Aplimuvie.com - Whether buying life insurance includes one of your financial resolution this year 2018? When the current position is as the main breadwinner in the family, we recommend that you do indeed have life insurance as a financial risk management strategy in the family. Having life insurance can help you anticipate financial risks that could arise due to the death of the breadwinner and in other disaster-disaster because that keeps the taps family income is interrupted.
However, for buying life insurance also needs its own incredible detail in order not to get caught up the purchase of products that are not appropriate. Often happens that someone buys life insurance, turned out to be not as needed so that when thawed, financial risks inevitable still occurs and rocked the financial health of the family. For example, the value of sum assured so small, does not match estimates. Or most of the premium or contribution which is paid per month turns out to be cut large enough for some reason from the insurance company.
If you are planning to buy life insurance, consider the four great errors the following research results so that you won't go wrong buying:
1. not knowing the needs of the sum assured many people.
Simply buying life insurance without first calculate how money needs an actual coverage he needs. As a result, when the risk occurs, the sum assured that liquid turns out to be insufficient to cover the financial needs of the family. Know in advance how much life insurance coverage needs money so that You can find the right product. How to find out the needs of money life insurance coverage you can count on the approach of the Human Life Value, with the multiplication formula between current income plus the value of the risk-free rate. For example, your current income of Rp 10 million per month and your dependents can independently 20 years longer. The assumption of the risk-free rate is 5.2 percent. Hence, the need for life insurance sum assured is USD 10 million x 12 months x (110 percent + 5.2 percent) x 20 = Rp 1.42 billion. After finding out the needs of the sum assured, you are looking for life insurance products with a value of sum assured (UP) of it. You can weigh the product term life insurance or pure futures price premiums still affordable with value UP quite large.
2. Consider insurance as an investment Subject of insurance, one thing that you need to always remember is that insurance is cost.
Insurance is not an investment where you could expect a yield big someday. Otherwise, insurance is a cost because insurance scheme is in principle a risk of diversion of a person on a third party i.e. insurance company. Insurance companies will pay an amount of compensation or sum assured when there are risks on the insured or policyholder. A policyholder is obliged to pay premiums as a cost over the transfer of risk to the insurance company. Life insurance could not prevent the deaths. However, life insurance can alleviate the financial burden on family members left behind when the breadwinner dies. Incorrectly regarded as an insurance investment products could smother you choose a life insurance product that is less precise. Like buying life insurance merged with investment. As a result of the premium is quite expensive, while money the cover is relatively small. So, there are intelligent in choosing the best.
3. Incorrect setting of the insured in the policy in insurance.
The insured is the one who risks his life was borne by the insurance company. So, when the insured dies, then the insurance company will pay the insured a sum of money which is rightfully given to the designated beneficiary. Who should ideally be insured within the life insurance product? In accordance with the purchase of financial risk management, namely family life insurance, the insured must be those who have the economic value or parties became the source of family income. For example, a husband, wife, or both. When the husband and wife both work, should the insured is a party that has the most revenue because of the financial risk too great for most families when she suddenly died.
4. The origin of buying insurance advocates Usually when you buy life insurance.
Insurance agents will also offer complimentary insurance or a rider. Do not add additional insurance of origin prior to first calculate what your needs are. Additional insurance also means additional costs, then it wisely in adding different types of riders. If any additional need for life insurance, you can weigh to add it with a waiver of premium or premium exemption. Riders are useful to anticipate the risk of incapacity resulting in you can't pay a premium routine. For example, because of an accident that makes you lose your job, you will be exempted from the payment of life insurance premiums.
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