Insurance 101
How does insurance work?
Understand how insurance works so that you can make the decision on whether you need it or not.
4 min read
Short-term insurance
Short-term insurance is insurance that you take out to cover you against financial losses you could suffer due to sudden and unforeseen events, like accidents, crimes, fires, hail, floods, illness, etc.
What is the difference between long and short-term insurance?
The easiest way to distinguish between the two is if the contract is insuring a life event relating to a human being, like death, disability or retirement, it is long-term insurance. Anything else would be regarded as short-term insurance.
What are the main types of short-term insurance?
Common types of short-term insurance are car insurance, medical insurance, building insurance, household contents insurance, single items insurance and personal liability insurance (where your insurer will reimburse you in certain instances where you are held legally liable for damaging someone else’s stuff). Other types of short-term insurance include pet insurance, business insurance and travel insurance.
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