Life is very unpredictable, maybe tomorrow, the next day or next month we get involve in sudden accident which can be also a cause of unexpected loss or death. This is why some people are taking some insurance plans that can help them in times of sudden accident or death.
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual,company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. There are two types of Insurance, Personal Insurance and Commercial Insurance. Personal Insurance are contracts that protect individuals and families from losses due to unexpected events, example of this are accident cover, which is for unexpected accident and funeral cover is for sudden or unexpected loss/death while Commercial Insurance is purchased for businesses to protect their assets and various enterprises. There are also income insurance that was offered by certain companies like Guardian Income Insurance where in you monthly income was insured up to 75% if you are unable to work for an extended period due to sickness or injury.