There are many kinds of Insurance that can be buy. You just have to take a look at our comparator to check the varied offer of insurance products that exist, from Car Insurance , with all the modalities that there are, to Home Insurance or Life or Death Insurance . There are policies that everyone knows about and others that most people don’t even know how they work.
To put order between so many offers, in the insurance sector there are three types of Insurance :
- Personal Insurance
- Damage or Property Insurance
- Service Provision Insurance
And within each of these types of Insurance, there are policies of the most varied, both in the coverage they offer, and in the way in which they cover those risks.
Of all of them, Personal Insurance is the one that has people as an insured object, although this protection is applied in many different ways. Today we are going to tell you what they are and what are the types of Personal Insurance that you can take out.
Personal Insurance: definition
Its own name gives the definitive clue to the definition of these policies. Personal Insurance Insurance for People are those that cover the risks that may affect the physical integrity, existence or health of the insured person.
People are at the center of this insurance product that protects a person, the insured, against the possibility of a claim that affects them directly and personally.
A death, being the victim of an accident with sequelae or suffering from an illness or disease, are situations for which this type of insurance offers various solutions, either in the form of compensation , providing private medical services or as a savings product for the future.
Also read : What Are The Good Ways To Save Automobile bills
Types of Personal Insurance
Depending on the characteristics of these insurance products, we can classify Personal Insurance into four broad categories:
- Life insurances
- Personal Accident Insurance
- Health insurance
- Dependency Insurance
Let’s see what characteristics define each of these Personal Insurance.
Personal Life Insurance
The Insurance Personal Life cover the death of the insured or if a situation arises total and permanent disability due to accident or illness. When contracting a Life Insurance an insure capital is establish that will be pay to the beneficiaries in case the insured risks occur.
Among Life Insurance, there are three types:
- Death Insurance or Risk Life Insurance
- Survival Insurance or Life Insurance Savings
- Mixed Insurance
On the other hand, it should be noted that these policies are important to the role played by the three figures who, together with the insurer, are involved in the contract, that is, the policyholder, the insured and the beneficiary. In case you are interested, in this blog we have talked about the differences between policyholder and insured , and also about the beneficiaries of Life Insurance .
Death Insurance or Risk Life Insurance
The nonlife , also known as Life Insurance risk are those who associate with Life Insurance. These policies commit the insurer that, in the event that the insure dies before the end of the contract, the insured capital is paid to the beneficiaries designated in the Insurance.
In the event that the contract ends and the insured person has not died. The insurer does not have to pay any consideration. In addition, these policies can also include as optional guarantees, the coverage of situations of disability or accidents .
Survival Insurance or Savings Insurance
In Survival Insurance , better known as Savings Insurance , the beneficiaries are guaranteed the payment of the insured capital if the insured person lives at the time of the end of the contract.
This insurance is design to guarantee future savings and have an attractive tax treatment. In this type of policies we can find several modalities:
- Insured Pension Plans (PPA)
- Individual Systematic Savings Plans (PIAS)
- Long Term Individual Insurance (SIALP or savings plan 5)
- Life annuity insurance
- Unit Linked Insurance
If you have interest in this type of Life Insurance, this post about Savings Insurance may interest you.
Mixed Life Insurance
Finally, there are AIG life insurance for parents that include death coverage in their guarantees, so that if the death of the insured person occurs, the beneficiaries will collect the insured capital. And if it does not happen, the policy will comply with the profitability agreed in the contract, at the time of its expiration.
In Personal Accident Insurance, the beneficiary may be the insured or the person or persons designated by him as beneficiaries, depending on whether or not the accident causes the death of the insured.
Due to their characteristics, these types of policies are contract by professionals. Who carry out activities that involve a certain risks. Or by freelancers who need financial coverage in the event of an accident.
The Health Insurance are among the most widely Personal Insurance among households. About 10 million people in USA are cover by these policies.
Also known as Medical Insurance provide the holder and his family with health and care coverage in the event of suffering any illness or disease.
Depending on the characteristics of the health coverage, there are several types of Health Insurance :
Healthcare or Medical Insurance Insurance
When contracting a Health Assistance Insurance , the insurer provides medical-surgical assistance coverage based on a medical chart made up of professionals and private centers.
These medical centers, doctors and specialist doctors are in agreement with the company. To make themselves available to Health Insurance clients and provide them with medical services.
In these policies, the coverage is provision of health services. Such as consultations with specialists or medical tests, within the limits established by the policy. In addition, Health Care Insurance can complement your coverage with certain economic benefits or with other additional coverage.
If you want to delve into the subject, in this post we talk about the importance of the medical chart when choosing Health Insurance .
Health Insurance with Reimbursement
The Reimbursement Medical Insurance modality offers the insured the possibility of reserving an appointment with any doctor. And in any hospital center, anywhere in the world without having to be part of the insurer’s medical staff.
However, in this type of Health policy, the insurer pays the medical expenses of the consultation or medical test. That is done and, once carry out, must send the invoice and the medical report to the insurer. The Insurance reimburses all or part of these expenses.
Sickness or Indemnity Insurance Health Insurance offers financial compensation to compensate for the consequences of certain ailments and illnesses. This post on Health Insurance points out the differences with other Health policies.
This type of Insurance for People is the least known. The Insurance Unit are policies that guarantee compensation if the insured person suffers an accident or illness, the physical consequences prevent you from leading a normal life and fend for herself. You may have interest in this post about the operation of Dependency Insurance .
The compensation of the policies that cover the Unit can be collect in the form of a monthly annuity. For life or as capital paid in a single instalment.
The Insurance can also offer its coverage by providing some assistance service. When the insured is in a situation of disability that prevents him from fending for himself.All the best