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What is Insurance – Its Types & Importance

What is Insurance?

Insurance is a type of legal agreement between two parties i.e. insurance company and the people or customer. In this, company Paid their goods loss. Insurance is very important nowadays. Lots of people are buying different Types of insurance. Insurance helps you in a critical situation.

How does insurance work?

If The company and the people get a legal contract for the insurance is called the insurance policy. The insurance works on various aspects. Insurance have many factors and different policy. Actually, insurance works if you loss something. Suppose, you made a insurance for your home and if the house burn by any reason then, the insurance company paid you. Actually, Insurance helps people to Have some proof or have some legal document to get their loss money.

What are the types of Insurance ?

There are different types of Insurance, but today we’ll talk about only 7 types of Insurance.

1. Life insurance

Life insurance is a types of insurance which is on your life. You buy life insurance to make sure you are financial secured if you untimely demise. Life insurance is only related to your life. It help you in future If you untimely demis.

2. Health insurance

Health insurance is also same like a life insurance. If you buy health insurance then it is very good for you. In health insurance, if you are sick/ill and if you have a disease and it needed large amount of money then health insurance helps you to provide your Health spend. So, it’s also very good insurance for every people.

3. Car insurance

Nowadays, a car insurance is a necessary policy for every car owner. This insurance helps you from any car accident or car burn. This policy helps you on different place if your car are damaged, If it is damaged due to volcano or earthquake. Then, this insurance helps you to give your loss money.

4. Education Insurance

The education insurance is very good and useful for all the students. If you are interested in learning but your parents are poor and if they are not affording your further study. Then, education insurance helps you to give some money for your study. If you are 18+ then you can buy your education insurance for your further study. Education Insurance helps You In future if you needed money. So, education insurance is really great things for all the students. It helps you when you are old or aged.

5. Home insurance

We all dreaming that we have a big own house. And the insurance company helps you to give loan to fulfill your dream to make your dream house. It helps to give you financial help to build your home at cheap loan rate. Many people buy insurance because if you buy a insurance and in the future if your home are burn untimely then the insurance company will Give you money how much you loss. So it’s also good Factor to buy home insurance.

6. Travel Insurance

Travel Insurance is a kind of insurance that covers different risks of people while travelling. It covers heath, medical expenses, lost luggage, flight accident, and other losses that a traveller can feel while travelling abroad or domestic.

According to a 2021, survey by insurance company Battleface, almost half of the Americans have face fees to absorb the cost of losses while traveling without travel insurance. If you are a Traveller then you have to buy travel insurance which helps you too much. If you got any incident while traveling then insurance helps you to fulfill that money.

7. Fire Insurance

The term fire insurance is a types of property insurance that covers damage and losses caused by fire. Most policies are come with some form of fire protection, but home owners may be able to purchase additional coverage in case their property is lost or damaged because of fire. Fire insurance helps you to give some money and helps to cover your house, building, etc.

Fire insurance is also necessary for every human being.Fire Insurance works as when you loss anything by fire then you’ll get some Money from the insurance company.

Why Life Insurance Important For You & Your Family ?

1. Give Protection for you & your family

Every parents in old aged depend on their child financial support to live a standard of living, and the insurance helps to fulfill this dream. Every family Wants happy and luxurious life. If you want to make your family happy and prosperity then insurance helps you .

2. Reduce stress during difficult time

When we have problem or needed of money no one Wants help us. And in this time insurance helps us to be financial support and stress free. If you have difficult time due to money then insurance helps you in your difficult and stress time.

3. To enjoy financial security

No matter what’s your financial position is today, sometimes we need money to live a happy life and standard life. Insurance give a package to make you financial security.

4. Peace/security of mind

Sometime money can’t buy happiness we can’t replace your health and wellbeing with Money – if you have no problem then you’ll be financial freedom. Sometimes insurance helps us to make our family financially free. It gives you free and relief to your mind. It give you 50% freedom from any incident.

5. A legacy to leave behind

Sometime, people have untimely demise. In this condition, insurance helps us to give some amount of money. So insurance is very important in our life.


The main aim of this article is to learn and know about the Insurance, it’s Types and it’s benefits. If you read this article you can easily know about the importance of insurance in our life. Hope you read this article and understand my point. Lots of people are strat buying insurance if you are interested then you can also buy that. This website will provide 100% legit article. This website is related to social media tips and tricks.If you want to Know YouTube Algorithm Or TikTok Algorithm click on blue color.

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