Each insurance plan

Does it have the meaning of "product"? When I was using a cellphone in Canada, they used to say "monthly plan", which means your payment setting. It also seems to mean a kind of product, but I'm not sure what the following means, which I can't find even in a dictionary.

mo27)Each insurance plan is different when it comes to what’s covered and what’s not. Figuring out which one is right for you is a bit of a balancing act: You want to get the most benefits at the least cost. Start by looking at all the elements of the plan and not just the price tag. For example, a plan with a low monthly premium isn’t necessarily the cheapest. Your hospital bill might be very high or you might pay much more fo

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Originally Posted by keannu

Does it have the meaning of "product"? When I was using a cellphone in Canada, they used to say "monthly plan", which means your payment setting. It also seems to mean a kind of product, but I'm not sure what the following means, which I can't find even in a dictionary.

mo27)Each insurance plan is different when it comes to what’s covered and what’s not. Figuring out which one is right for you is a bit of a balancing act: You want to get the most benefits at the least cost. Start by looking at all the elements of the plan and not just the price tag. For example, a plan with a low monthly premium isn’t necessarily the cheapest. Your hospital bill might be very high or you might pay much more fo

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The "plan" discussed here concerns a non-tangible purchase; the purchase of insurance. The "plan" is concerned with: the cost of the plan to the buyer, the projected payoff to the buyer, what the insurance will cover and what it will not cover. Plan A may include coverage for all medical problems while Plan B may only cover medical conditions which are life-threatening.

We speak of insurance "plans." That is what insurance companies sell.

In BrE, they generally sell "insurance policies". However, the word "plan" is being used more frequently for things like "The [name of company] Over 50 Plan" where people put money into the plan each month in order to pay for their funeral when they die. Any money left over after paying for the funeral goes to the family. These plans are entirely optional.

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Originally Posted by emsr2d2

In BrE, they generally sell "insurance policies". However, the word "plan" is being used more frequently for things like "The [name of company] Over 50 Plan" where people put money into the plan each month in order to pay for their funeral when they die. Any money left over after paying for the funeral goes to the family. These plans are entirely optional.

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Good point. Health insurance is a plan. Life insurance or car insurance is a policy.