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Different Types Of Insurance Policies

by Byrne Anderson
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Our future is not certain, and therefore, we can never predict what is going to take place in our lives ahead. Sometimes some bad instances might occur in our life such as health issues, accidents, financial issues, etc. To deal with such a crisis, we need some insurance policies so that we can save our hard-earned money to overcome such hard circumstances.

There are several types of insurance policies available for different requirements that make our lives easier in the hardships.

So, take a detailed look at this article, after which you will be well-aware of the various insurance policies and their importance.

Health Insurance

Health insurance policies are used to overcome the financial crisis that occurs during the time of illness. It is a term policy. Sometimes, it becomes difficult to bear the heavy expense of treatment. Health insurance policies are beneficial for such hard moments of life.

  • Health insurance provides full financial support for both pre-hospitalization and post-hospitalization needs.
  • Many health insurance companies also provide an option of co-payment that means the person in need will get support from the insurance company to clear the expenses.

There are different types of health insurance policies such as:

  • Individual health insurance policy

This policy provides the entire financial support to the person in need for his/her health issues.

  • Family floater health insurance policy

This insurance policy provides benefits to the entire family. The amount is either divided individually or as a total sum amount for the treatment.

  • A surgical and critical illness plan

This insurance policy provides financial support for critical ailments such as cancer, cardiac arrests, etc.

  • Pre-existing disease cover policy

This policy will tend to cover the treatment cost for the ailments that the person is having even before buying the policy.

  • Preventive Healthcare Policy

This plan fulfills the expenses for consultation and medical check-ups.

Life Insurance

A life insurance policy provides financial benefits to your heirs if you die within the insurance time frame. This insurance provides the entire money to the family members of the insured person without any tax deduction.

People with minors in their family and those who are the highest-earning member of the family are needed to be insured so that their families can avail the financial support from the insurance plan and can cope up with the financial loss.

  • Term insurance

Term insurance policy is covered for the time-period period of 10, 20, or 30 years. Unlike other policies, it does not provide maturity benefits.

  • Unit Linked Insurance Plans

ULIPs are the policy plans that enable that provide with the benefits of both investment and insurance.

  • Moneyback policy

Moneyback policy is different from the others insurance policies as it has an option of providing funds even before the tenure of the insurance.

  • Group life insurance

This insurance policy covers a group of people; the benefit is provided to the entire members of the particular insured group within the tenure.

  • Retirement Plans

This policy plan provides the insured money as pensions to the retired insured person.

Homeowners and Renters Insurance

Liability Insurance

It is a home-owners policy that covers the unpredictable accidents at your home. This policy helps the owner to compensate for the loss caused to others accidentally. For example, the pet of the house owner caused damage to the neighbor’s property; in that case, this insurance will help the insured person to deal with the loss.

The different types of liability insurance plans are:

  1. Public Liability Insurance

It is procured by most of the big companies to avoid unavoidable future risks.

  1. Product liability

This insurance plan is mainly bought by the companies that produce chemical products.

  1. Employer liability

This insurance policy plan is used to provide concession to the employees if they fall into any injury or accident during the working hours at their workplace.

Automobile Insurance

This insurance policy plan provides you the financial support in case of a car accident or any other damage caused to your vehicle. It is one of the most important insurance plans you should definitely opt for if you own any vehicle.


Making sure that you have insurance is a very important life lesson. It keeps you safe no matter who you are, where you’re from, or what you are protecting. It’s a must-have for everyone.

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