Spend more than 8 million yuan to insure against debts of 3.7 million yuan

　　How can the elderly "insure" avoid the "pit"?

　　[Keywords] policy loan

　　Recently, Mr. Zhang, a retired citizen from Shanghai, spent more than 8 million yuan in insurance premiums to buy 29 insurance products from an insurance company in 9 years, but he was "in debt" because of a "policy loan" of 3.7 million yuan.

After multi-party coordination, the insurance company finally responded, "decided to surrender some of the policies under Mr. Zhang's name, and adjust the protection plan for Mr. Zhang and his wife, and the remaining policies will continue to be held."

　　Although Mr. Zhang unfortunately encountered a policy dispute, he was finally handled relatively properly.

And most insurance consumers, especially elderly consumers, may not have such experience and luck.

Therefore, it is particularly important to have an in-depth understanding of insurance products before purchasing insurance.

　　What is a policy loan?

　　Policy loan, also known as policy loan.

To understand policy loans, you must first understand the concept of "cash value".

　　Cao Xin, an insurance consultant working for an insurance brokerage company, said: "In general, we know that the money stored in the bank can be fully withdrawn. It is called 'cash deposit'. The money given to the insurance company is not intended to The part that can be withdrawn is called the 'cash value'. The policy loan refers to the loan of a certain percentage of the 'cash value', which is usually 80%." He explained that after the insurance company receives the premiums paid by consumers, it will first deduct the company's operating service costs and the cost of providing protection for customers, and then use the remaining part to invest.

Investments often take time to see returns, so the upfront "cash value" of most life insurance products is generally low at the start of a policy.

As a result, there is relatively little cash available to lend.

　　Mr. Zhang in the news listened to the advice of the sales staff and used the money loaned from the policy to purchase a new policy.

This looks like spending one dollar to buy multiple insurances, but it ignores that policy loans have a time limit for repayment, which is generally 6 months. At the same time, policy loans also generate interest, and the interest is higher than the bank loan interest.

　　What type of insurance is suitable for seniors?

　　The older a person is, the weaker their tolerance for risk will be.

Cao Xin suggested that for the elderly, health insurance products can be given priority.

First of all, you should purchase an accident insurance that includes accidental medical liability, which can provide medical expenses compensation and even hospitalization subsidies in the event of sudden injuries such as accidental falls.

Secondly, the elderly who are physically able should have supplementary medical insurance to hedge the large medical expenses caused by major diseases.

The long-term care insurance that the state is advocating and piloting is also an insurance that the elderly can pay attention to.

　　What are the precautions for elderly insurance?

　　The comprehensive insurance supervision department has issued a consumer reminder that the elderly should have clear needs when applying for insurance, and they do not have to blindly pursue the company brand. Products that best meet your needs and match your ability to pay.

　　Secondly, because most of the elderly are not good at using information technology, they try to choose offline to meet with sales staff to complete the insurance application, so as to reduce the troubles such as insufficient understanding of product protection and inconvenient claims settlement that may be caused by online insurance application.

　　Third, when applying for insurance, the elderly also need to provide health notification, financial notification, and basic personal information notification according to regulations, and do not conceal the true situation.

For the link that needs to be signed, be sure to sign and confirm in person, and do not entrust a salesperson to sign on your behalf.

In terms of product selection, it is not only the promotional foldout and oral introduction of the sales staff that shall prevail, but everything listed in the insurance contract shall prevail.

In order to protect the rights and interests of consumers, the regulatory authorities stipulate that the insured over 60 years old will be recorded and recorded when applying for insurance.

The elderly should cooperate with the sales staff and do a “double recording” in a standardized manner, so as to restore the key links of insurance sales in the event of disputes and prevent losses caused by misleading sales.

　　Text / Guo Yan