Traditional Life Insurance Products

Traditional Life Insurance Products
The life insurance Indonesia products consist of two main types: traditional life insurance and unit-linked insurance account. I will discuss financial results of three types of traditional insurance in Indonesia.

Three traditional types of life insurance
Traditional life insurance consists of three types of long-term insurance (Termlife), life insurance (of Wholelife) and endowment insurance (staffing). Here is an explanation of the three types of traditional life insurance.

Insurance Termlife (futures)
As its name suggests Termlife insurance (long-term), this traditional life insurance provides protection for a period of tertetu. Characteristic is the presence of Termlife specific time period insurance and if it does not there will not refund premium payment of benefits or insurance money.

Termlife insurance premiums life insurance more traditional low and coverage is quite large sums of money. Termlife life insurance has no cash. If the insurance contract expires and no claims then the insurance company will not pay money.

Whole life insurance (whole life)
The next traditional life insurance whole life insurance (life). In general, the protection afforded to the age of 99 years. Features Wholelife insurance is the protection period until the age of 99 years. Whole life insurance has a cash value. The redemption value can be borrowed (interest and rules may be made to each company). The insurance company will pay benefits or insurance money disaster in the contract period or at the end of the insurance contract.

Projector (staffing)
The third traditional life insurance is an insurance product that is quite unique. This insurance is usually combined with a kind of specific purpose, such as insurance education, pension insurance. Projector is insurance that can be considered popular at the time of unit-linked insurance account was not out. Read: Principles of Insurance and Elements of Insurance Contract

Projector has features similar to the whole life insurance (life) in terms of implementation and payment of cash benefits. One of the advantages of whole life insurance is a benefit payable at the time given schema, for example to fund education will come in stages, for example, when children enter elementary, secondary, high school, and the education. This endowment insurance has premiums that are more expensive compared to other traditional life insurance premiums.

Life insurance in Indonesia is not only unitlink. In Indonesia, the different types of traditional life, as life insurance Termlife (forward), life insurance (whole life) and staffing of traditional life insurance (staffing).

Keyword: traditional life insurance, insurance product, insurance traditional, traditional life insurance products.

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