Life Insurance: Understanding, Benefits, and Types

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Last Updated on February 22, 2022 by

Premium companies operating in Indonesia have various types of protection products. One of the relatively poly owned by the community is the contribution of life coverage. So what is meant by life insurance dues? To find out more details about the understanding, benefits, and types of soul premiums, come on, see the discussion of CekPremi this time. Understanding Life Insurance

Based on Book 4 of Insurance published by the Financial Services Authority (OJK), Life Insurance is a premium using the object of coverage in the form of people, and the insured is the life of a person.  In addition to the soul, the guarantee can be extended to include health and accidents.

This insurance provides protection guarantees in the form of diversion of financial risk for the death or life of someone who is insured. The purpose of the soul premium is to bear unexpected financial losses due to the death of a person.

This guarantee can be given if a person dies prematurely or uses a sudden arrival. With this guarantee, the lives of families left behind will be displaced.

Life Insurance guarantee can also be given if a person has reached a certain age and is unable to make a living or finance his family. If there is a risk such as losing the opportunity to receive income h the insurance company will bear it. Benefits of Life Insurance

After knowing the meaning of life insurance, among you are curious about what are the benefits of having life insurance?

By having life insurance, of course you will receive a number of benefits. The following are the benefits of Life insurance contributions that CekPremi summarizes from some of the best life insurance contribution companies such as Prudential, Sinar Mas, Allianz Life, AIA Financial, & Manulife Indonesia Life Insurance. Protection according to global death risk

The most primary benefit of life insurance is to protect the insured based on various forms of risks that may occur in the future. These risks include the time the head of the family dies in the world due to an accident or because of anything that results in loss of livelihood.

By having life insurance, the insurance company will pay a sum of sum insured if an adverse event occurs according to the applicable policy. Benefits of compensation for partial stigma & permanent disability

The best life insurance contribution products can always put insurance benefits in the form of protection according to the risk of partial stigma and permanent total disability. The soul premium party will pay the benefits of coverage dues according to the agreed policy.

Insurance can end if the insured has a total permanent disability impact of the accident. Generally, the amount of coverage will be given using a payment system at once. Ensuring the life of the family or heirs left behind

Life insurance also has the benefit of ensuring the survival of family members who are abandoned or harmed if the head of the family is no longer able to make a living.

These benefits help provide certainty on preparing for the future of the family, such as children’s education and other things. By having life insurance, it means you have kept your family and loved ones from the risk of financial loss and free the heirs from the burdens of difficult dependents. Helps manage finances well & perfectly

Another benefit according to having life insurance contributions is to be a protector of financial requirements based on unexpected risks in the future. In addition, personally, you will be forced to commit to leave a little money according to income in order to pay life coverage dues in a disciplined manner.

Managing finances can also help you allocate funds for the future. If the lifestyle tends to be wasteful, life premiums can help you save & set aside some income to pay for insurance in a planned manner. Can be used as a credit collateral

Some life premium products can also be used as credit collateral if you apply for a large amount of debt, such as Home Ownership Loans (KPR).

Usually if you apply for a mortgage, you are required to have life insurance. This product will later claim debt repayment in case of a disaster when the credit has not been paid off. In addition to benefiting the borrower, this product also avoids the burden of family debt. Retirement preparation and ensuring the continuity of children’s education

The benefits of life insurance contributions dues dues for unit link and dual use types can help policyholders to prepare retirement funds. You can also use this product to save money.

If you have children who are still of school age, life insurance contributions can also be obtained to ensure the education of children in the future. Additional benefits of receiving medical care

Some life insurance contribution products also generally include additional coverage contribution benefits, such as critical & medical care porto coverage. Policyholders can take advantage of this feature to complement family protection. In lieu of lost income

Other benefits according to life insurance can be used to change lost income for example if you have an accident when working that results in disability or death globally. Later, the family earns temporary income according to the use of the applicable life insurance policy. Tax-free

If the owner of the life premium policy dies in the world, then the sum insured given to the beneficiary is tax-free. That is, life insurance payments are not trusted as income for tax purposes.

While for beneficiaries do not need to report the amount of money when they report annual taxes. Those are some of the life insurance benefits that you can get to provide more protection for yourself or your family. Types of Life Insurance

Life insurance also has several types. The following are the types of coverage contributions listed in Book 4 of OJK Insurance. Term Life Insurance (Term Life Insurance)

All term life premium products put coverage for one term when exclusive which is considered the term when the policy (policy term). Policy benefits can be paid only if:

(1) The insured dies within the specified period

(two) The police are still valid (in force) when the Insured dies in the world

It should be noted that Term Life Insurance provides temporary protection in accordance with the period set by the policy. However, in some cases, a policyholder can continue the coverage for an additional period of time or replace the coverage into a premium with a permanent benefit.

Types of term life premium coverage:Term Life Insurance With Fixed Sum Insured (Level Term Life Insurance) – generally a 5-year permanent term policy using a coverage of Rp100 millionTerm Life Insurance With Decreased Sum Insured (Decreasing Term Life Insurance) – generally a 5-year fixed term policy using Rp50 million coverageTerm Life Insurance – a death benefit that starts at a value and will increase.two. Life Insurance (Whole Life Insurance)

The primary characteristic of this type of coverage contribution is to provide lifetime coverage to the insured as long as the policy is still valid & provide coverage of coverage plus savings.

Types of life insurance coverage:Traditional Whole Life Insurance – Lifetime coverage using a fixed premium rate (premium rate). The policy is paid when the insured reaches the age of 99 or 100 years.Last Survivor Life Insurance – policy benefits are paid after both of the insured policemen die.Combined Life Insurance (Joint Whole Life Insurance) – the completion of the wrongful death of a person based on the insured, the death benefit on the policy will be paid to the surviving insured.3. Dwiguna Life Insurance (Endowment Insurance)

Understanding the contribution of dual-use life insurance is to put certain benefits whether the insured is biologically responsible until the end of the coverage period or dies during the coverage period.

Each dual-use life insurance contribution policy has a maturity date dues word. The due date will be reached:

(1) at the end of a predetermined term, or

(two) when the insured reaches the predetermined age. Unit Link Insurance

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