What is Insurance
Insurance is a means of protection from financial loss. It is a contract, represented by a policy, in which an individual or entity receives protection and reimbursement from a provider in case of loss.
Insurance is a very simple concept. It is a financial safety net. Typically, people pay insurance companies for coverage of their health, life, vehicles, homes, etc. for a specific period of time. In return, the insurer pays the insured party for the financial loss they sustained. Which is a legal contract between you and your insurance provider.
Types Of Insurance
Health insurance
An insurance that covers health-related expenses stemming from an illness is health insurance. Certain medical services are covered as benefits, as well as reimbursement for certain medical expenses for the insured. The benefit of health insurance is that it provides you with a safety net if you suffer a serious illness or injury.
Life Insurance
It is a contract between an insurer and an insurance policy holder whereby the insurer promises to pay a sum of money upon the death of the insured, or after a specified period of time. By doing so, you can minimize the financial impact of your death on your family and offer peace of mind to those close to you.
Car Insurance
An insurance policy that covers your car for accident and natural calamities, also known as Motor Package Insurance, can save you a lot of money. Even when your car is stolen, vandalized, catches on fire, or crashes, your insurance covers the damages.
Homeowners Insurance
Homeowners insurance protects you financially if your home is damaged in a natural disaster or accident. Home insurance policies are contracts that you enter into with an insurance company. As a homeowner, you too can be protected; your possessions, your house, and even you.
Disability Insurance
The disability income insurance policies are designed to protect policyholders against job loss in the event of illness or accident. When a person is not able to work, disability income benefits provide a monthly living allowance. Having disability income insurance can protect you and your family. financially.
Renters Insurance
Renters insurance provides you protection against loss or damage to your personal property in the event of a covered loss or damage.
Travel insurance
A travel insurance policy provides you with financial assistance if anything goes wrong during your trip. Travel insurance actually protects travelers from accidents and interruptions of their travel plans.
Property insurance
An insurance policy that protects your business' assets, such as your building, equipment, and store fixtures, is known as property insurance.
Benefits Of Insurance
The benefits of insurance policies are numerous, as they benefit individuals, organizations, and society as a whole. As like the benefit of health insurance is that it provides you with a safety net if you suffer a serious illness or injury. So make sure you have insurance to stay protected.
