In this modern and unpredictable world, insurance is a crucial tool for protecting a family’s well-being and securing life in the long term. Whether you’re driving, traveling, or simply at home, unexpected situations can occur where you have access to a variety of insurance type for security and happier life. It includes life, health, and general insurance policies, each designed to provide a specific form of protection.
These insurance policies offer comprehensive financial protection to you and your beloved belongings. However, if you don’t know the types and their value, then let’s explore this article to learn surprising insurance types and avail the benefits.
15 Surprising Insurance Types You Must Be Aware
There are multiple surprising insurance plans that you must know to get the hidden benefits, such as;
- Body Part Insurance is a form of insurance that can offer financial cover and protect an individual’s livelihood if they rely on a specific part of their body to earn a living, especially celebrities. In this insurance, if a specific body part is damaged or lost or any miscellaneous happens, the insurance policyholder brings attention to its value and provides money for work or income.
- Ghost Insurance: Like the existence of God is available, there might be live spirits that can eventually damage health and property. So, these rare insurance types are taken for damage done by actual spirits.
- Career Insurance: Career insurance is another worthy investment that protects you from lingering in a career transition. It is especially done to ensure a safe career, even if you do not get actual results after the study.
- Lottery Insurance: If you are a business owner dealing with gaming and jackpots, increase your jackpot prizes and customer incentives with lottery insurance. This protects the business from employees who all have won price pools at the same time.
- Liability insurance: Get this insurance to protect against claims resulting from injuries and damage to other people or property. It is also taken to avoid liability and cover heavy losses.
- Marine Insurance: This insurance covers the loss or damage of ships, cargo, and terminals. It also deals with any transport by which property is transferred, acquired, or held between the points of origin and the final destination.
- Critical illness insurance: It is another type of health insurance that covers a variety of life-threatening illnesses, such as stroke, heart attack, renal failure, and others. It provides heavy offerings from expensive medical equipment.
- Renters Insurance: Renters insurance protects your renter’s building or apartments from unexpected circumstances like fire, theft, or damage. It also allows protection against liability if someone takes your building for the sake of their name.
- Group insurance: Group insurance is taken for the protection of a group of people. It includes paying a desirable amount to the members of the society under the same plan irrespective of their gender, age, or economic status.
- Pet Insurance: Pet insurance safeguards the overall health and well-being of animals. It offers various types of coverage, such as accidents and veterinary expenses.
- Zero depreciation insurance: Zero depreciation insurance comes under the car insurance type that aims to protect high-value depreciation after dealing with the vehicle.
- Bike insurance: Bike insurance is bought to provide personal coverage for bikers from theft, accident, or other miscellaneous events. The coverage is claimed after filing, and you have to pay the premium set by the regulators.
- Umbrella Insurance: An umbrella policy is a type of personal liability coverage that protects existing limits. It provides coverage for injuries, property damage, certain lawsuits, and other situations.
- Business Insurance: If you are dealing with any business affairs, business insurance is taken for security purposes. It protects against heavy loss, damage caused by fire or any disaster, or other miscellaneous.
- Family Floater Health Insurance: It is yet another type of health insurance plan that provides protection for the whole family under one plan. In this policy, families get coverage for health expenses or unavoidable treatment for illnesses that require a huge amount.
Most Purchased Insurances To Secure Health & Wealth
There are generally two types of insurance: General and life insurance. General insurance is taken to avoid everyday issues like house, car, bike, health, travel, etc. Here, the auto insurance company promises to pay you a sum assured to cover damages to your vehicle, losses due to theft or fire, medical treatments to cure health problems, or even financial problems during travel.
Similarly, life insurance is owned for financial compensation after retirement or a certain period of life. It is best for your family to provide protection even if you are absent. Let’s see in detail below-
1] Health Insurance
Medical bills and facilities are haunting many people nowadays. So, to avoid these problems, a health insurance plan is the best option. The companies offer various healthcare policies either monthly, quarterly, or annually as per requirements. Further, to boost the benefits of your health insurance plan, you can also opt for add-on benefits like Maternity coverage, Pre-existing diseases coverage, and consumables coverage.
2] Home Insurance
People always dream of the best house to live in. This dream comes true when you buy home insurance at a very low premium. Also, you can buy it to pay or compensate for damage to your home due to natural calamities, man-made disasters, or other threats. This plan covers liabilities due to fire, burglary, theft, flood, earthquakes, and other miscellaneous events.
3] Auto Insurance
Auto insurance is another insurance plan that provides security against theft, damage, or any miscellaneous event. In the USA, having auto insurance is considered illegal, which makes them pay much if theft or damage occurs. You can pay the premium as you require via monthly, quarterly, or annual payments along with interest.
4] Travel Insurance
Everyone loves traveling, but it may cost a lot. Travel insurance is another type of insurance that can be purchased to avoid medical and non-medical emergencies during travel abroad or within the country. It is a general insurance plan that provides coverage for emergency medical expenses, loss of passport, loss of baggage, delayed flights, accidental death, or others.
5] Fire Insurance
Fire insurance is another general Insurance type that must be taken to avoid any miscellaneous related to fire. It protects your life or building from fire. If there is any miscellaneous matter, this insurance plan provides the best coverage.
6] Life Insurance
Life insurance is the most profitable plan that provides coverage to your family members even if you are not available in this world. You just have to pay the premium amount as allotted by insurance companies.
These mainly include term Insurance, whole Life Insurance, endowment Policy, money-back Policy, unit-linked Insurance Plans (ULIPs), pension Plans, and Child Plans. When you visit the insurance company, the agent or broker effectively explains which plan to buy according to your preferences.
How Different Insurance Works?
Remember that before purchasing an insurance policy, it is imperative to understand the different types of insurance policies and how they work. Then, you can choose the ones that are suited to your unique needs. Also, to get the best benefits, you need to know the terms and coverage rules used in an insurance policy.
- The first step is buying insurance, whether general or life insurance, after knowing the premium amount, coverage policy, sum insured, and assured.
- Next, after owning it, ensure that regular premiums are paid within the date provided to avoid late fines.
- Further, if life involves uncertainties or unpredictable incidents, such as accidents, theft, or burglary, go to the insurance company and claim coverage to avail yourself of the benefits.
- Next comes the time to claim the policy with extra benefits. Note that if you don’t claim during the policy tenure, you may or may not receive any benefits, which depends on the policy type and the conditions.
Get Insurance & Secure Yourself And Loved One’s Life For Long Term
Various Insurance type are equally important in providing coverage for financial and physical losses, and you should choose the right one depending on your requirements. You can also opt for insurance coverage to protect your assets and property.
But before getting them, you must be aware of the plan and duration so that you get actual benefits. Remember factors like claim settlement ratio, policy inclusions and exclusions, add-on availability, etc., while buying an insurance plan.
