July 1, 2022

As the saying goes make hay for rainy days. There’s no doubt that life will throw you curve balls unexpectedly and sometimes it can bring your world crashing down Its usually comes down to the matter whether you have Insurance or not to make a quick recovery

Insurance protects you against unexpected costs such as medical expenses. While most people know that Insurance can be very important, many don’t know the differences between insurance types and how they can benefit them.

 Types of Insurance:

  • Insurance for health
  • Car insurance
  • Life insurance
  • Home insurance

There are many other types of Insurance. These are eight types and eight reasons why you might need Insurance.

Health Insurance

Both unexpected and routine health care costs — such as medications, emergency stays, routine visits, and serious surgery — can quickly add up and create a lot of debt for those who cannot afford them. its advisable to get a comprehensive COVID-19 Insurance Plan

Who has it  All

What is it? A contract between an insurance company and a policyholder requires that the insurer pay all or a portion of the medical expenses.

Why do you need it: Uninsured driving is illegal and dangerous. The driver and vehicle are not protected against any accident, colliding, theft, vandalism, or any other type of damage.

Who has it  Drivers

What is it? Auto insurance protects against bodily injury or damage that can result from driving. It covers cars, motorbikes, trucks and other vehicles.

Life insurance

Why do you need it? The financial burden on a spouse and dependents (i.e. children).

Who has it: For those with dependents

What is it? A life insurance policy pays a beneficiary a set amount of money to pay funeral expenses. The beneficiary is the beneficiary, a spouse or any other person named on a policy.

Insurance for homeowners

Why do you need it? Keep your home in good condition and protect it from major damage like a fire.

What is it  Homeowners Insurance covers your house and any related structures such as porches, garages, balconies, etc.

Umbrella insurance

Why do you need it? If your situation calls for additional coverage, such as on your home or vehicle, umbrella insurance can help you protect yourself from being sued.

Who has it  Anyone who is already insured

What is it  Liability insurance covers additional costs than other insurance policies.

Renters insurance

Why do you need it – Renters know that things happen, so they take precautions to protect their rental property and themselves. Many landlords require it.

Who needs it  Tenants

What is it? : Renters Insurance is used by tenants to protect personal property from damage or theft. This is not the responsibility of the landlord.

Travel insurance

Why do you need it? Are you planning to fly to a new place? Make sure you have enough money to cover any medical expenses or other circumstances that could cause your trip to be cancelled.

What is it? Travel insurance protects against trip cancellations, lost luggage, accidents and medical expenses.

Pet insurance

Why do you need it? If your pet needs emergency medical care, paying into pet insurance could be more cost-efficient than paying a large lump sum to your vet.

Who has it: Pet owners

What is it? Pet insurance covers all or part of veterinary care for pets that are injured or become sick. There are two types: a wellness plan covering routine visits and shots and a health plan covering major surgeries and genetic diseases.

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