7 Major Types of Insurance that Will Save Your Future

Insurance Meaning And Types

We can never guess life, there are many unexpected things for us all. Because we don't know what will happen in the future, where it makes us unable to stop these things from happening, but we can still try to anticipate and give a little protection to our lives. 

What is insurance? Insurance was created with the aim of giving us financial protection when we have problems in the future. And we certainly know that there are many insurance options available that we can take, and many people who work as financial experts who tell us that we need to have this insurance policy.

And with so many insurance options available, this might make you a little confused to determine what insurance you really need. Because to be able to buy the right insurance, you must determine it through your current situation and condition. 

And also don't forget to take into account other factors, such as the number of your children, your age, your lifestyle, and the amount of benefits of your work. These are all things you really need to consider when you plan to buy insurance.

But you don't need to be afraid of making the right insurance for you, because numbones.com will explain the seven major insurance recommended by most financial experts we all have: Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance, Social Insurance. 

Some people also consider all of those insurance as the main type of insurance. All the insurance mentioned includes a lot of specific aspects of your life. And each of these aspects plays an important role for the good for your future and your financial life later.

7 Major Types of Insurance that Will Save Your Future

7 Major Types of Insurance that Will Save Your Future


1. Life Insurance

In general, life insurance is a binding contract between an insurance policy holder and insurance guarantor. Where the contract states that the guarantor promises to pay a sum of money to the recipient, which will later receive a premium at the time of death of the insured, wherein the policyholder is meant here.

Life insurance is often considered different from other insurance. In the sense that, the subject matter of this insurance is human life. Where it is the most important thing from all aspects of needs.

Insurers in life insurance will pay the amount of insurance at the time of death or at the end of a certain period.

Today, life insurance enjoys a very maximum scope, because life is the most important property of an individual.

Everyone needs life insurance, because this is for their future too.

This insurance provides protection to families for premature death, or provides adequate amounts of money at old age when our income capacity begins to decrease.
And under personal insurance, payments are made during an accident.
Also keep in mind that insurance is not only protection, but also a kind of investment because a certain amount can be returned to the insured at the time of death or the expiration of a period.

And you have to know that life insurance and whole life insurance are different. Whole life insurance is one kind of life insurance types.

If you are still unsure whether you need life insurance or not, try to think about this life insurance quotes, "You don’t buy life insurance because YOU are going to die, but because those you love are going to LIVE".

If you start to be interested in having life insurance, you better try to find some life insurance companies first. You learn how their systems are, and make sure you understand their policies well, don't let you feel loss with the policies they implement. That way, you can choose which is the best life insurance for you.

2. Property Insurance

Under property insurance, people's property is insured against certain risks. The risks involved include fire or sea hazard, property theft, or property damage due to an accident.

Property owned by individuals and communities is insured against loss of fire and marine hazards, properties such as plants are insured against unexpected decreases in abatement, unexpected deaths from animals involved in business, engine damage and theft of goods and property.

3. Marine Insurance

Marine insurance is insurance that provides protection against loss of marine hazards. Marine hazards in question can be like collisions with rocks, or ships, attacks by enemies, fire, and captured by pirates, etc. This danger causes damage, destruction or loss of ships and cargo and does not pay for shipping goods.

So, marine insurance is used to insure ships, cargo and goods.

Previously it was only a certain nominal risk insured in marine insurance, but now the scope of marine insurance has been divided into two parts, namely Marine Insurance and Mainland Marine Insurance.

The former only insures sea hazards, while the second covers land hazards that may arise with the delivery of cargo from the insured, and can extend until the receipt of cargo by the buyer (importer) is dropped.

4. Fire Insurance

As the name implies, Fire insurance covers the risk of fire. In the absence of fire insurance, waste fires will continue to increase. And the impact is not only felt by individuals, but also for society.

With the help of fire insurance, losses arising from fires can be compensated, and the community will not be affected severely.

With fire insurance, individuals are preferred to these losses. And property or business or industry will return to normal as before the loss.

But fire insurance not only protects losses, but also provides certain consequential losses, such as the risk of war, chaos, riots, etc. All of these things can be insured under fire insurance too.

5. Liability Insurance

Liability insurance or public liability insurance is insurance that provides protection that resulting from injury and damage to people and / or property.

The liability insurance policy covers legal fees and legal payments which are the responsibility of the insured if found legally responsible. However, intentional damage by the owner of insurance and contractual obligations is usually not covered by this type of policy.

Accountability insurance is very important for those of you who are legally responsible for someone else's injury, especially for those of you who work as medical practitioners and business owners. Product manufacturers can also buy product liability insurance. The point is to bear if a product is damaged and causes damage to the buyer or other third parties. Business owners can also buy insurance coverage that covers them, in anticipation if an employee is injured during business operations.

if you are interested in this insurance, you should find the professional liability insurance. With insurance performance that has been proven professional, you will get the best service.

6. Guarantee Insurance

If there is a moment, when you sign a contract for a new project, you will often be asked to provide a guarantee that benefits your client. Well in such a case, you will need insurance coverage.

Insurance guarantees or professional indemnity insurance are used as collateral for the performance of a work, which has been agreed upon in the contract. This insurance can also be used as collateral for prepayments, or payments on accounts for services agreed to in the contract.

Guarantee insurance is quite well known in the construction and manufacturing sectors. Depending on the type of project, you have various types of collateral based on the project you choose.

It might be better in the construction sector, where contractors must provide guarantees that give benefit to the owner. Or where subcontractors must provide guarantees that benefit turnkey contractors.

Or maybe it's better in the manufacturing sector, where suppliers must provide guarantees that benefit the buyer.

In both cases, the guarantee will ensure that the work is completed in accordance with the terms of the contract. And if not, then you will be compensated for possible losses.

7. Social Insurance

Social insurance is insurance that provides protection to the weaker parts of society. The point is that people who are unable to pay premiums for adequate insurance.

There are many types of social insurance. Pension, disability benefits, unemployment benefits, sick insurance and industrial insurance programs are various forms of social insurance.

Other Forms of Insurance

Apart from the major insurance mentioned above, there are still several other forms of insurance. Property insurance and liabilities, there are other insurance included in one of types of general insurance.

Examples of such insurance are export credit insurance, civil servant insurance, etc. Where insurance companies will guarantee to pay a certain amount on certain occasions.

And this type of insurance is growing quite fast, because this insurance has been extended rapidly lately.

Miscellaneous Insurance

There is still Other Insurance like Property, goods, machinery, furniture, cars, valuables, etc. All of these objects can be insured against damage or destruction due to accident or disappearance due to theft.

For information, there are various forms of insurance for each type of property. Where not only property insurance, but also liability insurance and personal injury is also an insurance company.

Conclusion

That was the seventh major insurance that was considered very important for many people. Because those seven insurance can save your future. And you need to know, there are already many famous insurance companies, like aviva insurance, intact insurance, social security, excise tax, and estate tax. You can try to understand their background, and their insurance policy. Because insurance companies are well-known, they certainly get a lot of positive responses from people.

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