Types Of Life Insurance

Life insurance is a type of insurance that aims to take away those against unexpected financial losses caused by the death of her life too quickly or for too long. This will certainly bring many aspects of risk, if the person is not insured to the insurance company. For example, the descendants of collateral for a father if he died prematurely or unexpectedly, then abandoned children would not be displaced in his life.
So is a program of life insurance protection in the form of a transfer of economic risk over their life or death of a person who is insured. Here it can be seen that in life insurance, the risk facing is:

1. Risk of death

2. Someone's life too long

If analogous, life insurance can be represented as an umbrella in your home, a float on the ship or aircraft. It is very useful because it needed at a particular moment but often not thought about when things are safe. So life insurance very reliable especially when unwanted situations occur.

The purpose of

Life insurance we need to have with the goal of keeping uninterrupted economic needs due to the occurrence of the risk against the bread winner during the productive, or for the preparation of the old days happy and prosperous.

Life insurance is a contract of protection are presented in written form called polis. The policy contains a contract between the insurance company and the policy holder where the insurance company has an obligation to provide an amount of money that has been determined to be appointed (usually the beneficiary) in case of death of, or keep his life insured at the end of the contract. (According to the insurance period). In return for the transfer of the risk of policyholders have an obligation to the insurance company, which is called by the payment of a premium.

Life insurance is divided into 4, i.e.,

1. Insurance Futures Exchange (Term Life)

Life insurance Futures is one of the life insurance products that provide protection of deaths in a given period. Futures give life insurance sum assured when the insured died during the insurance contract.

Insurance futures contract period is typically 5, 10, or 20 years. During the contract period, the premiums paid, the premium go up if the participants wish to extend the contract again. The premiums will be forfeited when the contract expires. Because premiums at the end of the contract, charred usually cheap term life insurance premium and value for money great coverage.

Hallmark Insurance Futures lies at a maximum protection with a relatively low premiums. Therefore this type of product is attractive to the prospective insured that have needs large insurance purchasing power but limited.

Who is a good fit with this life insurance policy?

• Prospective policyholders who want to protect the future of her son;
• Prospective policyholders to pursue a new career.

2. Lifetime Insurance (Whole Life)

Whole life insurance is a type of life insurance that provides lifetime protection, but are usually insurance companies typically provide coverage up to a maximum age of 100 years.

Because insurance is whole life insurance, then the insurance will provide coverage when the insured dies. In contrast to life insurance, whole life insurance premiums are not destroyed by, the insurance company will refund your premium if no claims. In addition to the premium again, at the end of the contract when no claims then the sum assured will be paid at all.

Whole Life insurance is suitable for customers who already have no dependents but don't want to hassle the family when you died later. The family will get the sum assured which can be used to charge when he died.

The hallmark of Whole Life Insurance is a type of Permanent life insurance basis which gives lifetime insurance protection for a person. 

Who is a good fit with this product?

• Prospective policyholders who wish to have the protection of the soul at the same time generate savings funds that can be used for emergency needs;
• Prospective policyholders who need permanent income protection (cost of hospital bills);
• Prospective policyholders who want to get a certain amount of capital growth investments.

3. Insurance Bi To (Endowment)

Endowment Insurance  is a type of life insurance with a coverage amount of Fund granting guarantee at the time the insured dies while still in its period.

And funds will also be provided in its entirety at the end of the contract assured despite the insured is alive and in good health. Two types of life insurance benefits endowment for the insured who then also called with the name of endowment insurance.

For this type of life insurance or endowment premium payment is much more expensive when compared with the two other traditional life insurance types, namely term life and whole life. This type is more like savings and insurance as well as their futures.

The characteristic of endowment life insurance is protection that gives the amount of money insured when the insured died in a certain period and at the same time giving the entire sum assured if he was still alive at the end of the coverage.

Because it gives two benefits, the insurance is called endowment insurance. This product is helpful for the prospective insured policyholders who want to protected from the financial impact due to premature death.

Who is a good fit with this product?

• Prospective policyholders who need funds for the education of children;
• Prospective policyholders who wish to have some funds for future needs;
• Prospective policyholders who want to have a retirement fund

4. Unit Link Insurance

The life insurance Unit of the Link is the combination between the life insurance, health insurance, while investment in the form of mutual funds. For life insurance and health in this unit link group is a type of term, incorporated in the unit links and mutual effect between the three. Management of the Fund is invested in mutual funds are typically managed individually by the fund manager (Fund Manager) that cooperates or designated insurance companies.

On some insurance companies can have fund managers themselves, but this will usually also be outside the line of insurance. 

This type of insurance link units are:

• Single premium (life insurance single link unit)
This type has its own characteristic, particularity of premium payment can be made in lump sum or all at once. Life insurance is ideal for who want to invest in a long time, usually on a person who has surplus funds unused and would like to develop those funds.

Who is a good fit with this product?

• Prospective policyholders who likes to invest long term;
• Prospective policyholders who have excess money (idle money) and intends to increase his wealth.
• Periodic Premiums (regular link unit)

Payment of insurance premium is done regularly or periodically, and it is also a way of long-term investment. A person who chooses this type of regular link units usually have a desire to keep investing but also protected or someone who is still actively working on preparing and investing the savings in the future.

Who is a good fit with this product:

• Prospective policyholders who prefer to play in the protection;
• Prospective policyholders who likes to play in investment but still want to protected;
• Prospective policyholders who are still working and would like to set up savings.

Insurance number 1 – 3 including traditional life insurance, while the Insurance Link units formed thereafter. The explanation for the Division of insurance can be clicked on each piece.

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