Types Of Insurance Services

There are several types of insurance services. Few among them are Health, Auto, Life, Property, Mobile phones etc.

Health Insurance – It is difficult for an average employee to support his family with his salary. Especially, if there is an accident or suffering from any generic diseases. This type of insurance is generally to avoid heavy medical expenditure. There will be a fixed amount to apply for this insurance. The applicant can pay it on a monthly basis or on premiums provided by the bank/agents. The amount can be claimed if any serious illness caused.

Auto Insurance – It is also known as Car, motor, vehicle or gap insurance. This should be taken by all who own a vehicle. It provides the insurer, a financial security in case of any adverse conditions happened to their vehicles such as accidents, theft etc. Based on the vehicle, the insurance cost varies. As many people do not have their vehicle insurance, the government in many countries have made fine for them. The fine amount varies based on the country and the vehicle size.

There are some plans that if the insured vehicle met with an accident or theft, the insurer can claim for a new vehicle of the same type. Few other plans will not provide a new vehicle, however, the insurer can claim for the one that the bank can provide.

Life Insurance –This is the most common plan that the insurer looks for his/her loved ones. This type of plan is always a better one for the future safety of the family. Here the money invested by the insurer will be returned to his/her family members (as requested by the insurer) upon the insurer’s death. There are some life insurance plans that can help future settlements of the family members such as employment, child education etc. Some life insurance policies are provided with a package that the expenditures caused during funeral will also be paid. It is always good to make some safe arrangements for the family or loved ones.

Property Insurance – This is popularly called as home insurance. This provides security for the insurer’s property against any unexpected natural calamities such as flood, fire, earth quake etc. This plan helps the insurer to live in a safe home. If there is any damage caused to the insurer’s house, the insurer can claim for the repayment. However, in this plan, the insurer cannot claim for a same house which was there before the damage caused. He / She can claim for 25% – 30% of the original house.

Mobile phone – The most recent type of insurance adapted in many countries for various mobile phone models. This type of insurance is usually provided by the dealer of the mobile phones. The insurer pays the amount while he / she purchase the mobile phone. This type is very useful if the mobile phone is theft or broken. In such case, a new phone amounting less than the lost mobile phone will be provided by the dealer.

These are some of the major types of insurance services.