It is quite essential to know the types of insurance protection in today’s time, so that covering the cost related to various things becomes easier. Insurance protection is the amount that you have to pay, which you can access at a later date to cover urgent costs like medical bills. However, as various types of insurance protection are available, the cost covering does not only remain limited to covering the medical bills. ‘TypesOf.com’ introduces you to various types of insurance protection, so that you can cover major and sometimes unavoidable expenses.
* Life Insurance: Life insurance is one of the very important types of insurance protection. There are two types of life insurance policies. The term assurance covers you for a fixed period of time, for example, 10 years, and pays out if you pass away in this period. The whole-of-life policies as an indefinite term period and pays out when you pass away.
* Income Protection: Income protection is another one of important types of insurance. It pays out when you are unable to work due to some problems. Short term income protection covers you from one to five years. Long term income protection was previously known as permanent health insurance, and pays out until you return to work, retire or pass away.
* Private Medical Insurance: Private medical insurance is more commonly known as health insurance. This kind of insurance pays for the treatment when you fall ill. Usually, private medical insurance will cover the important treatment costs like consultation fees, surgery cost, cost of nursing and hospital care. These kinds of policies do not cover incurable conditions, treatment for drug addiction, cosmetic surgeries or ‘normal’ pregnancies.
* Mortgage Payment Protection Insurance: Mortgage payment protection insurance has to do with the payment of your mortgages if you are unable to work due to illness, accident or unemployment. This insurance pays you a set amount for 12 or 24 months in exchange for a premium paid monthly, which has to be paid previous to you accessing this policy.
* Critical Illness Cover: Critical Illness cover pays out a money one time in cash, if you are diagnosed with a listed critical disease like cancer, multiple sclerosis, loss of limbs or heart attack. The illnesses that are covered vary from insurer to insurer, so you can choose your insurer depending upon your requirement. Usually, the insurance does not cover a pre-existing condition, but some insurers can base your cover on your personal medical history.
* Payment Protection Insurance: Payment Protection Insurance aims to cover your debts when you are under the conditions of redundancy, illness or accident. This insurance only covers the debt it is attached to, so most people prefer to take up the types of insurance protection that covers their income and essential outgoings too.
By knowing the types of insurance protection, you can go for the ones which would be essential and convenient for you because insurance is very helpful to people and their families in times of need.