Personal insurance refers to the class of coverage that protects families from financial losses. We all work hard to achieve our dreams. However, with every passing day life's unpredictability increases. Personal Insurance provides coverage for various risks such as Death, Disability due to accident, A range of critical illnesses. Thus providing all-around protection to you and your family. Categories of personal insurance are Life insurance, Disability insurance, Critical illness insurance, long-term care insurance, Health Insurance.
Benefits of these categories:
- Life insurance-It provides you with a high life risk cover, you and your family will get protection in case of any unfortunate event. Life insurance also safeguards the interest of people who have diminishing income with advancing age, people who met with accidents, or retired people.
- Life insurance provides you the advantage of taking a Policy Loan in case you are in desperate need of money.
- Disability insurance-Disability insurance is a type of insurance product that provides income in the scenario that a policyholder is prevented from working and earning an income due to a disability.
- Critical illness insurance- Critical illness insurance is a financial tool that safeguards you against the unfortunate event of suffering from an illness that stops you from making a living thereby disrupting the flow of regular income. This type of insurance is a must for working professionals.
- Long-Term care insurance-It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life. The big question is: How will you pay for it?
- Buying long-term care insurance is one way to prepare. Long-term care refers to a host of services that aren’t covered by regular health insurance.
- Health insurance-Health insurance is an insurance product that covers the medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.