Private Insurance
What Does Private Insurance Mean?
Private insurance is insurance provided by private companies, as opposed to government entities, and serves as an alternative to public insurance.
Regardless of whether a person chooses private or public insurance, the goal is typically the same: to obtain financial protection against various risks.
Insuranceopedia Explains Private Insurance
A wide range of private insurance companies offer private insurance. To obtain private insurance, individuals typically pay premiums, with higher coverage usually resulting in higher premium costs.
Private insurers provide coverage for health, life, auto, property, business, and other types of risk. Additionally, there are public insurance options available for many of these risks. Eligibility for public insurance often depends on a person’s income level.
