There is a type of insurance that is most easily overlooked – term life insurance .
The compensation is based on the death of the insured, which makes many people stay away from it.
However, in a situation where everyone is in debt, term life insurance can often allow a family to continue to live a normal life in the grief of losing a loved one, which is the best embodiment of “keeping love but not debt”. It can be said that every family’s breadwinner needs to be equipped with a term life insurance.
Recently, Beijing Life Insurance’s Optimus Prime No. 8 was launched. This product has a very high cost-effectiveness. You can buy a coverage of 1 million yuan for 1,000 yuan , and the protection is very comprehensive. It is a typical low-price high-end product.
So what about Beijing Life Optimus Prime No. 8 ? Is it worth buying? Let’s find out today
Optimus Prime 8 Term Life Insurance
1. What do you think of Beijing Life Optimus Prime No. 8 ?
The Optimus Prime series is a long-established IP in the term life insurance market and has always attracted much attention for its high leverage and high cost-effectiveness.
This time, Optimus Prime 8 inherits the advantages of its predecessor, and adds optional responsibilities to provide richer protection.
Optimus Prime 8 Term Life Insurance
01Insurance Rules
• Insurance age: 18-60 years old
• Protection & payment period: 10/20/30 years, or until age 60/65/70 . Protection and payment are for the same period.
• Maximum coverage: 3.5 million
• Waiting period: 90 days
• Insured occupations : 1-6
• Health notice: 3 items
02Guarantee Responsibility
• Death and total disability: [Required] 100% of the insured amount
• Sudden death liability: [Optional] An additional compensation of 30% of the insured amount will be paid for sudden death before the age of 65 , up to a maximum of 500,000 .
• Traffic Accident: [Optional] Additional compensation for death and total disability due to traffic accidents, 400% of the insured amount for aviation accidents; 100% for land and water accidents , and 50% for self-driving during holidays .
• Family Care Fund: [Optional] Additional compensation of 30% of the insured amount, only available if you have underage children
03Premium Price
At the age of 30 , if you purchase a 1 million yuan insurance policy for 30 years , the premium for men is 1,075 yuan, while the premium for women is only half of that for men, 582 yuan. It can be said to be very cost-effective.
Optimus Prime 8 Term Life Insurance
2. What are the highlights of Beijing Life Optimus Prime No. 8 ? Is it worth buying?
Highlight 1 : The maximum amount you can buy is 3.5 million, and the longest coverage is up to 70 years old;
The starting price of a house in a first-tier city is already 30,000 yuan, and a three-bedroom apartment in a good location costs at least 4-5 million yuan. The maximum coverage of Optimus Prime 8 is 3.5 million yuan, which can cover most mortgage loans and provide a full sense of security. It can be insured up to 70 years old, so there is no need to worry about delaying retirement.
Highlight 2 : Relaxed health notification and clean disclaimer clauses;
The disclaimer of Optimus Prime 8 is the most streamlined of the three on the market , with no additional clauses.
In terms of health disclosure, Optimus Prime 8 is also quite relaxed. Hepatitis B virus carriers and those with hepatitis B virus positive can be directly covered. There are no questions about abnormalities such as lung nodules, encephalitis, and thyroid nodules. Common depression, heart disease, and congenital diseases all have the chance to be covered normally.
Optimus Prime 8 Health Notice
Highlight 3 : Rich optional responsibilities and adequate protection;
Optimus Prime 8 has three optional responsibilities .
• Additional compensation of 30% for sudden death , up to 500,000 yuan. Provide more protection for people with high work pressure and often stay up late.
• Additional compensation will be provided in case of death or total disability in an accident while on public transportation. An additional 400% of the insured amount will be provided in case of aviation accident, an additional 100% of the insured amount will be provided in case of water and land transportation accident , and an additional 50% of the insured amount will be provided in case of self-driving accident during holidays .
• If there are underage children at the time of taking out the insurance, you can add a family care benefit and receive an additional 30% of the insured amount in the event of death or total disability.
Highlight 4 : Extreme rates and market floor prices.
At the age of 30 , the insurance premium of 1 million yuan is 1,075 yuan for men and 582 yuan for women, half of that for men . It is a few points cheaper than the Huagui Damai Flagship Edition A and Tongfang Zhenai 2023 , and the cost performance is outstanding.
3. What are the shortcomings of Beijing Life Optimus Prime No. 8 ?
There is no downside except for the 90- day waiting period .
However, it should be noted that the additional compensation liability for sudden death has age, amount, and death time restrictions, which are relatively strict, so please pay attention.
4. How about Beijing Life Insurance?
Beijing Life Insurance was established in February 2018 with a registered capital of 2.86 billion yuan. Its shareholders include Hanjian Group, Shunxin Holdings, Beijing Supply and Marketing Cooperative Investment Management Center and other nine companies , with state-owned capital accounting for more than 65% .
In the past two years, Beijing Life Insurance has launched a number of popular products, including critical illness insurance and term life insurance, which have received good responses in the market. Although it has continued to lose money in recent years, its solvency ratio remains at a healthy level. In the first quarter of 2024 , its comprehensive solvency ratio was 183.39% , while its core solvency ratio was 96.01% . The overall operation is relatively stable, and everyone can rest assured to purchase insurance.
