What is insurance deduction?

Reducing insurance can also be called partial surrender. As the name implies, it is to reduce the insured amount.

According to the applicant's application, eligible insurers can reduce the insured amount, and the refund of premium needs to be deducted.

Reduce the insured amount, if there is an insurance accident in the future, the insured can get less insurance money; The reduced insurance premium will also be reduced. Many people will choose to reduce insurance when they are in financial difficulties. On the one hand, it can alleviate the financial pressure, on the other hand, it can have certain insurance protection.

Insurance reduction means that the insured reduces the insurance amount year by year according to the insurance contract. Specific measures for term life insurance with decreasing insurance coverage.

For example, 10000 yuan in the first year, 8000 yuan in the second year and 5000 yuan in the third year, and the insurance will be stopped after the reduction; The premium payable is also adjusted year by year according to the age and the insured amount.

The term life insurance with decreasing insurance coverage is often combined with the debt contract of installment repayment or the purchase contract of installment payment, which is used as the loan contract of debtor repayment or the purchase contract of installment payment. In case the debtor dies before paying off the debt, this insurance ensures that the creditor can rest assured.