Main Types Of Personal Insurance
Understanding the insurance market nowadays can be as challenging as trying to learn a new, completely foreign language from scratch. There are so many types of insurance policies available, so many contracts to sign and papers to fill out that there is no wonder so many people have no idea what kind of insurance they have.
What is a personal insurance policy and how is it different from other insurance packages?
The personal insurance is not that special; the term is used to refer to a type of insurance that is not business-related. In other words, personal insurance is another term for life insurance, or a type of insurance that meets the needs of an individual or a family rather than the needs of a business.
Personal insurance usually includes two sub-types of insurance: individual insurance or group insurance.
But insurance companies have been recently developing another sub-type of insurance, a policy that is specially catered towards seniors and preneed. They are known as niche-products, meaning that they serve a targeted market and address the needs of a unique kind of population.
In the wide group of life insurance plans there is also the pension. Pensions are considered a form of life assurance but they do have a high longevity-risk; therefore those who have pensions are usually advised to also purchase health insurance or another type of personal insurance.
Do you know what your personal insurance policy covers? Many don’t
The insurance agencies are not making it easier for their clients either: constantly renewing their policies, they are also renaming their insurance packages, thus confusing people even more.
Luckily for us, though, there is one good thing that’s going on in the insurance industry in Fond Du Lac, Ripon, Waupun, Oshkosh, Plymouth and throughout the country: with more and more insurance agencies appearing on the market, we are witnessing a slow, discrete, but sure decline in the prices of insurance policies.