The types of insurance fall into three categories: personal insurance, damage insurance and service provision insurance.
Throughout your life there may be many situations in which you will suffer bodily or material damage. To alleviate the personal and economic impact that this entails, it is best to take out a policy that protects you and your family. There are many types of insurance, and a person can hire the ones he wants based on his needs.
Before making a decision, you should be clear about the classification of insurance according to the risks they cover. These products are divided into three categories, with their corresponding varieties of policies:
- Personal Insurance : life, accidents, health, dependency or pension plans, for example.
- Damage or property insurance: civil liability, multi-risk, fire, automobile, etc.
- Service Provision Insurance : such as travel assistance, death or legal defense.
TYPES OF INSURANCE: PERSONAL
His name already says it. These are insurances that cover the physical integrity and health of people both in their private and professional spheres. A wide variety of products are framed within this group. Among the most contracted, the following stand out:
Parents worry a lot about what would happen if we were missing. Will our little ones be well cared for? Will they be able to get ahead? We cannot predict the future, but we can take the necessary measures to guarantee that our children’s future is insured.
One way to financially protect our loved ones in the event of our death is to take out life insurance. In addition, these policies offer financial compensation to the insured when he suffers an illness or accident that leaves him disabled.
These, in turn, are classified into death, survival (life annuity, for example) and mixed life insurance.
When collecting a life policy, compensation can be in the form of capital or income . This last option is common in insurance such as orphanage, which pays a periodic amount to children when their father or mother dies.
These policies are also very interesting, as they pay the insured party compensation if he suffers an accident or illness that leaves him unable to return to work . He is also responsible for the medical expenses incurred. If the situation occurs in which he dies, the compensation is collected by the beneficiary.
It is very important to take out accident insurance if you work in a risky profession, are self-employed or have children who depend on you and your salary to get ahead.
Although in Spain we have Social Security, the contracting of these insurances increases as the months go by. They offer emergency assistance 24 hours a day and give access to private healthcare . Each policy is associated with a specialist table among which insured can choose.
Best of all is that you are pounding of waiting lists and you do not have to spend hours at the hospital when a family member gets bad at night or on weekends.
Maybe they are less known than the previous ones, but you should know that the insured perceive financial compensation if they suffer any ailment from which they need the assistance of a person.
TYPES OF INSURANCE: PATRIMONIAL OR DAMAGE
The policies of this group cover damages to movable and immovable property caused by an accident. Here you will find, among others: car, multi-risk, credit, theft, transport, fire, engineering and civil liability.
Of them, there are two that all people should have:
- Car insurance : they are mandatory to drive a vehicle.
- Civil liability insurance : many people do not know it, but the Civil Code establishes that whoever “by action or omission causes damage to another, intervening fault or negligence, is obliged to repair the damage caused”. Well, given the case, these policies cover the compensation derived from the damage caused by the insured, his family or his pets. You’ll appreciate it when your child breaks some glass while playing football.
TYPES OF INSURANCE: PROVISION OF SERVICES
Nor does it hurt to have insurance that covers the provision of certain services. It can be legal defense, travel assistance or death, to put the three best known examples.