There are many different insurance products available in Cameroon. The demand for insurance cover has increased drastically over the past decade. Insurance premiums are worth every franc just to have that peace of mind knowing that all is taken care of, even the smallest, unexpected losses.
Taking care of one's valuables and safeguarding it against any unforeseen events have undoubtedly become one of the most significant priorities amongst the general population in Cameroon and across the globe.
See Also: Insurance Companies in Cameroon.
Traditional Forms of Insurance in Cameroon (Different Types)
Here are a few popular types of insurance in Cameroon:
- Motor insurance (Automobile)
- Life insurance
- Travel insurance
- Home insurance
- Health insurance.
1. Motor insurance
Motor insurance is one of the most used types of personal insurance. It is required that you purchase insurance coverage to drive legally in Cameroon.
Motor insurance can be divided into two essential coverage areas: liability and property damage. Car or motorcycle owners can buy Autoclassic car insurance or third-party car/bike insurance.
Read Also: History, Overview, and How to Register an Insurance Company in Cameroon.
2. Life insurance
Life insurance is protection against financial loss resulting from death. An insurance company promises to pay your beneficiary a specific amount of money when you die in exchange for timely premiums. You can start a life savings plan here.
3. Travel insurance
Did you know that if you become ill abroad, the costs to treat you could be very high?
Most travel insurance plans include medical insurance, evacuation, trip cancellation/interruption, travel delay, and baggage coverage.
4. Home insurance
Different policies exist for owners of mobile homes, renters, people seeking bare-bones coverage, and those living in ancient houses, but most homeowners require home insurance.
A home insurance policy covers your home and its contents against damage and theft. It also covers the owner against personal liability if someone is injured while on your property.
5. Health insurance
Health insurance is insurance that pays for your medical expenses. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs.
Related: Insurance Law in Cameroon.
There are a lot of health insurance plans that you can select from to cover your medical expenses and get access to consultation, medication, dental care, and surgeries.
It is highly advisable to get as many insurance plans as necessary, so you can rest assured every time.
Suggested: Problems Faced By Insurance Companies in Cameroon.