10 Ways to Choose the Best Insurance


The best insurance is insurance that is tailored to your financial needs and capabilities. So, when choosing the best insurance, we need to consider the actual protection needed and financial capability. Here are some guidelines and how to choose the best insurance.

1. Adjust to protection needs

We need to adjust the type of insurance that will be purchased as needed. Not everyone needs health insurance, life insurance, or property insurance. Because each person has their own protection needs.

For example, prospective customers who do not own a motorized vehicle certainly do not need to purchase vehicle insurance. Or, prospective customers who are young and do not have critical illnesses and have been provided with office health insurance may not need to buy other health insurance. However, prospective customers can focus on life insurance.

2. Compare the best insurance products

To get the best insurance, take the time to compare insurance products on the market. We can compare insurance products from one company to another or even insurance products available in one company. Thus, we will get the best insurance at the best price too.

3. Insurance premiums according to benefits/benefits

By comparing the insurance products available in the market, we can also compare the balance between premiums and benefits. As much as possible, choose insurance with a reasonable premium with comparable benefits or benefits. It's a shame, right, if it turns out that the premium we pay is too expensive but the benefits are not that much.

4. Choose an insurance product from a credible insurance company

The best insurance is an insurance product that comes from a credible insurance company. The insurance company must have a good track record. You can see this from various reviews of the insurance company participants, both offline and online.

5. Choose those already licensed and registered

To be sure, choose an insurance company that has received a business license. You can check the insurance company's business license on the official website. Then, make sure that the company is registered.

6. Choose insurance from a company with a good solvency ratio

We can also see a good insurance company from the solvency ratio (risk-based capital / RBC). The solvency ratio is the company's ability to pay claims from its funds. The higher the solvency percentage of the insurance company, the more guaranteed the claim will be paid.

7. Easy claim process

Also, choose insurance that provides an easy and hassle-free claim process. Among them, insurance participants are given various options for making claims. Can be cashless or reimbursement. Especially if there is the technology that supports the claim process, immediately select the insurance product.

8. There are not too many exceptions

Good insurance is also an insurance product that doesn't list too many exceptions. If we buy insurance at a low premium but it turns out that there are too many exceptions, it's the same! So, make sure to read the policy carefully before agreeing to it so you don't regret it later.

9. Affordable rider premium

Likewise with riders or additional benefits besides the main benefits of insurance products. Choose, the rider we need. Besides, also choose insurance products with riders that are priced at a more affordable premium.

10. Compare and buy from insurance brokers

To get the cheapest insurance, there's nothing wrong with comparing and buying from an insurance broker. Because we will be presented with various policies from various insurance companies. Thus, we can compare various insurance products at one time. Of course, make sure the insurance broker we choose is already registered or has obtained a business license.

Can insurance be used for profit?

Insurance actually cannot be used for profit. This is because insurance functions as protection, not investment. However, now several insurance products are combined with investment instruments so that they can provide benefits to customers. However, the value is certainly not as big as an investment.

Is insurance an investment?

Insurance is not included as an investment, but as protection. However, several insurance products combine the two instruments, namely unit-linked or insurance with premium refunds.

How does insurance minimize losses?

Insurance will not prevent us from risk, but it can minimize the losses that occur.

For example, if we are sick, the insurance company will pay for the hospital bills. Meanwhile, if we don't have insurance, then we need to spend on savings or investments.

If you only rely on savings and investment, the funds we have accumulated over the years will just be forfeited.

Is insurance important?

Insurance is very important because it is useful as a protection from financial losses due to certain risks. In life, we are faced with various risks, ranging from illness, death, and property can be damaged. Well, insurance can be used to replace the economic value lost due to these risks.

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