I. How many parts does Life Insurance usually have?
In the first article of this series I have shared with you very important information about life insurance, you should read through that article first.
And in this article, I will continue to share with you the information about the required product of an insurance policy.
Well, a normal life insurance contract has two main parts: That is main product & Byproduct.
I have repeated a lot in this life insurance series that I write based on personal experience, the experience of a person who used to work as an insurance consultant.
I do not PR for any insurance company in this series, so all information will be very objective for sure!
#first. Main product
+) Is a product that only protects the breadwinner, also known as the main income generator. All life insurance contracts must have a main product.
For example, like a cup of milk tea, the main indispensable ingredient is milk tea.
+) Normally the insurance contract will be stopped or invalidated if the main insured in the main product becomes incapacitated or dies.
The life insurance company will process the contract compensation according to the commitment when this risk occurs.
Like the example above, when we drink milk tea, we often order more toppings (like pearls, jelly, flan …)
The same is true of the life insurance policy, there are also additional products attached to help more comprehensively protect the main insured and other family members (if desired).
Additional products are not required to be included in a life insurance policy. Buyers of life insurance can freely choose by-products that are suitable for their economy as well as their needs or job characteristics.
II. What by-products should be included in the life insurance contract?
Most people think that the higher a contract has a premium, the more benefits it has.
This is true, but not enough, because the benefits are optimal or not depends in part on how to choose the right by-product.
First you should understand, choosing the right one is the most important!
Do not enter into a contract with a high value but merely to protect life, and the problems of accident, serious illness or injury are unusable (or very few benefits), then you have choose a not-so-optimal life insurance package.
Here are a few by-products that I recommend you choose from among the many by-products offered by insurance companies.
An important note is that you should choose by-products according to your work situation, and anticipate the risks that you are more likely to encounter in life than usual. Be flexible with your choice!
+) Most of the life insurance companies now have life insurance packages for accidents and critical illnesses.
Because these can be said to be two frequent and highly likely risks in life.
If you work in a toxic environment, or have a lot of exposure to chemicals, you should add a critical illness with a slightly higher compensation value than usual to your insurance policy..
Prices at each insurance company vary by a few hundred thousand, sometimes dozens. Please review carefully and then choose to buy.
If you are a driver or often go to construction sites, you should choose to add the accident part with a slightly higher value.
And even if there is an accident or a serious illness, there will be hospitalization for treatment, at this time the extra insurance on hospital fee support will come into play.
+) Another product that I find very good in the insurance market is the healthcare card. This card will also pay for the treatment, room, meals, medicine …
For diseases that require high treatment costs such as cancer or bad luck considering the need for an organ transplant, this card is very useful.
The life insurance companies have sold separately or together in the life insurance package, please ask the consultant, if not, ask for the fee and add more.
Those are the by-products that I find most practical for most people, the rest depends on the nature of your work and chooses accordingly.
From the perspective of a professional consultant and also an insurance customer, I do not encourage you to buy anything but buy it selectively, in accordance with the economic and working circumstances.
Thank you for reading the article, hope you soon have the most suitable choice for you.
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Edit by Kien Nguyen
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