Personal insurance is to help protect you or your family in unexpected events from major financial loss. There are four major types of peronsal insurance: life, health, auto, and homeowners or renters. Read all terms and conditions for anykind of insurance to follow all the guidelines.
Life Insurance
Life insurance has two major categories term life insurance and permanent.
Term Life
Term life insurance is straight forward, you can buy term life insurance for certain duration from 10, 20, or 30 years. If the person dies within the duration of the term and all policy payments are upto date, you should be covered.
Between permanent and term, term is normally a cheaper option and that is why it has grown in popularity throughout the years.
Permanent Insurance
Permanent life insurance, provides life long coverage, unlike term life insurance. The major types are whole life, universal life, variable life, and final expense insruance.
Whole life insurance provides lifelong coverage, as long as premiums are paid. The policy can be very complex and understanding them can be difficult. Read and research any questions you may have, ask people and see if it matches the research.
The pros are permanent convereage, tax advantages, accessible cash, guaranteed growth, and dividends.
The cons are high premiums, surrender penatlies, little to no flexibility, and low investment returns.
All of these depend on the whole life insurance policy a person receives.
Health Insurance
A person pays premiums to an health insurance company with the person getting help paying for medical cost. In the U.S., there is serious conversation about how much insurance helps compared to paying cash. Health insurance can be very expensive, so shopping around for what is needed and benenfits you the best is important.
Auto Insurance
Auto Insurance can cover liability, collision, comprehensive, and uninsured motorist. There are multiple factors determine the cost from location, age, car, and driving record, also the type of covereage you pick.
Home/Rent Insurance
Home
Home insurance can cover wide range from dwelling, peronal property, personal libility, loss of use, and other structures. Not every plan covers all of the options, but reading and understanding the plan is very important.
Rent
Renters insurance protects tenants personal property, liablity, and some cover other living expenses for some reason one must move.
Read all terms and conditions for anykind of insurance to make sure you follow all guidelines. Please contact a professional when taking the next step for insurance.