Advantages of short-term critical illness insurance
1, low premium
The annual premium of short-term critical illness insurance ranges from several hundred yuan to several tens of yuan, while that of long-term critical illness insurance is several thousand yuan, and the amount of protection is similar. Why spend several times more money on long-term critical illness insurance?
2, the product is more flexible
The iteration speed of insurance product update is too fast. If you encounter a good product, short-term critical illness insurance can be replaced at any time, which is more convenient.
There is nothing to lose by surrendering.
Short-term critical illness insurance is guaranteed for one year. If you don't want to renew your insurance midway, you don't have to worry about the loss of surrender.
The above reasons for buying short-term critical illness insurance are quite real. Many people should also like to buy short-term insurance. Short-term insurance truly reflects the "cost performance" and looks much more cost-effective than long-term insurance. Only a few tens of dollars a year can pry hundreds of thousands of insurance levers. Then why do we recommend you to buy long-term critical illness insurance?
This is because insurance is not suitable for "drinking today and getting drunk tomorrow". Short-term insurance covers only one year, long-term insurance covers decades, and some serious illness insurance even covers life. The certainty of guarantee is different.
Because insurance is not suitable for "getting drunk today", short-term insurance coverage is only one year, long-term insurance coverage can be decades or even life, and the certainty of protection is different. Because we buy insurance, we should also consider the health status of the insured, as well as the issue of product suspension and renewal.
Shortcomings of short-term insurance
1, health bulletin
Short-term critical illness insurance is guaranteed for one year, and the premium is cheap to ensure freedom. At first glance, it is really good, but people's physical condition can't stay in a state all the time. With the growth of age, the functions of all aspects of the body will also decline, and the probability of illness will also increase.
We need health information before insurance, such as long-term critical illness insurance. We can make a health notice before insurance, and then pay the fee on time to get the claim.
Short-term critical illness insurance is different. If you want to take out insurance every year, you must give a health notice every year before taking out insurance. Once you have the records and symptoms of illness, you will face the risk of delay, increase the cost or directly refuse the visa, which will put you in a dilemma. In this way, short-term critical illness insurance seems to be "more flexible", but it will also become a short board.
These products have been discontinued.
The CBRC has clear regulations on the issuance of health insurance for one year or less, and cannot guarantee renewal. Non-warranty renewal means that when a product insurance company loses money or has poor benefits, the insurance company will stop selling it.
Stopping sales means no renewal, which is also an obvious shortcoming of short-term insurance. Long-term insurance will not be affected by the suspension of sales, even if the product is suspended, its protection is still effective.
Let's look at a real case: Xiao He, who is keen on buying short-term critical illness insurance, bought her husband a one-year critical illness insurance last year, but because the product stopped selling, he found that he could not renew it when he wanted to renew it. Before he found a similar insurance product, his husband was diagnosed with mild myocarditis during the gap period of protection. Not only can he not get a claim, but it may be difficult for him to buy insurance in the future.
This is the risk you may encounter when you buy short-term critical illness insurance. When you need insurance, you may not be able to buy insurance because of health problems or product suspension.
Short-term insurance and long-term insurance are not completely opposite. Short-term insurance can be used as temporary protection. When our economic level is limited, we can choose to use short-term critical illness insurance for transition. For example, some newly graduated college students, young people who have just entered the society, are young and healthy. At this time, they can choose short-term critical illness insurance to transition.
When you are over 30 years old, your health is not as good as before, and your economic strength is stronger than before, you should choose long-term critical illness insurance to protect yourself.
The difference between long-term insurance and short-term insurance
To use a popular metaphor, long-term insurance is like buying a house, and short-term insurance is like renting a house. What you buy is truly owned, and what you rent may change at any time.
Buying a long-term critical illness insurance and paying it for 30 years is equivalent to buying a house with a mortgage and owning it. In decades of protection, even if you are seriously ill, as long as you pay the mortgage on time, this "house" is still yours.
One-year short-term critical illness insurance is different, equivalent to renting a house. Rent for one year and guarantee for one year. It looks good, but the price will not increase the next year. Whether to rent or not is up to the landlord. Even if the lease is renewed for more than ten years, suddenly one day the landlord will not rent it. At this time, it may be too late for you to buy a house. And with the growth of age, "rent" will become more and more expensive and more and more difficult to rent.
If you want more stable protection, you have to choose long-term critical illness insurance. Although the upfront premium is a little more expensive, it will be balanced when you get older. Buying insurance is buying protection. You bought a one-year critical illness insurance. In case your health gets worse halfway, you may not be able to buy insurance even if you have money. This is the most terrible thing.
If the economic conditions are not very comfortable, priority should be given to short-term critical illness insurance, because short-term critical illness insurance requires less initial investment and can be guaranteed at a small cost. However, if the conditions improve in the later period, it is recommended to configure long-term critical illness insurance.
If the economic conditions are relatively abundant, priority should be given to stable long-term critical illness insurance to ensure that there will be no other risks such as suspension of sales. In addition, if necessary, short-term serious illness insurance can be configured to obtain higher insurance income, and disease protection can also be specified, such as female diseases and childhood leukemia.
Long-term critical illness insurance and short-term critical illness insurance are not antagonistic. If you want more comprehensive protection, you can use it together.
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