Insurance is a really important part of our lives. Well, this financial product can save our lives in an emergency, like if we lose our car, get into an accident, or don't have enough money for school. We could indeed help shield our lives now and in the future with things like life insurance, car insurance, health insurance, and education insurance.
So, which type of the many insurances should be bought? This all depends on what they want and how much money they have. So, you need to think about a lot of different things before you apply for insurance. So you don't pick the wrong thing. Always keep in mind that health coverage is a lengthy product that costs a lot. Before implementing insurance, you should think about a few things so that you don't end up regretting it. So, what is it?
Insuring Yourself Before You Do So
1. Knowledge of the selected insurance specifics
Life insurance, health insurance, automobile insurance, and even education insurance all provide a variety of coverage options. There are various types of life and health insurance, for example, but standard car insurance only gives two options: All Risks and Complete Loss Only (TLO). There are several advantages to using each of these items. Most importantly, each policy has a premium that varies in both the amount and the scope of protection it provides. Do not be swayed by short-term promotions that end up costing you money in the long run. Insurance should not be mistaken for a savings account that can be accessed at any moment. Remember that insurance's primary job is to protect you. There are a few things to keep in mind, such as the cost of premiums, the length of the payment term, and the method of claiming. Do not be afraid to cancel an appointment if you find it unsuitable.
2. Understanding Family Needs
As the head of the family or backbone is actually mandatory protection with life insurance. So when things happen that are not desirable such as suddenly being hit by disaster and death there are a number of legacies that can be given to heirs, especially to pay various debts.
But not everyone agrees on that, right? There are also backbones that prefer to buy life insurance because they feel more benefits. If life insurance can only be disbursed when the policyholder dies, health insurance does not take long. An insurance policy is proof of a written agreement made by the insurance company.
Usually six months from the installment period can already be used for inpatient and outpatient treatment. Or do you feel prosperous in life and healthy body and soul, but feel doubtful about the cost of children's education in the future? Maybe education insurance can dispel that loss. So knowing what to consider before applying for insurance will make it easier for you to determine priorities and choose what type of insurance is most needed.
3. Choosing the Right Insurance Company
There are many insurance companies operating in your country with similar product offers. But of the many, there are always different ones that can be suitable for your needs. For example, small premiums or large coverage. But besides that, you also have to pay attention to the credibility of the insurance company.
Try checking the track record by searching for as many online reviews as possible. There are usually special forums that talk about insurance. Compare which one is the most rational to provide protection, so that it can make your life calmer. And also how insurance companies meet insurance claims rather than their customers. Insurance claims are demands from the insured party in connection with the existence of an agreement contract between the insurance and the insured party like you.
Or if you are still confused you can ask for the help of a financial consultant. They will provide recommendations for the right insurance products according to your risk profile and desires. Financial consultants will also be happy to explain things that must be considered before applying for insurance.
4. Long-Term Benefits
Actually, insurance is not an investment that can benefit money many times over. It's just protection with our own funds. That's why we need to make sure that the premium paid every month will not just disappear, except for the case of vehicle insurance that will indeed be forfeited if not used.
Determine the premium to be paid and calculate it to the maximum limit. Then comparing with the sum insured that will be obtained is one form of measuring long-term profits. Insurance premiums are a certain amount of money that must be paid by you at a certain time based on the insurance policy that you agreed to. Do you think it's in line with expectations or not?
Remember some insurance products also offer unit-link insurance, namely with some funds allocated to other investment products such as mutual funds and stocks. So there is an additional advantage at the end of the premium payment later.
5. Understand Risk Factors
Since insurance is something that is not guaranteed by the government then any loss or fraud will be a loss in itself. Therefore, before making a choice you should first understand the various risk factors, such as funds that cannot be disbursed or sum insured that does not match the expectations that you need to explain back to the insurance agent you entrust. An insurance agent is a person who acts to offer and market insurance products for and on behalf of the insurer in this case the company.
For example, you buy car insurance for a period of one year for Rp 5 million. It turns out that in one year your car is fine, never experiencing the slightest defect.
So at the end of the payment period, the sum insured policy becomes the property of the company. You have to accept with fun when every year the funds you do not feel the benefits. Or when you buy insurance premiums for dengue fever. It's already paid about a hundred thousand for one year's protection.
In fact, you do not even get dengue fever, therefore the money that has gone to the insurance also you can not use again. Therefore, some things that you must pay attention to before buying insurance products both for life insurance and others. Insurance is something you should consider in the future.
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