Know What You're Being Covered For When Buying Insurance
Jan 26, 2011 11:05
With so many types of insurance policies available out there, it’s hard to really understand what they are and more importantly, what they protect. Buying insurance can sometimes be a complicated and confusing process.
First-time insurance buyers don’t really know what their insurance covers them. All they know is that in case of an accident or catastrophe, they will somehow be covered. To know in detail what the insurance covers, it is advisable that one takes time to read through the brochure or agreement before committing to it. The problem is, most people just skim through and skip to the signature bar to get it over and done with.
It is also recommended for insurance buyers to have a thorough talk with the agent. Choosing an agent who is compatible with you and whom you’re comfortable with is important, as this will be the person you’ll be liaising with for your policy.
This short guide below will answer some basic questions about the types of coverage which you might want to consider to protect yourself and your loved ones:
According to InsuranceInfo, there are two main types of insurance which serve to cover different aspects of your life.
Basically, this is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries should anything happen to the policyholder.
The coverage period for life insurance is usually more than a year and therefore requires periodic premium payments, either monthly, quarterly or annually. Risks covered by life insurance are:
• Premature death • Income during retirement • Illness
The main products of life insurance include:
• Whole life • Endowment • Term • Investment-linked • Life annuity plan • Medical and health
General insurance is an insurance policy that protects you against unforeseen losses and damages that aren’t covered by life insurance and offers you a more comprehensive coverage.
The coverage period for most general insurance policies is usually one year, whereby premiums are normally paid on a one-time basis. Risks that are covered by general insurance are:
• Property loss (e.g stolen car, burnt house etc.) • Liability arising from damage caused by yourself to a third party • Accidental death or injury
The main products of general insurance include:
• Motor insurance • Fire/ Houseowners/ Householders insurance • Personal accident insurance • Medical and health insurance • Travel insurance
Insurance needs differ for each individual, so it is recommended to look at your risks and choose what is appropriate for your situation. For an even more comprehensive explanation on the types of insurance coverage available, visit the Prudential website.
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