Financial Services

Types Of Insurance Policies

It’s important to get oneself protected from any future happening that might result in a loss. While it’s difficult to safeguard from unpredictable events fully, insurance cover provides some assistance. Banks such as columbia bank medford, provide various insurance policies that many financial experts would recommend.

There is a wide range of policies available aimed at protecting an individual’s health and assets. However, it’s very necessary to perchance the right one for your family.

Columbia Bank
133 NJ-70, Medford
NJ 08055, United States
Phone: +1 609-953-4780

Broadly, there are four types of insurance policies available as follows.

Life Insurance

A life insurance policy promises financial compensation provided in case of death of the policyholder or any disability. For instance, the family’s sole earner dies; the entire responsibility of the house falls on the rest of the family.

To support the family in such devasting times, insurance companies provide life insurance to support them financially. It assists the family after retirement as well. The various life insurance types are – term plan, endowment plan, pension plan, child plan, and money-back policy.

Motor Insurance

It is the general insurance cover to your vehicle in case of damage, loss due to accident, theft, fire, or other natural calamities. Thus, if you have your motor insured, financial compensation will be paid in any such event.

The categories of motor insurance include car insurance, commercial vehicle insurance, and two-wheeler insurance.

Health Insurance

As much as it is important to have life insurance, health insurance is needed to cover medical care costs. Either one can get the amount reimbursed paid during the treatment or avail cashless facility by showing health insurance card. This insurance usually covers the cost of hospitalization, treatment of any critical illness, medical bills related to illness, or daycare procedures treatment.

Property Insurance

Any immovable property can be insured through a property insurance policy. This type of insurance comes for both commercial and home property. Thus, if any damage is caused to your property, a claim can be made against insurance cover to recover the damage caused.

Thus, insurance policies’ primary benefit is that it protects an individual against danger by a small regular payment of premium by the insured.