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Different Types Of Insurance

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Automobile Insurance

Most states in the USA require drivers to have auto insurance. The car insurance is useful in the event of an accident. Virtual Insurance Service – Outsource Solutions offers different types of insurance. There are different types of car insurance covers;

Liability insurance

It covers the injuries and damage you cause to other road users. Liability insurance is broken down into:

  • Property Damage-Covers the damage to one’s vehicle and any items in the car during the accident.
  • Bodily injured liability- Covers people injured during an accident. The Bodily injured liability also includes legal fees in case of a lawsuit, medical expenses for the wounded and the event of lost income, it covers the compensation.

Health insurance

kkkjkjkjwqxzHealth insurance covers against incurring medical expenses on the policyholders. Health insurance is arrived at by estimating the overall risk of health costs among the targeted group of people. After the total premium, has been calculated a routine is developed on how to pay the premium either annually, monthly, bi-annually etc.so as to ensure the health insurance as per the contract. Health insurance covers for diseases and injury. It includes injuries that one gets even in the event of car accidents.

It is critical to find a health insurance that is convenient for your family size and needs; this is paramount to ensure that you are fully covered in the event of an illness and injury.

Life insurance

Life insurance is usually a benefit to your dependents. Life insurance is tremendously vital if you are the sole breadwinner of a family that solely depends on you. Experts advise that the life insurance policy should be ten times your annual earnings. The total sum would cover daily bills, funeral expenses and family earning in the occurrence you die.

When calculating the amount of premium to pay for a life policy, you need to factor in mortgage payments, car loans, college costs, credit cards and child care.

There are two types of life insurance

  • Term life-A policy for a set amount of time.
  • Whole life- A plan where you pay until you die.

Long-term disability coverage

lppmmbbxzStatistics show that three out of ten people who join the workforce are likely to be disabled before their retirement age. Irrespective of how good your health cover is in the event of disability it will not give you an income. Long-term disability coverage is necessary in cases where you are not able to return to work for months or even never.