Types of Insurance

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Types of Insurance

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Why Is It Important To Have Insurance
Emergency savings - at least six months of
expenses set aside to cover costs of unexpected
events
Risk - chance of loss from an event that cannot
be entirely controlled
Is managed By
Insurance - transfers risk from an individual to
an insurance organization
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Insurance Policy
Policy- A contarct that specifies what risk are
covered and how much will be paid for losses.
Coverage- The risks covered and amount of money
paid for losses under an insurance policy.
Premium- Money paid to purchase the policy.
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The Insurance Process
Event occurs resulting in loss
Remaining amount owed is paid by co-insurance
Policyholder makes claim to insurance organization
Insurance organization determines if event is
covered by policy
If so, policyholder pays a deductible
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The Benefits of Insurance
Liabilityy
LifeLife
Health
Long Term
Disability
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WHAT COVERS THIS RISK?
You are having a baby and need medical care
Health Insurance
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WHAT COVERS THIS RISK?
After back surgery, you are unable to work for
six months
Disability Insurance
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WHAT COVERS THIS RISK?
You are elderly and need assistance to continue
living at home
Long-term Care Insurance
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WHAT COVERS THIS RISK?
A sudden death of a family member results in loss
of income
Life Insurance
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WHAT COVERS THIS RISK?
The car you are driving causes an accident that
injures someone else
Liability Insurance
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If you want to learn more about life insurance
Visit http//ucoverme.com/ or
Contact at 416-848-4581