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 There are many types of insurance, but some common types are described here. § Health insurance: Helps you pay for doctor fees and sometimes prescription drugs. Once you buy health insurance coverage, you and your health insurer each agree to pay a part of your medical expenses — usually a certain dollar amount or percentage of the expenses. § Life insurance: Pays a beneficiary you select a set amount of money if or when you die. The money from your life insurance policy can help your family pay bills and cover living expenses. There are different types of life insurance. One is term life insurance, which pays a benefit only if the insured person dies during the term of the policy (usually from one to 30 years). Another is whole life insurance, which pays a benefit whenever the insured person dies. § Disability insurance: Protects individuals and their families from financial hardship when illness or injury prevents them from earning a living. Many employers offer some form of disability coverage to employees, or you can buy an individual disability insurance policy.

Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.
1. General Insurance
  • Health Insurance.
  • Motor Insurance.
  • Home Insurance.
  • Fire Insurance.
  • Travel Insurance.

Auto insurance: Protects you from paying the full cost for vehicle repairs and medical expenses due to a collision. In most states, the law requires you to have auto insurance when operating a motor vehicle. 

Homeowner’s or renter’s insurance: Covers your home and the personal belongings inside in the event of loss or theft; helps pay for repairs and replacement. If you have a mortgage on your property, most lenders require you to have homeowner’s insurance. If you’re renting, the landlord might require you to have renter’s insurance.

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