Customer's a big mistake when buying life insurance

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Is buying life insurance including one of your financial resolutions this year 2018? If your current position is as the main breadwinner in the family, you should have life insurance as a family financial risk management strategy.

 Having life insurance can help you anticipate financial risks that can arise as a result of the death of a breadwinner and because of other calamities that make the family income tap disturbed.

 However, to buy life insurance, it also needs to be very individual to avoid getting stuck in the improper purchase of products. There is often a person buying life insurance, apparently not as needed so that when thawed, the financial risks that are avoided still occur and shake the family's financial health.

For example, the value of sum insured is very small, not on estimate. Or most of the premiums or dues paid per month were cut out quite large for some reason from insurance companies. If you are planning to buy life insurance, take note of the following four big mistakes of research to avoid buying:

1. Not knowing the needs of the sum insured many people simply buy life insurance without first calculating how much coverage money he actually needs. As a result, when the risk occurs, the liquid coverage is not adequate to cover the family's financial needs.

Know the needs of your life insurance coverage first so that you can find the right product. How to know the needs of money insurance coverage can be calculated by the Human Life Value approach with the formula of the link between the current income value plus risk-free rate.

For example, your current income is Rp 10 million per month and your dependents can be independent for 20 more years. Assuming the risk-free rate is 5.2 percent. Thus, the need for life insurance coverage is Rp 10 million x 12 months X (110 percent + 5.2 percent) x 20 years = Rp 1.42 billion. After knowing the needs of the sum insured, you are looking for life insurance products with the value of Sum Assured (UP) of it. You can weigh the term life product or pure life insurance that the price is still very long-term with a big UP value.

2. Consider insurance as an investment concerning insurance, one thing you need to keep in mind is that insurance is a fee. Insurance is not an investment where you can expect great returns someday. In contrast, insurance is a cost because in principle insurance is a transfer scheme of someone's risk to a third party is an insurance company. Insurance companies will pay a certain amount of compensation or sum assured when there is a risk to the insured or policyholder. Policyholders must pay a premium as a fee for transferring the risk to the insurance company. Life insurance cannot prevent death. However, life insurance can alleviate the financial burden of family members left behind when the breadwinner dies. Wrong considering insurance as an investment product can lead you to choose a less precise life insurance product. Like buying life insurance combined with investment.

Consequently, the premium is quite expensive, while the money Pertanggungannya is relatively small. So, it is smart to choose the best.

3 The wrong set insured in the policy in insurance, the insured is he who bears the risk of his soul by the insurance company. Therefore, when the insured dies, the insurer will pay a sum of the insured money entitled to the designated beneficiary.

Who is ideally the insured in life insurance products? As the purpose of purchasing is the family financial risk management, the insured person should be those who have economic value or the party that is the source of family income. For example, husband, wife, or both. If husband and wife alike work, the insured should be the most income party because its financial risk is also the greatest for the family when suddenly he dies.

4. Origin of the purchase of supporting insurance usually when you buy life insurance, insurance agents will offer also complementary insurance or rider. Do not add additional insurance before you first calculate your needs. Additional insurance also means additional costs, so it is wise in increasing the kind of riders. If additional need, for life insurance you can weigh to add it with a waiver of premium or premiums exemption. Riders are useful to anticipate the risk of inability resulting in you cannot afford regular premiums For example, because of an accident that makes you lose your job, you will be exempt from the payment of life insurance premiums.

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