 The bottom line is there are a number of insurance types, each designed
to provide some kind and level of protection. While some insurance
types are optional such as life and flood, others are required by law
in the case of homeowners and automobile. Regardless of the type of
insurance you might need, you can find the right coverage and for the
right price by working with a professional in the field. Below are the
three primary insurance types to include health, automobile, and life,
although there are others to consider.
Health
Sadly, when it comes to insurance types, while health is by far the most important and needed, there are millions of people in this country who have no or inadequate insurance coverage. One of the most common problems seen is that many people are completely unaware that they have alternatives to group insurance. Sure, the cost of group insurance is generally less expensive and the coverage good, for people who do have not this type of insurance from an employer still have insurance options.
For instance, if you own a business or have a small or startup company, it is very difficult to afford group insurance. Because of this, many large insurance companies such as Blue Cross/Blue Shield sell individual health insurance for a rate that is relatively affordable. Now, qualifying for individual health insurance is not always an easy task. If you are 50 or older or if you have an existing health condition, this could be a challenge.
While some companies might view certain circumstances as being too risky, there are health insurance companies that have different insurance types available. However, many companies have a standard practice of having you take a drug test and getting a physical. From there, they can determine the best type of coverage while formulating a premium. Health insurance comes in a variety of options, some to include:
- Fee-for-Service – Also known as indemnity insurance, this involves the insurance company paying for a portion of any doctor visit or hospital stay with you paying the remainder. While a more expensive option, you would have the liberty to see whatever doctor you prefer.
- Managed Care – Insurance types such as this include a PPO or HMO. In this case, you would have a selection of hospitals and doctors from which to choose, those in a network associated with the policy. Now, some PPOs would allow you to visit your doctor of choice but again, the premium for this policy is generally more.
- Open Enrollment – Falling under the Managed Care umbrella, there are certain states that would offer the public a month period of open enrollment.High Risk – If you have been unable to secure any other type of health insurance types, then a high risk pool would be a consideration. In this case, the options are state related and while not the best, you would at least have some level of coverage.
- Association Based – Finally, insurance types like this are acquired through a professional association or trade where you work. For example, if you are an active member of a religious group or professional organization, then this type of policy might be an option.
Automobile
There are virtually thousands of automobile insurance companies around the country, some better than others. Keep in mind when shopping for insurance types associated with an automobile, the year, make, and age of the automobile will have some impact on the type of policy you get. The most important is accidental and third-party, which means if you were to be in an accident, experience some kind of natural disaster, or have a third party involved with the loss, you are covered.
Obviously, there are many dynamics involved when it comes to determining the premium for automobile insurance. For this reason, it is important to talk to a number of professional insurance agents or companies so you can get a better understanding of what you need, what you would qualify for, and what you can afford to pay.
Life
Years ago, not many people were concerned with life insurance but today, insurance types such as this have becoming increasingly popular. Just as the name suggests, life insurance provides protection for the people you love in the case of your passing. Numerous packages exist associated with life insurance, which is why working with a professional if the best bet.
Universal and Whole life are the two most popular options for life insurance. With Universal, the insurance can be personalized so you get to determine how much coverage you want and the premium you pay. Whole life is similar to term life in that the coverage is for a specified amount of time. The only downfall to this type of insurance is the coverage is generally the highest.
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The bottom line is there are a number of insurance types, each designed
to provide some kind and level of protection. While some insurance
types are optional such as life and flood, others are required by law
in the case of homeowners and automobile. Regardless of the type of
insurance you might need, you can find the right coverage and for the
right price by working with a professional in the field. Below are the
three primary insurance types to include health, automobile, and life,
although there are others to consider.