What Types of Insurance are Available

Insurance is financial protection against unforeseen situations that damage health or property. In such cases, insured persons are compensated by the insurance company. There are many insurance programs around the world today. There is two main types – compulsory and optional insurance. Clients can adjust the program on their own. You can read the colonel penny insurance section that describes the benefits of this type of contract. Supplemental insurance makes it possible to cope with the financial problems associated with unexpected events in your life. The insurance company’s reimbursement will cover the costs incurred due to temporary disability or illness.

Insurance Programs

Voluntary life and health insurance have a thousand-year history. The ancient Romans understood the need for financial protection in case of unforeseen circumstances and were the first to introduce personal insurance. Contributions were made to special funds of trade unions, which made cash payments to families of its members in the event of their premature death or injury. Life and health insurance is the most popular type of financial protection in today’s world. Insurance companies offer hundreds of insurance products that protect against various risks to our life and health.

Insurance will not protect against accidents, natural disasters, bankruptcy, illness, and other unpleasant things. But it will help cover losses. Insurance can be:

• Universal life and health insurance This type of insurance covers protection from the consequences of a large number of events that led to the death or death of the insured person.
• Insurance against the consequences of traffic accidents. The object is the life and health of people who spend a significant amount of time behind the wheel. Passengers can also be insured.
• Disability insurance. The main risk – is the severe consequences of the accident, which led to the establishment of disability. You should remember that some companies only insure the risk of establishing the first and second groups of disability. The third group may not be referred to as an insured event. On our website, you can purchase such insurance as well.
• Sports insurance Amateur athlete’s insurance can be purchased for a specific period or event (tournament).
• Additional insurance against accidents due to professional duties. As a rule, the employer pays for this type of insurance. It is associated with the risks of the profession. Among those protected are the military, members of the security forces, judges, deputies, and security guards. Private companies also often insure their employees whose work is risky. Examples are companies providing transportation services, high-altitude mountain climbing services, etc.
• Pets insurance Covers the cost of medical treatment and harm to third parties.

Insurance is an opportunity to save money for medical treatment or accident compensation.

What is the Payout Amount for Accidental Life Insurance?

The maximum amount of benefits is written in the insurance policy. The total benefits depend on the severity of the consequences of the accident. As a rule, 100% of the sum insured is prescribed in the contract. It is paid in case of death of the insured or establishment of the first group of disability. Some insurance companies pay the entire sum insured if the second group of disability is also established.

In the case of temporary disability, the insurance payment amount depends on the medical diagnosis. The appendix to the insurance contract and the rules of the particular insurance company specify what percentage of the maximum sum insured is paid for a specific injury according to the Table of Benefits. The exact amount depends on the insurance company you choose. The period of disability or hospitalization may also be taken into account in calculating the benefit.