Types of Insurance

Life insurance is a contract between the policy owner and the insurer, the insurer agrees to pay an amount of money if the insured individual dies or other events such as a terminal illness. The policy owner agrees to pay stipulated amount called a premium. This can either be paid in a lump some or at regular intervals. In some countries there are designs where bills and death expenses plus catering for after funeral expenses are also included in Policy Premium. Special provisions apply to life insurance, such as suicide which nulls the contract as well as misrepresentations which also breach the contract grounds. On the insured individuals death the insurer requires proof of death before paying the claim in the form of a death certificate and a completed claims form.

Landlords insurance is a policy that covers a property owner from financial losses with the property that they are letting out, mainly a landlord insurance policy cover the building and sometimes the contents in it. This policy normally covers things such as fire, escape of water/oil, subsidence, lightning, explosion, flood, theft and malicious damage. All policies are different and cover different things. Most companies provide the option of an extra cover on top of what is considered the standard cover. These include more things such as accidental damage and legal protection. Policy’s price may differ due to an individual’s circumstances, for instance, how secure your home is and previous insurance history.

Critical illness insurance is an insurance product; the insurer agrees to pay a lump sum cash payment if the policy holder is diagnosed with one of the critical illnesses listed in the insurance policy. The policy may also include a system in which they pay out regular income and the payout may also be on the policy holder undergoing a surgical procedure, for example, having a heart bypass operation. The term and conditions will vary with each different policy. The critical illness insurance policy may require the policyholder to survive a minimum number of days from when the illness first got diagnosed. The survival can vary but the most common survival periods used are 28 and 30 days.