Four Types of Insurance Cover Everyone Should Have

Four Types of Insurance Cover Everyone Should Have

You’d agree that no one truly anticipates a bad incident that necessitates some level of expenses – no matter how financially secure you believe you are. While it is impossible to plan for unforeseen circumstances thoroughly, insurance policies provide some assistance in reducing the financial liability that might occur from these occurrences.

Financial experts recommend everybody have these four types of insurance covers:

1. Life Insurance

2. Health Insurance

3. Auto Insurance

4. Home Owner Insurance

Before we get into the types of insurance covers you should have, you should know what insurance is. In simple terms, insurance is a contract in which an individual receives financial protection or compensation from an insurance firm for both significant and minor losses.

The rest of this article explores these covers in-depth.

1. Life Insurance

Life insurance protects your family financially after your passing. Your beneficiaries will receive money as they see appropriate, providing financial security in a difficult time. Generally, if people depend on you financially, it is essential to have life insurance because it ensures that your financial responsibilities are taken care of after your death.

When it comes to buying life insurance, anytime is a good time, but you should prioritize buying one when you are younger. Other occasions when you should purchase life insurance are when you just got married, bought a new home, expecting a new baby, have a high-risk job, etc.

The major types of Life Insurance are Term life and permanent life insurance.

2. Health Insurance

According to, Most Nigerians do not have access to affordable healthcare systems and do not have health insurance. Perhaps, it is the lack of education and enlightenment about the intricacies of health insurance.

Health Insurance is a type of insurance that requires an insurer to agree to cover some healthcare expenses in exchange for a premium. Specifically, health insurance covers medical and surgery costs paid by you, the insured, such as consultation fees, hospitalization fees, and the cost of prescribed drugs. This type of insurance can reimburse the expenses incurred due to a sickness or accident or pay the care provider of the insured individual.

Health insurance might be difficult to understand, yet it is necessary since everyone is susceptible to minor and life-threatening ailments. Your employer might cover you if this insurance is offered as part of your employee benefits package. However, If you are not covered, you can contact us, and we will recommend the best option for you.

3. Auto Insurance

While other insurance covers, such as life and health, are essential, it is still crucial to protect your automobile when you purchase one. Auto insurance can save you a lot of money and aggravation if you get into an accident or your car gets stolen, vandalized, or destroyed by a natural disaster.

 Every auto insurance policy comprises several different and vital coverage components, all of which provide essential types of protection. Examples of coverages for an auto insurance policy are bodily injury and property damage liability, collision, etc.

4. Homeowner Insurance

In Nigeria, lots of tragedies regularly go unresolved. Buildings and houses collapse, leaving many victims struggling to get back on their feet because they failed to prioritize this insurance coverage.

Home insurance covers your house and the properties within against calamities such as fire, flood, storm, vandalism, explosion, etc. Having home insurance is imperative because it can protect you financially in the case of a disaster that could make you lose your property.

Like other forms of insurance, it includes a wide variety of coverages covering anything from internal and exterior damage to bodily harm. There are also benefits such as the security of your primary residence and personal goods and covering for unexpected bills.

In conclusion, we can’t always avoid the unexpected, but we can safeguard ourselves and our loved ones from the worst financial burdens.

We are here for you.

Cordros Capital is happy to help you get started with protecting your most important assets with the right insurance policies with our Cordros Insurance Brokerage. 

At Cordros, we are specialists in providing expert advice on insurance making claims and risk management. We ensure that risk exposure is managed well and the loss to an insured interest is covered adequately.

Start your insurance journey today and give us a call on 07002673767 or email at [email protected].