45-year-olds may have a higher need for health protection due to changes in their physical functions.
However, some people argue that 45 years old is not suitable for critical illness insurance, why is this?
If I give up buying critical illness insurance, what insurance options can be used as an alternative?
Next, let's work together.
It is not recommended to buy critical illness insurance at the age of 45
It is suitable for 45 years old to buy insurance
Daddy concluded
45-year-olds may face some limitations and challenges when purchasing critical illness insurance.
This is mainly related to the physical health of this age group and the characteristics of the insurance product.
Here are some of the factors that may make it not advisable to purchase critical illness insurance at the age of 45::
Premiums are expensive and the sum insured is not cost-effective
Age is one of the most important factors in determining the premium of critical illness insurance, and as we age, the threat of critical illness increases.
The insurance company will set the rate according to the age of the insured person to achieve a balance between risk and return.
When you buy critical illness insurance at the age of 45, you tend to have to pay a significantly higher premium than you did when you were younger, due to its higher health risks.
As a result, there may be a phenomenon of "premium inversion".
That is, the total premium paid is close to or even exceeds the sum insured itself, which weakens the leverage effect of insurance and makes it economically uneconomical.
Unstable health
People at the age of 45 usually have a gradual decline in physical function, and their health may be unstable.
The incidence of chronic diseases such as diabetes and high blood pressure is increasing, and critical illness insurance needs to be strictly informed before taking out insurance.
These chronic diseases or abnormal indicators may be regarded as "sub-healthy" by the insurance company, and the insurance may be denied or the price will be increased.
Limits of Coverage and Exclusion of Liability
As people get older, the amount of coverage for people aged 45 may be limited.
This is because insurance companies will set different limits on the sum insured according to their age group in order to control risks.
For some people who need a higher sum insured, the limited critical illness coverage may not be enough.
At the same time, the claim conditions for certain diseases may be more stringent.
For example, the number of exemption clauses for common diseases of the elderly has decreased, reducing the effectiveness of actual protection.
To sum up, there are certain risks associated with buying critical illness insurance at the age of 45.
Of course, it is not absolutely impossible to buy, and after fully weighing the pros and cons, it is also possible to choose a critical illness insurance product that suits you.
If you do have a strong need for protection, it is recommended to consult a professional insurance consultant to find a product or combination plan that suits your situation.
For 45-year-olds, the choice of insurance should be based on their own circumstances and needs.
Here are some of the types of insurance that are suitable for 45-year-olds:
Cancer insurance
The health of people aged 45 is gradually declining, and the risk of cancer is gradually increasing.
Cancer insurance can provide them with some protection to help them cope with the risks posed by cancer.
In addition, cancer insurance is relatively affordable and has more targeted coverage.
Medical insurance
Medical insurance can reimburse medical expenses incurred due to illness or accidental injury, including hospitalization expenses, outpatient expenses, etc.
Whether it is a major illness or a minor illness, as long as the insurance is in line with the contract, you can get a certain amount of protection.
And the premium of medical insurance is relatively cheap and cost-effective.
Accident insurance
Accident insurance can provide medical expenses, death or disability benefits due to accidental injury, and some additional services.
Accident insurance is an option worth considering for seniors or those in high-risk jobs.
Life insurance
Life insurance is a kind of insurance that protects people's lives, and the insurance company will pay compensation when the insured person dies or becomes totally disabled.
For some people who have family responsibilities or need to provide protection for their families, life insurance is a more suitable option.
In short, for 45-year-olds, choosing the type of insurance that suits them should be decided according to their own circumstances and needs.
Before purchasing insurance, it is recommended to carefully assess your financial situation and risk tolerance, and understand the features and limitations of the insurance product so that you can better choose the right insurance plan for you.
To sum up, there are certain risks associated with buying critical illness insurance at the age of 45.
However, it is okay to make a purchase decision based on your own situation and weighing the pros and cons.
In addition to critical illness insurance, other types of insurance products can be selected to enhance protection.