Having protection and freedom from anxiety that is often associated with the high cost of healthcare are among the many reasons why many people register as insurance holders. It is undeniable that the presence of insurance can provide convenience and relief to its users in the event of illness or accident.
Additional Types of Insurance You Can Use
There are several important points that need to be considered before buying insurance, one of which is that we must know clearly what benefits are obtained from an insurance product. Sometimes, there are many unused benefits that we don't take into consideration.
In this field, there is basic insurance and additional insurance. There are several types of basic insurance, and for some people, the benefits contained in the policy are sufficient to provide protection. However, for others, the benefits of basic insurance still do not give enough coverage. For those people, buying an additional insurance policy can be a solution. Here are 4 types of additional insurance that can be used:
Waiver Premium: premium exemption due to total incapacity of the insurance policy holder
The thing we need to pay attention to is the way these details are determined by the insurance company. It is important to check whether this total incompetence is related to certain diseases or injury. You should also pay attention to the waiting period. In some occasions, during the initial 6 months, you need to pay the policy as usual.
Payor Benefit for children's education insurance
Payor benefits are additional insurance that is made to bear the risk of the insurer's total inability. Riders are similar to premium waivers, only in this case, the payor benefit is for other dependents, such as insured family members, whereas in premium waiver, only you will be covered. Payor benefits are usually taken together with children's education insurance.
Health Insurance Riders
Health insurance riders are a type of riders that are often added to basic insurance. What needs to be observed is, if you buy health insurance, then you do not need to include life insurance in it, because it is tantamount to wasting funds. Riders of health insurance in life insurance have the same function as inpatient insurance that you can buy directly.
Riders Critical Illness for protection against critical illness risks
Riders critical illness is additional insurance for persons who have a risk of critical illness. What needs to be considered in this type of riders is that insurance holders will be accepted for their claims if they are critically affected by a diagnosed critical illness. Insurance companies will not provide compensation if the holder is limited to being diagnosed with a critical illness.
Because everyone has different needs related to insurance, you should choose the type of insurance with benefits that can cover the various risks that you might face in the future. There is no point in buying riders if they will not be needed. However, if you feel they are necessary in your case, explore your options before deciding to buy.