The Insurance World Can Be Confusing... But Don't Worry!
Let's talk about the Types of Insurance Policies that you see...
A life insurance policy provides financial support to your family when you die. When getting a quote, you choose a term length, a payout amount, and a beneficiary. The insurance company will also ask general questions about you, your health, and any pre-existing conditions. Upon your death, your beneficiary will receive a lump-sum payout from the insurance company, assuming you have been regularly paying your premium. *Progressive*
Health Insurance is quote, " A contract that required your health insurer to pay some or all of your healthcare costs in exchange for a premium." (Healthcare.gov) In terms, It is an insurance policy that can cover partial or the full amount of incurring medical expenses. But, you still play a monthly (most common) payment called a "premium".
Vehicle or Auto insurance is designed for your trucks, cars, vans, motorcycles, and other forms of road vehicles. Auto Insurance protects you financially from physical damage or bodily injury resulting from a crash or other form of collisions. It can also cover costs against liabilities.
What Is Business Insurance? Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. (investopedia.com)
Medicare.gov describes Medicare as, "Medicare is health insurance for people 65 or older. You’re first eligible to sign up for Medicare 3 months before you turn 65. You may be eligible to get Medicare earlier if you have a disability, End-Stage Renal Disease (ESRD), or ALS (also called Lou Gehrig’s disease). Check out Medicare's Website for more information.
Professional liability insurance (PLI) protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Professionals with expertise in a specific area require this type of insurance because general liability insurance policies do not offer protection against claims arising from negligence, malpractice, mistakes, or misrepresentation. (investopedia.com)
Those are just a few common types of insurance that everyone encounters at least one time in their life. Have questions? Give us a call, and one of our agents would love to speak with you!