Types of Life Insurance

Life insurance is a Term Insurance with Living benefits that aim to support the person upon sudden financial troubles, affected by the death of his life too early or too long. Or the definition of life insurance is a contract between the policyholder to the insurer or the insurer, which is where insurance firm promised to pay the nominal money if there is a risk of death to the insured / policyholder.

Life insurance has different types of products, in which each type of product that has different benefits. some types of life insurance products are intended to serve a variety of needs, abilities, and purchasing power.

Term Life Insurance (Term) is a policy that is the simplest and most inexpensive. This policy is usually taken for a certain period, for example between 10, 20 or 30 years. The goal is to provide temporary needs, such as children’s education, home, mortgage payments, and so on. The types of product are suitable for you who have a need for large insurance costs but only have limited purchasing power.

Life Insurance (Whole Life) is a basic type of permanent life insurance that provides insurance protection for a person’s lifetime. If you want the benefits are more than just a death benefit, or you who like the idea of long-term savings. If you want protection to have a soul as well as savings for emergency needs, such as the cost of hospital bills. Or, if you want to get capital growth investments, you can consider buying this insurance policy. But be prepared to pay higher premiums, of the Term Life Insurance.

Life Insurance Dwiguna (Endowment) is a type of life insurance that provides two benefits at once. The benefit is the first form of acceptance sum insured if the insured dies / die, in a certain period of time in accordance with the policy of insurance policy you purchased. Secondly, if the insured is still alive when the period expires, the insured will get all the insurance money.

Before you buy a life insurance policy, it is recommended that you seek more information or as much as several insurance companies, and then you compare the protection afforded by the premium to be paid. Also to consider, how many members of your family dependents, and inventorying needs education needed for your child.