There are not many things people can control in life as it promises no guarantees; however, one aspect of life that we do have power over is the decision to purchase insurance coverage. Unfortunately, with insurance rates continually on the rise, many citizens, especially those who are experiencing a money crunch
, are simply unable to afford adequate coverage for themselves and their loved ones. Thankfully, several insurance companies have begun to take notice of this particular inability, and are now making attempts to remedy the situation. Many of them are offering ways to make comprehensive coverage more affordable for the general public. One of the specific ways companies achieve this is by selling combined insurance policies
. This type of insurance is particularly meant to fulfill the needs of the insured party within one policy versus the need to purchase several different policies.
There are many types of coverage options from which individuals can choose to combine under one policy based on their needs, including the following:1. Health insurance
Health insurance is one of the most important types of policies individuals can have. This is because it is impossible to predict when a major illness will affect you or a member of your family. Depending on how much coverage is actually purchased, some of the costs associated with recovery can be covered by the individual’s health insurance policy. Health insurance plans
also cover basic medical expenses, such as routine doctor visits, lab tests, surgical procedures, prescription medicine and more.2. Life insurance
An equally important type of insurance coverage is life insurance. A life insurance policy guarantees the financial protection of loved ones in the event something happens to the policy holder. Individuals can choose between whole life insurance
and term life insurance
, depending on which one better suits their particular needs. Whole life insurance is usually more expensive due to the greater value the policy can accrue over time.3. Accidental insurance
This type of insurance plan protects individuals in the event they are involved in an accident, such as one caused by an automobile. Based on the accidental insurance policy, benefits that may be covered can include hospitalization, emergency room care, and recovery income.4. Disability insurance
is particularly beneficial for employees who work in areas that are more prone to malfunctions or accidents. There are generally two types of disability insurance: long-term and short-term. Disability insurance is characterized by monetary benefits, which are paid out to policy holders if they become disabled due to a work-related injury. For individuals whose incomes represent the “primary bread winner” in the family, having disability insurance can help to protect their loved ones against financial hardship.5. Supplemental insurance
Supplemental insurance is extra or additional insurance that individuals may need to purchase. This type of insurance helps them to finance expenses that their standard insurance policy may not cover.
By taking the different types of coverage mentioned above, and purchasing them as a combined insurance policy, individuals can save a great deal of money. They are also able to obtain an all-inclusive plan that will ensure their protection, as well as those whom they love against various types of losses that may be experienced in life.