By Cathy Pareto
The list of insurance products is not limited to health, life, or property protection; in fact, there are many other risk management solutions available in other forms of insurance too.
Specified Disease Insurance
Taking a step beyond health insurance, specified disease insurance (such as cancer insurance or Alzheimer's insurance) helps people guard against the incredible financial burdens of specific long-term diseases or conditions. These types of policies often provide a cash benefit for just about every part of the treatment regimen, from hospital confinement to treatment and drugs. Benefits are often paid directly to the policy owner. When considering this type of policy, it is important to determine the waiting period required before benefits are paid, the maximum benefits and maximum length of time benefits are payable, as well as the exact definition of the disease covered. (For related reading, see Critical Illness Insurance: Get Paid If You Get Sick.)
Professional Liability Insurance
Professional liability insurance is a specialty coverage not covered under any property or homeowners endorsements. Professional liability coverage protects professionals, such as doctors, financial advisors, etc., against financial losses from lawsuits filed against them by their clients or patients. While practitioners from different professions are expected to have extensive technical knowledge and experience, mistakes might happen and they can be held responsible in a court of law for any harm they cause to another person or business. These types of policies are often called "errors and omissions" or "malpractice" policies. (To learn more, read Don't Get Sued: Five Tips To Protect Your Company, Filling The Gaps In General Liability Insurance and Cover Your Company With Liability Insurance.)
Title insurance offers protection against loss arising from problems connected to the title to your property. This is often incorporated with the home-buying process, when a formal title search is completed before a lender extends credit toward the purchase of a home. As with mortgage insurance, it protects the lender but the borrower must pay the premium, which is a single payment, up front. You may want title insurance because it will protect you against human errors or oversights relating to the clean transfer of property titles. Consumers can choose among a variety of options, but the top three policies include owner's, lender's and extended coverage title insurance.
Credit insurance is an optional protection purchase from lenders and is often associated with mortgages, loans or credit cards. It protects the lender and the borrower on the chance that he or she is unable to repay the debt due to death, disability or involuntary unemployment. Before you consider buying this type of insurance, do your homework. It might make more sense, and may be more cost effective, to purchase life, disability or other types of coverage that do not limit you to a specific debt. (For more insight, see 15 Insurance Policies You Don't Need.)
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