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.
Endowment
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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