Personal Insurance
Overview
Whole Life Insurance
Term Life Insurance
Annuity
Homeowner's Insurance
Auto Insurance
Insurance designed to address your personal needs is called Personal or Personal Lines
Insurance. It includes the various types of insurance developed primarily for
individuals or families, rather than businesses. To learn more about personal
insurance please see below.
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Whole Life Insurance
Whole Life Insurance is a life insurance policy that remains
in force for the insured's whole life and requires (in most cases) premiums
to be paid every year into the policy.
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Term Life Insurance
Term life insurance provides coverage for a limited period of time,
the relevant term. After that period, the insured can drop the policy
or pay annually increasing premiums to continue the coverage.
If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.
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Annuity
The life annuity (also known as a single-payment annuity) is a financial
instrument that allows for a seller (issuer) - typically a financial institution
such as a life insurance company - to make a series of payments in the future to
the buyer (annuitant) in exchange for an immediate payment of a known sum with a
certain net present value. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the life expectancy of the annuitant. Generally, such an instrument stops payment at the death of the annuitant. However, it is possible to structure a life annuity so that the payments instead only stop upon the death of a second of two annuitants (i.e., a joint and survivor annuity); sometimes the instrument reduces the payments to the second annuitant.
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Homeowner’s Insurance
Homeowners insurance (often abbreviated in the real estate industry as HOI),
is the type of property insurance that covers private homes. It is an insurance
policy that combines various personal insurance protections, which can include losses
occurring to one's home, its contents, loss of its use (additional living expenses),
or loss of other personal possessions of the homeowner, as well as liability insurance
for accidents that may happen at the home.
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Automobile Insurance
Automobile insurance (
or car insurance) is insurance
purchased for cars, trucks, and other vehicles. Its primary use is
to provide protection against losses incurred as a result of traffic accidents.
It provides coverage for both bodily injury and property damage to the insured
and/or to someone else that suffered damage or injury as a result of an accident
with the insured.
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