Most people need a car to commute to work or need it for work, so having insurance is a necessity. Different insurance companies offer different types of insurance packages for you and your car. Motor insurance is there to protect car owners against various risks associated with vehicle ownership. There are two levels of cover, Comprehensive and Third.
Third Party - The Third Party policy protects against death or injury arising from the use of the insured car and damage to a third party’s property.
Comprehensive – it covers accidental collision or overturning caused by mechanical breakdown or wear and tear, fire, explosion or lightning strike, theft and malicious acts. The Comprehensive policy also includes Third Party cover and protects against damage to the insured vehicle.
There are many different packages available for home insurance. A lot of people choose to get everything covered in their house, while others only chose to cover what is important to them. There are various types of insurance packages available:
Fire and Allied Perils - designed to cover for loss or damage to properties as a result of fire, lightning, limited explosion and other special perils.
Burglary - designed to protect you against loss or damage to property caused by a theft that involves the forcible and violent breaking into or out of the premises.
All Risk Insurance - provides cover against loss of, or accidental damage to, items that are movable in nature.
Life insurance is a source of income, in case of your death, for your children, dependents, or other beneficiaries. Life insurance can also serve other estate planning purposes, like giving money to charity on your death, paying for estate taxes, or providing for a buy-out of a business interest. There are two types of life insurance:
Term - you pay for coverage for a specified amount of time, and if you die during that time the insurer pays your survivors the death benefit specified.
Cash value - referred to as whole life, universal life, or permanent life insurance, where, in addition to paying a death benefit, it also provides you with some other redeemable value.