|Case study of Manulife insurance and Prudential insurance.|
The number of unitlink education insurance products offered in the community. This makes the public perception of educational insurance the same as unitlink insurance. Whereas Actually there are 2 types of educational insurance that can be taken by the public, namely dual education insurance and insurance unitlink education. Therefore, on this occasion, we will conduct case studies between standard education insurance and unitlink education insurance properly.
Type of Education Insurance: Endowment and Unitlink
There are two types of educational insurance, the first educational insurance is the endowment education insurance (endowment). Dual-life insurance is one of the traditional types of life insurance, meaning that it already exists before unit-link life insurance.
Dual life insurance insurance is a life insurance that provides protection or protection and there are savings in it. Life insurance that is contained in dual-purpose education insurance will provide protection in the form of sum insured if the insured (usually breadwinner) to death or total permanent disability in the insurance coverage period. Then the benefits of savings contained in this dual-purpose education insurance is like a time deposit that has a fixed value and is guaranteed at the time of disbursement. So the amount of money to be disbursed in a certain period of time is definitely in accordance with the written contract.
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The second educational insurance is unitlink education insurance. Unitlink education insurance is included non-traditional insurance. Unitlink insurance insurance is a life insurance that there is an element of investment in it. Life insurance that is contained in unitlink education insurance has the same benefits as dual education insurance that is to provide protection. But the element of investment that exist in unitlink education insurance is different from the existing savings in dual-purpose education insurance.
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Investments in unit-linked investment insurance are not guaranteed, can be larger, may be smaller. So, if the results are not well developed, then the investment money may not be in accordance with the educational plan we want. And there are costs that may be able to reduce the existing investment in unitlink education insurance.
Those are two types of educational insurance that exist in general. We will discuss further the two types of education insurance by using an example. The existing dual-bummedee insurance will use product samples from Manulife Insurance companies and unitlink insurance insurance will use sample products from Prudential Insurance companies.