Insurance companies offer many products, each tailored to meet various needs and situations. The following are the most common types of insurance:

1. Life Insurance
Life insurance may provide for money payment to the named beneficiaries upon the death of the policyholder. It is meant to help towards spending for funeral expenses, any outstanding debt, and maintenance expenses on dependants.

• Term Life Insurance: A type of life insurance that covers a person for a specified period, say 10, 20, or 30 years, against death. 
• Whole Life Insurance: This type of insurance covers an individual throughout his or her lifetime and builds cash value over time. It also has a savings element along with the death benefit, sometimes serving as an asset.
• Universal Life Insurance: It combines flexible premium payments with a death benefit, and a cash value component, which accrues interest. 

2. Health Insurance 

Health insurance is designed to cover medical expenses arising from sickness or injury. It can lower the financial cost of medical care and provide access to a network of healthcare providers.

• Individual Health Insurance: This provides coverage for individuals or families, offering a variety of plans with differing coverage and deductibles. 
• Group Health Insurance: Usually through an employer in which the health insurance coverage is provided to several people under one policy. 
• Medicare: Federal health insurance mainly for people age 65 or older and also for certain younger people with disabilities.
• Medicaid: A joint federal and state program that provides health coverage for individuals and families with low incomes.

3. Auto Insurance
Auto insurance provides financial protection against loss, theft, or damage due to a vehicle accident. Most jurisdictions require auto insurance.

• Liability Coverage: Pays liable damages and injuries caused to others in an accident for which the policyholder is at fault.
• Collision Coverage: Provides the repair or replacement of the policyholder’s vehicle in case of collision. It pays for comprehensive coverage damage in the case of a non-collision-related accident, like theft, vandalism, or a natural disaster. 
• Uninsured/Underinsured Motorist Coverage: This coverage protects the policyholder in the event of a traffic accident with another driver who does not have adequate insurance. 

4. Property Insurance

Property insurance provides defense against financial loss because of damages or loss to one’s property. It might encompass residential and commercial, to mention a few, even rental properties.

• Homeowners Insurance: Includes not only protection from damages to home and its contents but also a liability protection against any form of accidents on the home premises. 
• Tenants Insurance: Provides insurance for personal belongings and liability of renters who do not own their property. 
• Commercial Property Insurance: Protection for businesses against loss or damage to property used commercially, including commercial buildings, equipment, and inventory. 

5. Liability Insurance
Liability insurance covers the cost of litigation and damages if the policyholder is legally responsible for injuring others or damaging property.

• General Liability Insurance: This provides coverage to the business for its legal liability regarding bodily injury, property damage, and advertising injury.
• Professional Liability Insurance: Sometimes called professional indemnity insurance or Errors and Omissions-E&O insurance, it protects professionals against claims of negligence or errors, omissions in providing a service.
• Directors and Officers Liability Insurance: This covers the directors and officers of a company in case of claims about mismanagement or wrongful acts. 

6. Business Insurance

Business insurance is a very broad term but simply means an insurance policy designed to protect businesses in case of loss due to unforeseen events. 

• Business Interruption Insurance: In cases where the business could no longer operate on a temporary basis because of a covered event, such as fire and natural disaster, it covers lost income and also operating expenses.
• Workers’ Compensation Insurance: Provides employees with illness or injury coverage because of the work carried out including medicine and lost wages. 
• Cyber Liability Insurance: This insurance covers losses made in a business organization caused by data breaches, cyber attacks, and other perils of a cyber nature.