Insurance is a financial arrangment between yourself and the insurer which promises to provide a payout if specified events occur.
When you mention insurance most people automatically think of Life Insurance.
Life insurance is actually made up of several distinct areas which include:
- Life cover
- Total and permanent disability
- Income protection
A number of these types of life insurance can actually be taken via superannuation.
Other common types of insurance include:
- Car Insurance
- Motorbike Insurance
- Caravan Insurance
- Home and Contents Insurance
- Health Insurance
- Travel Insurance
- Pet Insurance