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7 Types of insurance policy you should know

Friday, August 6th, 2010

7 Types of insurance policy you should know

Insurance is a type of policy which gives you a kind of financial support during accident or disaster. There are a various types of insurance which you may choose from. However, you should make sure that you are not paying for policies which you don’t need.

How does insurance work?

Insurance policies help you to manage your risk. With the help of an insurance policy, you are able to transfer the risk to the insurance company. They will manage your risk for the exchange of payments or premiums. An insurance is a legal contract in which the responsibilities or duties of the insurer and the insurance company is mentioned in detail. If you suffer a major disaster, you will have to file a claim. The claim is actually a detailed account of your things that you have lost or damaged in the disaster and its value.

Types of insurance

Almost anything which may be lost or damaged can be insured. There are different kinds of insurance that you may choose from. Here are 7 types of insurance you may come across.

  1. Homeowner’s policy – A homeowner’s policy may cover fire theft and liability. Thus, if anyone of the above mentioned items is affected, you may file claim with the help of this policy.
  1. Auto insurance – Auto insurance provides protection against financial loss in case you have an accident. Auto insurance provides coverage for property, liability and medical expenses.
  1. Health insurance – Health insurance provides coverage for your medical expenses.
  1. Life insurance - Life insurance claim is filed on the policyholder’s death. The other can be cash value insurance.
  1. Disability insurance – This is also termed as disability income insurance, this insurance policy helps you with your financial expenses, when you are out of job due to disability.

  1. Business insurance - Business insurance provides coverage to risks and hazards of business ventures.
  1. Casualty insurance – Insurance is not necessarily tied to any specific property. It provides coverage for crime and political risks.

If you purchase an insurance policy, you have to pay premium on it. When you file a claim, you will get back the money. If you never file a claim, it is pooled with premium of others and you will never get it back. It may not seem like a good idea but if you are struck with some disaster, an insurance policy can only help you to stabilize your financial condition.

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Short Term Health Insurance

Saturday, May 29th, 2010

The ever rising cost of getting a medical check up done and for getting any kind of treatment, makes it imperative for people to buy health insurance policies. These health insurance policies cover the medical expenses and bills of people. The time period for which these policies are taken varies from one person to another.

keyword Temporary Health Insurance is a type of health insurance plan which is best suited for people who are temporarily out of any kind of health insurance plan or do not have a standard or a permanent life insurance plan. The time period of a temporary insurance plan varies between 30 days and 180 days.

Once the maximum time for which the policy has been issued is over, it must be renewed. In instances when the policy has been claimed, the policy is not renewed by the insurance companies. Temporary plans cannot substitute the permanent health insurance plans. Temporary health insurance is meant for students who have passed out of college or for people who do not have permanent jobs. People with part time jobs and those who retire early can also opt for these plans.

A temporary health insurance plan is the one which provides for unforeseen illness or injuries. Like permanent health insurance plan, a temporary health plan does not cover routine check ups, preventive care and dental bills. These temporary plans are only for a short time frame after which a person may not be able to buy another health insurance plan, depending upon the person’s health.

Temporary health insurance plans are affordable as the amount of premium to be paid is very nominal. In most cases, the entire sum of insurance money is paid at once and people make use of credit cards to get this payment.

Temporary health plans may also provide for the expenses of a few types of transplants. Dependents of the policy holders are also covered by this type of a policy.

Temporary health plans do not provide for the costs of the pre existing conditions of people who buy them. If a person is already seeking a treatment for some kind of a problem, the temporary health insurance plan will not pay for those expenses.

Temporary Insurance plans are renewed on the discretion of the insurance companies. Many times, an applicant does not qualify for renewal of the policy. Also people above the age of 65 are generally not eligible for this type of a policy.

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Posted in affordable insurance | 2 Comments »