Insurance from the Office Is Enough? Get to know 4 Types of Life Insurance for Employees

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Good companies usually already have a protection system for their employees, at least for health protection in the form of health insurance. Especially at this time, there is a government regulation that requires companies to participate in the BPJS Health insurance program. Some companies even provide additional insurance from private insurance companies for their employees.

If even this is felt to be lacking, then there's nothing wrong with starting to look at additional insurance to protect yourself . There are at least two insurance products to consider, namely health and life insurance. What considerations need to be considered before taking additional insurance products? The reviews below will help you.

Read also: Check out the list of insurance products that you must have

Important Considerations Before Taking Additional Insurance Products

If you are currently participating in the health insurance program or other additional insurance and feel that something is still lacking, then there is nothing wrong with taking additional insurance. The following considerations are one of them:

1. Current Insurance The Insured Value or Service Class is Out of Expectations

Health insurance has its own class of services according to the premium paid. If you feel that the class of service provided is not as expected, there is nothing wrong with looking for additional insurance. Likewise with life insurance, whether the sum assured is large enough or not. Adjust as needed, at least covering coverage of Rp. 1 billion. If not, you can take additional insurance outside the office.

2. Uncomfortable with Insurance Services from the Office

One of the most uncomfortable things in joining the insurance program is the claim mechanism. If insurance from the office is currently considered a hassle, such as limited hospital services, or your mobility is high while the claim process is difficult and troublesome, then it's a good idea to consider taking other additional insurance.

3. What is the Budget to Purchase Additional Insurance?

This factor is the most important to be used as the main reference. Don't force yourself to take additional insurance that will actually burden your monthly expenses to make you often stressed.

Know the following types of life insurance so you don't take the wrong protection

Life insurance is less desirable because the impression is identical with death protection that cannot be enjoyed by the insured himself. In fact it is not so. Life insurance provides financial guarantees if a person is too old or has a disability or dies so that he cannot provide for his family.

The insurance company itself has finally developed this life insurance product into 4 types so that it is more easily accepted by prospective customers according to their needs as follows:

Confused about finding the best and cheapest health insurance? Cermati has a solution!

1. Term Life Insurance - The Cheapest Among Other Types of Life Insurance

This type of life insurance provides protection to policyholders within a certain period of time according to the agreement, for example 5, 10, 20 years. Beyond that the protection period will expire (expired) . Suitable for those who want maximum protection with a limited budget and within the desired timeframe. This insurance premium is the cheapest compared to others, but the risk is that if there is no claim, the total premium that has been paid will be forfeited.

Characteristics of Term Life Insurance

If a risk occurs, for example an accident or death during the contract period, the insurance company will provide financial guarantees in accordance with the provisions in the policy to the heirs.
If the insured does not experience the risk until the end of the contract period, the insured will lose the money that has been paid to the insurance company. It's just that the customer does not need to feel sorry for this, instead he should be grateful that he is still given health until the contract is finished. So the principle is more towards being on guard in case of a risk that cannot be borne alone.

Advantages and Disadvantages of Term Life Insurance

The cost of this insurance premium is lower than other types of life insurance, usually IDR 250,000 per month or according to financial capacity.
The sum insured obtained is quite large, even reaching billions of rupiah, and will only be given by the insurance company if the insured cannot support his family due to health problems or dies during the active contract period.

2. Whole Life Insurance

Life Insurance or Whole Life Insurance is intended for customers who want to get lifetime protection. Actually, more precisely for the protection period until the age of 99 or 100 years according to the provisions in the policy.

Characteristics of Life Insurance

Whole life insurance can provide the cash value of the policy that has been paid within a certain period of time, according to the agreement in the policy.
Premiums that have been paid previously can be used to pay premiums for the following months if the customer experiences financial problems.
The insurance premium will not be burnt when there is no claim and can be taken in full when the contract period ends as per the agreement in the police.
The premium paid is relatively high

This type of insurance is suitable for customers who want to get lifelong protection but still get cash benefits so that it can be an alternative to savings, even though the value is not large.

3. Asuransi Jiwa Dwiguna (Endowment Insurance)

This type of life insurance offers 2 benefits, namely as term insurance and savings. This product combines term life insurance and savings which can be withdrawn at any time before the contract period ends, according to the agreement.

Characteristics of Dwiguna Life Insurance

This dual-purpose life insurance product has many variations.
Usually packaged as child education insurance, pension insurance, and so on.
Many choices of contract terms with a nominal agreement for the disbursement of the savings value and the nominal sum insured
This type of insurance has 2 benefits, namely life benefits and death benefits. This means that the sum assured will be given if the customer dies or is still alive but the policy contract has ended.
Suitable for savings as well as life protection
The premium cost is relatively high due to a more flexible refund of the sum assured and the existence of savings benefits that you can use for urgent needs.

4. Link-Insurance Plus Investment Unit Life Insurance

This type of insurance is the newest product from the insurance company that combines insurance and investment which is the answer to the needs of customers who are interested in investment and want to continue to get life and health protection.

Unit Link Insurance Characteristics

The premium is expensive, the investment profit or loss is still borne by the customer.
Return on investment is used to pay additional insurance costs if there is a premium leave facility.
Return on investment can be taken when urgent needs such as education or retirement.
Practical for customers who want protection as well as insurance in the same product
Investment returns can be withdrawn within a certain period of time.
The investment value is not as much as pure investment, as well as the protection value is not as big as pure life insurance

Consider carefully before deciding to take unit link , because this is an insurance product and long-term investment. If you stop in the middle of the road you will lose.

According to Financial Ability

Understanding each insurance product is important to do before deciding on it. If you feel that insurance protection from the office is still lacking, then the alternative insurance products above can be an attractive option. The condition is that you have enough budget to pay the premium. Don't let it become a burden on your own for long-term financial plans.