Traditional Life Insurance Products
Life Insurance consists of many types of products, each of which has different benefits to meet a lot of needs and levels of community ability that are also different.
Understanding Life Insurance Policy (Life Insurance Policy) based on the definition of LOMA (Life Office Management Association) is:
“Life Insurance Policy (Life Insurance Policy) is a policy where in the policy the premium company promises to pay benefits for the death of the insured / insured person.”
Life insurance is given to individuals and groups and is given in various forms of policies. Here is an explanation based on three types of primary life premium policies.Term Life Insurance (Term Life Insurance) puts the death benefit if the Insured dies at a term when exclusive.Whole-Life Insurance (Life Insurance) provides life insurance coverage for the Insured and also has an element of savings.Endowment Insurance (Dwiguna Life Insurance) provides policy benefits that are paid at the time of the Insured’s death or within the affected date if the Insured is still alive until the release.
1. Term Life InsuranceCharacteristics of Term Life Insurance Products:a) All term coverage contribution products put coverage for one certain period of time claimed by the policy term (the period when the policy is).b) Policy benefits can be paid only if:(1) The insured dies within the specified period; &(two) Police were still in-force when the Insured was killed.c) If the Insured is still alive until the end of the predetermined period of time, the policy can put the right on the policyholder to continue the life premium coverage. If the policyholder does not continue the coverage, then the policy will end and the insurance contribution company is not obliged to provide further coverage.d) Term life insurance protection is generally available in the form of an insurance policy, but it can also be available in the form of a rider (additional coverage dues) added to the basic policy earlier.
Types of Term Life Insurance Coverage:a) Level Term Insurance (term life premium with permanent sum insured) that provides death benefits at the same amount during the term when the policy is.b) Decreasing Term Life Insurance (term life insurance dues with decreased sum insured) puts death benefits whose value decreases during the term when coverage.
Term Life Insurance is usually expected by prospective PolicyHolders who:Requires temporary protectionHave a mini income but need protectionInterested in great protection and low insurance
2. Whole-Life Insurance
The characteristics of Life Insurance are:a) Provide life insurance to the Insured as long as the policy is still in-force.b) Provide coverage dues coverage & contain savings in the form of cash value (cash value).c) Provide lifetime coverage using a premium rate (fixed premium rate) level that does not increase in line with the age of the Insured.d) Provide flexibility to policyholders to change contents while the policy is still valid.e) The policyholder can use the cash value as collateral for the policy loan, and has the right to withdraw funds according to the cash value of the policy, if it has been formed.
Life Insurance for Life is generally required by the prospective PolicyHolder who:Have a need to prepare for a legacyRequires long-term financial protection
three. Endowment Insurance (Dwiguna Life Insurance)
The characteristics of Dwiguna Life Insurance are:a) Provide an exclusive amount of benefits whether the Insured is bioaccounted for until the end of the term when the coverage or died during the current term of coverage.b) Have a maturity date (off maturity), which is the release of payment of sum insured by the insurance contribution company to the policyholder if the Insured is still alive.c) Can generate cash value using faster.d) Premium rates are generally fixed.
Dwiguna Life Insurance is generally expected by Prospective PolicyHolders who:Want to prepare a full-time fundWant to make long-term savingsWant to prepare a child’s education fund