PRIVATE INSURANCES

For the Average Private Citizen insurance is an essential risk mitigation strategy as they grow their families and plan for their future.

Overview of Private Insurances

Types of insurance can be classified according to the perils insured or by the type of insurance program. There is also a primary distinction between private and social insurance.

Private insurance protects individuals, businesses, and other organizations against the particular risks that they are subject to. This type of insurance is funded by premiums paid by the insured to the insurance company. Private insurance is voluntary and the insurance is acquired through contract.

Social insurance, on the other hand, is usually compulsory and is funded by the government directly, and indirectly by the taxpayers. The benefits of social insurance are determined by law, and the benefits are usually only sufficient to maintain a minimum standard specified by law. The largest and most prominent examples of social insurance programs in Trinidad and Tobago are the National Insurance Scheme and the public health care system.

Private insurance can be classified into 3 broad categories: Life Insurance and Annuities, Health Insurance, and Property and Liability Insurance.

T&TIC Ltd Brokers a full suite of products for Individuals and families. See a comprehensive list of Private Insurances here.