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| Know the Types, Benefits and Risks of Insurance |
Type of Insurance
Basically, insurance is divided into two major classifications, namely life insurance and non life insurance. Non-life insurance is often referred to as general insurance.Life insurance is insurance related to human or self. Typically, this insurance covers the risks associated with death, health and accidents.
For example, if a person has a traffic accident causing death or permanent disability. If he has life insurance, then he can transfer the losses from the accident that he experienced to the insurance company. Likewise if he is suffering from chronic pain and need expensive medical expenses.
AAJI distinguishes life insurance into three.
1. Term life insurance (term life insurance)
Character is the maximum protection with a relatively low premium. This insurance product is suitable for policyholders who want to protect the future of the family, especially children, and people who just pursue a career.
2. Life insurance for life (whole life)
This is life-long insurance. This insurance is suitable for policyholders who want to have protection as well as generate savings funds that can be used emergency, and policyholders who require permanent income protection, and policyholders who want to get some investment capital growth.
3. Life insurance dual purpose (endowment)
The protection provided by this insurance is a sum of the sum insured for the family when the insured dies within a certain period, or gives the entire sum assured if he is still alive during the coverage period.Well, this insurance is more fitting for prospective policyholders who need funds for the education of their children. In addition, policyholders who need funds in the future, for example for pension funds.
When life insurance is related to a human being, general insurance is usually associated with an inanimate object. This insurance provides protection against risks from loss or damage to assets, such as houses, vehicles or other valuable items.
For example, someone involved in a traffic accident that makes the car he used badly damaged. To fix it may require a lot of funds. If the person has insured the vehicle, of course the losses are borne lighter, because the insurance company participates to bear the risk.
AAUI classifies general insurance into five parts.
1. Insurance earthquake
2. Fire insurance
3. Personal accident insurance
4. Motor vehicle insurance
5. Cargo insurance
By knowing the types of insurance circulating in the market, you can find insurance that fits your needs. In addition to seeing the needs, note also the benefits of what protection you will get from the insurance you choose.
Insurance Risk
By having insurance, you can indeed transfer some or all of the risk of an event to the insurance company. But you must remain cautious, do not necessarily choose insurance. The reason, insurance also has risks.
There are three risks or big things that can be a nightmare for insurance customers.
1. The wrong customer chooses the product
It could be that someone buys insurance to protect himself from one risk, but the insurance he takes does not protect the risk.
As a result, the requested claim can not be met. So, when buying insurance, customers must be careful and ensure what risks are protected. Ask for information overlapping from the realtors.
2. Risk of broken promise
Insurance owned by the customer is in accordance with the risks that he experienced, but unscrupulous insurance companies actually slow down or complicate the process of insurance claims.
3. The risk of bankruptcy of insurance companies
Because insurance companies go bankrupt, customers certainly can not make claims when experiencing risk.
Therefore, before choosing an insurance product, prospective customers also need to find out the track record of the insurance company. Ideally, of course, prospective customers can choose an insurance company that already has a big name and its products are known to the public.
Insurance risk sometimes also comes from a mistake or negligence of its own customers. For example, because the customer neglected to pay the premium. In addition, what often happens is the customer can not make a claim because when purchasing customers are not honest. For example, a client keeps a serious illness that he suffered while filling out an insurance form. If this happens, the insurance company is entitled to refuse to bear the risk. So, do not lie when buying insurance.
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