INS200 Group Assignment | Life Insurance (Great Eastern)

Summary

In this video, a family discusses the importance of securing insurance for their future. The conversation introduces two life insurance policies offered by the company: one focused on providing financial protection for the family in case of absence and the other targeting investment and education coverage for children. The policies offer a range of benefits, including financial protection, medical coverage, and educational savings. The dialogue is informal, with a friendly approach to explaining complex insurance terms, making it accessible for viewers to understand their options.

Takeaways

• 😀 The script is centered around explaining life insurance options to a customer interested in covering their family.
• 😀 The company offers 11 types of life insurance plans, with two specific options recommended for the customer’s family.
• 😀 The first insurance plan, 'Great and Direct,' provides financial protection for the family in case of the policyholder’s absence.
• 😀 'Great and Direct' insurance covers up to $5,000 for the family in case of death, supporting them financially during a tough period.
• 😀 The second recommended plan, 'SM Jun,' focuses on coverage for children, covering insurance, medical, and education costs.
• 😀 'SM Jun' provides a policy that can start before the child is born and offers investment opportunities.
• 😀 The 'Great and Direct' policy offers financial protection and includes CBD benefits if the policyholder reaches the age of 65 or experiences serious injury.
• 😀 The second policy, 'SM Pro,' is an investment insurance plan designed to build long-term wealth and savings.
• 😀 'SM Jun' also serves as an educational savings plan, helping parents set aside funds for their child’s future education.
• 😀 At the end of the meeting, the customer is provided with an agreement to sign and finalize the life insurance plan.

Q & A

What type of insurance does the company offer?

The company offers 11 types of life insurance, with two specific plans being recommended for the family: 'Great and Direct' and 'M Jun'.

What is the 'Great and Direct' insurance policy?

'Great and Direct' is a life insurance policy that offers significant protection for the family in the event of the policyholder's absence. It includes financial support such as a payout of 5,000 as the first benefit.

What is the benefit of the 'Great and Direct' insurance policy?

The key benefit is financial security for the family, which includes a payout of 5,000 of the basic sum in case of death. It also provides coverage in the event of self-inflicted injuries or certain mental health conditions.

What does the 'M Jun' insurance policy cover?

'M Jun' provides insurance coverage for medical and educational needs of the policyholder's children, even before they are born. It allows for savings for future medical and educational costs.

What are the benefits of the 'M Jun' insurance policy?

The benefits of 'M Jun' include coverage for medical expenses, as well as the ability to save for a child's education through an investment plan. It offers long-term financial protection and future educational opportunities.

What happens if the policyholder passes away under the 'Great and Direct' plan?

If the policyholder passes away, the family will receive the first 5,000 of the basic sum as part of the death benefit. This helps cover immediate financial needs and reduces the family's financial burden.

How does the 'M Jun' policy assist with children's education?

'M Jun' includes an optional education savings feature, which helps to accumulate funds for the child's future education. This is done through investment options like the IUC (Investment-Unit-Trust) and premium payments.

What is the purpose of the financial benefits in the 'Great and Direct' plan?

The financial benefits aim to provide financial stability for the family after the policyholder's death. The plan ensures that the family is less financially burdened during a difficult time.

How does the 'M Jun' policy help with saving for a child's future?

'M Jun' offers an investment component that assists in building long-term savings for a child's future education. The policy allows policyholders to contribute premiums and investments to grow funds over time.

What are the two insurance plans recommended for a family?

The two recommended insurance plans for the family are 'Great and Direct' for general financial protection and 'M Jun' for children's education and future savings.