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Chapter 15 Insurance and financial management, paying for the life of yourself and your family (3)
Marriage is a major turning point in life, and the demand for insurance will also increase greatly. At this time, it is necessary to choose insurance products from the perspective of the risks of the whole family, including how to protect the lives of relatives in case of death or loss of work ability, and at the same time, the future should also be considered Pensions, children's education funds, medical funds, housing loans, etc.The insurance design in this period is generally based on the main economic pillar of the family.Both husband and wife can choose whole life insurance with high security, and add certain medical insurance and accident insurance.Under the premise that economic conditions permit, you can also choose to invest in dividend products.

The fourth stage, insurance planning when becoming a parent: 35~60 years old.

After becoming a parent, children start to grow and receive education, and they themselves are also getting older. The upper part is old and the lower part is young, and they face the most various problems.At this time, family members should be considered as a whole, and different members have different insurance needs.

On the one hand, accidental disease insurance should be purchased, in which the economic pillar of the family is the key insured object, that is to say, to buy the best and most insurance for the person who makes the most money.First of all, buy accidental disease insurance for him. In case of misfortune, the compensation will set up an insurance barrier for the family.Secondly, life insurance can be purchased for them. If they die unfortunately, the insured life insurance will also pay the full pension.Thirdly, you can choose critical illness and medical insurance for other family members to ensure that the family economy will not be impacted in case of illness.Medical insurance includes general medical insurance, critical illness insurance and hospitalization insurance, and one or more of them can be selected according to the actual situation of each person.

On the other hand, if it is to prepare for children's education funds, you can choose savings products such as education funds.If your children are still young, you can purchase some composite insurance related to children's insurance. These insurance types can cover children's education, medical care, entrepreneurship, starting a family, pension, etc., and can effectively protect children in all aspects.

The fifth stage, insurance planning for retirement and pension period: after the age of 60.

With the extension of the average life expectancy of modern people, the issue of life security after retirement is becoming more and more important.Calculated based on the average person's retirement age of 60, there will be about 15 to 20 years of economic recession after retirement.Therefore, you should accumulate a fund for yourself in your youth and middle age that is sufficient to pay for your old age.For those middle-aged couples who are about to enter the retirement period, since the children are basically independent, the family burden is reduced, especially don't forget to prepare for the living expenses and medical expenses of the elderly after retirement.Buying pension insurance and health insurance should be a good choice.

At different stages of life, due to differences in economic status, family structure and age characteristics, the problems faced are different, and the protection needs of each person will also be different. This requires that insurance plans be made for each age stage, the focus should be determined, and the budget should be prepared. To meet the life insurance needs of different age groups.

How to pay less for insurance premiums and benefit more
Many office workers have bought insurance, but they don’t know how to pay the premium reasonably, and they can’t choose the payment method according to their own economic strength. As a result, they can’t pay the insurance according to their own situation, causing difficulties in one way or another to their family life and financial management.In fact, for policyholders, insurance payment is not the same as some people think, whichever payment method they choose is the same.This kind of thinking is completely wrong.Insurance payment also contains a lot of financial management principles, and insurance payment pays a lot of attention.

Now, when people buy insurance, the payment method of premium is more flexible, which can be paid in one lump sum (single payment) or in installments year by year (annual payment, annual payment within a limited period).For example, when paying annually according to the deadline, insurance companies generally provide a variety of payment deadlines of 5 years, 10 years, or even 20 years.How should policyholders choose to pay?This requires the policyholder to comprehensively consider the length of the payment period according to his own economic income and expenditure situation, income stability, affordability, and the ratio of payment and protection demand that the policyholder pursues.

If the policyholder wants to consider it from the perspective of payment, annual payment and annual payment within a time limit are undoubtedly the best choices for the policyholder.

The so-called annual payment means that the insurance premium is paid once a year until the year before the beginning of the insurance premium payment responsibility.The time span of this form of payment is very long, and some can even reach decades.But although the time is really long, the premiums that need to be paid each year are relatively small.

The so-called limited annual payment, that is, when signing the insurance contract, it is agreed that the policyholder must pay the premium within a certain number of years.For this form of insurance payment, it not only has the advantage of annual payment, but also can determine the specific payment period according to the insured's own ability to bear the economy and the estimation of his future income.If the current economic situation of the insured person is very good, and through estimation, his income situation in the future will not be bad, and will still be very good, he can consider paying a little more premium, so that the deadline for paying premium It will be shorter; conversely, the period for paying premiums will be longer.A few days ago, through further investigation, the author found that, as to which form of insurance payment to choose, many people are willing to choose this method of annual premium payment within a time limit.In fact, for this form of premium payment, it is more suitable for those people with relatively stable income sources and higher incomes, because for this group of people, once they adopt this form of premium payment, they will not be able to pay premiums when they need to pay premiums. In fact, not only will there be no pressure, but you will also get good insurance protection for yourself.On the other hand, if the income is not stable and the income is not high, they also choose this form of premium payment, which is undoubtedly not advisable, because they also need to pay premiums many times, so it will be easy. As a result, when the insured's capital turnover is not working well or he spends a lot due to low income and cannot afford it, the insured will be unable to continue to pay premiums. If this situation really occurs, it is bound to be It will lead to the invalidation of the insurance policy of the policyholder. In this way, the interests of the policyholder and the insured will definitely be damaged. Originally buying insurance is to obtain protection, but now it has become a serious mental burden.

As for single payment, that is, the premium is paid in one lump sum.The advantage of this method of insurance payment is that the insured is more trouble-free. Once the process is completed once, there is no need to consider paying the premium again in the future, and you don’t have to worry about forgetting the payment time and making your insurance policy invalid. Once again, I went to the insurance company to pay the premium.The disadvantage is that due to the one-time payment of the premium, there are too many funds required to pay the premium, and many policyholders cannot afford it.

It is very knowledgeable to choose how to purchase insurance and how to pay the premium. It depends on whether the policyholder has financial strength, stable income, or both.If you want to pay the premium correctly, the policyholder must determine according to his own actual situation. Only in this way, the policyholder will truly get the benefits of insurance without affecting his own life.

Pay attention to the details when buying insurance
Buying insurance is nothing new, and more and more people realize that they should add protection to their future.However, there are always policyholders who report that it is easy to apply for insurance and difficult to settle claims, and the insurance company is reluctant to act according to the insurance contract.Why is there such a situation?Of course, it is not ruled out that individual salesmen make irresponsible promises to complete performance tasks, but if the policyholder does not have too many blind spots in the basic knowledge of insurance and is more careful when applying for insurance, this situation may be avoided.

Under normal circumstances, any insurance company's insurance clauses for any type of insurance will stipulate "insurance coverage".For example, the actual age of the policyholder and the insured is wrong, or the policyholder and the insured do not have the insurance interest stipulated in the "Insurance Law of the People's Republic of China", the insurance company can completely refuse to pay.

In "insurance liability", it should be noted that there will be an observation period, generally 180 days, to prevent malicious insurance fraud.During the observation period, if the insured has an accident, the insurance company will not pay.

At the same time, in the insurance clause, there is also a clear "exemption from liability" clause.Taking a certain life insurance clause of an insurance company as an example, the fifth clause of the clause is expressed as follows:

"The company shall not be liable for the insured's death, severe physical disability or serious illness due to any of the following circumstances:
(1) Intentional acts of policyholders and beneficiaries towards the insured;

(2) The insured intentionally commits a crime, resists arrest, or self-injuries;
(3) The insured takes, smokes or injects drugs;

(4) The insured commits suicide within two years from the effective date (or reinstatement) of the contract;

(5) The insured is driving under the influence of alcohol, driving without a valid driving license, or driving a motor vehicle without a valid driving license;
(6) During the period when the insured person is infected with HIV (HIV positive) or AIDS (ADIs), or dies due to congenital diseases..."

Different types of insurance will have certain differences in the expression in this article. The insured must pay attention to whether there is a corresponding situation when filling out the policy to avoid disputes in the future.

Once the insurance policy is purchased, the premiums must be paid on time.If the policyholder fails to pay the premium on the specified date, the insurance company will give a certain grace period, usually 60 days.If an accident occurs within the grace period, the insurance company shall bear the insurance liability; if the premium is still not paid after the grace period, the insurance company will automatically advance the policy according to the cash value of the policy to make the policy valid. If the advance payment is insufficient, the effectiveness of the policy will be suspended and another accident will occur , the insurance company does not bear the insurance liability.

There is a "principle of utmost good faith" in the insurance industry, which requires both insurance companies and policyholders to fulfill the obligation of "telling the truth".For policyholders, you must truthfully answer all the questions listed in the insurance contract. Maybe you will lose the right to claim in the future if you "conceal" a little.Usually, the insurance company will not be liable to pay the insurance money for the insured accident that occurred before the termination of the contract if it deliberately fails to notify.

Finally, I would like to remind everyone of a detail issue, that is, the signature.Generally, except for persons without legal capacity (such as minors), the applicant, the insured, and the beneficiary should all sign in their own hands, and do not sign on behalf of them. To avoid disputes in the future.

As long as you take the above details seriously during the insurance application process, you will feel that insurance claims are not difficult after an accident occurs.

There are many insurance clauses, complex content, and many procedures. When purchasing insurance, you must interpret various details in depth to clarify your own rights and responsibilities of both parties, so as to avoid future disputes and allow yourself to truly benefit from insurance investment.

(End of this chapter)