Insurance Policies and Coverage

There are five main life insurance types, each designed to cater to specific coverage needs. Go by your needs to find a suitable life insurance policy. The main types are:

• Term life insurance
• Universal life insurance
• Whole life insurance
• Variable life insurance
• Final expense life insurance

A standard homeowners insurance policy covers your house and belongings from fires, adverse weather causes, vandalism, and theft on your property. You can also claim coverage for medical bills for persons injured on your property. Home insurance allows you to save money because even when you’re away from home due to a natural disaster, the policy pays for your stay at a hotel or a rental.

Healthcare insurance is not a one-size-fits-all arrangement. You’ll need to assess your household healthcare needs to find an insurance policy that attends to them. The main types of healthcare insurance plans include:

• Health maintenance organization (HMO): Limits care to a network of approved healthcare providers.
• Preferred provider organization (PPO): Allows out-of-network services.
• Point-of-service (POS): Allows in-and-out-of-network care by choice or necessity, such as from referrals by your primary care provider.
• Exclusive provider organization (EPO): Allows in-and-out-of-network services, but you don't need to retain a primary care provider or need a referral to visit a specialist.

Pet insurance types are:

• Basic wellness care: Covers annual checkups, vaccinations, routine blood work, and parasite preventives.
• Accident-only: Covers diagnostic tests, surgery, hospitalization, medicine, and treatment for accidental injuries.
• Comprehensive insurance: Covers diagnostic tests, surgery, medicine, hospitalizations, and treatment of illnesses and accidents.

Examine each coverage to find a suitable insurance policy for your pet.