During the payment period stipulated in the insurance contract, if the applicant or the insured reaches a certain situation (such as death, total disability, serious illness or minor illness), the applicant may not pay the subsequent premium, and the insurance contract is still valid.
2. Types of exemptions
2. 1. From the object point of view, it can be divided into applicant exemption and insured exemption.
2.2. In terms of trigger conditions: serious illness exemption, minor illness exemption, death exemption and total disability exemption.
3. Forms of immunity
3. 1 appears directly in the insurance contract in the form of exemption clause.
This exemption from liability directly appears in the insurance contract in the form of clauses. In the case of one-time payment, exemption is not acceptable. Exemption is related to the payment period.
3.2. The exemption clauses are shown as additional risks.
4. Precautions:
4. 1. Don't you have to pay all the premiums after adding the deductible?
Not necessarily. Before the exemption comes into effect, the exempted products also have a waiting period, and the company's waiting period is 180 days. During this 180 days, the insured of the additional insurance contract, that is, the insured of the exemption contract, will not perform the exemption function under certain agreed circumstances;
4.2. Can the insured be exempted from liability under any circumstances?
There are restrictions on the age and occupation category of insurance. Generally, the exemption occupation category is 1-4.
Under normal circumstances, the age of the insured exempted after the expiration of the payment period is no more than 70 years old. Or in other words, the insured is exempt from paying insurance premiums, and the age of the insured plus the exemption period cannot exceed 70 years old.
5. Others
5. 1, double exemption
The insured is exempted from liability through the main insurance clause, and then the insured is exempted from liability through the additional insurance, and all the insured can be exempted. This is the so-called double exemption.
Example: Parents buy critical illness insurance for their children, and are exempt from the premium of Le Ankang Additional Music. The insured of the main insurance is the parents and the insured is the child. The applicant for additional insurance is a parent, and the applicant is also a parent.
The children of the insured in the main insurance are exempted from liability, and then the parents of the insured in the additional insurance are also exempted from minor illness, serious illness and death.
When both parents and children have special circumstances triggered by exemption, they can no longer pay the follow-up premium.
5.2, husband and wife mutual insurance
As the insured, husband and wife take out the main insurance for each other with the exemption clause of the insured, and at the same time take out additional insurance for themselves with the exemption clause of the insured.
Example: The husband insured the Le 'an Konka additional music partner for his wife, and the wife also insured the Le 'an Konka additional music partner for her husband. In this way, when one of the spouses suffers from mild illness, compensation can be made, and the premiums of both parties can be exempted. If one party suffers from serious illness or death, he can get compensation for serious illness or death directly, and the other party's insurance policy does not need to pay premium.
Mutual insurance is not necessarily husband and wife, but also parents and children.
Step 6 discuss
How about immunity? All right.
Is immunization necessary? Not necessarily.
Exemption, especially for minor illnesses, as a very humanized function, does reflect the significance and utility of life insurance, and is one of the most direct manifestations of "keeping love and leaving debts", but exemption is definitely not a free lunch.
We should know that any liability in an insurance contract has an actuarial basis, that is to say, the same product, with and without exemption clauses, will definitely have a gap in its rate and the underwriting scale will also be affected. For minors and young insured, this gap is not so obvious, but for groups over 40 years old, with premium exemption, the difference between rate and underwriting will be reflected. I have encountered cases in which parents insured their children with critical illness insurance and were refused insurance because of the minor illness of the insured.
Moreover, from the data of claims, in fact, many people are directly diagnosed with serious diseases (this should be gradually improved with the improvement of inspection technology and the awakening of people's health awareness), so the significance of premium exemption may not be as great as people think.
To get a critical illness insurance, we must first care about the leverage ratio, guarantee responsibility, underwriting scale and other issues.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.