The Different Types of Insurance Policies


The Different Types of Insurance Policies
The Different Types of Insurance Policies
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Insurance can help safeguard your finances in a sudden event such as illness, natural calamity, injury, or death. Notably, most insurance policies provide cover against possible losses or damage. Here are some types of insurance you need to know. 

  1. Health Insurance

Health insurance denotes a type of insurance that offers coverage for health care expenses you are likely to incur in case you are presenting with:

  • An illness
  • Injury
  • Other health-associated events 

This type of insurance can be offered through individual policies or group health plans sponsored by the employer. Additionally, health insurance coverage usually includes the following:

  • Doctor visits
  • Laboratory tests
  • Surgery
  • Hospitalization
  • Prescription drugs

Health insurance may also offer you coverage for preventive care that range from vaccines, health screenings to mental health services. Most health insurance policies have a fixed deductible you need to meet before the plan starts paying for services. Additionally, insurance plans may have co-pays or co-insurance that you must pay before a service is covered. It’s also important to note that insurance policies may have a yearly or lifetime ceiling on what they will cover. 

  1. Media liability policy

Your media or advertising business can make a simple mistake that might cause financial damage to a client. Consequently, the costs could be catastrophic for your media or advertising business if that client decides to sue. For example, during a podcast, you may forget to include a message from a sponsor. Consequently, the sponsor may seek litigation for a possible breach of contract. If the case goes to court, your business is likely to incur legal defense costs as well as a potential court-ordered judgment that could be costly. As such, media liability insurance can help to cover legal costs associated with your work performance and provide cover linked to the following:

  • Work mistakes or oversights
  • Missed deadlines
  • Advertising injuries that may include, for instance, libel or slander
  1. Life Insurance
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Life insurance is an insurance policy that can provide financial security to your beneficiary in the event of your demise. If you buy a life insurance policy, your named beneficiaries will be financially secure in case of your passing. Life insurance plans are usually purchased for a particular duration and provide financial security for a death benefit. Additionally, life insurance plans can be either whole life or term life. Whole-life plans are permanent and offer coverage for the insured’s whole life. Conversely, term life plans provide coverage for a fixed duration of 10, 20, or 30 years. 

  1. Homeowners Insurance

Homeowners insurance refers to a type of insurance that offers protection for homeowners in case of a disaster or other sudden events. Homeowners’ insurance plans usually cover damage to the structure of the insured home and personal belongings, as well as liability in case of an accident. Besides, homeowners’ insurance plans may also offer coverage for additional expenses if one’s home becomes uninhabitable due to a covered event. 

Conclusion

The above guide can help you to know various types of insurance, such as media liability insurance, and what they cover. As such, consider going through the guide to become well-informed about the right insurance policies to cover your present needs. 


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