Buy Life Insurance Through a Bank? Do This So You Won’t Be Disappointed

Jakarta, – Not only through agents, but you can of course buy life insurance through a bank. This insurance marketing program through banking services is known as bancassurance.

In fact, it’s not only life insurance that can be purchased through this program, but also health insurance, property, and so on.

In a way, the bancassurance program will create a symbiosis of mutualism between banks and insurance, because insurance can get new prospective customers from the bank’s customer database.

Maybe you have been called by a bank telemarketing officer, and at that time the officer even offered you an insurance product. If you have experienced this, then you have experienced the bancassurance program’s offerings.

With bancassurance, it is certainly easier for people to get insurance services. Not only that, they can also enjoy two services at the same time at one bank, namely banking and insurance services.

It’s not impossible either, there are some interesting promos in this program. For example, the ease of applying for credit facilities from banks, and so on.

However, there are also various risks that prospective customers can experience when buying insurance through this route. Considering that this bidding process is not carried out face-to-face, there is a risk of misunderstanding regarding telemarketer explanations with prospective customers, especially if the prospective customer does not understand insurance at all.

Here are the things you must do if you want to buy life insurance through a bank.

Don’t equate insurance with savings, let alone investment

Not a few telemarketers offer life insurance by equating the protection product with a savings or investment. When there are frills that can be disbursed for so many years, and so on, then someone may have a wrong perception about insurance.

Get to know the insurance they offer you, whether it is traditional, endowment, or accompanied by an investment.

In essence, the reason someone buys insurance is because they want to lighten the burden on their loved ones when they die or experience total permanent disability.

That’s why insurance is a product to protect finances, not savings or those for profit.

Know the exceptions that apply

It is possible that the telemarketer who contacted you did not explain the exclusions or risks that insurance could not cover at all. When someone does not understand this exception, it is likely that the claim against life insurance made by the beneficiary will be rejected.

When this happens, the dream of protecting the finances of the family left behind can run aground. The aftermath of this problem can also lead to a bad perspective on insurance among the public.

Therefore, never hesitate to ask the telemarketer in detail about this.

Check the insurance company

Banks may sell insurance products from companies that are not their subsidiaries. Therefore it is very important to find out which insurance company is offered to you.

Not a few found cases of default from insurance companies. Therefore it is very important to trace the track record of the insurance company concerned.

It is very important to choose a life insurance company that is financially sound and strong. Large company indicators alone will not be enough to determine whether the insurance company is truly financially sound.

The way to measure the financial health of an insurance company can be seen from the value of the achievement ratio (RBC), the investment adequacy ratio, and the amount of equity.

OJK has set the minimum RBC value for insurance companies at 120%, RKI at 100%, and a minimum equity of IDR 100 billion. If the amount is higher, of course, the better.

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