It is undeniable, nowadays people are increasingly aware of the importance of insurance. Both for yourself and for the family. In fact, at this time millennials, as the most numerous in number, are also starting to realize how to protect themselves. Here are tips for choosing the right insurance!
Adjust Financial Ability
Millennials are known to be extravagant and have a high lifestyle, so make sure the total payment charged by Allianz insurance is the premium that you can afford.
For tips on choosing the right insurance, the first is to choose affordable insurance so that you can protect yourself, also make sure about the design of the insurance product. Millennials can choose insurance that is specifically for their circle. Insurance that can be accessed via digital online can also be a millennial choice to keep up with increasingly sophisticated times.
In addition, this premium can be paid regularly at regular intervals, it can be every month, three months, six months, and yearly. Choose a premium payment according to a time that you can also adjust to your finances. Even so, don't take a long time but you can't pay in large installments.
Better to take time every month and in an affordable amount. Simply put, you can make a maturity close to the payday date, after payday you immediately pay the insurance premium first, before other needs.
Customize Needs
Millennials, especially those who are not married, have different needs from those who are married. Usually the need to protect health or soul. Therefore, the choice of the type of insurance you need the most, don't just go along with it. Try to identify yourself about what needs are currently most important to protect.
Even so, if you feel you need more than one protection, it's also very possible. The reason is, currently there are many more profitable bundling programs. However, make sure that it still fits in your pocket so that there is no default.
In addition, the younger you have food insurance, the premiums you pay will also be cheaper than when you are older. Insurance premiums are flat for the duration of the contract, along with inflation and habit, over time these costs will become increasingly cheaper.
Life Insurance for Beginners
For beginners like millennials who want to have insurance, life insurance is the most appropriate. Moreover, insurance has many options, for example term life insurance or what is known as term life insurance. This type of insurance will provide protection for a certain period of time between 5, 10, up to 20 years with a fixed premium.
There is also whole life insurance or whole life insurance which will provide protection for the rest of your life or a maximum of 100 years. You will certainly be very calm with this insurance, but the premiums paid are of course also higher than term life insurance.
Dual-purpose life insurance has two benefits for its users, namely term life insurance and savings. This type of life insurance is more in demand by the public. The reason is, there will be a sum insured if the insured dies and there is a possibility to withdraw the policy within a certain period of time before the contract period ends.
Unit-linked life insurance offers insurance and investment in it. Unfortunately, the sum insured is the lowest compared to other types. This insurance is actually not uncommon, because it combines with investment so that premiums or insurance contributions are quite expensive compared to pure life insurance or pure investment.
Insurance Company Track Record
The problem that is being faced by one of the state-owned insurance companies certainly makes us aware that even government-owned companies are at risk. However, that does not mean all insurance institutions have a bad track record.
The long standing and new company also does not guarantee that the company is good. However, a long-established company makes it easier to find out about its track record.
Therefore, do not just big names, try to pay attention to the experience and track record of the company. Whether the company recently received an award will be an indication that the company has a good record in the eyes of the wider community.
See also how the news about the insurance company, whether in the mass media the company has a bad record or achievements. In addition, the best life insurance companies in Indonesia are also supervised by the Financial Services Authority and have a minimum level of risk-based capital or Risk Based Capital (RBC) that is in accordance with the provisions.
For tips on choosing the right insurance, the next thing is to choose an insurance company that has a high RBC above the minimum requirement. The greater the RBC ratio, the healthier the financial condition. At least
