Personal Insurance policies provide some support to reduce financial exposure from unanticipated events, even though you cannot prepare ahead for unexpected events that may arise.
Unexpected costs are a cruel reality of life. Even if you believe that you are financially secure, an unanticipated or sudden expense might seriously undermine this confidence. You could become indebted as a result of such situations, depending on the severity of the emergency.
There are many different insurance policies available, each designed to protect particular facets of your health or possessions.
Continue reading to learn everything you need to know about the different insurance products and personal insurance banks in Ghana.
According to www.merriam-webster.com personal insurance is an insurance of human life values against the risks of death, injury, illness or against expenses incidental to the latter
Types of Personal Insurance
There are numerous insurance plans available, each designed to protect different facets of your life.
- Life Insurance
A life insurance policy or cover allows the policy holder to guarantee the financial security of his or her dependent or family members after passing away.
Benefits of Life Insurance
- Tax Benefits
- Aids You in Retirement Planning
- Promotes the Habit of Saving
- Future Financial Security for the Family
- Motor Insurance
Motor insurance refers to contracts that provide support financially in the event that your automobile or motorcycle is involved in an accident. There are three types of motorized vehicles for which motor insurance is available: cars, trucks, and motorcycles.
Benefits of Motor Insurance
- Assistance Paying for Your Own Vehicle’s Repair
- Avoids Legal Difficulties
- Loss/theft insurance
- Meets All Third-Party Liability Standards
- Health Insurance
Health insurance is a sort of general insurance that offers policy holders financial support when they are admitted to hospitals for treatment. Additionally, some plans additionally cover the expense of therapy received at home either before being admitted to the hospital or after being released from it.
Benefits of Health Insurance
- Tax Benefits
- Medical Cover
- Cashless Claim
- Travel Insurance
It’s important to understand more about travel insurance coverage. These insurance plans guarantee a traveler’s financial security while they are away. Travel insurance is therefore a temporary form of coverage as compared to other insurance plans.
Benefits of Travel Insurance
- Obtaining Lost Travel Documents
- Loss or delay in baggage
- Vacation Cancellation Insurance
- Delay in Flight Coverage
- Property Insurance
Through property insurance plans, you can insure any building or immovable object. This could be your home or a business location. You can ask the insurance company for financial aid if such a property is damaged in any way. Remember that such a plan also financially protects the inside of the property’s content.
Benefits of Property Insurance
Provides protection against fires, natural disasters, theft and flood.
List of Personal Insurance Banks in Ghana
- SIC Life Savings & Loans
- Prudential Life Insurance
- Starlife Assurance
- Danniads Limited Insurance Brokers & Consultants
- Old Mutual Ghana
- Enterprise Life Insurance Company
- Saham Life Insurance Ghana
- Vanguard Assurance Company Limited
- Wapic Insurance Ghana Ltd
- Universal Insurance Consultants Ltd
- Allianz Insurance Company Ghana
Difference between Personal Insurance and Public Liability Insurance
Injuries or property damage claims made against you by a third party are covered by personal insurance. The commercial version of this insurance, known as public liability insurance, pays compensation costs in the event that a customer files a claim for harm or property damage against your company.
What is the procedure for filing a personal insurance claim?
- To file a claim, obtain a form from your insurer or send a letter with the necessary information to the insurance company.
- If you have any independent witnesses, let your insurer know and, if you can, send them witness testimonies.
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