What Are the 6 Basic Types of Insurance?

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The six basic types of insurance are auto, life, medical, disability, long-term care and liability insurance. Find out what the six basic types of insurance are used for with information from a licensed insurance agent in this free video on insurance and personal finance.

Part of the Video Series: Insurance Questions
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent and I have been in the finance field for well over twenty years. Today we're going to talk about the six basic types of insurance. Okay, in the insurance field there are many types of insurance companies as you notice and many types of insurances. But the six basic, generally we think of as auto, life insurance, medical insurance, disability insurance, long term care insurance, and then of course there's liability insurance. Let's cover them real briefly. Auto insurance is very self explanatory. Most auto insurances cover any type of vehicle that you're driving. Life insurance can be used to cover loss of income. Medical insurance covers your health bills. Home owners or renters' insurance covers anything that could happen to your home or loss thereof. Long term care generally refers to as you're getting older, health care and the disability is just in case something happens and you're not able to earn. There are many other types of insurance out there. There's umbrella insurance, comprehensive insurance, liabilities insurance. Depending upon what you're looking for, seek out an agent who is licensed in that arena. Ask questions. My name is Bill Rae and I'm helping you build wealth.

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