Insurance comes in two basic forms – Long term insurance and short term insurance. Long term insurance will mainly include things such as life coverage, retirement plans and disability plans. Thing that will pay out over a long period of time, and is mainly focused on providing for you and your family in the case that an unforeseeable and unwanted event should occur. While short term insurance also protects against an unforeseeable event, it is focused on more current assets.
These current assets include your house, your car and any other assets that you may have, especially within your house. This means coverage against theft or fire or perhaps some other national disaster. Short term insurance involves a certain premium that will cover the assets that you wish to insure against. There are two types of premiums a voluntary premium and a compulsory premium. The compulsory premium is slightly higher than the voluntary premium however it is up to you to discuss the pro’s and con’s of each with a consultant. For more information with regards to insurance please contact Riskfin.