When talking about critical illness insurance, we have to talk about consumer critical illness insurance. In recent years, consumer critical illness insurance has gained more and more people’s favor with its super high cost performance. Today we will talk about what consumer critical illness insurance means and what are its advantages?
1. What does consumer-type critical illness insurance mean?
Consumer-type critical illness insurance refers to insurance that only covers disease liability. If the disease specified in the contract is diagnosed, the agreed insured amount will be paid. If the person dies without suffering from the disease specified in the contract, the premium will not be refunded, and the death benefit will not be paid. Only the cash value can be refunded, just like car insurance. The premium you pay is equivalent to the money you spend, which will not be returned to you.
2. What are the advantages of consumer-based critical illness insurance?
What are the advantages of consumer-type critical illness insurance? The main advantages are as follows:
1. Low premium and high cost performance
Because consumer-type critical illness insurance has no savings function and no return function, compared with other return-type critical illness insurance products, the premiums of consumer-type critical illness insurance products are lower, which makes it easier for ordinary families to afford and there will be no financial burden. Because the function of insurance is to resist risks rather than financial management, it is very suitable for ordinary families to purchase consumer-type critical illness insurance.
2. Concentrated protection, more targeted
Consumer-type critical illness insurance products generally provide protection against commonly occurring serious illnesses as well as moderate and minor illnesses. Therefore, the insurance coverage is relatively precise and does not come with other protection functions, allowing consumers to spend their money wisely without being dazzled by the diversity of insurance coverage.
3. Ensure flexible options and free matching
The coverage period and coverage amount of consumer-type critical illness insurance are flexible and optional, and the supplementary insurance is also flexible and diverse. Generally speaking, the coverage period can be selected for 20 years, 30 years, or until the age of 70 , or for life. The insurance coverage amount can also be selected according to your own budget. There are also products that can choose supplementary insurance such as disease care money, malignant tumor care money, secondary compensation for critical illness, and hospitalization allowance. In this way, the insured can choose according to their actual situation and reasonably arrange the family’s insurance plan.
Final Thoughts
In general, consumer-type critical illness insurance is cost-effective, has concentrated protection, is more targeted, has flexible and optional protection, and can be freely matched. It is the first choice for purchasing critical illness insurance, but it must be in accordance with the health declaration. If the physical condition does not allow it, you can also purchase the relatively more expensive return-type critical illness insurance.
