危疾保險常見問題 agent有咩用、等候期、early claim係？| Project Umbrella

Summary

This video script discusses the differences between term and whole life critical illness insurance, highlighting the varying coverage periods and cash value components. It emphasizes the importance of choosing the right insurance based on individual needs and financial capacity. The script also touches on the role of insurance agents in explaining policies, assisting with claims, and ensuring documentation is handled efficiently. Additionally, it addresses concerns about non-guaranteed dividends and the global applicability of critical illness insurance, providing a comprehensive guide for potential buyers.

Takeaways

• 🔑 The cost of critical illness insurance has increased over time due to various factors including coverage up to 100 years old and the inclusion of non-guaranteed bonuses.
• 📈 There's a distinction between 'savings type' and 'consumption type' critical illness insurance, with the former offering lifelong coverage and cash value, while the latter is typically cheaper with increasing annual premiums.
• 💰 Premiums for consumption type critical illness insurance increase annually, whereas savings type insurance offers level premiums over a set period, often 20 or 25 years.
• 🏦 Savings type critical illness insurance policies have a cash value component, which can accumulate over time and be withdrawn if the policyholder decides to cancel the policy.
• ⚖️ Both savings and consumption types of critical illness insurance have their merits, and they can be combined for comprehensive coverage.
• 🌐 Critical illness insurance is generally global, but for claims in mainland China, reports from designated top-tier hospitals (三甲醫院) are often required.
• 🚫 Companies are cautious about underwriting policies for individuals over 70 due to increased health risks, which is why many consumption type policies only cover up to 70 or 75 years old.
• 💡 The 'savings type' insurance is marketed with the concept of 'save money if nothing happens, get compensated if something does', highlighting its dual financial and insurance nature.
• 📊 The履行比率 (fulfillment ratio) of non-guaranteed bonuses in critical illness insurance is generally high, with many companies paying out more than the guaranteed amount.
• 🤝 The role of an insurance agent is crucial in explaining policy details, assisting with claim submissions, and ensuring the process is transparent and efficient.
• 🏥 The script emphasizes the importance of maintaining good communication with medical professionals, as their reports and statements are pivotal in the claim process.

Q & A

Why does critical illness insurance seem more expensive now compared to the past?

The cost of critical illness insurance has increased over time due to various factors, including inflation, increased coverage, and the addition of more comprehensive features such as cash value and investment components in some policies.

What is the primary difference between savings-type and consumption-type critical illness insurance?

The main difference is that savings-type critical illness insurance offers coverage up to 100 years old and often includes a cash value component, while consumption-type insurance typically covers up to 70 or 75 years old and does not accumulate cash value.

Why do premiums for consumption-type critical illness insurance increase annually?

Premiums for consumption-type critical illness insurance increase annually because as people age, the risk of contracting a critical illness increases, and thus, the cost to insure against such risks also rises.

How does the cash value aspect of savings-type critical illness insurance work?

The cash value in savings-type critical illness insurance accumulates over time, and if the policyholder decides to surrender the policy, they can receive the accumulated cash value, which can be significant, especially if the policy has been held for a long period.

What is the role of an insurance agent in managing critical illness insurance policies?

An insurance agent helps explain the policy terms, assists with the claims process, ensures that the policyholder submits necessary documents on time, and acts as an intermediary between the policyholder and the insurance company.

Why might some people be skeptical about the non-guaranteed dividends in critical illness insurance?

Some people are skeptical about non-guaranteed dividends because they perceive them as uncertain and unreliable. However, historical performance often shows that most insurance companies fulfill their non-guaranteed dividend promises to a significant extent.

How should one consider the non-guaranteed portion of dividends when evaluating critical illness insurance?

It is advisable to consider the non-guaranteed portion of dividends with a conservative approach, such as applying a discount to the projected values, rather than completely ignoring them or expecting the full amount.

Who would benefit most from consumption-type critical illness insurance?

Consumption-type critical illness insurance is best suited for individuals who want a lower initial outlay for a potentially high coverage amount, those who want to allocate their funds flexibly, or those who have a smaller initial capital.

What is the significance of the 'waiting period' in critical illness insurance policies?

The waiting period, typically 60 or 90 days after the policy's issuance, is a time frame during which the insurance company will not provide coverage for any critical illness diagnosis. This is to prevent fraudulent claims.

How does the underwriting process for critical illness insurance differ from that of medical insurance?

Underwriting for critical illness insurance can be more lenient compared to medical insurance because the risk of claiming for a critical illness is generally lower. Each insurance company has its own underwriting criteria, which can vary significantly.

Is critical illness insurance still valid if I move overseas?

Yes, critical illness insurance is generally valid globally, but it's crucial to ensure that any medical diagnosis is provided by a recognized and accredited hospital, especially if you plan to reside in mainland China.