What is life insurance? Benefits of buying Life Insurance
“Kurulus Osman Season 5 Episode 110 Urdu Dubbed” The more life develops, the more risks it faces. Therefore, many insurance products for human risks were born. One of the products that helps prevent health risks, ensure future finance is very developed today is Life Insurance.
So what is Life Insurance? What are the types of Life Insurance and what are the benefits of Life Insurance?
What is Life Insurance?
Life Insurance in Vietnamese is called life insurance. This concept has appeared for a long time in the world, but for Vietnamese people, Life Insurance is still quite new to a group of people, especially people living in rural areas.
Life insurance is a type of hedging insurance for people. In each specific insurance policy, insurance packages will have different contents of human health insurance, including life and life expectancy.
In particular, the buyer of the product will be “insured” ie paid a corresponding amount according to the contract if health and life risks occur. The company selling the insurance policy will be obliged to pay that amount. The amount depends on the value of the policy as well as the terms between the buyer and seller of the insurance policy.
Policyholder means an individual or organization wishing to insure, performing the task of paying premiums according to annual regulations. When risks arise, the buyer and seller coordinate to ensure the interests of beneficiaries.
What are Life Insurance’s products?
Currently, different insurance companies will have different insurance packages. However, although there are dozens of insurance packages with different names, Life Insurance’s products have the following types.
+ Term insurance: This product means term insurance, also known as term life insurance. This type of insurance in case of death of the insured, the insurance company will pay the beneficiary on the policy if the insured dies within the time agreed in the policy.
The duration of this agreement can be 2 years, 5 years, 10 years depending on the needs of the buyer. In case the term expires and the insurer is still alive, the policy expires and the insured will not receive the premium.
+ Term insurance: In contrast to term insurance, term insurance is an insurance product for cases where the insured lives up to a certain term according to the insurance contract. In case the insured dies during the insurance period, the policyholder will not be paid by the insurance. If the insured lives to the time of policy maturity, the insurance company will pay the beneficiary on the policy according to regulations.
+ Mixed insurance: As the name Mixed insurance, this is an insurance product that combines both term insurance and term insurance. That is, insurance both in the case of living and dead people. This is also a type of insurance policy that is bought a lot by insurance participants because it is a fairly comprehensive solution to protect customers. Kurulus Osman Season 5 Episode 110 Urdu. However, because of the large risk guarantee, mixed insurance policies have a longer closing term than term insurance and term insurance.
Kurulus Osman Season 5 Episode 110 Urdu Dubbed
+ Whole life insurance: Like term and mixed insurance, whole life insurance in case of death of the insured. The difference is that even if the insured dies at any point during their lifetime, the policyholder is responsible for paying the beneficiary’s risk.
In addition, with whole life insurance, the beneficiary on the policy can extend the value of the policy when acting as an investor, helping to generate passive financial income for the next generation.
+ Periodic payment insurance: This is a form of insurance similar to term and mixed insurance, ie an insurance product for cases where the insured lives for a certain period.
However, the difference is that the sum insured is not paid once, but is paid in small installments, usually annually. This periodic insurance package is suitable for people who are nearing the end of working age who need a stable monthly income to actively live financially.
What are the benefits of Life Insurance?
In Vietnam, many people realize the great benefits that life insurance brings, so the number of people buying life insurance is also increasing. Even more people are willing to stop paying health insurance and switch to life insurance. Kurulus Osman Season 5. With increasing competition, insurance companies are increasingly offering insurance packages that bring great benefits to customers.
So what are the benefits of Life Insurance?
Life insurance is evaluated as a financial solution to reduce risks for people against health problems including illness, accidents, old age.
When buying life insurance, you will be partially or fully covered by insurance when you have health problems that require hospital visits such as maternity, emergency, surgery, serious diseases even cancer. Of course, this part of the payment depends on the policy terms as well as the value of the insurance policy.
It is clear that life insurance has proven its worth as an effective financial solution. Not to mention it partly makes up for the loss to the family of the deceased. Insurance is also somewhat a lifesaver, opening up opportunities to cure diseases for many people. However, not all risks are covered by insurance, so policyholders need to know to avoid conflicts or disadvantages in the process of buying insurance.
Kurulus Osman Season 5 Episode 110 Urdu Dubbed
Life insurance is a financial solution that helps customers both save profitably and invest effectively
Not only has a protective factor, life insurance is also said to be a financial saving solution. Especially with the current inflationary situation, life insurance brings dual benefits to customers who buy insurance. It both helps insurance buyers hedge against health risks and helps them get interest like bank savings. This is especially valuable for people at the end of working age to help them have a solid, independent financial source in old age.
Moreover, today insurance products also have the form of profitable investment as a form of financial investment to help customers create large financial resources to solve important problems in life, from buying a house, buying a car to investing in their children’s education. In addition, life insurance is also a form of community risk sharing, helping to improve the quality of people’s lives.
Conclusion
“Kurulus Osman Season 5 Episode 110 Urdu Dubbed” With that in mind, life insurance is getting more and more participants. However, insurance providers and insurance participants need to ensure honesty, objectivity and comply with the principles so that Life insurance keeps its benefits. Hopefully, the above sharing helps you understand what Life Insurance is, its types, the principle of operation of life insurance and help you choose the right insurance package.
