How to Choose the Right Type of General Insurance

When we talk about insurance, we sometimes mistakenly think that a single insurance policy can meet most of our future needs. However, there are actually many types of general insurance that we should all be aware of, and each type of general insurance can cover you against expenses caused by specific events and circumstances.

There are two general types of insurance: life insurance and general insurance. Life insurance involves a payout of a certain amount of money to beneficiaries upon the death of the person insured, while general insurance covers damages and unforeseen losses that aren’t covered by life insurance. Each type of general insurance has its own benefits and conditions. How do you choose the right one for you? We’ve put together a comprehensive list of general insurance and who typically benefits from them:

Health Insurance:

This covers medical expenses arising from hospitalization caused by sudden illnesses and/or accidents. It often includes a cashless facility in hospitals, pre- and post-hospitalization expenses, ambulance charges, and more. There are many types of health insurance policies such as:

Individual:

A health insurance policy that covers the expenses of a single individual with regards to cashless hospitalization. This is perfect for those who live alone and aren’t on anyone’s list of insurance beneficiaries or dependents.

Surgery Cover:

This offers a fixed benefit amount for specific surgeries and helps you cover expensive treatments in the hospital. This is ideal for those who are already dealing with or have a strong family history of kidney failure, heart failure, and cancer.

Comprehensive Health Insurance:

This extremely valuable health insurance policy provides a range of add-on covers as well as special benefit covers such as dental treatments and maternity benefits. This is ideal for those who want total peace of mind and have extra cash to shell out.

Travel Insurance:

Many things can go wrong in a trip. From medical emergencies to loss of baggage, trip delay, and other expenses, incidents can quickly drain your resources and finances, which aren’t so easily replenished especially when you are far away from home. Travel insurance protects you while traveling by providing individual travel policy, family travel policy, student travel insurance, and senior citizen travel policy, among others. This is highly recommended for frequent travelers; some airlines even offer travel insurance when booking flight tickets.

Home Insurance:

A house is more than just a shelter; it’s an extremely invaluable possession, as well as possibly the largest financial investment a person can make in their lifetime. As unpredictable as life is, your house needs to be protected from unexpected events such as theft, fire, natural calamities, and more. Home insurance policies even include coverage for valuables and assets within the home. This type of insurance is best for new homeowners as well as those with residential properties.

Picking the right insurance plan for yourself as well as your needs may seem initially confusing and intimidating. But if you do your own research and are transparent with your insurance provider about your needs and goals, then you should end up with the perfect type of insurance that will benefit yourself and your loved ones.

Read Also:

• Do I need fleet insurance?
• Choosing the Best Car Insurance Policy Fit for Your Car

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