Insurance products are common financial arrangements in which an insurance provider states its guarantee to pay on covered claims. In return, the buyer agrees to pay a monthly premium cost.


A customer buys insurance to protect against property loss or financial risk. The actual insurance product takes the form of a policy binder which states all the terms and conditions, including an overview of what events would lead to a claim payout.

Product Types

Insurance products include a wide range of solutions. Common insurance products include:

  • home
  • auto
  • life
  • health
  • dental
  • mortgage
  • asset protection

Products can also be customized for various purposes, including to protect professional athletes from lost income due to injury.


The costs associated with the purchase of an insurance product are often called premiums or insurance rates. Paid in periodic increments, rates are determined based on a variety of risk factors that affect the likelihood the insurer would have to payout, as well as the coverage amount.