Types Of Insurance

Types Of Insurance

Insurance policy is a document with the detailed agreement between the insurer and the insured. There are several types of insurance which include:-

1.Auto Insurance- This kind of insurance deals with accidents. All drivers should have the cover just in case of an accident. Drivers found with no the insurance cover are fined and the fines are usually very high. If you have the cover in case of an accident the insurance takes full responsibility thus you don’t have a financial burden.

2.Life Insurance- The major factor of having this insurance is that it is left for those you leave behind. Mostly your immediate family that depends on you. The family is always paid ten times you one year income. The money covers for your funeral expenses and existing expenses.When estimating on the life insurance cover you need to consider mortgage payments, loans, children expenses and taxes just to mention a few. In this cover there are broken into two types this is Term Life policy where you pay at a set amount of time and Whole life policy where you pay until you die.

3.Health Insurance- Illness can lead to bankruptcy, why become bankrupt when you can insure yourself. This type of insurance covers all types of illnesses from cancer to arthritis to even the smallest as minor headaches. Most of the chronic diseases make people become bankrupt but with an insurance you are well sorted and cares for you at its best.

4. Home Insurance- The biggest asset you might be having is your home, what happens if it burns up or floods carry it away, you loose everything you have. But with a home insurance cover you do not have to worry about the floods or fire because the insurance covers everything and in case of the damage the repairs are done or even given a new home. What is a better deal than that?

There is no better deal than having an insurance cover.