When you buy an insurance policy you are paying money (this is called a premium payment) to an insurance company to protect you financially from a specific risk. For its part the company agrees to pay you for any future claims covered by that particular insurance policy.
What kind of insurance policy should I pick?
You need to choose an insurance policy that best suits you and your lifestyle. Here are some types you could consider:
Life insurance provides financial security for your family when you die. Some life insurance plans enable you to save for your future.
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| Insurance that protects your liability is something you should consider if you are likely to cause loss or damage to other people or their property (like pedestrians or fences if you are a driver) or if you are responsible for people (like your employees if you are an employer) or for things that don't belong to you. Examples include domestic helper insurance and third-party liability insurance. |
Medical and hospital insurance covers medical and hospital expenses incurred because of disability. Most travel insurance plans also cover medical and hospital expenses that you may have to deal with when travelling.
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| Insurance that protects your assets (your most valuable possessions) are useful too because if they are lost, damaged, or stolen this type of insurance will protect you financially. Home insurance, fire insurance, property insurance, motor insurance and travel insurance are good examples. |
Accident insurance covers your medical expenses if you are injured in an accident. It also provides you or your family with a sum of money in case of permanent disability or death caused by accidental injury.
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Critical illness insurance covers you financially for serious illnesses. Upon diagnosis, you will receive an amount of cash from the insurance company.
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