Life insurance can be used not only by those who are productive and able to pay the policy for a long period. Since a few years ago insurance companies in Indonesia are starting to join the insurance offer for those who are elderly.
Talking about the right life insurance for the elderly, of course, is insurance that does not require a medical examination, a fixed premium, as well as guarantees of protection that cannot be cancelled. Some life insurance product available to seniors:
1. Life Insurance (Term) Futures
This insurance is already fairly common known people, but usually they invest with this insurance policy since young. Life insurance Futures is suitable for those who still have dependents such as credit home or children's school fees, but most seniors choose other insurance because of different needs. However, you may still want to look at the pros and cons of life insurance this futures before you decide to purchase insurance for yourself or your parents.
Advantages:
• This insurance in general more affordable than whole life insurance. Some people got shocked because of the cheapness of some life insurance policy this futures
• This insurance policy is usually more flexible because you can choose a time period, the value of the coverage and the amount of the premiums. The value of the coverage can be very different, and you can choose long or short periods of time according to your needs
Disadvantages:
• Insurance companies sometimes focus more to health issues while removing this insurance policy, which led to a less healthy customers ' difficulty to get approval for the policy.
• Many companies no longer offer insurance futures to clients aged over 80 years. Only a few insurance companies are still willing to cooperate with the elderly, would that have a healthy Prime.
• Most seniors don't want the value of the coverage is great, but sometimes this insurance does not provide coverage for small values.
2. A Guaranteed Life Insurance
You've probably heard about the guarantee of life insurance for the elderly and was wondering if the warranty really apply. The answer is Yes; These insurance policies do not discriminate people because of age or their health. This means that this insurance is the best choice for the elderly who have few health problems or who are a little older.
Advantages:
• Assurance of life insurance is a profitable choice for those less healthy
• No need to conduct a medical examination beforehand
Disadvantages
• Most insurance will not make payments for 24 months after the opening of the polis. This means that the elderly who died in this period will not get the sum assured. However, the company will refund the funds that have been deposited and will cancel your policy if death occurs in the first two years
• This insurance is typically more expensive than other life insurance options
3. Whole life insurance (Whole Life)
Designed to build cash value that is paid at the time of the client's death, this insurance will continue to apply throughout life. With whole life insurance, you deposit money each month that is large enough, but the results obtained at the moment of decease will be very large.
Advantages:
• If the magnitude of the value of the coverage became a major consideration, it can be a lifetime insurance was the best option.
• This insurance really increase the value of money over the years, and many companies offer guarantees the amount of money invested. If you are interested in taking advantage of the investment without having to bother, this is one great option.
Disadvantages:
• This insurance is the most expensive compared to some of the other options, so it's somewhat less suitable for those who have little funding.
• With this insurance You allow insurance companies to invest on your behalf. If you want to invest on its own, in fact you can achieve higher returns. This is due to the characteristics of the investment managers of insurance companies tend to be conservative, so the results won't be as high as if you choose your own investment instrument.
4. Burial Insurance
Unfortunately, this funeral insurance is still in the stage of the analysis by OJK (Financial Services Authority) and has not been implemented in Indonesia. However, if the view of burial insurance is running abroad, here are a few advantages and disadvantages.
Advantages:
• Does not require a medical examination
• Funeral Insurance is available in a wide selection of values, so you can choose the value of the coverage that fits your needs and your abilities
• Some burial insurance don't usually require a waiting period or waiting time. This means that your family can get the sum assured immediately after death, even a few days after the signing of the insurance policy.
Disadvantages:
• Funeral insurance Value is typically much lower than another insurance policy, just enough for funeral expenses and some other related things and there will be no time for families or abandoned debt.
Remember, choosing the right life insurance plan will help rather than burdening families with health bills, funeral costs and other expenses. Surely this will relieve emotional and financial pressures associated with lost loved ones.
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