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Original article No. 103
Picture: Huhu King Original
The children's critical illness insurance king has changed hands again.
Junlong Xiaoqinglong No. 3 stepped on the shoulders of Xiaoqinglong No. 2, as well as Qingyunwei No. 3 and Bumblebee No. 10, and became the latest volume king.
In the big pool of Internet celebrity critical illness insurance, the Xiaoqinglong series has been performing well.
Can the roll king product be washed with your eyes closed?
Let's analyze it first, and then you make a decision.
From the perspective of the second-generation product guarantee,
Compared with Xiaoqinglong No. 2, the upgrade of Xiaoqinglong No. 3 has 5 points:
(1) After the critical illness claim is settled, the mild to moderate illness will continue to be valid, and the restriction on the first critical illness will be lifted;
(2) The 3 claims for critical illness were upgraded to 4 claims, increasing the claim ratio;
(3) For specific critical illnesses and rare critical illnesses, the number of claims will be extended to 4 times;
(4) New benefits for Cancer Expansion Fund, Leukemia Bone Marrow Transplant, Autism and Rehabilitation;
(5) In the optional benefit, the 2 cancer claims (3 years interval) will be adjusted to the unlimited number of cancer claims (365 days and 3 years apart).
From the point of view of product insurance scheme,
The Little Green Dragon 3 is available in three versions:
Section A, guaranteed for life;
Section B, guaranteed up to 70 years old;
Section C, guaranteed for 30 years.
There is no difference between the three versions, and they all cover 128 critical illnesses, 30 moderate illnesses, 51 mild illnesses, and other mandatory and optional liabilities.
The main difference between the three versions is the length of coverage:
In the case of limited budget, it is recommended to give priority to the full amount of insurance, focusing on the protection of the first 30 years;
If you have a sufficient budget, it is recommended to add practical additional functions to lock in lifelong critical illness protection and make the protection more comprehensive and adequate.
The maximum insurance amount of Xiaoqinglong No. 3 can reach 800,000 yuan, and the payment method supports up to 35 years of payment (limited warranty lifetime plan).
Highlight analysis
1. Unlimited compensation for malignant tumors (optional)
Starting from the 4th malignant tumor, 50% of the sum insured will be paid each time, with an interval of 1095 days (three years), and as long as there is a malignant tumor, unlimited payments will be paid.
Malignant tumors account for 50-90% of claims in critical illness insurance from different insurance companies (when thyroid cancer was originally a malignant tumor), and although the proportion has decreased, it is still the most common critical illness.
At present, there is a very high proportion of cancer treatment, which is control-based - that is, the cancer survives, and it is well controlled, no different from normal people, like high blood pressure, and regular medication is enough.
But it is also a big expense every year to control it.
If you have a malignant tumor and it has been there (conservative treatment or repeated recurrence, metastasis, etc.), you can pay 50% of the sum insured every 3 years, which is really a great help.
If there is too much compensation in the future, it will be a great test for Junlong Life.
2. After the critical illness is claimed, the mild to moderate illness will continue to be effective
After the critical illness claim is settled, the mild and moderate illness benefits will still be valid in different groups, but there will be a 90-day interval.
This is a very, very bright point that many insurance bloggers do not mention in their reviews.
Note: This clause is described in the Little Green Dragon Clause
This protection should be the first of its kind in the series of critical illness insurance of Zhongyi Life, and several online children's critical illness insurance are also available, such as Bumblebee No. 10 (all-round version) and Qingyunwei No. 3.
The products on the market are basically the following: after the critical illness claim is paid, the cash value is 0, and there are only a few critical illness benefits left, and all other benefits (moderate and mild illness, death, additional benefits) are gone.
Note: This is the description of the universal critical illness insurance product
3. Severe, medium and mild diseases are not grouped and paid multiple times
Critical illness insurance chooses to pay multiple claims, among which it is better not to group multiple times than to group multiple times.
Don't consider a single payment product.
This has been explained in detail in previous articles.
Guaranteed project reviews
The following protection items, if they are advantages, are the icing on the cake, not the core highlights.
1. Multiple claims for malignant tumors (optional)
(1) The interval between multiple claims for malignant tumors, the second and third times is 365 days, which is praised.
Compared with Xiaoqinglong No. 2 and all other critical illness insurance on the market, the interval of 1 year is extremely short. All other products have a 3-year interval.
(2) The payout ratio is reduced from 120% in the second round to 50% and 30% in the second and third times, is this good or bad?
It is equivalent to Xiaoqinglong No. 3 getting part of the claim payment in advance.
Starting from the 4th, 50% of each malignant tumor will be paid, and unlimited compensation will be paid, and the highlights have been introduced.
2. Specific (juvenile) critical illness/rare critical illness, no age limit, and many claims
Generally, there is an age limit for children's specific critical illnesses in critical illness insurance, such as 18 years old, 20 years old, and 22 years old, and Xiaoqinglong No. 3 has no age limit.
At the same time, the number of claims for children's critical illnesses has been upgraded from 1 to 4 times for Xiaoqinglong No. 2, which has greatly increased the number of claims and provided better protection.
Rare diseases are also paid out 4 times.
3. 6 claims will be paid for moderate and mild illnesses
This is a feature, not a highlight.
4. Leukemia transplantation, autism protection, etc.
Xiaoqinglong No. 3 has added leukemia bone marrow transplantation, cancer development fund, and the first autism and autism rehabilitation benefit, which has targeted protection for children's diseases.
5. Proportional reliance with severe illness
Critical illness will be paid 4 times, with 100%, 120%, 140% and 160% of the sum assured in turn.
In general, there is a difference between 2 and 1 time, and there is no difference between 2 times and more. The 4th time it reached 160%, which is of little significance.
6. There is no restriction on the three same-part parts
There is no restriction on critical illness.
However, there are limitations to mild to moderate disease.
The existence of the three-same restriction is to reduce the probability of re-claiming, so it is better not to have the three-same limit.
Three-in-one: If two or more of the serious illnesses/moderate/mild illnesses referred to in this contract occur due to the same illness, the same medical act or the same accidental injury, it will only be compensated once.
How about the strength of the company
1. Shareholder background
Xiaoqinglong No. 3 is underwritten by Junlong Life Insurance, which was established in 2008 with a registered capital of 2.1 billion yuan, and is a joint venture established by state-owned enterprises Xiamen C&D Group and Taiwan Life Insurance Co., Ltd. with a proportion of 50%.
Most of these joint venture insurance companies take the route of offline product development, and focus on high-quality products and services.
Junlong is still relatively special, mainly doing Internet products, and the products launched cannot be said to be high-quality, but too radical.
At present, there are only 10 offline branches in Fujian and 2 branches in Zhejiang, so many people have not heard of it.
2. Solvency
Consolidated solvency adequacy ratio: 166.97% (Q4 2023)
Core Solvency Ratio: 127.72% (Q4 2023)
Overall Risk Rating: BB (Q3 2023)
The above three indicators can only be said to be qualified under the solvency standard of the second generation of solvency, and they are not excellent.
It is worth noting that Junlong Life Insurance has been in a state of loss for most years since its establishment for more than ten years, and has turned losses into profits in 20 and 21 years, but has recorded the largest loss of 175 million yuan since its establishment in 22 years.
As mentioned in the first part of the highlights, the product is too aggressive, and the malignant tumor is covered with unlimited claims, which will be a great challenge for insurance companies in the future.
About online products
Since Internet insurance is online direct sales, the cost of agents and sales is removed, and the price can be particularly advantageous.
But the biggest drawback is also obvious, that is, there is no service staff.
Internet insurance basically only has online customer service, which will only answer some limited questions we can think of, and there is a lack of professional insurance consultants to provide one-to-one service throughout the process.
Junlong Life Insurance is not a large company, even if it is produced by a large company, such as PICC's good medical insurance and i-worry-free critical illness insurance, it is also an online channel.
When you go to the counter of the insurance company, they will not accept it.
For insurance products, it is often the beginning of the service after the insurance is purchased. To accept low prices, we must also bear the points that are lacking.
Where to buy insurance, you will be more assured?
I am unwilling to buy expensive ones, and I am worried that I can't pay for cheap ones. Is there a difference in the size of the insurance company?
The above is the evaluation of Xiaoqinglong No. 3.
For the purchase of critical illness insurance, if the budget is insufficient, the sum insured is given priority, and everything else is secondary.
If the budget is sufficient, prioritize offline products. Internet products are a good option as a supplement.
Friends who are familiar with me know that when I make plans, explain or write product evaluation articles, I will focus on the key points and distinguish the priorities, and not all the content needs to be taken out to talk about.
In the same way, as a consumer, there is no need to study the word-for-word differences between the same type of product.
It is far more important for us to find a professional and reliable insurance service person to finalize the right type of plan according to your budget and needs, rather than choosing a specific product.
If you still have questions about how to choose critical illness insurance, or want to know more details, you can ask us.