Life Insurance Types Best

life insurance type

Life insurance types can be divided into 3 types. Previously, I will discuss the understanding of the life insurance. Life insurance is a non-bank financial institutions whose task is to provide financial services to the public. Insurance institution is a financial institution which will provide assurance to its customers. There are still many members of the public who do not follow the insurance because they think do not need the insurance.. product is not a product that can be directly used at the time of purchase. Insurance product is a product designed for the long term. Most people are only aware in general insurance, but do not understand about the types of life insurance available.

Here I tried to explain about the life insurance types in general.
Term life
This insurance is a type of insurance that provides protection to the insured within a certain time period agreed upon by both parties. The life insurance has advantages compared with other insurance, for example, customers can decide for themselves the amount of premiums to be paid. Ideally, the amount of premiums paid by customers in the range of USD 25.0 / month. Disadvantages of these products are insured or the customer will lose the policy and sum insured, if the insured does not have health problems or died during the contract period. In the current era, people began to leave this product.

Whole life
Whole life insurance is an insurance product that provides protection benefits to the insured aged 99 years. This insurance has the advantage if the policyholder to get the cash value and the policy that has been paid during the contract period. The advantage gained by the customer if the insured is unable to pay the premium installments regularly, they can use the cash value of the premium has been paid to pay further premiums. Disadvantages of insurance soul is the insurance premium is more expensive than term life insurance premiums. The amount of premium is usually 2 times higher than term life insurance products. This is because the life expectancy of the general public (the male is 65 years; women were 70 years old) so that the insurance claim before the protection expires certainly possible to happen. In addition, the cash value and the total premium is given not too much because the insurance rate is usually guaranted by 4.5 percent / year. Such interest is not cut and tax administration so that customers will receive the cash value lower or even not at all.

This is a merger between the insurance term life insurance with savings. It can be intended as an alternative for policyholders to obtain the cash value of the insurance premiums have been paid within a certain period before the contract expires. For example, if the insured needs funds to meet their needs, the insured can be claimed insurance policy with an insurance fund disbursement record is only given in a few years according to the agreement between the customer and the insurance company. Disadvantages of this insurance is a premium product that is quite expensive compared to other insurance products, because this product has two functions in one product. Therefore, this type of insurance is only interested by the upper middle class can afford to spend more than USD 100.0 / month to pay insurance premiums and also savings.

Such a description of the life insurance types in general. Hopefully this article can be useful. For additional information, now there is a unit-link life insurance products (modern insurance). This product is a merger between the protection and investment. Unit-link life insurance will be discussed at the next opportunity. Let insured for a better life. Have a nice day.


Life for giving.

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