1. Life insurance packages in a participatory manner Life insurance policies are divided into two main categories: personal and group insurance. As follows.
Personal insurance
This is one of the life insurance packages where the insured person is a separate individual. You can choose to buy the most suitable product for yourself as well as choose additional products for your family and just a single insurance policy. Group insurance
Unlike personal insurance, this type of coverage is available in large group or grouped form with a list of individuals attached. The most popular type for this package is the group retirement product, typically the Manulife Retirement Bonus.
2. Life insurance packages according to the level of risk
In this form, there are life insurance packages that cover insurance in case of death and insurance. These are further subdivided into other products, namely. Insurance in case of death
There are two types of insurance: life insurance and life insurance, each of which is divided into small contracts with different characteristics. Specifically each type as follows.
• Death insurance
Death insurance is also known as term life insurance or temporary insurance. Term insurance stipulates that if a death occurs during a valid contract period, the amount of insurance will be paid to cover burial costs and family sponsorship in a short period of time. However, if death does not occur within the prescribed time, the insured person will not receive any money.
The characteristics of this type of insurance policy are usually defined by the term, rights and responsibilities are temporary. Plus, the premiums are also the lowest because there is no need for funds to save money. As such, when you join the death insurance you will not need to worry about the costs such as burial, burial, repatriation. At the same time, we also ensure the family life with relatives for a while. Your family can also pay and pay the money
Mortgage insurance is also diversified into several types, including:
- Fixed-term insurance: This type has the main duty is to pay the remaining debt after the insured death. Premiums and premiums are fixed and unchanged throughout the term of the contract.
- Renewable death insurance: The policy can be renewed at the end of the insurance period and does not require a health claim but has an age restriction, usually not more than 65. However, The premium will increase as the age of the insured person increases.
- Switchable death insurance: This form is used to convert part or whole of a contract into a lifetime or mixed life contract at a time when the contract is still valid. Premiums will be calculated according to the new contract and the age of the insured.
- Subsequent reduction insurance: part of the insured amount will be reduced annually at the prescribed rate. This will be reduced to 0 when the contract term expires. This is for people who are owed money and need to pay off.
- Mortgage insurance gradually increased: this kind of purpose is to help prevent inflation factors of money.
- Home Income Insurance: Helps ensure income for a family when the breadwinner died.
- Increased family income insurance: This type of insurance helps to avoid inflation as well as to ensure insurance payments to insured family members.
- Conditional death insurance: the payment of a benefit is made only when the insured person dies and the designated beneficiary is still alive.
• Life insurance
In contrast to life insurance, life insurance has no term, the amount of insurance will be paid to the beneficiary once the insured person dies. Thus, the insured will not have to worry about time and still have the financial security to care for the remaining relatives once he is dead.
Therefore, the insurance amount will be paid once when the insured person dies and the insurance premium is usually higher than the insurance premium. The greatest benefit of life insurance is to ensure life for family and loved ones after the insured person dies. In addition, it helps to preserve the property for future generations as well as procure family property as planned.
Life insurance covers the following:
- Non-life insurance - Life insurance is divided into profit sharing - Lifetime premium payment - One-time life insurance - Full insurance
Life insurance policy
Insurance period
This is a type of insurance that helps participants get financial security once they retire and get old. The insured person will pay a certain amount of money for a specified period of time or pay for life. However, if the insured person dies before the payment due date, no payment will be made.
The salient feature of a life insurance is that the period of insurance is when it is determined, sometimes indefinite. Premium is paid only once and the amount of insurance is paid several times depending on the agreement. With this type of insurance you will be able to finance your life in the old age, reduce your dependence on children and social welfare. Those who retire or are not entitled to retirement benefits from social security should participate in this form of insurance.
There are two types of insurance:
- Life insurance - Periodic pension insurance, also known as voluntary pension insurance
In addition, insurance companies now offer mixed life insurance. Participants may be reimbursed for the sum insured upon the due date of the contract or death. Not only that, the insured may also be entitled to interest sharing through premium investment as well as reimbursement when conditions are not available for further participation.
Life insurance is a form of protection that protects your financial ability against unexpected risks that may occur in your daily life. This is a very effective financial measure so that you can achieve the big goals that you aim for. Insurance companies often offer a variety of types of life insurance to meet the needs of their clients. Therefore, the following article will share with you the basic life insurance packages that you can now reference and choose.
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