5 key times to pay attention to when buying insurance

5 key times to pay attention to when buying insurance

For Those who want to improve their insurance plans for themselves and their family before the end of this year, not only need to work hard to study how to choose the most suitable insurance products from the dazzling array of insurance products, but also need to understand some insurance policies, such as how to understand. Insurance contracts, especially some time points in the contract, should not be confused, listen to what insurance experts say.

10 days: buy insurance to eat “regret medicine”

Although there is no “regret medicine” in the world, you can go back after buying insurance. Fan Bo, a financial planner at the Henan Branch of China Construction Bank. Said that the policyholder will have a 10-day “hesitation period” after receiving the policy. During these 10 days, the policyholder can consider whether the insurance purchase is satisfactory or not; in these 10 days, the insurance policy will be insured.

People can unconditionally request the insurance company to refund the premium. Except for the cost of up to 10 yuan, without paying other fees. However, once the 10-day period has passed, the contract will come into effect, and the sooner the insured surrenders the insurance. The greater the loss it will bear. He reminded policyholders to make good use of these precious 10 days. On the one hand, don’t let the agent take advantage of the time to deprive yourself of your rights. On the other hand, you can also use these 10 days to have a more thorough understanding of the product.

Tip: After receiving the policy, the applicant must fill in the policy receipt in person, because the insurance company’s determination of the “hesitation period” is calculated based on the date of the receipt as the starting date. Filling in the receipt in person is to prevent some agents from “occupying” your “hesitation period”.

60 days: forget to pay the premium, don’t worry

Taiping Life Insurance that for people who suddenly encounter financial difficulties or carelessly forget to pay their premiums in time. If they miss the annual payment time, they don’t need to worry. “Because the insurance company considers that the policyholder may. Due to various reasons such as temporary inefficient cash flow on hand. An extended grace period for paying premiums is generally set, mostly 60 days. Those’careless people’ only need to pay premiums within these 60 days”. In addition, there is also a two-year grace period. But the so-called two-year grace period, during which the contract is only retained. But the insurance liability in the contract is suspended. Once an accident occurs, the company is not responsible for compensation.

Reminder: This period is set for the payment of premiums in installments. If the insured fails to pay the premiums, the grace period will be 60 days from the day after the payment date stated in the insurance policy. Once the policyholder, unfortunately, has an accident during these 60 days. The insurance company assumes the insurance liability but will deduct it. The premium and interest owed by the policyholder from the insurance money paid by the policyholder.

Three months or six months: sickness can only be carried by yourself

“Here a period of three months or six months is called a waiting and observation period. There is a wait-and-see period in many critical illness insurances and hospital medical insurances. If you get sick during the wait-and-see period, the insurance company is not responsible for paying the insurance money. The Life Insurance Office of the Provincial Insurance Industry Association further explained that the provision is a self-defense clause for insurance companies as people get sick, especially some major diseases, and their bodies have a gradual process, not sudden. In other words, when the insured buys insurance products, he may not even know that he has a hidden danger of some kind of illness, but he is actually a “patient”. In this case, it is indeed a bit unfair to have the insurance company be responsible for medical expenses as soon as the insurance is purchased.

Tip: When purchasing medical insurance products, you must carefully clarify the scope of liability and the effective time of the insurance. Generally speaking, the wait-and-see period of hospitalization insurance is 90 days, within 90 days. Hospitalization insurance companies will not be compensated. Critical disease insurance generally lasts for half a year or even a year. During the wait-and-see period. The insurance company only refunds the premiums paid, and the insurance company is not responsible for the payment of the medical expenses incurred. The wait-and-see period.

Two years: the loss of early termination of the insurance is large

Life may not be smooth sailing, so surrenders are not uncommon. But for these people, it is important to consider whether it is cost-effective. “The economic losses to be borne by surrendering the insurance within two years are almost all the premiums paid by the insured person; if the premiums have been paid for more than two years, the cash value in the insurance policy can be reclaimed”. Life Insurance Henan Branch told reporters. Some disputes arise from the insured’s ignorance of this provision. She reminded policyholders that for dividend-sharing insurance. The return was low in the first two years, and it is very worthless to surrender the insurance.

Tips: For some long-term life insurance types, the cash value of the policy in the first year is very small or even zero. If you surrender the policy. The policyholder may not get a penny, and the surrender fee is equal to the premium paid by the policyholder; The cash value of the policy in the second year is about 20% of the premium paid. If you surrender the insurance, the insurance company will deduct 80% of the premium paid by the policyholder as a surrender handling fee.