Types of Insurance Agents and Companies

There are many insurance companies that offer various products and services.  The purpose of insurance is to mitigate risk, in many regards, financial risk.  When an individual purchases insurance the policyholder transfers risk to the insurance company.  There are many types of additional insurance, this article will cover rental insurance, dental insurance, travel insurance, business insurance, burial insurance, cancer insurance, disability insurance, long term care, and income annuity.

Here is general information about the above insurance:

Rental Insurance
If you rent, do you need rental insurance? If you like to protect your personal possessions and yourself against liability, then rental insurance is for you.  The insurance policy of your landlord doesn’t cover your personal property. The commercial or homeowners insurance policy covers the dwelling and related structures but not the possessions within. A rental insurance policy offers protection for your personal property in case of perils like fire or lightning, accidental discharge of water, windstorm, smoke, vandalism or malicious mischief, and theft.

Another important component of rental insurance is liability protection. The insurance protects against unintentional bodily injury, property damage that you cause to others, accidental occurrences (visitor slipping on your wet floor). If you don’t have the proper protection, the associated liability can be financially crippling.  

Dental Insurance
Before choosing your dental insurance plan, explore the different plans and providers.  Remember, insurance coverage varies from plan to plan, provider to provider, and policy to policy. Always read the fine print of an insurance policy before choosing one. Majority of dental insurance plans cover general dental procedures. This may include fillings, fixing chipped teeth, tooth extractions, and other such procedures. Basic dental procedure coverage varies by provider and plan. 

Also, most plans cover basic dental costs for preventable problems.  Basic services may include checkups, cleaning, and other dental procedures meant to prevent gum and tooth disease.  Major dental care can be fully or partially covered by some policies.  Major procedures include, orthodontics, denture work, dental surgery, and other large, expensive dental procedures

Travel Insurance
A well planned vacation can cost thousands of dollars.  Herein, it’s important to protect your investment.  Travel insurance can protect expensive travel plans in case your cruise or tour operator goes bankrupt or you need to cancel the trip due to unforeseen events or illness.Travel or trip insurance comes in four major forms, trip cancellation, lost baggage, emergency medical, and accidental death coverage. Some trip insurance plans have optional collision/damage coverage for rental cars.

Trip cancellation insurance offers reimbursement for cancellation of a trip due to illness, death in the family, or the going out of business of a tour operator.  Baggage Insurance provides coverage for lost, damaged, or stolen personal baggage during the trip. Another travel protection offers emergency medical assistance for travelers.  It provides medical aid in case you become seriously sick or injured and need foreign hospital services or need to be flown home. One more insurance type, accidental death offers coverage if you or a family member passes away on the trip.

Business Insurance
Business insurance comes in various forms to suit various business needs. But the foundation of business insurance is to mitigate the risk of doing business.  Standard business policies include property insurance for buildings and the contents within owned by the company.  Basic policies also include business interruption insurance, which protects you against loss of income due to fire or other disasters that interrupt the regular operations of the business.

Additionally, general policies may include some form of liability protection, which offers your business protection against legal responsibility for the harm caused to others. The bodily injury or property damage may be due to defective products, errors in services provided, faulty installations, and more.

Burial Insurance
Burial preplanning is a very personal decision, so burial insurance provides personal solutions. You can choose products and services that you prefer.  These are just a few of the services that can be personalized including,  casket or urn, grave marker, flowers, cremation, funeral vehicles, the burial plot, and embalming.     

Cancer Insurance
Cancer insurance offers benefits to cancer patients. However, cancer insurance is not a substitute for major medical insurance. Consider getting cancer insurance if your current health coverage is inadequate in providing cancer coverage.  Most cancer insurance provides for expenses related to cancer treatment including, hospitalization, radiation therapy, cost of surgery, and more.  Generally, the cost for services has a maximum dollar limit.  Cancer insurance can help conserve your financial situation by providing you with immediate benefits.

Disability Insurance
The purpose of disability insurance is to protect against loss of income. Disability insurance replaces lost income due to a disability. If disability insurance is not offered through work then consider getting an independent policy.
The insurance will never replace 100% of your income but it may provide up to 60-80% of your income during a disability. 

Long Term Care
Long term care (LTC) is provided to persons who are unable to perform the Activities of Daily Living such as, eating, dressing, bathing, toileting or continence, and/or transferring.  LTC provides for custodial care, skilled care, nursing home care, and home care by a skilled care professional. 

Annuity is an investment product offered by insurance companies.  This insurance investment instrument offers opportunities to defer capital gains taxes, provide guaranteed income for life, and fund retirement. 

Popular Insurance Companies

  • AIG            
  • Allstate     
  • Ameriprise              
  • Amica       
  • Anthem Blue Cross Blue Shield           
  • Esurance                  
  • Farmers   
  • Geico        
  • Genworth                
  • GMAC Insurance    
  • Liberty Mutual        
  • Metlife     
  • Nationwide              
  • Progressive             
  • Prudential               
  • Safeco      
  • Statefarm                 
  • The General            
  • The Hartford           
  • Travelers                 
  • 21st Century

Choose the Right Company
Before deciding upon the type and level of insurance, it is important to research the insurance company and its services.   Also, the cost of insurance shouldn’t be the only consideration when making your decision.  You should review the credit rating of the insurance company by an independent credit rating companies such as, Moody’s, A.M. Best, and Standard & Poor’s.

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