Buy critical illness insurance or life insurance first? Scientific insurance planning should start with accidents and health insurance. With these basic guarantees, consider other types of insurance. In other words, if there is no commercial insurance, insurance should generally be bought in the following order.
Accident (life insurance) → health insurance (including major illness and medical insurance) → education insurance → endowment insurance → omnipotent!
What's the difference between life insurance and critical illness insurance?
Life insurance, that is, the insured dies or is completely disabled within the agreed time limit, and the insurance company compensates according to the agreement. If the insured is safe and sound, the insurance contract shall be terminated.
Critical illness insurance guarantees the critical illness stipulated in the contract. If the insured suffers from a serious illness as stipulated in the insurance contract, the insurance company will pay the insurance money in advance.
Simply put, life insurance is life-saving-people get compensation for death or total disability; Critical illness insurance is to protect sick people-people get compensation for serious diseases.
Because the coverage of life insurance is relatively narrow, under the same conditions, the premium of buying term life insurance is relatively low and the insured amount is high. Even so, the purchase of critical illness insurance should take precedence over term life insurance. The reason is that when you are seriously ill, individuals and families will face more risks and the economic losses will be unbearable:
1, high medical expenses;
2. Loss of income during treatment and rehabilitation;
3, the cure is not healed, death;
Therefore, whether to buy critical illness insurance or life insurance first, you will choose to buy critical illness insurance first.