There are many types of insurance policies available and each one covers something different. The most common types of insurance are health life auto and homeowner's insurance.
Health insurance can help cover expenses incurred when the policyholder is injured or has a medical condition. This can include hospital stays doctor's visits prescription drugs and more.
Most health insurance policies have a deductible which is the amount the policyholder must pay before the insurance company starts to pay.
Life insurance pays a death benefit to the policyholder's beneficiaries in the event of the policyholder's death. The beneficiary can use the money to cover funeral expenses outstanding debts or other expenses.
Auto insurance covers damages to the policyholder's car resulting from an accident. It can also cover repairs to other cars involved in the accident. Most auto insurance policies have a deductible which is the amount the policyholder must pay before the insurance company starts to pay.
Types of Insurance Policies and What They Cover
There are many types of insurance policies available and each one covers different risks. The most common types of insurance are:
- Home insurance – covers damage to your home contents and belongings.
- Life insurance – pays a lump sum to your beneficiaries if you die.
- Health insurance – covers medical expenses and sometimes dental expenses.
- Travel insurance – covers cancellation medical expenses and lost or stolen belongings when you are travelling.
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