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Insurance is a term used to refer to an action, system, or business where financial protection (or financial compensation) for the soul, property, health and so forth get a replacement from unpredictable events that can occur such as death, loss , damage or illness, which involves paying premiums regularly within a certain period of time instead of a policy that guarantees such protection.




The term “insured” usually refers to everything that gets protection.

Basic Insurance Principles

In the insurance world there are 6 basic principles that must be met, namely:

• Insurable interest, namely the right to insure, arising from a financial relationship, between the insured and the insured and legally recognized.

• Utmost good faith, which is an action to disclose accurately and completely, all material (material fact) facts about something that will be insured whether requested or not. The meaning is: the insurer must honestly explain clearly everything about the extent of the terms / conditions of insurance and the insured must also provide clear and correct information on the object or interest insured.

• Proximate cause, which is an active, efficient cause that causes a chain of events that results in an effect without the intervention of one who starts and actively from new and independent sources.

• Indemnity, which is a mechanism by which the insurer provides financial compensation in an effort to place the insured in the financial position he had just before the loss occurred (KUHD article 252, 253 and affirmed in article 278).

• Subrogation, namely the transfer of claim rights from the insured to the insurer after the claim is paid.

• Contribution, which is the right of the guarantor to invite other guarantor who both bear, but do not have the same obligation to the insured to participate in providing indemnity.

Type of Insurance

1. Life Insurance

This type of insurance is known to provide financial benefits to the insured for his death. The payment system for this type of life insurance varies. There are insurance companies that provide payment after death and others can allow the insured to claim funds before his death.

Life insurance can be purchased for self-interest and on behalf of the insured alone or purchased for the benefit of a third person. Even life insurance is also known to be bought in other people’s lives. As an illustration, suppose a husband can buy life insurance that will provide benefits to him after the wife’s death. Parents can also insure themselves against the child’s death.

2. Health Insurance

This type of insurance is also quite well known by the people of Indonesia. Health insurance is an insurance product that handles the health problems of the insured because of an illness and covers the cost of the treatment process. Generally, the cause of the insured’s illness which can be borne by the insurance company is injury, disability, illness, until death due to accident.

Health insurance is also known to be bought for the benefit of the insured or the interests of a third person. Private health insurance companies such as Prudential, Allianz, AIA, Cigna, and Manulife are among the big names that provide a variety of insurance products to suit the needs of the Indonesian people and are widespread throughout the world.

3. Vehicle Insurance

The most popular vehicle insurance in Indonesia is a type of car insurance that focuses on injury coverage to other people or against damage to other people’s vehicles caused by the insured. This insurance can also pay for the loss or damage to the insured motor vehicle.

Vehicle insurance is one of the general insurance products. This type of insurance had become a boom when the riots broke out in May 1998 because the incident made people’s interest in protection ownership for private vehicles increase dramatically.

The financial site Cermati.com has partnered with well-known insurance companies in Indonesia so you as a customer can compare the best car insurance products with low rates.



4. Education insurance

Dizziness with children’s education costs? This type of insurance will help you overcome. Education insurance is the best alternative and a solution to ensure a better life, especially in children’s education assets. The cost of the premium that must be paid by the insured to the insurance company varies according to the level of education to be obtained later. Understanding the importance of using education insurance for children is now a matter of concern for parents. The high cost of education and other conditions that exacerbate the economy such as the weakening of our currency against the US dollar affect the cost of education for children later. Realizing that this clearly will burden parents, it is not uncommon for parents now to choose to have education insurance. So, education insurance can be classified as the types of priority insurance too, right? You will certainly be helped in taking care of the child’s future.

5. Travel insurance

Maybe for those of you who often travel or travel are familiar with this type of insurance. The various types of insurance also create a variety of protection for travelers. Overall, the function of travel insurance is not much different from the ordinary insurance function as a form of protection for customers with a short period of time that is for the premium buyer to travel until returning home. Benefits and protection that will be gained from having travel insurance include obtaining protection and coverage for accidents that affect premium buyers, personal accident benefits, dependents for emergency medical expenses, repatriation of bodies, medical evacuation, to protection of luggage that has a risk of being lost. or damaged.

6. Business insurance

For those of you who have a business field, this type of insurance is important to consider. In addition to the types of insurance that involve individual protection, insurance that protects businesses is also needed. Business insurance is a protection service against damage, loss and loss in a large amount that may occur in one’s business. This insurance provides compensation for damage caused by fire, explosion, earthquake, lightning, flood, hurricane, rain, collision, until riots. Insurance companies usually offer a variety of benefits from business insurance such as protection of employees as business assets, investment and business protection, comprehensive life insurance for all employees, to health insurance protection packages for employees.

Advantages of Insurance Companies

Insurance companies also benefit from investment. This is obtained from the investment premium received until they have to pay the claim. This money is called “float”
Insurers can get profit or loss from float price changes and also interest rates or dividends in float. In the United States, property losses and deaths recorded by insurance companies were US $ 142.3 billion in the five years ended 2003. But total profits in the same period were US $ 68.4 billion, as a result of the float.

Insurance Refusal

Some people consider insurance to be a form of betting that applies during the policy period. The insurance company bet that the buyer’s property will not be lost when the buyer pays the money. The difference in fees paid to insurance companies against the amount they can receive if an accident occurs is almost the same as if someone bet on horse racing (for example, 10 to 1). For this reason, some religious groups including the Amish avoid insurance and depend on the support received by their community when disaster occurs. In communities where close and supportive relationships where people can help each other to rebuild lost property, this plan can work. Most people cannot effectively support the system as above and this system will not work for big risks.






In this video, Fitz and Rienzie talks about the different types of life insurance and when you should get one. Money Insights & Advice is a video project of Wealth …

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32 Replies to “Usapang Life Insurance: Different Types of Life Insurance | My Insurances Info”

  1. Hi sir ano po ung term insurance na sinasabi ninyo s video naconvertable s vul? Meron po kz ako ilang agent na nakausap madalang lang skanila ang ng may alam s term or magrerecommend ng term insurance

  2. question lng po mga sir. yung sa term insurance mababalik po ba sa inyu yung pera after the coverage at hindi kapa na dedo? 🙂 usually ilang taon po cya bayaran to cover you untill 60 to 70 years old?

  3. Hi, new sub here.
    I currently have VUL prulife pep7 60k/anum for 7 yrs. I have no idea regarding investment side during the time nag sign up ako for insurance, so i follow the advice of my agent. I think for investment side lahat sa growth fund nilagay. Question po. Should i consider term insurance for another savings or mutual funds? Ang suggestion where to invest for mutual funds where i can sign up online and do all the paper works since im based abroad. Thanks for your advice.

  4. Hello. Do you advise na kumuha na ng life insurance at a younger age kahit wala pa namang wife and children as dependents? Sabi kasi ng agent na nakausap it is much cheaper daw to buy a policy now kasi nagmamahal as time goes by, at pwede ko naman daw gawing dependents ang parents ko (although they don't really need it), and change dependents nalang kapag may sariling family na ako. Nagdadalawang isip po kasi ako if it's better kung sa stock investments ko nalang ilagay yung babayaran ko sana for the insurance premium. Thank you sirs Fitz and Rienzie.

  5. Hello po, sir di ko po masyadong magets kung bakit hindi ka lugi kung convertible to VUL ung term insurance na nakuha mo. Nakuha ko naman po kung bakit nila sinasabing lugi ka sa term insurance kasi kapag walang nangyari, totally expense mo talaga ung mga premiums. Ano po ba ung kagndahan kapag convertible sa VUL ang term insurance?

  6. Hello po.

    May tanong lang po ako regarding the 15-day cooling off period. Ano po ibig sabihin ng "upon receipt of policy"? Upon receipt po ba ng mga documents/policy contract or upon issuance/approval/first payment of premium? Kasi in my case, nakapagbayad na ako ng 2 monthly premiums and gusto ko na itigil, wala pa po nadeliver sa akin na mga documents, so tanong ko lang po if may makukuha pa kaya akong refund. Thanks po!

  7. Mga bossing ask lang sana ng wise insights ninyo. Dba you should have an EF and insurance before investing. May EF nako and back then sabi ko may insurance naman kami sa company. Breadwinner po ako but what if (knock on wood) i get sick or for whatever reason I lose my job e di wala na ko insurance dba? Although im only in my early 30s, no PEC, id say im quite well. Very slim din chances of losing my job or not having one dahil breadwinner nga ako and of course i wont join a company with no insurance.

    When you say "dapat may insurance ka bago mag invest" ok na ba na may life insurance ako sa company ko? If not, would you advice na mag term life ako or VUL?

  8. thank you Sir sa maliwanag n pag explain mo. s dami ng videos n pinanood q pra maexplain ng maayos about insurance d2 lng s video nyo po aq naliwanagan. thanks po ulit ang God bless po ☺

  9. Ask lang poh pwde po ba ma cancel yng VUL ko kahapon lng ako nag avail. Sabi ko nmn sa nag assist sakin na mutual fund ung i avail ko Pru binigay nya sa akin VUL. Nag expect ako na MF yun. Sa PhilAm po ako nag invest 2,080 per month tpus hnggang 10yrs ung payment. Pa help nmn poh

  10. Bossing, ano po ba ung BPI Balanced Fund? isang uri ba iyon na VUL Life Insurance?Nag invest kasi ako 10 months ago ng 200k, biglang naging 172k nalang ang balance sa account. Iniisip ko na I withdraw nalang ang pera baka kasi kung antayin ko pa ang 5 years e baka biglang ma zero balance. Ano po ba ang maipapayo nyo?

  11. sulit po ba talaga life insurance like vul? may napanuod po kasi ako video parang negative ang pagexplain niya sa life insurance.. sunlife pa ang sample niya.. may plan po kasi ako kumuha ng vul, 27 na po ako ngayon.. nanunuod po ako gaya ng mga vid niyo po para maconvince ko sarili ko kung sulit ba talaga vul life insurance.. i hope maacknowledge po comment ko.. thank you, more vids pa po 🙂

  12. Merung mga insurance na hindi witch ever is highER ang stracture. Kung kukuha ka ng insurance check nyu yon. Add up ang iba or witch ever is higher. Try nyu mag compare apple to apple. Same premium ano ang mas higher benefits.

  13. Hi sir good day.. naguluhan lang ako kumuha ako ng insurance kay manulife 12k monthly pero everytime may nag ask sobrang mahal daw, many times din ako nag isip e stop pero sayang 10yers to pay siya 2yers na ako nakabayad, e compare ko sa 3k monthly same lang coverage 1million.. naguluhan ako heheh

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