Types Of Insurance

Hey people, today im going to write a few words about insurance. 

There are different types of insurance. Some types of insurance are required by law(such as vehicle insurance), while the others are voluntary.

There are certain situations when some institutions demand that you have insurance in order get credit, travel abroad, take car on lease and so on. The most common types of insurance (in no particular order) are:


- Property insurance, (buildings, equipment, houses and possessions),which provides protection against most risks, such as fire, theft or damage caused by weather or flood.

- Car insurance which provides protection against damage to your car resulting from theft or accident

- Insurance against accidents, securing people in case of unexpected events while performing their regular work, or during free time, ensuring the payment of pre-agreed amount of money in the event of disability or death of the insured person.

- Voluntary health insurance that covers medical expenses, or provide payment of all or part of the agreed sum insured if there is a serious illness or surgery.


- Life insurance provides benefits for the  family of the deceased or another designated beneficiary. There are two basic types of life insurance: insurance against death and a mixed insurance (insurance which provides life insurance with savings features).

- Annuity insurance, which provides payments in advance of the contracted amount of money continuously, immediately after a single premium payment or after the contract period.

Some insurance policies (eg, insurance against accident, life, health insurance) may be group or individual.


Group insurance is usually offered through employers or organizations (eg, travel agencies, banks). All employees or members eligible for insurance may participate in group policy, regardless of age or physical condition. The premium for group insurance is calculated based on the characteristics of the group as a whole, such as average age and degree of job risk. It is usually cheaper than individual insurance.


If you can not access group insurance, consider buying individual insurance. Unlike group insurance, buying individual insurance is done directly from insurance companies or through agents or intermediaries.

The degree of risk determines whether you qualify for and how much insurance will cost you.

There are many kinds of products for each type of insurance. They offer different levels of protection and price vary considerably. It pays to investigate different insurance offers not only due to the cost of insurance, but also because of the level and scope of insurance coverage that you need.