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Lifetime critical illness insurance has long been the mainstream of the market.
As long as there has been no claim for serious illness, the cash value of the product is stored in the insurance policy, and the old can be surrendered and withdrawn, and the pension can be supplemented.
But surrender means completely uninsured and insecure.
So some people hope that after getting the premium back, the protection will continue to exist, and it will be a double win.
Where there is demand, there is supply.
What we want to comment on today is that it is such a serious illness insurance that can continue to be insured for life after the premium refund, and the Good Things in the Pacific Are In Pairs.
How exactly does a good thing come into a pair?
Hurry up and get a glimpse of the true face of Lushan.
Good Things Is Underwritten by China Pacific Life Insurance Co., Ltd. and sold offline through an agent.
Only 1 major illness is insured, there is no mild and moderate illness, and it is a single major illness insurance.
The insured age of the product is relatively wide, and it can be purchased by healthy people under the age of 62.
From 60 to 90 years old, there are a total of 7 points in time to return the premium, and the savings attribute is very strong.
The product consists of 2 clauses, the main insurance is two full life insurance, mainly responsible for the return of premiums.
Rider is a lifetime critical illness insurance that provides critical illness and death/total disability coverage.
Once we've seen the product attributes, we're right away in the Coverage section.
01. What is the guarantee?
For a single critical illness insurance, the coverage is usually simple.
Friends who watch this product want to know how to refund the premium and make a claim again.
We'll spend more ink explaining what people care about.
But before that, it is necessary to briefly introduce its protection content.
The product waiting period is 180 days, and the insurance company refunds the premium due to non-accidental insurance and the policy is terminated.
Accidents are not subject to waiting periods.
Not much, but the claims calculation method is a bit complicated.
We divide it into three parts: serious illness, death,total disability, and premium reimbursement.
1.1 Serious Illness
Consistent with the mainstream of the market, there are 120 kinds of serious illness insurance.
However, this product pays 150% of the sum insured, which means that if you buy 200,000 sum insured, you can lose at least 300,000 for serious illness.
Why at least?
This is because in the years leading up to the premium, the cash value is higher than 150% of the sum insured, at which point the insurance company pays the cash value.
How to do this is explained in detail in the second half of this section.
1.2 Death\Total Disability
Pacific's critical illness insurance, usually death or total disability, is a feature of its home.
The way to settle the claim is very complicated, but in short, it is to pay all the premiums paid before the age of 18.
After reaching adulthood at the age of 18, 150% of the sum insured is paid in the same way as for serious illness.
If the cash value is higher than 150% of the sum insured, the cash value is lost.
1.3 Premium Refund
Finally, we have to enter the part that everyone is most concerned about, how to return the premium, and then claim the claim.
When applying for insurance, the product has 7 points of return for you to choose from, the earliest 60 years old, the latest 90 years old.
That is to say, in addition to the return of capital, there is also a 50% appreciation.
At this time, the main insurance and the two full life insurance end, and the additional major illness insurance continues to be valid, and 150% of the sum insured can be claimed for both serious illness and death.
This is called a good thing in pairs: first the premium is refunded, and then the claim is claimed again.
For your convenience, please take a look at the figure below.
For example, a 30-year-old man insured 200,000 yuan, choose a 70-year-old premium refund, pay about 10,000 yuan per year, and pay a total of 200,000 yuan in 20 years.
Choosing when to refund your premium is a key factor.
For example, if you choose a 70-year-old premium refund, if you settle the claim before the age of 70, the premium will no longer be returned, and the good thing cannot be doubled.
Before the age of 70, at least 150% of the sum insured is paid, that is, 200,000 yuan.
Since this is a very saving product, the cash value has exceeded 300,000 since the age of 60, and the cash value will be compensated at this time.
In other words, a minimum of 300,000 claims before the age of 70, and a maximum of 510,000 cash worth at the age of 69.
In addition to getting back 150% of the total premium, about 300,000, you can also lose 300,000 yuan once.
The total amount of money in the two sums is 600,000, which is about 3 times the total investment (200,000 premiums).
In short, if you pay all the premiums, you can get back at least 150% of the premiums, and at most 300%.
1.4 Summary of Content
Good things are more focused on savings, and the protection is not very sufficient.
Therefore, it is especially suitable for friends who like to return.
Setting the point at which the return is back is key.
Premiums for different ages and return times, we have a demonstration in Part 3 of the article.
Now what about the underwriting insurers?
02. Who is covered?
Pacific Insurance is a household name in China, and it has a particularly good slogan.
Usually inject a drop of water, and when it is difficult to have the Pacific Ocean.
In just a dozen words, the essence of insurance and the image are neatly depicted, and the company's brand is embedded without a trace.
China Pacific Insurance Group was founded in 1991, exactly 30 years ago.
Today Pacific Group is the No. 3 insurance company in China, after Chinese Life and Ping An.
Ranked 193rd in the 2020 Fortune Global 500, it is one of the world's largest financial groups.
It has not only life insurance, but also property insurance, pension insurance, health insurance and investment companies.
Pacific Life is its life insurance subsidiary, so let's take a look at its 2020 results.
The data comes from the annual report of insurance companies and the announcement of the Banking and Insurance Regulatory Commission, which are public information.
2.1 Scale
Pacific Life's premium business revenue in 2020 was RMB212 billion, ranking third in the Chinese market.
The market share is 7.2%, which is about one-third of the life expectancy of Big Brother Chinese.
At present, Pacific Life has a total of 2781 branches in 302 cities across the country, almost everywhere.
2.2 Solvency
The CBRC evaluates and announces the solvency of insurance companies on a quarterly basis, which is equivalent to giving insurance companies a physical examination every quarter.
Pacific Life's solvency in 2020 is good, with a core solvency ratio of 242%, which is the best level in the industry.
2.3 Service Levels
Pacific Life's service performance in 2020 is good.
In terms of the number of complaints, there are only 0.1 sales complaints per 100,000 insurance policies, which is the lowest in the industry.
In terms of claims complaints, there are 0.3 claims complaints per 100,000 policies, which is quite good
Pacific Life's surrender payment accounted for 6.8% of the premium income, that is, 6.8 yuan was surrendered for every 100 yuan of premium received, which is the middle level in the industry.
2.4 Company Impressions
Overall, Pacific Life's solvency in 2020 is better and stable throughout the year.
The service level is also very good, and the number of complaints is not high.
Such a large financial group with a long history is still worthy of our trust.
Next, look at the price that everyone cares about the most.
03. Expensive or not?
The price of a premium refund insurance is certainly not low.
In addition to the sum insured and age, the biggest factor affecting the price is the time of premium refund.
Regarding this knowledge, interested friends can find the following articles in our number, and read it to understand.
Insurance 101: Why did you pay 10,000 or 20,000 premiums, but only 3,000 or 5,000 surrenders? (not a link)
Below we use the 70-year-old and 80-year-old rebate premiums as a demonstration, you can take a look.
Although the sum insured is only 200,000, the actual claim is 300,000, so it can be compared with the usual 300,000 major illness insurance.
If the premium is refunded at the age of 70, the newborn child is about 3,000 yuan / year.
The premium refund at the age of 80 is a little cheaper than that of 70 years old, which is similar to ordinary lifetime critical illness insurance.
This is also reasonable, after all, the life expectancy of Chinese people is about 80 years old.
The price is not too expensive, and the average family can afford it.
However, if you choose a 60 or 65-year-old premium refund, the price is much more expensive.
As a reminder, the earliest 60 years old to return premiums, the maximum insurance age can not exceed 31 years old, and the payment period is very short, the premium is very strong.
The operation is only 3 steps, which is very simple.
Step 1, find the company: click the public number menu [Find Insurance], select the icon of Pacific Insurance;
Step 2, find the product: enter your gender age, find a good thing into a pair and click into it;
Step 3, Calculate the premium: After logging in with the mobile phone and SMS verification code, change the sum insured, payment period or refund time, and the premium can be calculated immediately.
This product cannot be insured online, and you need to find an insurance agent to purchase it.
If there is no agent you know around, you can call the customer service phone or go to the official website of the insurance company to inquire.
If you need help, just send us a private message.
04. Comments
Good things come in pairs, first the premium is refunded, and then the claim is settled again.
Whether you can get your wish depends on whether you can survive until the time to return the premium.
I believe that this is also a high probability event, so the premium is not low.
Pacific Life is an excellent company, a leader in the insurance industry in terms of brand background, solvency and service level.
If you want to save a pension money with insurance and at the same time have serious illness protection, this product is worth paying attention to.
Okay, that's all for today.
Thank you all for your support.
Reunion in the second half!
More Pacific Life product reviews
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Pacific "Children's Golden Classic Life", up to 20 kinds of serious illness pay twice the children's serious illness insurance