Why do we have insurance ?
Insurance is a means of protection from financial loss. It helps you manage risk and protect your assets from unexpected destructive events. It is the most important part of financial planning to protect what's important to you and your family, and offers a peace of mind.
Types of insurance:
Homeowner's / Renters Insurance
Property insurance that covers a private residence. Covered perils include fire, lighting, wind, hail, vandalism, etc.
Provides coverage to a person and a sum of money to the beneficiaries upon the death of an insured person. Different types of life insurance offer different benefits, including living benefits..
Provides benefits to a person as a result of sickness or injury. Reduces the risk of a person incurring medical expenses that can impact financial stability.
Auto / Property Insurance
Coverage for motor vehicles or other type of properties such as boat, etc. Provides financial protection from physical damage or bodily injury resulting from collisions.
Protect the insured person from income loss due to short term or long term disability.
Insurance for domestic pets which provides partial payment for medical expenses resulting from sickness or injury.
LIFE INSURANCE BASICS
Low initial premiums make term insurance a practical alternative to permanent coverage, however, term premiums will eventually increase. If carried on, the annual premiums are likely to exceed the level premiums that could have been had with a permanent policy, without the benefit of building cash values.