Serious illness insurance is definitely a kind of insurance that people love and hate.
Love its frankness, as long as it meets the conditions of the disease agreed in the insurance contract, you can directly pay a sum of money to escort our daily life after a serious illness.
Hate its complexity, a variety of guarantees, a variety of products, do not know how to choose?
Many friends actually recognize the role of critical illness insurance and want to buy a copy for themselves and their families; but they are often discouraged due to its complexity.
In this article, we will peel back the cocoon of serious illness insurance and teach you how to choose a good major illness insurance?
The main contents are as follows:
- Buy critical illness insurance, first avoid these 2 major misunderstandings
- Serious illness responsibility, what are the main points of selection?
- Mild/moderate illness protection, how to choose?
- Malignant tumor secondary compensation, what are the key points to choose?
- Cardiovascular and cerebrovascular secondary compensation, how to choose?
Although serious illness insurance is recognized and accepted by more and more people, when purchasing, due to the lack of understanding of major illness insurance, it is easy to fall into some misunderstandings and traps, resulting in the purchase of inappropriate products.
The most common are the following two, 80% of people step on the pit:
1. If you buy serious illness insurance, you can pay for a serious illness if you are diagnosed?
The original definition of serious illness insurance is quite simple, in line with the contract can lose money; however, many people put "in line with the contract" as a simple understanding of "diagnosed with serious illness can lose money".
Critical illness insurance can cover major illnesses, but not all of them are diagnosed and paid!
Take the 28 statutory serious diseases with the highest proportion of claims as an example, of which 3 diseases are diagnosed and compensated, 6 diseases can be compensated after agreed surgery, and 19 diseases can be compensated if they reach the agreed state of the disease:
For example, "severe stroke sequelae" not only requires at least 180 days of diagnosis, but also must leave a sequelae to get compensation; such as not being able to speak, or being unable to complete 3 of the 6 items of dressing, moving, moving, going to the toilet, eating, and bathing independently.
As specified in the article:
Of course, we don't have to worry that such compensation conditions will be too harsh, after all, the diagnosis is a malignant tumor in the compensation, the probability of claims is exclusively 60% to 90%; and this is also written in black and white in the contract, will not be aimed at anyone, will not favor anyone.
2. The number of diseases guaranteed, the more the better?
At present, many of them cover 80 kinds, 100 kinds, and even more than 120 kinds of serious diseases; if you only see the number of medical diseases, it is easy to fall into the misunderstanding of "many diseases = good protection".
In fact, as early as 2007, the insurance industry association formulated a unified specification for 25 common serious illnesses, and under the requirements of the new definition of major illness insurance in 2021, it was increased from the original 25 to the current 28.
These 28 types alone account for 95% of the claim rate of major illness insurance, of which the highest incidence of cancer claim rate is 60% to 90%, we take the claim report of some insurance companies in 2021 as an example:
Source: Annual reports of insurance companies on claims
The lowest claim rate was 60.30% and the highest claim rate was 91%.
Therefore, the number of diseases in the serious illness insurance is actually not important, the 28 serious diseases stipulated by the Banking and Insurance Regulatory Commission have covered the highest incidence and most core diseases, and there is no essential difference between everyone.
More and more diseases, in fact, there are also suspects, such as Ebola virus, mad cow disease, etc., these diseases are very rare in the mainland.
Therefore, it cannot be said that the more diseases are guaranteed, the better, we must abandon quantity and pay attention to quality.
If you want to know more about the pit avoidance strategy, you can click "Claims Mistakes" to check it.
Since the number of serious diseases is not the focus of selection, what should we care about about the responsibility for serious diseases?
Buying a serious illness is buying the amount of insurance, and only by having a high amount of insurance can we truly solve our practical problems. In order to increase the sum insured, many products now have "first serious illness additional compensation", if the major illness is diagnosed within the agreed time, you can pay an additional sum of money.
However, there are also some products on the market that only protect pure serious diseases, the protection is relatively simple, there is no series of additional responsibilities, and it is also suitable for friends with limited insurance or budget.
General serious illness insurance, buy 500,000 to lose 500,000, but if there is a "first serious illness additional compensation" this protection, buy 500,000 may lose 800,000, 900,000 or even 1 million.
So far, there are two common forms of payment for the first major illness additional benefit:
- Additional compensation before the age of 60/70: Taking Super Mary 6 as an example, if you purchase 500,000 sum insured at the age of 30, you can get 1 million before the age of 60.
- Additional benefits for the first 10 to 30 years of the policy: Taking The starry sky as an example, if you purchase 500,000 sum insured at the age of 30, you can get 1 million compensation before the age of 45.
The "additional benefit before 60/70 years old" payment form is more practical because the additional payment period is longer. Also bought at the age of 30, Super Mary 6 can pay extra before the age of 60, while i Worry-Free can only pay extra before the age of 45.
In addition, we should also pay attention to the proportion of compensation, the higher the proportion of compensation, the better. If it is an additional loss of 80%, then buying 500,000 may lose 900,000; if it is an additional loss of 100%, it may lose 1 million.
In short, if you want to buy a high sum insured, you can focus on the "first serious illness additional benefit" this protection, the longer the payment period, the better, the higher the benefit ratio, the better.
Compared with serious diseases, the severity of mild and moderate symptoms is slightly lighter, such as mild stroke sequelae, malignant tumors - mild, small area III burns and so on.
Taking the disease "third degree burn" as an example, let's take a look at how to compensate from mild illness to serious illness, taking a certain product as an example:
It can be seen that the higher the degree of burns, the more serious the disease, and the more money is lost.
The emergence of mild and moderate illness also reduces the threshold for claims for diseases to a certain extent; even if the compensation standard for serious illnesses is not met, as long as it meets the status of mild/moderate illness, it can also be paid.
However, compared with the liability for serious illness, the protection of mild illness and moderate illness is much more difficult to select, because the CBIRC only stipulates 3 statutory minor diseases, while for other diseases, each insurance company and each product may be different.
Therefore, the quality of mild and moderate symptoms, we must try our best to judge around the following 3 selection points.
Selection point 1: high incidence, the more coverage, the better
The "New Definition of Critical Illness Insurance" uniformly regulates three kinds of high-incidence and mild diseases of malignant tumors - mild, mild acute myocardial infarction, and mild stroke sequelae, and all major illness insurance must be included, and even the compensation standards must be consistent.
But in fact, the highest incidence of mild diseases is far more than 3, but as many as 12:
As the highest-incidence disease, the more these 12 naturally cover the better.
In addition, we also found dozens of more popular major illness insurance to compare the coverage of high incidence and mild diseases, and found that most of the products cover these 12 kinds of high incidence and mild diseases, but it is inevitable that there will be a very few products that are missing.
For example, there is no chronic kidney failure, which means that only those who have reached a serious state of "severe chronic kidney failure" can be paid.
Serious diseases are gradually developed from light to severe, if they can be detected and treated early, they can avoid further deterioration of the disease and effectively improve the survival rate.
Selection point two: the higher the payout ratio, the better
Although the new definition stipulates that the proportion of benefits shall not exceed 30% for the three high-incidence and mild diseases, the design of the proportion of benefits will be somewhat different for different insurance companies.
After comparing dozens of newly defined critical illness insurance, we found that there are roughly three situations for the proportion of minor illness benefits:
Among them, the best compensation situation is (3), the proportion of compensation is more than 30%; the main reason is due to the "first illness additional compensation" this guarantee, some products not only for serious illness liability additional compensation, for mild and moderate illness can also be additional compensation.
The first (1) is the worst case, with a payout ratio of less than 30%; if the major illness insurance buys 500,000 sum insured, after a mild illness, the first (3) can pay up to 225,000, while the first can only pay 100,000.
In short, the proportion of compensation for mild diseases, equal to 30%, is already the mainstream level of the market, higher than 30% is more dominant, below 30% we must carefully consider.
Selection point three: look at the conditions for claims are not strict
In the past few years of insurance evaluation, we often hear such a voice: "Insurance claims are too difficult, even if you get sick, it is difficult to get sick into the contract requirements."
Therefore, the claim conditions for illness are also an important dimension when we choose major illness insurance, after all, the more relaxed the claim conditions, the greater the probability that we will be compensated.
However, as we also mentioned above, in addition to the statutory 3 high-incidence mild diseases, other diseases, the compensation conditions of different insurance companies may be different, so how to determine the claim conditions for these diseases?
According to our past evaluation experience, there are several claim conditions for the same disease, taking the high incidence of moderate disease "unilateral lung resection" as an example:
There are several kinds of payment conditions, but we can also see some clues from them, the more restrictions, the more stringent the payment.
In short, if you are particularly concerned about the claim for unilateral lung resection, you should choose a more relaxed term for the claim; the same is true for other diseases, which is not described due to the length of the article.
If you have a disease that is not accurate, you can also find our professionals for 1V1 consultation.
Malignant tumors are actually what we often call cancer.
According to statistics, the recurrence and metastasis after the treatment of intermediate and advanced cancers are as high as 80% within 3 years and as high as 90% within 5 years, plus the high incidence rate of 60 to 90% of the cancer itself; so the importance of the guarantee of secondary compensation for malignant tumors is beyond doubt.
Since this benefit is worth buying, what should we pay attention to when choosing? How can we be sure we're buying the right thing?
Because the secondary compensation for malignant tumors is an optional responsibility, we must first pay attention to the budget when attaching to see whether the price after the addition can be accepted; secondly, in the selection process, we mainly look at whether the interval setting is reasonable, and the compensation ratio is high or not.
1. See if the interval setting is reasonable
Treating cancer, there is a 5-year survival rate, as long as there is no recurrence within 5 years, it can generally be considered "clinical cure".
Therefore, the longer the interval (such as 5 years), the smaller the probability of receiving a second payment; and if the cancer survives 5 years and is clinically cured, this guarantee is of little use...
At present, the interval between secondary claims for malignant tumors in serious illness insurance products mainly has the following situations:
Among them, the most consumer-friendly is the situation (1), whether the first serious illness is cancerous or non-cancerous, the interval is the shortest.
The most unreasonable is the situation (4), if the first serious illness is cancer, the second time to get cancer after 5 years, in order to pay; even if the first serious illness is not cancer, the second time also has to get cancer after 1 year, in order to pay, the interval is the longest.
2, depending on whether the proportion of compensation is high or not
The proportion of compensation directly affects our money bags, the more we lose, the more money we get our hands on, after all, there are too many places to use money after the risk occurs.
Similarly, after comparing dozens of products, we found that the proportion of secondary compensation for malignant tumors is mainly as follows:
At present, the major illness insurance with the lowest secondary compensation ratio for malignant tumors can also reach 100% of the sum insured, and the higher one can be paid 120% and 150%.
If the basic sum insured is 500,000, then the money lost for the second malignancy will be 500,000, 600,000, and 750,000.
However, although the higher the payout ratio, the better, but we also have to look at it in combination with the interval period, only the products with loose interval settings and high compensation ratios are worth choosing.
Heart and cerebrovascular diseases and cancer are called the highest incidence of 3 diseases.
Especially for adult men, cardiovascular and cerebrovascular diseases are quite high, such as stroke sequelae, acute myocardial infarction, etc.; so the responsibility for secondary compensation of cardiovascular and cerebrovascular diseases is also very important.
Because the secondary compensation of cardiovascular and cerebrovascular diseases is also an optional responsibility, we must first see whether the price after the addition can be accepted; the price after the addition of different ages and different products will be different, so it is necessary to analyze the specific situation.
Secondly, in terms of selection, there are similarities with the secondary compensation of malignant tumors, which is still seen from the two aspects of interval period and compensation ratio.
1. See if the interval setting is reasonable
The interval is related to our probability of winning, and the shorter the interval, the higher the odds.
Through the comparison of dozens of products, we list the most common ones:
(The last 4 products need to be attached to both serious diseases and cardiovascular and cerebrovascular multiple compensation)
Among them, the most consumer-friendly is the (1), whether the first serious disease is a cardiovascular and cerebrovascular disease, the interval period is the shortest.
The most unreasonable is the first (5), no matter how to compensate, the interval is the longest, if there is a recurrence within 5 years or a new second cardiovascular and cerebrovascular disease, this product can not get a claim.
2, depending on whether the proportion of compensation is high or not
The payout ratio determines how much or how little money we get in our claims.
Therefore, regarding the secondary compensation of cardiovascular and cerebrovascular diseases, we have also screened out the following types:
For example, the secondary compensation ratio for malignant tumors is 100%, the higher can lose 120%, and the highest also loses 150%.
However, still that sentence, to combine the interval period to see, only the interval is loose, the compensation ratio is also high products are more worthy of our choice.
Serious illness insurance products are mixed, and the protection is also divided into three, six and nine, but as long as you know the main points of their selection, it is not difficult to distinguish between good and bad.
Finally, let's summarize:
However, we must remember that the selection of serious illness insurance cannot arbitrarily determine the quality of the product from a certain protection alone, but we still have to measure it from the comprehensive protection.
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