What is insurance?
An arrangement or settlement by an organization or a company or a Government body which undertakes to provide financial or material guarantee as compensation for loss or damage, death, ill health etc. under certain terms and conditions.
How many types of insurances?
Now, there are various types of insurances are available for all and few are listed below here.
Life insurance: this is most common type of insurance and most important of all insurances. Because this covers once life and his / her family even after sudden death, accident etc. Life insurance supports the financial help to nominee in the long run. And again the life insurance has two more sub categories a) Whole Life (beneficiary is nominee) b) Term Life (beneficiary is insured person)
Health insurance: It is a key factor in providing health coverage to one or whole family for seeking financial help and medical support during illness. And it is recommended for all to get health insurance and worry free from hospital bills.
Auto insurance: if one drives without auto insurance and have an accident, there is no coverage for your damaged car or any vehicles. So it is also one of the most important factors to insure your vehicle and free from damage or accidents. If you have auto insurance you can claim your expenses on damaged vehicle to get repaired or even replaced in worst cases.
In conclusion, having these 3 basic insurances will secure your financial parameters and live happy life. These Insurances cost you bit expensive but help you in bad time to restore your life and financial conditions.