People are eager to buy insurance as it provides protection to possible loss of life and reduces the risk of economic problem regarding health. The insured (person who buys insurance) pays to the insurance company or to the insurer a certain amount called as premium on different periodicals like monthly, quarterly, annually, or even one-time premium.
There are so many types of insurances available today. Life insurance is a contract between the insurer and the insured person. The insured person or the policy holder will pay premium at a regular interval or in lump sums and the insurer will pay a huge amount as per their policy at the event or at the death of the insured person to the family member or the designated beneficiaries. Life insurance is the wisest investment among all the investments people do in their life time. It is known as the long term insurance also.
General insurance is against the risk of loss to assets like car, house, accident etc. There are so many types of general insurances like: fire insurance,motor insurance, marine insurance, personal accident insurance, marine insurance,health insurance, theft insurance etc.
Life insurance and general insurance both are profitable for people. Life insurance plans are directly related with the insured person's life and the benefit goes to the beneficiaries. But the benefit of the general insurance are got by the insurers themselves. So, it is a good way to protect yourself and your family by buying insurance.
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