There are so many products in the insurance market, but there are still many friends who choose to buy a critical illness insurance.
Critical illness insurance coverage is good, but the insurance terms are complex and there are many additional benefits, which can often be confusing.
Among them, the duration of the guarantee is particularly distressing.
So, should I buy term or lifetime critical illness insurance?
Under normal circumstances, you choose to protect until the age of 70.
Of course, you can also choose to cover for 30 years or less.
In this case, the premium** will be cheaper, and you can buy an insured amount of 300,000 or even 500,000 yuan with less money.
However, the coverage period is limited and can only cover the time period when family responsibilities are heaviest, and cannot continue to cover the age group with a high incidence of critical illness after the age of 70.
Lifelong insurance means that we can enjoy the protection of critical illness insurance for the rest of our lives.
In this case, the premium will be more expensive, sometimes even two or three times the duration of the policy.
However, we can enjoy protection for all ages, and it is still very comprehensive.
If we have enough budget, of course, it is better to choose to keep it for life.
This is because you can enjoy protection for a longer period of time, and you don't have to worry about not being covered if you unfortunately suffer from a critical illness when you get older.
However, if you are on a tight budget, you should choose to buy a term critical illness insurance first.
Wait until your financial situation improves, and then buy another critical illness insurance policy that covers you for life.
However, whether it is a term insurance or a lifetime insurance, the sum insured should be as high as possible.
Because the essence of critical illness insurance is to compensate us for the loss of income caused by critical illness.
If the sum insured is too low, then this compensation is useless.
Therefore, you can't sacrifice the sum insured because you want a longer coverage period, and then the gains outweigh the losses.
The first thing is to look at the guarantee.
In addition to the 28 critical illnesses that must be insured, most critical illness insurance products will add dozens of critical illness benefits.
In addition, it is necessary to have protection for mild and moderate illnesses, and it is best to be able to pay an additional basic sum insured when the first diagnosis is made.
Some products also have death benefits, and optional additional benefits such as malignant tumor extended insurance benefits, critical illness allowances, and multiple claims for critical illness can be included in our measurement criteria.
Secondly, it depends on the sum insured.
Buying a critical illness is actually buying the sum insured, because if the sum insured is too small, it will not play a role in compensating for the loss of income.
Therefore, the sum insured should try to cover the expenses in the next 5 years, preferably 300,000-500,000.
Then there is the health notice.
The health notice of critical illness insurance is not as strict as that of medical insurance for millions, but the standard is still very high.
If we have a pre-existing condition, family genetic history, etc., we must tell us truthfully.
If there is something to hide, there is a high chance that there will be a claim dispute.
And if you are worried that you will not be able to pass the health notification, then you can try to use smart underwriting first.
After all, smart underwriting does not leave a record and does not affect our ability to continue to insure other products.
Finally, of course, the budget.
Because the premium of critical illness insurance is relatively expensive, it can easily cost thousands of yuan.
If you have a good budget, buy it for life.
If you're on a tight budget, consider buying a regular one.
However, if buying critical illness insurance puts a strain on your family's finances, it's best not to buy it.
When security becomes a burden, it loses its meaning.
On the whole, there is no absolute answer to the question of whether to buy critical illness insurance at the age of 70 or for life.
You should consider your own situation, insurance needs and other factors to choose the most suitable coverage period.