Limited Policies

Limited Policies A limited policy is a type of insurance policy that provides a restricted range of coverage or benefits compared to standard or comprehensive policies. These policies are often designed to supplement existing coverage or provide coverage for specific risks that may not be covered by standard policies. Types of Limited Policies Limited benefit plans: These plans typically offer lower premiums in exchange for limited coverage, such as specific medical services or a fixed cash payout for certain events. Gap insurance: This type of policy fills in coverage gaps between primary insurance and secondary insurance, such as Medicare and Medicare Supplement plans. Critical illness plans: These plans provide coverage for specific critical illnesses, such as cancer or heart attack, and offer a lump-sum payment upon diagnosis. Accident-only plans: These plans provide coverage for injuries resulting from accidents but do not cover other medical expenses. Hospital indemnity plans: These plans provide a fixed cash payout for each day spent in the hospital, regardless of the actual medical expenses. Some of the more common limited insurance policies are listed below; -Dreaded disease policies such as heart disease or cancer. -Travel accident insurance for e.g an individual or group accidental death and dismemberment policy - Hospital income, or indemnity, insurance policy - Vision care plans which coverage extends beyond eye injuries or diseases. -Prescription drug policies, a plan that provides varying degrees of discounts for prescription drugs. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful