Life is full of unexpected surprises, sometimes in the form of perils and emergencies. From simple things like your windows getting shattered, to diseases and probably, death, events like these can affect the condition of your property and the future of your loved ones; that is why it is important to know the role of different kinds of insurance policies that a regular person should have.
In the US, it is a requirement to have car insurance. It is used to provide financial security to the policyholder and its beneficiaries against damage on the car and on the owner. Due to traffic collisions and other related perils. It is also a form of protection against liability if the car owner and the vehicle are proven to be the cause of damage to property and physical injuries or death to another motorist or civilian. The various terms for car insurance can vary per region. Factors that could affect the cost of insurance are age, gender, marital status, geography, driving routes and distance, type of vehicle, credit rating, occupation and others.
Health insurance
Health insurance come in a wide range of options and its main purpose is to benefit the policyholder from limited number of health risks or perils, most of the time, excluding preexisting ones. The insurance can pay for the cost of hospitalization, diagnosis and doctor’s checkups, cost of prescription medications as well as others. Health insurance can be offered by the employer but individuals can also buy their private, individual policies. Factors that affect the cost of the life insurance are the age, gender, health condition of the person, occupation, amount of deductibles as well as co-payments.
Life insurance
Life insurance is not mandatory and is not applicable for all individuals based on numerous factors. It is a form of contract between the policyholder and the insurance company wherein the insurer promises that they will pay an agreed upon amount to the beneficiary upon the death of the policyholder. It comes in a wide range of options from single, joint or dual and there is also the term and permanent life insurance. Factors affecting the insurance include the health condition of the policyholder, the apparent risks, kind of job and others.
