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What is Term Life Insurance?
Term Life Insurance is insurance protection that provides insurance coverage to insurance policy holders (insured) for a certain period of time, if there is a risk of death as long as the insurance contract takes place, the insurance company will pay a sum of insurance. The period of premium payment can be chosen according to needs, including monthly, quarterly or annual term for the insurance contract policy.

The Difference Between Other Term Life Insurance and Life Insurance?
Term life insurance is a derivative of Life Insurance. Other derivative types of Life Insurance include:

 Lifetime Life Insurance (Whole Life)
Lifelong life insurance is Permanent Life Insurance that provides a lifetime of insurance protection for someone.

 Endowment Life Insurance
Dual Purpose Life Insurance is life insurance that provides 2 profit benefits at the same time, namely receipt of a sum of sum insured when the insured dies / dies, within a certain period of time in accordance with the insurance policy policies purchased and when the insured is still alive when the protection period ends.

What are the Benefits of Term Life Insurance for Me?
In contrast to health insurance, this type of life insurance provides protection in the form of death insurance for abandoned heirs. The sum insured can help continue life for those who are left behind by the main family breadwinner.

Term life insurance products are suitable for the following two customer criteria:

 Prospective policy holders who want to protect their children's future
 Prospective policy holders who have just pursued careers
How can Term Life Insurance Help Me?
In general, term life insurance provides financial protection for the family of the insured if the insured dies of the premium paid. Premiums are calculated based on the entry age for a policy with a Yearly Renewable Term or the average age for more than one year and health conditions at the beginning of the insurance period.

The premium will remain the same for the duration of the coverage. So, a 5-year insurance period will have the same premium for 5 years, then go up to a new level that reflects the new average age, if extended for the next five years.

When the insurance period ends, you can extend it to the next period, up to a certain age, without the need to provide evidence of additional insurability (health test results, medical reports, etc.). That is, if you have a serious illness at the end of any insurance period, you can still extend the policy with a premium that is guaranteed.

What are the Future Life Insurance Features?
 Free Look Period
The time period given to the customer can cancel the Policy if it does not agree to the terms and conditions in the policy provisions for any reason. The Insurer will return the premium paid less the cost of cancellation of the Policy.

 Yearly Renewable Term Insurance
Customers can renew policies at the turn of the year. In the sense of extending the policy warranty.

 Increasing Term
Protection of policy benefits against inflation

 Convertible Term Insurance
Term life insurance policies that can be converted into a permanent life insurance policy or lifetime insurance at the request of the policy holder.

 Premium Discount
Not all insurance companies have similarities in this feature. For the premium discount feature, AXA Life Insurance has this feature on one of its products, AXA Maestro Term.

Premium discount AXA Maestro The highest amount of increase starts from the 2nd year until you reach 70 years of age.

Protection What is provided by Term Life Insurance?
 Sum Insured due to death naturally
 Sum Insured death due to accident
 Easy installments in paying the annual premium
 Additional benefits include returning premiums if the insured is still alive when the contract period expires. This additional benefit can be obtained from AXA Life and Save term life insurance products.
(Each life insurance company is different in applying premium payment terms and additional benefit provisions)

Types - Term of Life Insurance Coverage
 Level Term Insurance is a term life insurance with a fixed sum insured that provides the same amount of death benefits during the period of the policy.
 Decreasing Term Life Insurance is a term life insurance with a reduced sum assured that provides a death benefit whose value decreases during the insurance period.
What Factors Can Affect Term Life Insurance Premiums?
 Sum insured
The greater the Sum Insured (UP), the greater the insurance premium that must be paid by the policy holder.

 Age
The older the age of the insured, the greater the premium rate that must be paid by the insurance policy holder or the insured.

 Gender
Some of the best insurance companies distinguish the amount of premium rates between men and women. The difference in the amount of gender- based premiums is possible because women's expectations are considered higher than men.

 Period of Coverage
Insurance premium rates can be different even for the same age, because the longer the insurance period or the insurance period, the greater the premium that must be paid.

 Underwriting
The amount of life insurance premiums that must be paid by policyholders also depends on the results of risk selection (underwriting). The majority of insurance companies are of the view, those who smoke have a greater risk of disease and death than non-smokers.

How to pay for term life insurance premiums?
Customers will not be bothered with premium payment procedures, on average, life insurance companies apply the following payment methods:

 Auto debet
The auto debit method requires approval from the customer. If the customer wants an auto debit procedure from a credit card or savings, then on a certain date the premium is automatically debited from your account.

 ATM
Customers can make payments by transferring directly to the account of the related life insurance company

 Internet banking
Customers can make payments through internet banking. Life insurance companies usually work with several banks to facilitate payment.

 Transfer
Customers can also visit bank outlets that work with life insurance companies, by making cash deposits at the relevant bank outlets.

 Virtual Account
Customers can make a virtual account payment method. Examples such as BCA and Manulife have worked together to process payments by means of a virtual account.

Requirements document to have Term Life Insurance
 Fill out SPAJ (Life Insurance Application)
 Valid copy of identity (KTP / SIM / Passport) Proof of first premium transfer ( unless the customer uses a credit card )
Additional document requirements

 Photocopy of birth certificate (for child participants)
 Photocopy of marriage book (if you take the payor rider spouse)
 Copy of family card (for one family policy)
 Photocopy of the health test results, lab check, or doctor's medical resume (if in the last 5 years have been examined for health or hospitalized)
 Medical questionnaire (if you have a history of certain diseases, such as high blood pressure, cancer, heart disease, asthma)
 Job questionnaire (if work includes high risk such as mine workers, oil and gas, electrical installations)
 Photocopy of the first page of the passbook (if using an autodebet from savings) + a stamped power of attorney
 Copy of credit card (if you pay using credit card debit) + stamped power of attorney.
How to Claim Term Life Insurance?
When going to make a life insurance claim, make sure these documents are prepared

 Insurance Certificate
 Original power of attorney from Termaslahat with sufficient stamp duty
 Death claim form that has been filled in correctly and completely (original)
 Legitimate (authentic) doctor's certificate form and authorized about the causes of death
 Death certificate or death certificate (original or legalized copy) from the competent authority
 A certificate from the insured examiner doctor on the post mortem
 If the Insured dies outside the territory of the Republic of Indonesia, the declaration of death must be legalized by the Indonesian Embassy
 Certificates or other documents deemed necessary by the Insurance relating to the submission of claims.
Each life insurance company varies in applying the claim method, but in general these documents are very necessary when going to make life insurance claims.

When you apply for a life insurance policy, you will be asked to complete a complete medical history (including your family's medical history).

What documents need to be attached when claiming?
 Policy and Endorsement (Original)
 Doctor's Certificate that contains the cause of death of the insured
 Death Certificate from the insured's residence
 Funeral Evidence from the Funeral Service
 Certificate of Examination of Corpses from the Hospital / Health Office if the insured has been referred to the hospital
Information related to Term Life Insurance that must be known
1. How long is the reporting deadline? 30 to 60 days 2. How long is the Term of Life Insurance? 5 to 10 years

Demikian artikel kami yang kami berikan judul: ini, semoga dapat menambah wawasan keilmuan kita semua dalam kategory Insurance Companies / Life Insurance . Silahkan datang kembali dan selalu ikuti artikel-artikel kami lainnya yang tentu sangat menarik dan bermanfaat. Terimakasih

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