FEATURES OF INSURANCE POLICY
Marriage, childbirth, buying a house and many more are all evidence of changes.
When a big change appears in your life, many people are wondering,
“Is it time to get some insurance?”
Insurance” plays an important role in protecting oneself and one’s family in a life where various things come.
Knowing the types of insurance, in general, makes it easier to understand when and what insurance you and your family need.
However, there are many types of insurance, and many people may find it “difficult” because each has different characteristics.
So, this time, I summarized the “types and characteristics of insurance”.
Basic Type of Life Insurance
First, I would like Cheap insurance in Texas to explain about “life insurance.”
Originally, life insurance was literally “life” insurance, and was intended to cover the loss of a subscriber when he or she died.
With the addition of people’s needs, insurance for medical care, injuries, school funds, long-term care, etc. was born, and the original “death insurance” was only “death insurance”.
There Are Three Main Types of Life Insurance (Death Insurance)
1. Term Insurance
It is insurance that guarantees death during the period when the contract is covered. Even if you cancel the contract, in the middle of the contract, there will be a slight refund, and most of the “discard” will be zero at maturity.
Compared to other types, the insurance premium is cheaper, and it has the advantages of being easy to join and not putting pressure on your household budget.
2. Endowment Insurance
Also called “life-and-death mixed insurance”.
Like term life insurance, there is a fixed period of coverage, but you can receive maturity insurance at the end of that period.
Insurance premiums are higher than term life insurance.
3. Whole Life Insurance
This insurance lasts for a lifetime. Insurance money will be paid when the subscriber (insured person) dies.
Also, if you cancel in the middle, you can receive a cancellation refund. Death insurance is paid no matter how old you die, but the premium is higher than other types of insurance.
Other Known Types of Insurances
The types of insurance vary from insurance company to insurance company, but here are the general types and characteristics.
1. Medical Insurance
This insurance covers the cost of medical treatment due to illness or injury.
There are “illness/disaster hospitalization benefits” that you can receive when you are hospitalized due to illness or injury, and “surgery benefits” that you can receive when you have surgery.
Conditions such as how many days of hospitalization you are guaranteed will vary depending on the product.
There is also a plan to receive “illness / disaster outpatient benefits” for outpatients before and after hospitalization.
In addition, there are some that can be prepared for the three major diseases (cancer, acute myocardial infarction, and stroke) by adding a special contract.
2. Cancer Insurance
This insurance covers the financial burden of being diagnosed with cancer and receiving treatment such as outpatient care, hospitalization, and surgery.
Benefits include the following:
・ When you are diagnosed with cancer.
・ When you are hospitalized for the purpose of cancer treatment. Hospitalization benefits.
・ When you have surgery for cancer … Surgical treatment benefits
・ When you go to the hospital for the purpose of treating cancer. Outpatient benefits
・ When receiving radiation therapy. Radiation therapy benefits
3. Death Insurance
This insurance reduces the financial burden on the bereaved family when the subscriber (insured person) dies. Click here .
As already explained, there are three basic types:
term life insurance, endowment insurance, and whole life insurance.
4. Student Insurance
This insurance aims to save funds for the future of children, such as educational expenses.
Based on “preparation for future education funds for children”, those that can add security (special provisions for exemption from insurance premium payment) in case the guardian (contractor) of the child dies.
Also, there are those that do not require a medical examination.
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