Some essential things about insurance
* Insurance: Insurance is the promise of the assurance and risk taking and compensation by the other side in exchange for payment of a certain amount of money (premium) as a means of ensuring the security of life and property of the people.
* History of insurance evolution
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• Insurance advancement begins with naval insurance
• The first naval insurance business originated in the world, followed by fire insurance and after all life insurance.
• European merchants first introduced insurance through cooperatives
7th Precise and Consolidated Insurance Organization – ASPA (Amicable Society for Perpetual Assurance)
* Types of insurance
• Life Insurance Company (Life Insurance Co)
• Non-Life Insurance Company (General Insurance Co 🙂
Most of us do not feel comfortable talking about death. Nothing can be more unpleasant than thinking of the death of a loved one. That’s why most people are reluctant to learn about life insurance or to talk to an insurance agent.
In our society, there are various misconceptions about life insurance that have not been broken or are not addressed to us in the right way. A life insurance can completely change our life but we are still far away from hearing the word ‘life insurance’ or even ‘insurance’.
Let’s look at the 7 most common misconceptions we have about life insurance:
1. Life insurance means that only death can be paid for insurance
When we think of life insurance, most of the time it is thought that the claim money will be available only on the death of the insured. But that is not always the case. In addition to buying a reserve insurance in our country, many other associate insurance (rider) can be taken away which offers various benefits during the insurance period. It may be medical, may be paralysis, or the cost of a complex disorder may be very high. There are also various types of education insurance or child protection insurance to ensure financial support during the child’s education. Besides, there are various stage schemes which the insurance company pays to the customer during a certain period of time during the insurance period, so that the customer can implement various plans during the interim. So insurance is not only a matter of life insurance which is paid by the insured on death, but also during the insurance period, a customer can get various benefits which will meet his or her financial needs or help in implementing future plans.
2. I’m very young, I don’t need life insurance
There is no age limit for taking out a life insurance policy. However, according to different companies and policies, there is a maximum age limit for which one cannot buy the policy if he is older. Generally, more than 5 percent of working age people between the ages of 3-5 years suffer the traumatic death of their family due to infertility or physical disability. In this case a life insurance could provide financial protection and emotional peace for those families. You can also save a great deal of money on insurance premiums at a young age. And the less you can insure, the real money is good because if you are younger then the same amount of insurance comes with a much lower premium than a person who is younger than an older person.
3. I was not married, what will I do with life insurance?
Tragic events can happen in anyone’s life, whether they are single or married or without children. Anyone can benefit from life insurance. Even unmarried people can leave with large amounts of debt unpaid, which can be repaid with their family insurance claim money.
4. I have no physical problems, I don’t need life insurance
You may be healthy, but that can be no excuse for not having life insurance. In this regard, many would agree that in the event of illness, we may think of death more often than usual. That’s why we feel the need for insurance is even higher. And it is really important to insure yourself in a healthy state and to enjoy the benefits if you get sick. Because no company will insure a sick person. So the best time to insure is in a healthy state.
5. My office has group insurance, no insurance required
Generally, the insurance provided by the company has two to three times more annual death penalty, which in most cases is not enough. Moreover, group insurance is a type of term insurance where there is no scope for savings. The individual needs of each individual are different and there are many differences in financial affordability. As a result, group insurance, which is taken into consideration by all employees, is naturally unable to meet the individual needs of each individual. For this reason, other savings insurance or Term Life Insurance (the only Term Life – EasyLife prevailing in Bangladesh) may be the most suitable solution.
6. All insurance company fraud
This is another common practice in our society. Mainly responsible for this are some unscrupulous insurance companies and a bunch of executives who are also doing good work insurance companies. But there are also many good insurance companies in the market. You can easily collect and verify the information of any insurance company. There are many good companies in our domestic insurance companies as well. You can also get an idea of the right insurance companies by looking at the insurance companies’ own websites, insurance development and regulation authority websites, newsletters and financial statements of the companies. Guardian Life Insurance Limited, founded by three reputed companies like Apex, BRAC and Square, is an internationally recognized insurance company in Bangladesh. You can also insure your choice from here.
7. Life insurance is expensive (expensive)
This is one of the misconceptions about insurance. Many of us think life insurance is too expensive to pay for pledged protection. This perception is more prevalent among young people. But in the real sense life insurance is very customizable, a service with cost control completely in your hands. You can take out insurance at as much cost as you want, and you can get many valuable insurance at very small cost. Usually the cost is a bit higher if you take out savings insurance at an early age. But you can also insure at a relatively low cost and you can buy high value low cost insurance at a much lower cost as well. Term life insurance policies are now available at the lowest cost in the market. For example, you can get a minimum coverage of Rs. You can buy any type of insurance at a cost or at a lower price to suit your needs.
The misconception was, will remain. A hundred years old will not break these misconceptions in five to ten days. At the end of the day, my life is yours. In our absence, it is our responsibility to ensure the financial security of our loved ones. Let’s change our misconceptions and protect our family financially
