Everything returns to the demand level. It doesn't mean that both Hong Kong insurance and Singapore insurance are good, just as imported medicine is not necessarily good. If you have a professional security demand analysis, your life insurance demand is only 200,000 to 300,000, so there is no need to buy insurance abroad. But now the average middle-class family, the insurance amount of 200,000 to 300,000 is far from enough, and it is necessary to consider a more cost-effective choice. Medicine itself is not good or bad, only right or wrong.
Why is overseas insurance so much cheaper? There is also a fundamental reason, that is, insurance rates. Hong Kong is one of the cities with the highest safety index and the highest incidence rate in the world. Hong Kong has a sound medical system, which also adds a lot to it. Therefore, the World Reinsurance Company has a very high rating on Hong Kong, and the basic guarantee rate is very cheap. As we all know, China's safety index and medical system will definitely have high rates.
As for why domestic insurance companies say that Hong Kong insurance or other overseas insurance is not reliable, just like the medicine representative of A pharmaceutical factory said that the medicine of B pharmaceutical factory was not good, the medicine representative of domestic medicine said that the imported medicine was not good, and the medicine representative of imported medicine said that the domestic medicine was not good. These are all normal, and the ass decides the head. That's why you need a doctor to decide which medicine to use, right?
Recently, many friends asked another question, and I answered it here. Friends keep asking you why the insurance products you mentioned are so cost-effective; I also constantly see friends forwarding articles in the circle of friends, why Hong Kong insurance is better than domestic insurance policies in terms of cost performance.
For this cliche, let's analyze it from the actuarial point of view, so that everyone can have a clearer understanding. At the same time, two different schemes of buying insurance in Hong Kong and in China are given.
1. Different regulatory environments
China's China Insurance Regulatory Commission likes to "do everything", while Hong Kong's insurance regulatory agencies are "grasping the big and letting go of the small", taking into account two points: First, operating in good faith and legally; The second is solvency.
What does the China Insurance Regulatory Commission manage? The basis for insurance companies to calculate rates is also included in the scope of supervision; Even the classification of insurance should be set according to the rules of insurance supervision.
Some time ago, many customers and friends said that there was no single-selling critical illness insurance in China. In fact, it is not impossible to find such a product. Many health insurance companies established after 2006 and 2007 have such products. Not only is the critical illness insurance sold, but there is also an allusion that makes the industry very helpless.
In foreign countries, most single-selling critical illness insurance naturally includes death liability (that is, life insurance), which is a kind of humanistic care: critical illness insurance generally costs more money and will consume the insured. If the insured dies of a non-serious illness, it is obviously inhuman. So when China introduced the critical illness insurance, it was also considered in this way.
However, when the CIRC saw such a product statement, the reply was: those with life insurance liability should be included in life insurance; If you have serious illness responsibility, you must be included in medical insurance. How to classify a product with both life insurance liability and health insurance liability?
Helpless, the industry has to divide a product into two products: the main contract is life insurance or an old-age security (compensation will be paid after death, and the insurance amount will be returned before death); The rider is a critical illness insurance. The main contract and the supplementary contract are inseparable and cannot be sold separately. For example, the "patron saint" and "patron saint" of * state, and the "pillar of the family" of I ~ G in those days. In fact, these are "China characteristics" of the single sale of critical illness insurance. Strangely, X Shou's Kang X series products are not subject to this restriction, which may be the non-national treatment of Sino-foreign joint venture life insurance companies? )
For another example, anyone with a little knowledge of insurance knows that the amount of insurance for minors in the mainland cannot exceed 65,438+10,000 yuan. The theoretical basis of this supervision system is moral hazard, that is, the insurance coverage of minors who have no self-protection ability is too high, which may lead to extreme situations (referring to some parents who have no bottom line). This situation has indeed happened in the history of insurance. But up to now, the ways to prevent this moral hazard in most developed countries are: the insurance coverage of children should not exceed that of parents, and in some areas it should not exceed half of that of parents; If there is more than one child, if one child is insured, everyone must be insured. These measures effectively prevent moral hazard.
As far as I know, there are restrictions on the amount of children's insurance in overseas regions, only Taiwan Province Province was many years ago (I don't pay attention to it now). Just "malicious speculation", the insurance law of Taiwan Province Province is also in Chinese, so it is more convenient to "learn from".
It is in this dogmatic supervision mode that the profitability and innovation ability of insurance companies are greatly reduced, and the product homogeneity is extremely serious (so, some customers ask to recommend several domestic insurance products, and they don't know how to answer them, but they are all the same, as long as they grasp the general direction. )。 What you see is the different packaging of homogenized products.
In Hong Kong, insurance companies are often more dynamic and profitable than domestic insurance companies, so product design is more personalized.
2. Different levels of social development
You may not know that the rates of insurance companies are often based on the rates of reinsurance companies, and even the underwriting conditions are influenced by reinsurance giants. For example, IN* Group, which once served, immediately stopped selling "life extension" medical insurance in Chinese mainland after it acquired Taix Yangan X insurance company in China, because reinsurance companies were extremely worried about China's safety index.
In fact, up to now, no insurance company in Chinese mainland has a life-long renewal insurance product. What is "guaranteed lifetime renewal"? That is, if the insurance company underwrites you for one year, no matter how your health changes in the future, the insurance company promises to provide medical insurance for life as long as you are willing to pay the lifelong premium.
It can be said that buying insurance in developed countries and medical insurance do not guarantee life-long renewal. Due to different levels of medical care, the coverage of medical insurance in Chinese mainland is generally low.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.