subject: Types Of Insurance Explored [print this page] Types Of Insurance Explored
There any numerous diverse types of insurance policies from which to choose. This can include auto insurance, building insurance, property insurance, life insurance and health care insurance and each type can be further subdivided into different categories. In this post we will look into each coverage type in a bit more depth so that you can pick which types of insurance plans you need to invest in.
The most obvious insurance plan that most people should get is car insurance. Once you drive your car off the show room floor you are exposed to hazards in the form of poor road conditions and other road users. You can select from the very basic 3rd party insurance to the fully comprehensive policy - different options for different budgets and requirements.
Second on the list will be your home insurance. Home insurance can be split into two main types - one type will insure the actual valuables in your home in case of a thievery or other damages, and the 2nd type, known as building insurance, will safeguard you should any structural damage be caused to the actual structure of your home or property.
Life insurance coverage is a policy that not everybody is totally certain about. Who needs a life insurance policy and why? Who is the insured party in terms of life insurance coverage? There are once more two main life insurance coverage classes. If you are the breadwinner of a house, you would usually take out life insurance to take care of your loved ones in the event of you passing away. This income can then be used by your family to still maintain a secure way of living. It is also possible to take out life insurance coverage for yourself - in the event that you become handicapped or cannot make money for whatever reason, you will also need funds to pay your day to day expenses, and you can then claim from your life insurance coverage.
Another type of insurance is health care insurance. It is important not to mistake medical insurance with medical aid. Medical aid is a plan that you belong to which allocates a certain amount of money to certain procedures and once the money is depleted, it's depleted. You know which amounts you have available for which procedures and plan correctly. Medical insurance however, is generally a type of insurance that only pays out once you are in hospital and unable to provide for your loved ones. This is usually in the form of a payment for each day that you are unable to work and health insurance can be taken as a separate insurance policy or on top of your existing medical aid plan.
If you are a business owner, you have to look into commercial insurance. Once again this insurance policy can cover anything from your furniture to your employees and your fleet of cars, depending on your needs and requirements.
I hope you know have a slightly better perception of life insurance, motor insurance, building insurance and home insurance. Ensure that you are effectively covered!
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