From an economic point of view, insurance is a financial arrangement for apportioning accidental losses; from a legal point of view, insurance is a contractual act, a contractual arrangement whereby one party agrees to compensate the other party’s losses; from a social point of view, insurance is a social An important part of the economic security system is the “sophisticated stabilizer” of social production and social life; from the perspective of risk management, insurance is a method of risk management.
Insurance has always coexisted with risk. Everything you do in your life carries a certain risk, such as when you cross the road, pass by a construction site or breathe polluted air, there is a potential risk to your life or health. Since risks are everywhere, it is a wise choice to use insurance tools to share risks and build an umbrella of protection for your family.
What are the main types of life insurance?
Personal insurance products can be mainly divided into life insurance, critical illness insurance, medical insurance, annuity, and endowment insurance. In addition to providing solid protection when you or your family encounters relevant special circumstances, life insurance can also provide you and your family with a good plan for the future.
Life insurance settlement products can provide you and your family with solid and reliable life protection.
Critical illness insurance products can provide you with medical expenses or life insurance in the unfortunate event of a critical illness.
Medicare products provide reimbursement and subsidies (if any) for medical expenses while you are being treated for a medical condition.
Annuity and endowment insurance products can provide you with more stable income protection according to the insurance clauses.
Can I change the coverage amount or add riders after the policy is issued?
During the validity period of the contract, you can apply to change the insurance amount or add additional insurance (if any) but must comply with the relevant regulations of the insurance company. If you apply for a reduction in the basic insurance amount, the reduction will be deemed as surrender. For specific conditions to be met, please consult your Account Manager.
If I forget to pay the premium, will the benefit end immediately?
If you have purchased an insurance product with a coverage period of more than one year, even if you fail to pay the due premium on time, your coverage benefits will not be suspended or terminated immediately. Your insurance contract will provide you with a 60-day grace period to pay due premiums, during which your insurance contract will remain in force. You can also choose automatic advance payment or reduced payment according to the contract to prevent your insurance contract from invalidating due to failure to pay on time.
If you have purchased an insurance product with a coverage period of one year, and you have not paid the premium on the expiry date of the grace period, the validity of the insurance contract will be terminated immediately.
Is there a minimum payment period for insurance products? Can I request an early surrender after I apply for the policy?
Different products have different payment period requirements. You can choose to agree to a payment period with the insurance company according to the payment period provided by the insurance company when applying for insurance.
You can apply to the insurance company for surrender at any time after you apply for the policy. If you apply for surrender during the waiting period (the waiting period for different insurance products is different, the specific insurance contract shall prevail), the insurance company will refund you the insurance premium you paid in full; if you surrender the insurance after the waiting period, the insurance company will The cash value or unexpired net premiums of your policy will be refunded as agreed in the insurance contract, but you may lose money.
What are the main risks of insurance products?
The main risks of insurance products include but are not limited to the following:
Insurance companies are not liable for insured accidents caused by exempted matters.
The validity of the insurance contract may be suspended/terminated due to your failure to pay the premiums on time.