Different Kinds of Insurance Policies
These are the basic kinds of insurance policies. Of course, there are far more sub-categories under these and they differ based on the insurance company and the police that you can afford.
1. Life Insurance. This kind of coverage provides the financial payments to your beneficiary or beneficiaries in case you pass away. This is especially helpful to bereaved family members where the insured is the breadwinner. The funds from the policy can help the family pay for the funeral/burial expense and to help them continue with their lives without having to sacrifice their lifestyles (e.g. residence, education, etc.). The amount that the family will receive will just depend on how much was paid or how much was on the face amount of the policy.
2. Health Insurance. The coverage on health has several kinds under it. It really depends on what kind of plan you have, you can get hospitalization benefits, dismemberment, surgery, doctor’s fees (including consultation), medicines, lab tests and even maternity. Some have clauses that include diseases for women, epidemics, or degenerative illnesses like cancer.
3. Automobile Insurance. The auto insurance seeks to provide protection against vehicle damage or financial losses due to vehicular accidents and/or theft. If you have a liability coverage, that means the company will pay for your financial obligations to the other party for property damage or bodily injury that resulted from an accident.
4. Homeowners Insurance. This policy covers property damage and the liability of a homeowner for property damage and injuries to other people. A standard homeowners’ insurance policy provides financial protection for the house and the items found inside it. With the many natural calamities happening all over the world, it would be good to include damages caused by force majeure in the policy, especially if you live in an area that is prone to earthquakes, tornadoes, or floods.
5. Travel Insurance. This would especially be handy to people who re traveling regularly, whether for work, business, or vacation purposes. The policy can cover reimbursement of travel costs in case there are medical emergencies, death, damage to personal property, or losses. It can even included reimbursements for non-refundable airfares, in case there is a medical emergency.
Categories: Auto Insurance, Health Insurance, House Insurance, Life Insurance Tags: auto insurance, health insurance, homeowners insurance, insurance coverage, insurance policy, kinds of insurance, liability coverage, life insurance, travel insurance
No Health Insurance for Mrs. Arroyo?
Earlier this week, it was reported that the Philippine government has offered to foot the medical bill of former President Gloria Macapagal-Arroyo if she will receive medical treatment in the country. But doesn’t she have health insurance to cover her needs?
President Noynoy Aquino made this statement because he said that is to ensure that Mrs. Aquino remains alive and well to face the charges lodged against her in the country. The president added that the courtesy given to Mrs. Arroyo extends to her choices of doctors from abroad that they will be flying in to check her.
Wow, that is mighty gallant of President Aquino, but this move was widely criticized. Of course the Arroyos did not accept the offer but the mere fact that the president made it public sparked an uproar. This news came out just about two weeks after the PhilHealth has announced that they will be limiting the health benefits of their members. And yet the Philippine government is willing to extend favor to Mrs. Arroyo.
Sigh…well, that is just how things operate in this country. The wealthy who can afford health insurance are accorded even more benefits while the poor are told to go to government hospitals if they cannot afford the fees of private hospitals.