Lifelong health insurance is better than short-term health insurance.
Most of the short-term health insurance products in the market need to be renewed every year, and some products will refuse to renew their insurance because of claims or physical problems of the insured. Moreover, the maximum renewal age of such products is generally 65 years old, but the medical expenses spent by a person aged 60 and beyond account for about 50% of his life. Therefore, these insurance products are often not available when the insured needs medical insurance most.
The emergence of lifelong health insurance makes up for the shortage of short-term health insurance to some extent. Its insurance premium rate is balanced, and it will not increase because of the change of the insured's age and physical condition, and the insured does not have to worry about the insurance company raising the premium or refusing insurance. For example, the contract of AIA Kangfu Lifelong Health Insurance Plan stipulates that once insured, it will be guaranteed for life. Effectively solve the problem of increased medical expenses for the elderly insured.
Lifelong health insurance has the function of life insurance.
Short-term health insurance products are mostly consumer products, which can only provide short-term protection, while life-long health insurance products are mostly bundled with long-term life insurance products, and are designed with death insurance benefits, which is equivalent to setting up a "fund" or "account" for the insured. After the death of the insured, he can receive the remaining amount after deducting the compensation he has received. For example, AIA's Kangfu lifelong health insurance plan, China Life's cherished lifelong hospitalization plan and Taiping Life's exclusive plan.
Short-term health insurance costs are very low.
The protection period of short-term health insurance is generally one year, and the natural rate is adopted. When the age is relatively young, the premium is relatively low, which is suitable for young people with relatively weak economic foundation and in urgent need of protection. Long-term health insurance is relatively high because of its long guarantee period and balanced premium, which is suitable for people with a certain economic foundation.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.