What is insurance? Benefits of Life Insurance

Today we will know what is insurance or and the benefits of life insurance . Today's article is for those of you who want to know about insurance.

We have heard the word insurance for a long time but we have many questions in our minds about this subject.

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Because, insurance is an important issue in our life. So it is natural to want to know about this.

Bangladesh and trade are expanding in tandem with other countries of the world. With this comes the spread of insurance.

Natural disasters are the main reason for the expansion of insurance business. Every year business is hit due to cyclones, floods etc. Businesses are destroying these natural disasters.

So let's first find out what insurance is.

What is insurance

I have already said that insurance is an English word. And insurance means contract. We will know what this deal might look like.

Insurance is a contract that will stand by you or help you in times of danger. Suppose you are insuring  $20000 for 2 years.

When doing this insurance you have to make a contract and pay the specified amount of premium at the specified time. So that we say installment.

Suppose you insure a crop for 1 year and pay a certain amount of insurance fee each month.

If there is any loss of your crop due to wild or natural calamity during the insurance period of one year, the insurance company will compensate the loss.

Hopefully this time you may easily understand what is insurance or what is insurance or what is insurance.

How many types of insurance and what are they?

There are many types of insurance. In this case you can do different types of insurance. However, most people have that type of insurance.

These 8 types of insurance or insurance are 

  • Life Insurance
  • Health Insurance
  • General Insurance
  • Fire Insurance
  • Travel Insurance
  • Property Insurance
  • Accidents Insurance
  • Home Insurance / Building Insurance

Insurance that is not related to our life is called general insurance.

So there are basically two types of insurance. Life insurance and general insurance. All types of insurance are general insurance outside of life insurance.

What is life insurance

Life insurance is your life insurance. You will be bound by a contract when you take out any insurance.

In that agreement you have to confirm what kind of insurance you want to do. If you take out life insurance, the insurance company will pay the full loss if there is any loss in your life before the specified time.

Again, if you die within the specified time, all of the insurance money will go to your heirs.

General Insurance

All insurance except life insurance is called general insurance. The insurance policy that deals with the protection of crops against natural disasters is also called general insurance.

General insurance is discussed in detail below.

What is health insurance?

At the present time we suddenly become ill. This means that the number of human illnesses is increasing day by day. So the demand for health insurance is increasing.

You may not know much about health insurance. Health insurance means that if you have a contract with a health insurance company to insure and pay their premiums then you are sure.

If you become ill within the time of your contract, all your expenses will be borne by the insurance company. This is health insurance.

What is fire insurance?

Suppose you have a large factory. Many times the factory caught fire due to various accidents.

A fire in a factory means that your entire factory will be reduced to ashes. In this case, you will lose millions of rupees and you will become a fakir of the path.

Now if you take out a fire insurance in the name of your factory and pay their premium every month then the insurance company will bear the amount of loss if your factory catches fire.

Hopefully you can easily understand what fire insurance is and why.

Travel insurance

We all love to travel. However, those who prefer to travel to different countries outside the country can often suffer a lot of unexpected losses.

In this case, travel insurance covers any loss while traveling in all countries. Travel insurance policies cover expenses such as loss of general luggage, theft, trip cancellation, medical problems, aircraft hijacking.

Although this policy does not guarantee safety, it does provide protection against unforeseen losses in the event of an unforeseen event.

Travel insurance is now mandatory for tourists in many countries. Most of your overseas travel policies provide 24-hour emergency assistance.

Property insurance

Property insurance Any person or organization backs up their property against man-made or natural disasters.

Protects your property such as home, business, factory equipment, shops, etc. from risks like fire, flood, earthquake, theft, explosion.

There is a lot of demand for this property insurance in India. Property insurance covers the first party, meaning it is a contract between the first party and the second party.

The first party here is the insured person and the second party is the insurance company. According to their policy, if there is any damage to your property, the assets are returned to the insurer.

Accident insurance

If you have an accident insurance policy then cover in case of physical injury, death. In case of minor or major physical injury, the insurance company will bear the entire cost.

In addition, if you die in an accident, the insurance company will help your family financially.

The main reason for recommending the purchase of an accident policy is that the insurance company will cover everything from minor injuries to death.

In addition, it will protect your family financially. You can insure accidents online if you want.

Home insurance

Home is one of our most valuable assets. So you can take home insurance to make your home safe and secure.

Home insurance provides financial protection against natural disasters and other damages. This housing policy covers both man-made and natural disaster damage.

Home insurance is an agreement between the homeowner and the insurance company. The insurance company basically advises to pay the specified amount against the unforeseen loss.

If there is any loss in the policy due to man-made and natural disasters, the insurance company will compensate the loss. In this case you can stay stress free as your home is safe.

Benefits of Life Insurance

One of the benefits of life insurance is that you can get special help in case of emergency. This allows you to be prepared in advance for any unforeseen event.

Some of the notable benefits of life insurance are -

  • Your family will be protected from financial loss after death.
  • Not only will you get financial support but you will also get all the money back from the insurance company at the same time.
  • If you need money in case of emergency, you can take a loan from an insurance company.
  • One of the benefits of life insurance is providing financial security to your family.

Last word

From today's discussion we know what insurance is, how many types of insurance and the benefits of life insurance .

Hopefully, you can easily understand what insurance is or what it means. Also, if you have any questions or suggestions, please let us know in the comments and share if you like.

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