emergency. It covers hospitalization expenses up to the money insured. For health insurance, you can take a stand-alone policy if you want. Other than this, you can take up family floater plans which secures all the family members.
