Types Of Insurance Products
There are different types of insurance products available for different insurable needs of individuals. An insurance product is needed by an average individual since it provides cover for unforeseen event that may occur in their life. The following are the types of insurance products anyone should be aware about:
* Auto insurance products
These types of insurance products are prepared by an insurance company to provide cover for an individual in relation car theft or damages as a result of accidents. In this kind of insurance, the insured (policy holder) is requested to pay monthly or quarterly premiums to the insurer in the hope that when his car is damaged or stolen he will be reimbursed or indemnified. This indemnity can either be the payment of a lump sum agreed at the commencement of the policy or the responsibility to fix the car and take it back to the former condition.
* Health insurance products
These types of insurance products are carried out to cover for medical bills and other costs related to the treatment of a sick person. Generally, with these types of insurance products the insurer pays periodic payments to the insurance company so that they can take responsibility for any health related expenses that will affect the insured. Health insurance products can be sold to employees in relation to health risk associated with their working conditions. Factory workers and those doing hazardous occupations are always advised to take up health insurance policies. Here, the premium is mostly paid by the employers or deducted from the employees’ monthly salary.
* Life Insurance
These types of insurance products have to do with eventualities arising from the death of the policy holder. This is a very important insurance product that everyone needs (most especially the bread winners in the home) as it provides financial security to those the diseased left behind. It provides cover for the loss of income following the death of the main provider of such income in the house. This will make the demise of such individual less unbearable since the financial implications, such as payment of bill and other expenses will be taken care of by the insurance company. There are various types of insurance products under this policy, including term life insurance, endowment insurance, and whole life insurance.
* Burglary Insurance products
This is one of the most important types of insurance products though not as important as the health and life insurance. Here, the insurance company provides protection against any undue theft incidence either in a home property or an office property. These types of policy normally come with instructions and tip on how to keep the insured building secure and reduce the risk of a burglary incidence.
* Liability Insurance
There are different types of insurance products under this category and the type you choose will depend on the kind of business you are doing. There are liability insurance policies for doctors (in terms of negligence), manufacturers, and service industries. This will provide cover for you and your business in case you are found guilty and liable by law to provide compensation to your customers or employees.
