It is important that you have the right kind of insurance. There are some people that have insurance but do not know what it is for or what it is.  

So what it insurance?

Insurance is an arrangement that was created by a government agency or a company that provides compensation for damages, illnesses, death or loss. Insurance is paid monthly or annually to the insurance company. If there are no damages, loss, death or illnesses during the payment period then you cannot get your money back anymore. However, if such events happen and you are paid then you will receive proper compensation even more that what you paid for. Insurance can effectively help you financially in case such events occurs. You are considered insured once you sign a contract with an insurance company and the company is your insurer. The payment is called the premium and it can be paid monthly annually and quarterly or depends on your contract with the insurance company at Your premium is the basis of the coverage, the age, the number of years and more. You also have a beneficiary that can also avail of the benefits of the insurance. The beneficiary can be your mother, father, wife, husband, children and closest relatives. There are cases when the insured has no family and relative so they can choose their closest friends as the beneficiary. When you apply for insurance you can know the terms of the insurance policy.

There are some insurance policies that have additional features. These additional features can be avail by paying extra. These kinds of feature will cost you more money.

Below are the types of insurance:

A. Life insurance

This is a type of insurance that covers premature death of the insured. There are actually a lot of life insurance companies. This kind of life insurance has different forms. The term plan, money back plan, endowment plan, whole life plan are some forms of life insurance. For further details regarding insurance, check out

B. General insurance

There are a lot of insurance that falls under this type, such as personal accident insurance, home insurance, travel insurance, health insurance, motor insurance and business insurance.

We can never know what will happen in our future, so it is better that you are insured. However, you should choose a reliable insurance company. If you selected an insurance company be sure to read the policies first, so you know what is the coverage of the insurance, the inclusions and exclusions of the insurance and the features. To learn more about insurance policies, follow the given link.