Recently, I've shared a lot with you about"Newspaper and bank unity".Message!
For example, the meaning of "newspaper and bank integration", product delisting, rectification, suspension of insurance channels in some regions, etc.
In the past two days, many friends have asked me whether the products I have purchased will be affected if the integration of newspapers and banks is officially implemented, and the product is no longer available, will the rectification affect my policy rights!
Today, I will use this article to answer them one by one!
Why are insurance products discontinued or rectified?
Friends who often pay attention to insurance will find that insurance products are often removed from the shelves for rectification, suspension of sales and other actions.
Many people are curious:
Why are the good end products discontinued?
Is there a problem with the product?
In fact, there are no more than three reasons for the suspension of insurance products:
1. Product upgrades
The normal update iteration of the product, the original product can not keep up with the user demand, many insurance companies will choose to update some popular products again, on the basis of the original product upgrade.
So the old products from before will naturally be eliminated.
2. Regulatory requirements
Products are being upgraded, and regulations are constantly changing with the development of the market.
For example, this is the case with the "integration of newspapers and banks".
Although it has not yet been implemented, many insurance companies have been under pressure and have begun to rectify their products!
If the "integration of newspapers and banks" is officially implemented, the products on the market will face changes from the shelves at that time.
Just like the scheduled interest rate in July from 35% to 30% of the times, the product is fully revised!
3. Excellent products
Maybe you think that this is a good reason, a good product is a good thing for consumers!
But if a product is really too good, there will be a loss of profit for the insurance company.
If the product is sold for a long time, it will be detrimental to the operation of the entire insurance company.
Just like this "newspaper and bank integration" and the interest rate cut in July!
All of them are to rectify the overly excellent products on the market and avoid the business crisis of the insurance company caused by the loss of interest margins
In addition, in recent years, the trend of market interest rates has continued to fall, and it is an inevitable trend for regulators to stop the increase in whole life insurance with high interest rates
Seeing this, everyone must be curious to know:"What should I do with my insurance policy if the insurance product is removed from the shelves or rectified?Will it be affected?”
Don't worry, let's move on!
Suspension or rectification of insurance products
Will my policy be affected?
I am often asked by friends:
I just bought this xx insurance, paid for two months, and found that it has been discontinuedWhat should I do, do I still have to continue to pay, will it affect my future claims?”
Answer: Definitely not.
Because insurance is the most and safest financial product in our country, there is no one.
Why?This is mainly due to the fact that our insurance companies are monitored by regulatory authoritiesIf the insurance company fails, the regulator will also take over or transfer it to another insurance company.
In fact, the product suspension or rectification should be divided into product types, and there will be differences between long-term and short-term sales.
1.Long-term product discontinuation
Our coverage is locked in from the moment we sign the insurance contract with the insurance company and pay the first premium.
Moreover, the insurance contract is legally bindingTherefore, regardless of whether this insurance is on sale or out of sale, as long as we have the matters agreed in the insurance contract, we can handle the claim in accordance with the relevant procedures and requirements.
For example, products such as whole life critical illness insurance, whole life insurance, etc., as long as we are successfully insured, the removal of the product from the shelves in the future has nothing to do with the customers who have been insured, and the contract states that the protection is lifelong.
Even later, when the insurance company is no longer there (mismanagement was taken over), the insurance contract is still validThe money that should be lost will not be less. For example, the former Anbang Insurance!
2.Short-term product discontinued
The situation of short-term insurance is a little different from long-term insurance, one-year types such as accident insurance, medical insurance, etc., and the purchased product may not be renewed after it is discontinued.
Short-term insurance updates and iterations are fast and flexible, and you can find alternative products.
Accident insurance generally does not require health notice, and there is no waiting period, so there is no risk in finding alternative products.
If you buy short-term insurance, there are many alternative products for accident insurance, the insurance threshold is relatively low, it is easy to find alternatives, and it is not a big problem to stop selling, we can change it to a better one!
In fact, the key to all of the above lies inInsurance is a contract, once the contract is established, it begins to be protected by law, and the protection is as long as the agreed time.
Therefore, the discontinuation of insurance from the shelves has no impact on those who have already purchased the product!You can relax.
Write at the end
The pace of "integration of newspapers and banks" is getting closer and closer, and it is expected to be implemented by the end of 2024!
If you are interested in a product, you must seize the time to understand it clearly.
Otherwise, after the implementation, the product will be rectified, and then it will not be this revenue performance!
If you are worried that the discontinuation or rectification of the product will affect your policy rights.
Hui Jiajun can tell you clearly:"Regardless of whether the product is rectified or discontinued, it will not affect our policy rights. ”
Because insurance is a contract, once the contract is established, no matter how the policy changes, it will not affect our policy rights.
Well, that's all for today's content, if you have a product you're interested inYou can send a private message to Hui Jiajun for 1v1 exclusive consultation!