Jakarta, Armfalcon.com – From the period of coverage, traditional life insurance has two types, namely those that can cover up to the age of 99 years or for life (whole life), and term life or whose coverage period will end within a certain period of time. Which one is more profitable?
Actually, fine termlife or whole life destined for a different purpose. All must be determined from the needs of the customer concerned.
Life insurance premiums termlife certainly cheaper than whole life because the coverage period is shorter. However, when the insured dies after the coverage period ends, the beneficiary will obviously not be able to get insurance benefits, and the premium money paid will not be returned either.
So what life insurance would suit you? Here’s the answer.
Those who are suitable for life insurance termlife
People who have low incomes and have dependents are advised to buy life insurance termlife first. This is because with a low premium, the insured can get life insurance with a high sum insured.
Over time, when their income increases, they can do it upgrades sum insured or upgrades to the product whole life if necessary.
Apart from those with low incomes, life insurance termlife also suitable to be purchased by those who have long-term debt. Considering that death is a certain thing and debt can be passed on to heirs, the person concerned can buy term life insurance according to the time period for which the debt is taken.
Those who are advised to take life insurance whole life
Premiums to be paid by life insurance customers whole life obviously more expensive because the insurance has a coverage period until the customer is 99 years old. But the question is, we never know when we die.
As for people who are advised to have life insurance whole life are those who want to give more inheritance to their loved ones.
Inheritance may be able to meet the needs of heirs in the future, but the inheritance process itself has the potential to cost quite a lot. With life insurance, liquid sum assured can certainly be used to pay for all expenses in the inheritance process, until finally the inheritance received is intact.
Buy life insurance, the sum insured can reach IDR 2 billion