Just because you feel secure right now, physically, financially, and even emotionally, doesn’t mean you shouldn’t still prepare for unforeseen circumstances. A single disaster can easily bring down a thriving and promising business. Although there are several ways to limit losses and reduce the impact of a negative event, an active insurance plan remains the best way.
Insurance will help minimize the financial effects of unforeseen occurrences. This will help you recover faster in case of an incident. There are several types of policies you can subscribe to in Battle Creek. Each policy protects certain aspects of your assets, business, and health.
Here are seven types of insurance policies you can choose from.
Life Insurance
Life insurance is a cover that allows you to insure your life and that of family members. This insurance coverage ensures financial freedom for the dependents of the subscriber after death.
There are different types of life insurance to choose from, and it is best to seek the advice of a professional before opting for one.
Types of Life Insurance Policies
- Child’s Plan
- Term Plan
- Unit Linked Insurance Plans or ULIPs
- Whole Life Insurance
- Endowment Plan
- Retirement Plan
- Benefits of Life Insurance
Motor Insurance
Motor insurance is insurance coverage that offers financial assistance to victims of car accidents and even the vehicle owners involved in the accident. If your vehicle is involved in an accident, as long as you have motor insurance, the cost of fixing the car may be covered by the insurance company. Your motor insurance can be for your personal vehicle or a commercial vehicle. There are three categories of motor insurance, as seen below.
Types of Motor Insurance Policies
- Third-Party Liability
- Comprehensive Cover
- Own Damage Cover
Health Insurance
Health insurance provides financial assistance to policyholders in case of ill health. If you get into an accident or you contract a certain illness, your health insurance will cover the cost of treatment, depending on the health insurance plan you are subscribed to.
Some plans only cover the cost of your treatment if you are admitted to hospitals for treatment. However, some plans also cover home treatment before admission to the hospital. Some go as far as catering for treatment even after you are discharged from the hospital. There are many types of health insurance to suit you and your family’s needs.
Below are the types of health insurance policies.
Types of Health Insurance policies
- Individual Health Insurance
- Critical Illness Cover
- Family Floater Insurance
- Senior Citizen Health Insurance
- Maternity Health Insurance
- Group Health Insurance
- Preventive Healthcare Plan
- Personal Accident Insurance
- Benefits of Health Insurance
Travel Insurance
As the name suggests, travel insurance is geared towards travelers. Travel insurance ensures financial safety for travelers during a trip. It is a short-term insurance cover; however, it is a crucial one.
With travel insurance, you could get compensated for losses associated with a trip. Examples of this include loss of baggage during a trip, even trip cancellation, theft, etc.
Below are the types of travel insurance available.
Types of Travel Insurance Policies
- Domestic Travel Insurance
- International Travel Insurance
- Home Holiday Insurance
Property Insurance
A property insurance plan can be used to cover a building or structure you own. These structures can be your home, commercial space, or even public property. As long as these buildings are insured, you can be given financial assistance by your insurance provider if there is any kind of damage to these properties.
Property Insurance financially protects not only the building but also the content inside the property. There are three main types of property insurance, which are shown below.
Types of Property Insurance Policies
- Home Insurance
- Office Insurance (Commercial Insurance)
- Building Insurance
Mobile Insurance
With so many advancements in the mobile phone industry, cell phones have become more expensive. This has created a need to protect them from thrift or damage. As a result, mobile insurance has become an essential service.
Just like in a car accident, if a mishap leads to damage to your phone, mobile insurance gives you the right to claim money spent on repairing or replacing your device.
Social Insurance
This type of insurance looks out for the welfare of the less privileged member of society. Members of society who can’t afford the premium for adequate insurance are offered social insurance. This plan covers them financially for certain occasions. Pension plans, unemployment benefits, disability benefits, sickness insurance, and industrial insurance are the different types of social insurance.