Health insurance basically pays for medical treatments, hospital admission, medicines, and preventive care. It would thereby reduce the amount spent for out-of-pocket medical emergencies.

Life insurance is a type of contract between an insurer and policyholder, where upon the death of the insured person, the insurer will pay a fixed amount of money toward a designated beneficiary.

Term life insurance, whole life insurance, and universal life insurance are the main types. While whole and universal life provide a lifetime of coverage, term life is for a certain duration.

Life insurance is useful to people who have dependents, such as spouses, children, or parents, because it provides economic security to the beneficiaries in the event of the policyholder's death.

Auto insurance is a deal made between the vehicle owner and an insurance company, wherein the firm financially indemnifies the vehicle owner against all physical damage and/or bodily injuries caused by traffic collisions and other incidents involving the motor vehicle.

Liability coverage, collision coverage, and comprehensive coverage are the most common examples of a type of insurance policy covering personal injury protections, uninsured motorist coverage, and underinsured motorist coverage.

Insurance premiums vary according to age, accident record, motor type, place of residence, and extent of insurance cover.