What is a Waiver of Premium?

The so-called premium waiver means that during the payment period stipulated in the insurance contract, the insured or the insured reaches certain specific conditions (such as death, disability, serious illness, or mild illness, etc.), which is approved by the insurance company and agreed to apply for insurance. People can no longer pay follow-up premiums, and the insurance contract is still valid.

Premium waiver

Inability to work means a sharp drop in income if

As the saying goes, premiums are not a free lunch from insurance companies. There are currently three main forms of premium waiver: one is as a separate

Insurance is not everything, death risk,

First, what insurance should be exempted

The benefit of the exemption is to avoid paying premiums. Therefore, the exemption should be added to the most expensive premiums. It will be the most advantageous after the products that can be returned in the future. The best combination should be

Existence is reasonable. The premium exemption can be said to be a very caring insurance, but wool comes from sheep, and the goods are always exchanged for money. Of course, there is no free exemption insurance, but the exemption scope is small, often in some areas. Small and medium-sized insurance companies see "free premium surcharge waiver" in their major illness insurance clauses, but a closer look at the clauses reveals that the waiver is only for "death, total disability" or specifically designated scopes, which is not significant. However, it is undeniable that premium waiver is quite good. In the following respects, Fanpower strongly recommends that everyone waive the premium premium when applying for insurance:

1. Parents insure their children. If parents insure their children as insurers, it is best to add a premium waiver. In this way, one insurance policy covers the whole family. Some children's insurances can be exempted by both parents and children, and the exemption scope is large. Of course, the price will definitely be slightly more expensive.

2. The young house slaves who are struggling, husband and wife, two small mouths, cannot afford to pay the first installment, and are struggling for a happy and happy life. If you are insured, it is recommended to "insured each other". I am your policyholder , You, as my insured person, have attached double exemptions (insured person, insured person).

3. At present, if the insured and the insured are the same person, most insurance companies automatically attach a premium waiver, which the industry calls "exempt C"

4. If the age of the insured person exceeds the specified age range, and the exemption of the insured person cannot be added, it is recommended to solve it by insuring a term life insurance, but the exemption range is greatly reduced.

"Whoever exempts from buying is also very particular." The exempted premium protection clauses are generally divided into two types: exempt premiums for policyholders and exempt premiums for insured persons. The former means that when the insured is completely incapacitated due to an accident or illness, the insurance company waives the premiums payable by the insured, so that the insured's protection of rights and interests remains valid. These types of clauses are suitable for situations where children buy insurance for their parents or parents insure their children. The latter means that the insured is completely incapacitated due to accident or illness, and the insurance company waives its premiums payable. Usually, this clause is more suitable for the insured to purchase insurance for himself. It can be said that the waiver benefit should be bought to the premium bearer, that is, the person who pays the premium. This point should be paid attention to before applying for insurance.

Of course, you shouldn't try to buy insurance products. In some insurance propaganda, the function of exemption is often overstated, causing policyholders to be attracted by the accompanying exemption function, but they have not figured out the real main insurance protection part. The key to choosing insurance is to meet their protection needs.