What Are the Types of Insurance People Can Get? Here are the most common insurance policies people tend to have to help prevent financial loss.
Health Insurance – Covers medical expenses.
Dental Insurance – Covers dental expenses.
Disability Insurance – Provides financial support for the policyholder in case of disability which results in inability to work.
Life Insurance – Provides benefit to an insured person’s family after death.
Auto or Vehicle Insurance – Insurance for cars, trucks or other vehicles. Protection against losses from traffic accidents.
Home Insurance – Provides compensation for damage or destruction of a home from disasters such as flood, earthquakes and other natural disasters.
Property Insurance – Provides protection against risks to property such as fire, theft or weather damage.
Credit Insurance – Repays some or all of a loan when certain things happen to the borrower such as disability, unemployment or even death.
Mortgage Insurance – Compensates lenders for losses due to the default of a mortgage loan.
Travel Insurance – Cover taken by those who travel abroad which cover certain losses such as medical expenses and loss of personal belongings.
Business Insurance – any kind of insurance that protects businesses against risks.
Pet Insurance – Covers accidents and illnesses of pets.
If you’re planning to take any kind of insurance plan, research and learn everything that you need to know about the coverage stipulated on the insurance contract. Read the coverage information and check the sections stating the exclusions. Avoid signing up for one which has a long list of exclusions that would not cover much of anything. More importantly, make sure that you have a copy of every contract that you will sign. See to it that your personal information is correct and make a note of the coverage period. All in all, make sure that you have ample insurance coverage for you to use whenever you need it.
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