A general insurance policy is usually considered to be a life insurance plan. Basically, the policy provides coverage on medical expenses that the insurer might have had to pay for the insured through other methods such as private or public hospitals. The policy does not, however, provide coverage for lost income from salary and it also does not include some of the more costly services such as organ transplants. There are various types of policies available on the market.
An individual policy usually lasts for five years and can sometimes be extended. While an employer’s policy may last for just one year. An individual policy is generally less expensive than a family policy due to the fact that there is no co-payments or deductibles associated with the policy. If the family has many children, the cost per individual policy can be very high.
A general insurance policy has become a popular choice for individuals and families who would like to protect their financial interests in the event of an untimely death. In most cases, the policy does not pay out benefits immediately but provides coverage on a regular basis. Some people choose to extend their insuring for additional five years and even ten years. An individual will generally pay a higher premium for a ten year insuring period than they would for a one year insuring period. Because the premiums are generally higher for the longer periods of time, it makes sense to purchase the longer duration insurance if money is tight in the immediate aftermath of the untimely death of the insured person.
