What are the benefits of taking out critical illness insurance?

Should I buy term or lifetime critical illness insurance? This problem has troubled many friends.

Then the senior sister is here to answer your questions

If you don’t have time to read the following, you can directly save the guide:

"Critical Illness Insurance" Should I choose a guaranteed period or a lifetime guarantee? 》

1. When buying critical illness insurance, should you choose lifetime or term insurance?

In fact, both lifetime critical illness insurance and term critical illness insurance belong to long-term critical illness insurance. What is the main difference between the two? The main issue is the protection time and premium. Let’s talk about it in detail below:

1. The protection time is different

The protection time of regular critical illness insurance is relatively short. Generally, the age of the insured is protected until the age of 70 or 80; however, the lifetime critical illness insurance covers the whole life in terms of coverage time.

When many people buy critical illness insurance products, many people think that regular critical illness insurance is super cheap. It doesn’t cost much in total and can directly protect you until the age of 60 or 70. years old, and the leverage of term critical illness insurance will be relatively high. These are actually the quasi-advantages of term critical illness insurance: the price is not high, but the leverage performance is very high.

However, the reason why everyone chooses to buy critical illness insurance products is because they want to prepare for critical illness in advance. There is no doubt that diseases cannot be predicted and cannot be controlled. This advantage of regular critical illness insurance was only gained after losing part of the risk protection.

We can see from the picture below that men and women will basically enter a period of high incidence of major diseases after the age of 50. However, the biggest problem with regular critical illness insurance is when the insurance expires. How to plan is the remaining risk.

Regular critical illness insurance actually provides coverage until the age of 60. After the age of 70, it is equivalent to directly entering the period of high incidence of major diseases. In fact, the biggest problem is that you are no longer young at that time, so when you buy critical illness insurance again, your age will also be restricted by the insurance, and you will encounter difficulties such as high premiums and low insurance coverage; in addition, One problem I encountered was that my physical condition was not as good as before, and I was unable to renew my insurance or purchase new critical illness insurance.

But in the end, if we choose a lifetime critical illness insurance product, we don’t have to worry about these problems at all. It is a product that guarantees life-long protection, and we don’t have to worry about renewal issues in the middle. .

2. Premiums are different

The premiums of term critical illness insurance are actually lower than those of lifetime critical illness insurance, but if the insured’s health deteriorates after the protection period, If something changes, it will be difficult to buy critical illness insurance again.

Although the premium of whole-life critical illness insurance will be higher, it can provide the insured with lifelong protection without having to worry about not being able to buy suitable critical illness insurance after the protection period expires.

2. Pay attention to these issues when buying critical illness insurance, otherwise you will lose money!

Through the above understanding, I feel that everyone should understand whether it is more cost-effective to insure critical illness insurance on a regular basis or for a lifetime~

But when it comes to insuring critical illness insurance, there are still many Issues need our attention, such as the following three issues. Many friends may have fallen into the trap because they did not notice it:

1. Refundable critical illness insurance is better< /p>

Many people think that return insurance is savings insurance, which means that after the insured reaches the agreed period, the insurance company will pay the insurance claim to the insured in accordance with the agreement in the contract, or in other words The premium paid will be refunded directly.

Many people think that buying this kind of refundable insurance is a good deal. This insurance not only has a protective effect, but when it is no longer needed, the premium can be refunded. In fact, if you think so, it is equivalent to you entering a misunderstanding.

Although the return-type critical illness insurance can promise that if the insurance company is out of danger within the coverage period, the insurance company can make a claim to the insured, it will cost more than consumer-type critical illness insurance products. That money is just wasted.

The biggest flaw is that this product has high premiums and low protection, and its price-performance ratio is very low!

What are the other pitfalls of return-type insurance? This article explains in detail:

"If something goes wrong, you will get money to pay, and if nothing happens, you will get money back - Learn about return-type insurance!" 》

2. It’s the same whether you buy critical illness insurance at any time

Even if the price of critical illness insurance is higher, it is necessary to buy it. The earlier you buy it, the better. good.

Most critical illness insurance premiums are directly proportional to the insurance age. If the coverage liability is the same, the older you are, the higher the premium will be. This setting is actually based on the insurance company's risk considerations. The older the insured is, the more likely they are to suffer from serious illness than younger people.

3. Pay the premium in one go

The most commonly used payment methods on the market include installment payment and lump sum payment. The former can be paid in installments, while the latter must be paid in one go. over.

The longer the payment period is set, the more beneficial it is to the insured. If the insurance payment period is set longer, the annual premium will be smaller. For people with a tight budget, regular payment is more favorable. At the same time, the payment period is long and exemptions are easily triggered, which is better for consumers.

All in all, when purchasing critical illness insurance, you need to take into account your actual situation, and carefully read the insurance terms, so that you will not easily buy a product that is not suitable for you.

Finally, the senior sister compiled a list of critical illness insurance for everyone. The excellent critical illness insurance on the market is all here. Interested friends can take a look:

"New definition of critical illness insurance pk, these ten are the most worth buying!" 》

I am a top student talking about insurance, focusing on objective, professional and neutral insurance evaluation;

If the above content has not solved your problem, you can also come to the official account to learn more Consult me ??on BaShuo Insurance;

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