How many types of Insurance are there?

Nowadays, it is very important to have life insurance, medical insurance, homeowner's insurance or insurance against claims and theft. There is a great variety of insurance in the market, which can be classified in groups according to the need or objective of the coverage. The different categories of insurance can be compared with the diversity of brands and automobiles that currently exist, such as bundle, electric, gasoline, etc. and among them there are a series of subcategories.

How many types of insurance are there?

There is a variety of insurances, which can be classified into personal insurance, property or service insurance, life insurance, health insurance and business insurance.

Types of insurance that exist and that you should know about:

Life insurance

This type of insurance is included in the category of personal insurance, provides coverage for the death of a person, disability, etc. and is a tool for generating savings for the future, as well as the option of converting it into a life annuity for old age. Life insurance can also be classified as death, survival and mixed when it includes both of the above.

Medical insurance

In the personal insurance category, there are also medical insurance policies, which protect a person or family in the event of an accident or illness.

In the medical expense insurance there are also options such as health care, reimbursement of medical expenses or hospitalization.

In the event that a person has the need for full checkups, such as laboratory tests, hospitalizations, purchase of medicines, clinical analysis, surgeries or any other service that is covered, the medical expenses insurance has a network that can cover the total or a large percentage of the value of the expenses.

Property insurance

This type of insurance has the purpose of repairing the property loss suffered by the insured after an accident, such as an automobile accident, hurricane, tornadoes, earthquakes or a fire.

Property insurance includes automobile, transportation, fire, civil libel(damages to third parties), technical risks, boats and travel insurance. But this type of insurance also includes agricultural insurance, fire insurance, theft insurance, credit insurance and multi-risk insurance, to mention a few.

Business insurance

This type of insurance protects the members and collaborators of a company and their families. Companies can purchase for their employees life insurance, medical expenses insurance (these are usually the most valued by employees), critical illness, accident, cancer, school insurance, debit balances and unemployment coverage annexes.

Service insurance

These are insurances where the insurance companies undertake to provide a service to the insured, the purpose of which is to resolve incidents of various kinds, such as those that may have arisen during the course of a trip.

In conclusion

There are different insurances that work according to the needs of individuals, families and companies.
Insurance offers a wide range of opportunities to be protected and reassured in case of any eventuality or accident that may jeopardize personal or family economic stability.