Personal insurance, also known as personal protection insurance, is a type of insurance that provides financial protection for individuals and their families in the event of unexpected events such as death, disability, or illness. Some common types of personal insurance include:
- Life insurance: This type of insurance pays a benefit to the policyholder’s beneficiaries in the event of the policyholder’s death.
- Disability insurance: This type of insurance pays a benefit to the policyholder in the event that they become disabled and are unable to work.
- Long-term care insurance: This type of insurance helps to cover the cost of long-term care, such as nursing home care or in-home care, for individuals who are unable to take care of themselves due to a chronic illness or disability.
- Trauma insurance: This type of insurance pays a lump sum benefit to the policyholder in the event of a serious illness or injury, such as cancer or heart attack.
It’s important for individuals to assess their personal insurance needs and to work with a financial advisor to choose the right coverage for their specific situation.
It’s also important to review personal insurance coverage regularly, as personal circumstances and needs change over time.