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Home » Insurance » Types of Insurance

Types of Insurance


There are two basic types of insurance:

  • Life insurance.
  • General insurance.

Life Insurance:

Loss of a family member is a catastrophe which glooms a family’s life. But even more tragic is the death of a sole bread earner for the family, who then has to go through the pain of losing their loved one, as well as the financial loss putting their survival in jeopardy.

This financial hardship due to a sudden death of a family member or a disability resulting to a loss of job or inability to work can be avoided to a great extent by taking up a life insurance policy.

A Life insurance or disability insurance covers such losses and pays a family, compensation to restore the earnings lost by them due to a sudden death or disability.

The monthly premiums for a life insurance are generally based upon the age, health, and occupation information of the applicant, in addition to the total benefits to be paid to him for his policy.

This provides a cash benefit to a decedent's family or other designated beneficiary, and may specifically provide for burial and other final expenses.

There are two basic types of life insurance:

  • Term Life Insurance
  • Whole Life Insurance

Term Life Insurance:

Term life insurance policies have a set duration that limit the coverage period. It is then up to the term life insurance policy owner to decide whether to renew the term life insurance policy, or to let the coverage terminate.

Yes, there are quite a few different types of life insurance policies out there. However, the two most basic and important that you really need to know about are the one-year renewable term and the straight life insurance. These two can satisfy the needs of most buyers.

Whole Life Insurance:

Whole life insurance policies are different than term life insurance policies because the duration extends till the insured reaches 100 (hence, a whole life).

General Insurance:

Health insurance: covers medical bills incurred because of sickness or accidents. With such high medical and health care costs these days, it’s hard to even think about visiting a doctor. But what about an unexpected mishap or an unforeseen disability or attack, where the potential medical bills could shoot up to a sky? Where would you get so much money from?

These are exactly the situations where you feel you had a security, something which could come to your rescue and save you from such financial crisis. While some companies do provide its employees with health insurance, for others, this is a must.

Especially for the aging couples, who have a comparatively more chances of needing emergency bill money. The health insurance does it all, so that they do not have to worry for the huge payments at the last minute. A health insurance can cover all from a routine immunization to a major illness.

Auto Insurance:

Any vehicle on road, no matter how safe its driver is, is bound to meet with an accident or two, which may leave it with just a few scratches, or crash it up totally. Most countries today require you to have an auto insurance while on road in your vehicles.

If you have an accidental car crash, a total repair could cost you a fortune. On the other hand, a little scratch on your Land Cruiser might also soar up your bills to a high. Whether or not you need an auto insurance mostly depends on the type of car you own.

If you have an expensive car and a little repair could wipe you out financially, you should very well go in for a buying an all-inclusive and crash insurance which could protect you against any and every harm done to your vehicle.

Home Insurance:

Gone are the days when people used to run away from the word “Insurance”. With the prices of real estate and property touching skies, opting for a Home Insurance is one of the best options to safeguard your home from any mishap or damage.

A good home insurance policy will not only cover all the potential damages which may happen to your home as well as insure you for the correct worth of your residential property, keeping in mind its price as well as the location where it is situated.

While searching for a home insurance, you need to consider much more than just the coverage cost of your house. It is very important to choose the right type of insurance policy. You should be sure that you are being insured for an appropriate level of protection, along with individual security provisions for household valuables like electronic gadgets such as music system, computer and television, jewelry, and expensive furniture etc.

A standard home insurance policy generally covers for the damages followed by a fire accident, natural disasters like windstorm or hail, gas or electronic explosion as well as other risk factors like theft, constructional damage or riots.

An additional coverage is required to include other causes of damage like earthquakes or flooding.

While insuring your home, you need to make sure that two main things in your home are covered:

  • Your home structure
  • Your household possessions

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Renters Insurance

Life Insurance

Disability Insurance

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HomeOwner's Insurance

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