What are the different types of Insurance?

There are various types of insurance plans present in different countries. In Broad terms, Insurance policies can be divided into many forms, main categories of Insurance are listed below. Following are the different types of insurance plans available all over the world. 

List of Insurance Policies

  1. Life Insurance
  2. Health Insurance
  3. Home Insurance
  4. Business Insurance
  5. Car Insurance
  6. Pet Insurance
  7. Financial Insurance
  8. Travel Insurance
  9. General Insurance
  10. Marine Insurance
  11. Motor Insurance
  12. Auto Insurance
  13. Agricultural Insurance
  14. Bike Insurance
  15. Disability Insurance
  16. Fire Insurance
  17. Group Insurance
  18. Property Insurance
  19. Social Insurance
  20. Unemployment Insurance
  21. Vehicle Insurance
  22. Guarantee Insurance
  23. Personal Insurance
  24. Homeowners and renters Insurance
  25. Commercial Insurance
  26. Assets and revenue insurance
  27. Financial Insurance
  28. Liability Insurance
  29. People Insurance
  30. Political Risk Insurance
  31. Boat and watercraft Insurance
  32. Breakdown cover Insurance
  33. Motorcycle Insurance
  34. Travel Trailer Insurance
  35. Credit Insurance
  36. Income Insurance
  37. Loan Protection Insurance
  38. Mortgage Insurance
  39. Cancer cover Insurance
  40. Critical Illness Insurance
  41. Dental Insurance
  42. Injury Cover Insurance
  43. Vision Insurance
  44. Building Insurance
  45. Contents Insurance
  46. Earthquake Insurance
  47. Flood Insurance
  48. Perpetual Insurance
  49. Children Life Insurance
  50. Permanent Life Insurance
  51. Temporary Life Insurance
  52. Whole Life Insurance
  53. Adventure Travel Insurance
  54. Business Travel Insurance
  55. Cruise Travel Insaurance
  56. International Travel Insurance
  57. Leisure Travel Insurance
  58. Student Travel Insurance
  59. Hazard Insurance
  60. Fidelity Insurance
  61. Bond Insurance
  62. Aviation Insurance
  63. Umbrella Insurance

Everyone can benefit from insurance in one way or the other. Most people avoid it because they see it as an added and unnecessary expense. However, that could not be further from the truth as the premiums are far more manageable than the costs one would incur should an accident or any other type of damage occurs.

Different types of insurance policies

Type 1 : Health Insurance

Health insurance relieves the policyholder the financial hurdles brought about by medical care. Depending on the type of policy, the policyholder is responsible for a certain percentage of the overall cost of healthcare. Some policies ideally include a prescription plan that helps the holders with the costs of drugs. Health insurance policies are usually purchased individually but they can be purchased as a group as well.

Type 2 : Life Insurance

This is a form of insurance that pays benefits to the named beneficiaries in the event the policyholder dies. This relieves those left behind the financial burden that comes with funeral expenses and outstanding debts of the policyholder. Any additional benefits are divided among the beneficiaries to use as they deem fit. Some policies in life insurance allow the policyholder to borrow against the policy should an extreme financial situation come up.

Type 3 : Auto Insurance

This is one type of insurance that’s mandatory by law but has an array of benefits. Car insurance can keep the owner from having to completely cover the damages caused by him or her in an accident. Depending on the insurance plan, it can ideally cover for damages done to the owner’s car. An uninsured driver add-on can sometimes be added to protect the insured person in the event he or she is involved in an accident with a motorist who is not insured.

Type 4: Homeowners Insurance

This kind of insurance protects the house of the policyholder and takes away the financial hurdle should the house sustain damage. Homeowner’s insurance not only covers the holder from harsh acts of nature, but also from claims like slips and falls or any injury that may happen on their property. The coverage available can be extended by purchasing add-ons to the basic policy.

Type 5 : Dental Insurance

Dental insurance helps the subscribers pay for oral or dental care. As with health insurance, this one helps relieve the financial burden that comes with dental care. It usually covers preventative care and basic as well as some major dental procedures. Different policies under this type of insurance cover the policyholder for various percentages of oral care. Dental insurance can ideally be purchased either individually or as part of a group.

Type 6 : Disability Insurance

This insurance is applicable in case when an insurer is unable to continue to work in case the policyholder faces such illness or injury that prevents him from working. Having an Insurance policy is very important but it must be kept in mind that each insurance policy has its own importance and purpose.

Type 7 : Auto Insurance

According to this insurance, the insurer can claim legal coverage for both the driver and the insured vehicle in case of an accident. In some cities, it is necessary to have the vehicle insured before it is allowed to operate on a public road.

Type 8 : Liability Insurance

Liability insurance is sort of the flip side. It protects someone else or their property that might have been damaged due to something you did accidentally. It can be defined as insurance that pays out not to the holder of the insurance, but to the person who has been harmed due in some part to the actions of the policyholder.

Type 9 : Car Insurance

Car insurance is a proven method to protect your money and prevent money loss in case of emergency. Auto insurance can cover all possible damages to your car and money losses, including damages to the car itself and the cost of medical treatment you need to undergo after the accident. Car insurance offers a wide range of coverage to all types of drivers and vehicles.