3 Types of Insurance Policies You Should Buy
In essence, an insurance policy is a contract whereby a company undertakes to provide the insured individual or entity with a specified compensation under predetermined circumstances for unexpected loss, damage, death or illness. This compensation is provided in return for a specified premium that is paid regularly to the company by the insured individual or entity. It can be said, therefore, that the primary function of an insurance plan or policy is to provide financial protection against a possible eventuality or loss. This is essentially what makes insurance so important amidst the uncertainties of the modern world. In an uncertain world, having a reliable insurance policy with extensive coverage can allow you and your loved ones the chance to live a secure and anxiety-free life. Some of the major types of insurance policies available are as follows. Life Insurance: This is a type of insurance that guarantees compensation to the family of the insured in case of the untimely dea...