Exemption, actually called premium exemption insurance, is an additional insurance function. When the insured or the insured suffers from minor illness, serious illness, death or total disability during the payment period, the remaining unpaid premiums of this policy can be exempted and the contract is still valid. "1 minute to quickly understand the deductible in insurance! 》
Exemption is generally divided into the insured exemption and the insured exemption. Next, let everyone better understand through examples:
Exemption of the insured
I bought myself a critical illness insurance with a coverage of 500,000 yuan, including minor illness protection of 654.38+0.5 million yuan, and the insured was exempted from minor illness. The annual premium is 6000 yuan, which will be paid for 20 years.
After two years of payment, I got mild illness, and the insurance company settled the claim of 654.38+0.5 million. At the same time, the remaining 6.5438+0.08 million expenses (6.5438+0.08 million) do not need to be paid, but the 500,000 critical illness protection can still take effect. Suffering from a serious illness, you can still get 500 thousand compensation.
Insurance exemption
If you took out a 500,000-yuan critical illness insurance for your child last year, plus the exemption for minor/moderate/severe illness of the insured, the premium will be 4,000/year, with 20 years to pay.
If you have mild illness this year, you can be exempted from the premium as the insured. In other words, the remaining premium of this policy (72,000 yuan) can be exempted, and when the child is out of danger during the policy protection period, he can still get the claim.
I believe that the effect of the immunity of the insured is quite real. Once the insured is exempted from liability, not only can he get compensation, but the contract can continue to be valid, which means that he can get greater protection with a small premium and improve the leverage ratio.
Nowadays, more and more critical illness insurance on the market is exempted by the insured, which can be said to be quite humanized.
However, many friends hope that the critical illness insurance configured for him can be exempted from the insured, especially when parents insure their children.
Understandably, this is the embodiment of love and responsibility. Many parents worry that once there are any problems in the future, they will lose their financial ability and their children's protection will not be continued.
But this problem cannot be considered only from the emotional point of view.
02
Is it better for the insured to be exempt from election?
In essence, the policy-holder exemption can be regarded as buying a critical illness insurance for the policy-holder. The insured amount is the total premium of the policy-holder, and the premium is the increased cost of choosing this function.
From this point of view, it is similar to a "severe illness". After all, every year of premium payment, the total amount of premium that can be exempted is a little less, which is equivalent to reducing the insurance coverage of this serious illness, but the cost of exemption will not be reduced.
Calculate an account:
Take Fosun Le Kang Life Insurance 20 19 as an example:
The applicant is exempt from the essence of the theory of combination.
It is equivalent to spending 408 yuan a year to buy a critical illness insurance with a 29-year coverage of 1.5 million (5348 * 29).
Whether it is cost-effective depends on how much it costs to buy a product with the same term and insurance coverage.
Comparative health benefits:
Let's see who can get more money under different circumstances:
1, the insured is seriously ill.
According to calculation, in the policy year of 1 1, the premium that Fosun Lekang can waive for life is1kloc-0/6 12, and it is 96264 in the policy year of12.
However, the amount of health, welfare and critical illness insurance is fixed at 654.38+10,000.
In the long run, health and happiness are more cost-effective.
2. The insured dies.
By the 28th policy year, Fosun Le Kang's lifetime exemption premium is 10696, which is only lower than the premium paid by his health benefits after his death.
Fosun Le Kang wins all his life.
3. The insured suffers from minor illness.
By the 25th year, Fosun Le Kang's lifetime exemption premium is 26,740, only lower than 30,000 for health benefits.
Fosun Le Kang wins all his life.
From an economic point of view, whether the applicant's exemption is cost-effective depends mainly on three factors:
(1) product cost
Dad also measured the specific situation of core love critical illness insurance:
Image source: Dad Bao WeChat official account
According to the serious illness of the insured, the premium exempted by Ai Xin in the eighth policy year is 100375 yuan, and in the ninth year it is 958 12 yuan, which is lower than the insurance amount of 654.38+10,000 yuan for health benefits.
The premium of different products is generally different. The higher the premium, the more fees are exempted, and the result is different.
(2) The accident of the insured.
As can be seen from the above examples, the final calculation results are different for the insured who suffer from serious illness, mild illness and death respectively.
(3) Dangerous moments
The earlier you get out of danger, the more premiums the insured will be exempted from paying. Considering that the older the age, the higher the incidence rate, and it is more appropriate for the elderly to purchase the insured exemption. But insurance companies are not stupid, they limit the age of the insured, generally not more than 55 years old.
In any case, the above calculation is only a theoretical conclusion, because no one can predict when the risk will come and what kind of risk will come. However, dad can tell you for sure that the exemption of this function by the insured does not necessarily mean that you will earn money if you buy it.
However, in one case, my father still recommends an additional exemption for the insured, that is, the husband and wife protect each other-that is, the husband and wife are each other's insured.
Because the current products are often accompanied by a premium exemption, in case of any problem with one of them, the remaining premium will not be paid for the insurance exemption of their own policies, and the remaining premium will not be paid for the other's policies because of the applicant's exemption. There is no need to pay for both policies, but the contract continues to be valid.