Insurance is a legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life.
Insurance offers a way for people to replace risk with known costs. That is the costs of buying and maintaining insurance policies.
Almost everyone living in modern, industrialized countries buys some type of insurance. In the late 1990s more than 300 Canadian and 5500 American companies offered a wide range of policies and services.
People face many choices when buying insurance policies. They commonly choose an insurance provider based on several criteria. Some of the most important of these include:
- The financial stability of the insurance company
- The price of policies
- Details of coverage and service
Only a financially sound company can fulfill its promise to pay in all circumstances. Companies with proven records of stability can provide insurance security. Choosing a provider based solely on price may result in poor service and coverage, even if the provider advertises comprehensive coverage and high quality service.
Policy prices vary significantly among companies, but competition usually forces most companies’ prices into a narrow range. The greater cost of some policies may pay off in the long run through better protection.
A detailed examination of coverage in policies provided by different, well-regarded companies can help consumers make the best choice based on the risks they face, their needs, and their finances.
Some large companies sell virtually every type of insurance available in the marketplace. Smaller companies may specialize in a specific geographic region or type of insurance.
People seeking to buy insurance often use the services of an insurance agent or broker to assist in their purchase. Insurance agents and brokers typically help people choose among the hundreds of policies available and among the hundreds of companies that provide insurance.
Here are some of the basic life and health insurance products available today:
- Disability Insurance
- Life Insurance
- Group Insurance
- Critical Illness Insurance
- Accident and Sickness Insurance
- Long Term Care Insurance
- Travel Insurance
Braun Financial Services is able to assist you with all your life insurance questions and is able to offer a variety of insurance products. For additional information and insurance quotes, please contact us.