You don’t know what would happen to your properties and, most importantly, to you or to your loved ones, in the distant future. You need insurance, but you should know the different types that may apply to you. Make sure your provider offers you unique options. Philippine Prudential Life, for example, offers Easy Secure. |
The future is unpredictable. Life, in general, is unpredictable. You never know what will happen in the future to your properties and, most importantly, your life or those of your loved ones. You need insurance, but there are many types of it. It’s best to understand which one is best for you before you sign up for any of them.
Insurance, in a non-business definition, is your shield against monetary harm or loss. This is an agreement in which the insurance provider gives its clients financial protection from different scenarios such as theft, sickness, or calamities. Here are some of the basic types of insurance you may want to consider for your family or properties.
Car Insurance This type of protection gives financial reimbursement in case the car owner gets injured in an accident or if there are damages to the car. Personal injury protection includes the coverage of medical expenses of both parties in no fault states. It also covers the medical harm caused to another party at fault states.
The company only provides for any harm due to accidents under the regulations of car insurance. The party who gets this has to pay a certain amount monthly or in any arrangement that the provider and the insured have agreed upon.
Disability Insurance This is an insurance type that provides financial compensation for the insured person in case he or she loses the capacity to work due to dire situations such as sickness or mishaps. There are two subtypes of this coverage: the short-term and the long-term disability coverage. The length of time that the provider would compensate you depends on which one of these you sign up for.
Business Insurance Having an enterprise means facing prospective legal complaints, employee mishaps, and faulty products or services. Businesses should get insurance to protect themselves from great monetary losses due to injuries to customers or employees, damages to properties or investments, and legal complaints that may concern patents and reputation.
Life Insurance This coverage type will provide remunerations in case of the death of the insurance holder. This pays for the funeral expenses. Remember that some life insurance deals expire, with the option to renew them at a higher cost. You can make the payments monthly.
Health Insurance Under this type, the insured will not have to cover the full expenses of medications and procedures. You can get such policies from your employer or from a private provider. Coinsurance allows you and other parties such as the provider to split the risks.
House Insurance This provides your home financial protection from scenarios like fire, electrical problems, and other nature-induced devastations. You can also use this insurance for fixing problems in your property. You can get this insurance if you have a mortgage.
These are only some of the basic types of insurance. A good insurance provider offers a myriad of plans and options best suited for your needs. Prudential Life’s Easy Secure plan, for example, offers the best possible risk protection one can get.
Owen Wiltshire is a financial advisor who guides those who are planning to get insurance.
Related Articles -
Prudential, Life, offers, Easy, Secure,