These 6 Things You Must Know Before Taking a Life Insurance Policy

insurance policy

Many people always think that the contents of an insurance policy are so complicated and difficult to understand that they choose not to read it in detail when buying insurance. This is certainly a mistake because in the insurance policy various important things about the service will be listed there. Then, if you choose not to read it properly, how is it possible to understand its content correctly?

Not understanding the insurance policy you choose can cause problems later. In a case like this, one day you may experience losses in using the product. Things like this have even happened very often and should be used as learning material for those of you who are just about to buy an insurance product.

The policy is mandatory for you to read and understand well. Because various rights and obligations will be contained in it. Don't let you experience a failed claim or other problem with the insurance you use. This incident will certainly cause losses to your finances. Below are some points that you should know about an insurance policy.

1. Learn and understand the contents of the insurance policy

Not just selling products, insurance companies actually provide enough time for you to understand and study the contents of the policy you purchased. In this case, you will be given about 14 days to be able to understand in detail the insurance policy. And if you have objections to the contents of the policy, you can cancel the purchase of the insurance policy. You also will not be harmed by the insurance company. Because all premiums that have been paid will be returned without any deductions.

Do not rush to make a decision and immediately have a policy without reading and understanding it. This can be very costly to you. Use this opportunity well so that you can get the maximum benefits of the policy.

2. Data on Police Holders and Insured

The policy is an important legal document in the insurance service that you use. Always make sure that you do the initial data filling carefully and correctly. This will be very important for various future affairs, including when making claims to the insurance company.

Error filling in data will make it difficult for you to take care of various things related to your insurance. Therefore, it is very important to fill it correctly and according to the data, it should be. Do recheck after filling in the data so that you can ensure that the data listed is correct and correct.

3. Insurance Protection Benefits

Don't forget to make sure that all the benefits included in the insurance you buy are in accordance with your wants and needs. Do not let you be harmed by this. At least, look at some of the points below related to the insurance benefits.

  • The sum insured will be received by the heirs if at any time the insured experiences a disaster such as an accident.
  • The period of coverage that the insurance company will provide to the insured.
  • Inpatient facilities that will be obtained, including various services in it.
  • The benefits that will be obtained from the additional insurance services used.
  • Procedure for submitting claims.

4. Provisions Related to Premiums

Premiums are also very important for you to understand in detail. Insurance companies may apply a number of rules related to this. Some of the points below are important things that you must pay attention to regarding insurance premiums.

  • The amount of premium to be paid, the term of payment, the method of payment, and various other provisions related to the payment.
  • Provisions related to late payment of premiums. In this case, the insurance company will apply certain policies that will likely affect the effectiveness of the insurance services you have.
  • Reinstatement of policies that have lapsed (inactive) if at any time you experience premium arrears which result in the policy being unable to be used properly.

5. Exception Conditions

These various provisions are points that can cause a claim to be rejected by the insurance company. Some of them include:

  • In life insurance, coverage will be declared void, if the insured dies due to several things such as:
  • Died of suicide that occurred within 2 years after the police were released.
  • The insured dies while committing a crime.
  • The insured was executed by the court
  • The insured dies as a result of a crime or murder committed by a stakeholder in the liability.
  • In accident insurance, the police will state that it does not happen when:
  • There was a war or a state of war emergency in Indonesian territory.
  • There were strikes, riots, riots, rebellions, civil wars, and also the takeover of power.
  • Military or police duties that are being carried out by the insured, unless using an additional premium.
  • The act of committing suicide or injuring himself (whether consciously or unconsciously), undergoing the death penalty by the court, the insured committing a crime, dying as a result of a crime, or murder by someone with an interest in the coverage.
  • Serve as a flight attendant, except for additional premiums.
  • Doing various risky sports activities, except paying an additional premium.
  • Died from drinks containing alcohol, illegal substances, poisons, gases, and the like.
  • Died as a result of suffering from a disease or infection, except those caused by cutting off a body part due to an accident.

6. Cost Cutting Provisions

A number of fees that are applied in your insurance service are certain things that must be understood from the start. Because this will reduce the benefits you get. Check out some of the costs that should be considered, especially when taking out unit-linked insurance.

  • Maintenance cost
  • Basic Coverage Fee
  • Investment Fund Allocation Change Fee ( Switching )
  • Monthly Administration Fee
  • Fund Management Fee (per year)

Do not underestimate it because it can be fatal

Insurance policy is very important for you to understand properly and correctly. Because this will greatly affect the services you get in the insurance product. Read and understand in detail the policy you have so you can see and adjust it according to your needs. Make sure you have the right policy so that the benefits can be felt maximally.

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