Types Of Insurance
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| Types Of Insurance |
The word "insurance" is certainly not foreign to us to hear. Although the word "insurance" is very popular, not many people have insurance.
This condition is caused by people's
misconceptions about purchasing insurance and the claim process. Another reason
is also due to the different types of insurance offered by insurance companies.
As a result, many people, especially those new to the insurance industry, are
confused when trying to understand the benefits of each type of insurance
offered. Before we get to know the benefits of insurance, let's understand
mutual insurance. In relation to the OJK website, insurance is a contract
between the insurance service provider (as the insurer) and the public (as the
policy holder).
The rights and obligations between
the insurance service provider and the policyholder are regulated. If the
policyholder is entitled to compensation for loss, damage or death from the
insurance company. However, the right arises when the policyholder fulfills the
obligation to pay insurance premiums to the insurance company.
# Here are the types of insurance that you can choose
1. Life Insurance
This type of insurance provides
financial benefits in the event of death, sudden illness, or permanent
disability partially or completely due to an accident or illness.
Before deciding on life insurance,
you need to understand the schemes and methods offered. There are insurance
companies that use a post-death payment system. However, some policyholders can
claim funds before their death.
2. Health Insurance
Health insurance is one of the most
popular insurance products. Health insurance addresses health problems and
protects you financially by covering the costs of treatment and recovery from
illness. Medical conditions that may be covered by this insurance usually
include disability, illness and death.
To choose the type of policy to be
taken can be adjusted to the financial possibilities. For example, if you buy a
health insurance product, you can choose a health insurance product that covers
only inpatient or outpatient care.
3. Education Insurance
Setting up an education fund early
on is one way to secure your child's future. Education insurance is one option
to guarantee your education.
There are two types of educational
insurance: endowment insurance and unit link insurance. Dual purpose insurance
is a product that combines life insurance with market products such as
deposits. This type of insurance covers children's education costs if their
parents die suddenly or are unable to earn a living due to total disability.
Unit-linked education insurance is a
combination of life insurance and investment insurance. The profit from the
investment portion will be divided according to the education level of the
child.
4. Investment Insurance
You can purchase insurance and
investments, also known as unit-linked insurance. As the name implies, unit
link insurance provides benefits in the form of protection and cash value
arising from the development of mutual funds, depending on the available investment
opportunities.
As the name suggests, unit-linked
insurance offers dual benefits, namely mutual fund development and cash value
protection. Therefore, from the total premium paid by the policyholder, some of
the funds are allocated for protection costs and the rest for investment.
Unit link insurance provides life
insurance, health insurance, accident insurance and life insurance coverage. On
the other hand, the cash value of unit linked insurance can be used to pay
premiums if the policyholder retires or has no income. Therefore, the insurance
contract remains in force. In addition, the cash value of unit linked insurance
can be used for other financial purposes.
5. Vehicle Insurance
Vehicles also need to be protected
from unwanted items such as loss or damage. The advantage of buying car
insurance is that it provides financial protection and security when facing the
risk of vehicle damage.
In addition, car insurance also
makes your car's selling price position more competitive.
6. Accident Insurance
Accident insurance usually gets less
attention because the company you work for considers it to provide protection
against work accidents.
But check your activities and
working conditions. If your job falls into the accident-prone category of work,
you must have accident insurance. Because risks can occur anytime, anywhere,
whether on the move or at work.
7. Business Insurance
Business insurance is group
insurance that protects the employees of a company. Businesses usually offer
business insurance to protect their employees as a valuable asset for business
continuity. Business liability insurance offers a number of benefits. The most
popular types of business insurance are group life insurance and group health
insurance. Since this insurance protects the employee from a legal entity or
company, the registration of the policyholder is only valid if he or she is
still an employee of the company.
8. Old Age Insurance
Old age insurance is an insurance
product that provides coverage and protection to policyholders in old age.
Retirement age is when you are no longer productive and unable to make money.
Taking advantage of an early
retirement program can help prepare retirement savings for old age, especially
for those who do not receive retirement benefits from their workplace.
So what is the difference between
retirement savings and retirement savings? Retirement benefits offer more
benefits than regular savings. Retirement Planning allows you to plan your
retirement. You can also choose the premium amount according to your financial
feasibility.
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