"Tomorrow and the unexpected, never know which will come first. ”
More and more people are aware of the important role of insurance in preventing and transferring economic risks.
However, there are so many insurance products, and the functions and roles of different types of insurance are also different.
Today, let's take commercial life insurance as an example to popularize science:
What is commercial life insurance, what is it covered, and what is it for us?
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01
What are the types of commercial life insurance?
Generally speaking, there are 3 main categories of commercial life insurance:
Life insurance, health insurance, accident insurance.
They include:
- Life insurance: including term life insurance, endowment insurance, whole life insurance, increased whole life insurance and annuity insurance;
- Health insurance: including medical insurance and critical illness insurance;
- Accident insurance: It is accident insurance.
At present, the vast majority of insurance products/solutions on the market are permutations and combinations of different forms of these three basic types of insurance.
If you want to configure insurance for yourself or your family, you must first understand the characteristics and functions of different products, so as not to buy the wrong or miss the purchase.
02
The role of life insurance
Life insurance, abbreviated as life insurance.
Usually, the life of the insured is the subject of insurance, and the life and death of the insured, total disability/high disability are the conditions of payment.
Common life insurance products are: term life insurance, whole life insurance, incremental whole life insurance, and annuity insurance.
1. Term/whole life insurance
Term life insurance, which pays a lump sum of money when the insured dies or is totally disabled/highly disabled.
The most common coverage options are: 10/20/30 years, up to 60/65/70 years old.
The main function is that when the insured unfortunately encounters extreme risks, the insurance company will pay a sum of money to the family to provide financial security for the subsequent life of the family on behalf of the insured.
Avoid the whole family suddenly falling into financial distress because of the loss of their breadwinner.
And because it only guarantees a fixed term, its price is low and the leverage is high.
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etc., are very suitable.
At present, the high-quality products on the market can be consulted here
The content and function of whole life insurance are similar to those of term life insurance.
But the difference is that it is guaranteed for life.
People will leave one day, so this amount of insurance can definitely be obtained.
Compared to term life insurance, it is a little more expensive,
When you are young, you have a family that is suitable for wealth inheritance and has a relatively large budget.
2. Increase the amount of whole life insurance
The reason why the increased whole life insurance is taken out separately is because although it has death protection,
But its main advantage is the [increase].
That is, if the premium is constant, the sum insured will increase over time until the whole life.
The older you get, the more you will insured.
At the same time, its cash value will gradually increase over time.
Moreover, it is flexible in the use of the policy, and during the protection period, a part of the money can be withdrawn through the insurance reduction.
Therefore, the main functions of increased whole life insurance are:
Saving, wealth inheritance, asset segregation, or for retirement or education planning, etc.
When choosing a product, you should pay attention to: lock-up period, cash value, policy equity, etc.
I have also summarized the high-quality products currently on the market
3. Annuity insurance
Annuity insurance is paid on the condition of the survival of the insured, and at the agreed time,
A sum of money can be received from the insurance company every year/month until the death of the insured person or the expiration of the insurance contract.
Generally speaking, annuity insurance has the characteristics of high security, certain policy benefits, and stable cash flow.
Therefore, the main functions of annuity insurance are:
Children's education, parents or their own future pension, etc.
When choosing a product, it is important to pay attention to the values of three aspects: the payment payment, the cash value (surrender benefit), and the death benefit (death benefit).
It also summarizes the high-quality products currently on the market
02
The role of health insurance
Unlike life insurance, health insurance is based on a person's body.
At present, the common health insurance insurance is: medical insurance and critical illness insurance.
1. Medical insurance
Medical insurance is the coverage of medical expenses incurred by the insured person due to illness or accident during the insurance period.
For example, if you are hospitalized with a serious illness and pay 200,000 yuan out of pocket, you will be reimbursed 190,000 yuan if you meet the conditions for claims.
At present, the common million-dollar medical insurance on the market usually has other characteristics.
The main role is to reduce the economic losses caused by illness and accidental hospitalization, which is an important supplement to medical insurance.
Whether you are young or old, it is very suitable for insurance.
When choosing a product, focus on:
Whether the insurance responsibilities are complete, renewal conditions, insurance threshold, claim threshold and value-added services.
There are high-quality products on the market at present
2. Critical illness insurance
Critical illness insurance is insurance if the insured suffers from an illness agreed in the contract during the insurance period,
If the conditions for compensation are met, the insurance company will pay the corresponding insurance money to the insured in a lump sum.
For example, Lao Wang bought Super Mario No. 10 with an insurance amount of 300,000, and was diagnosed with cancer after 2 years and met the conditions for compensation.
Then Lao Wang can get a one-time compensation of 300,000.
The insured can use this money freely, such as for subsequent rehabilitation expenses, mortgage/car loan repayment, etc.
And we all know that when you are seriously ill, it is usually difficult to continue working in a short period of time.
So the main role of critical illness insurance,
In addition to being used for medical expenses, it can also be used as a supplement for loss of income.
Suitable for most people to buy.
When choosing products, we should pay attention to: insurance content, budget, insurance threshold, etc.,
There are high-quality products on the market at present
03
Accident insurance
Accident insurance mainly covers death, disability or accidental medical expenses caused by accidents.
However, it should be noted that there are four conditions that must be met for the accident here:
Foreign, sudden, unintended, non-diseased.
Therefore, the most important role of accident insurance,
The first is to transfer the economic losses caused by extreme risks, such as accidental death and accidental disability;
Second, reimbursement of medical expenses incurred due to accidental injuries.
It is suitable for children who love to jump, office workers, or the elderly.
When choosing a product, it is important to pay attention to: occupational level, accidental medical reimbursement (including reimbursement scope, deductible, reimbursement ratio, etc.), accidental disability liability, accidental death insurance amount, etc
There are high-quality products on the market at present
Finally, I will summarize the protection content and insurance suggestions of these types of insurance:
When actually making a plan or choosing a product, it is recommended to consult a professional before making a decision, and it is better to make an appointment for a free consultation.
04
Daddy concluded
The power of insurance is to help us cover all kinds of risks encountered by our families, such as accidents, illnesses, etc.
The role of each type of insurance is different, so it is recommended that you understand it clearly before purchasing it on demand.
If you have any insurance questions, please feel free to contact us here.
What insurance products have you bought and at what moments do you feel you have been supported?
Feel free to share your story at the end of the article.