What Is Extended Term Insurance?

Long-term insurance is a symmetry of "short-term insurance." Refers to insurance with an insurance term of more than one year. The term of the insurance contract between the insured and the insurer is generally based on one year, and those longer than one year are called long-term insurance.

Long-term insurance

The concept of long-term insurance has the characteristics of relativity, variability and flexibility.

You have the right to terminate the contract at any time, unless there is a special agreement in the insurance contract or insurance benefits have occurred. There are two cases of termination:

1. Cancellation of the contract can be requested in writing within ten days after the policyholder signs the insurance policy, and the insurance company will refund the insurance premium paid by the policyholder without interest.

2. After more than ten days, the insurer terminates the contract without paying the full insurance premium for two years.

It is said that long-term insurance is calculated using the compound interest rate difference. Then calculate the one-year term insurance rate to 100 years old. Then calculate 240 or 120 or 20 periods for you to pay all the premiums. Insurance law first The first priority of insurance protection is stated in the opening statement. It is also the only function (to protect the family members who earn money to support the family after an accident. People who depend on their families to earn money to support the family to eat. At least one sum is not small. Money can continue to live without financial pressure. It is the same as if the person who made money to support the family is still working to make money to support the family. When the child grows up, the responsibility of making money to support the family will be transferred to the child.)

In fact, one-year term life insurance is not expensive. (This is the short-term insurance that everyone talks about)

Let's use a 30-year-old man as an example * Well because of 30 !!! * Get married. There are 1 man and 1 woman. Parents. 6 families. Only this gentleman works to make money.

We use the youngest child as the starting point for most calculations.

When your child is 1-5 years old, you are 30 years old. You need 5 million life insurance coverage. The annual payment is 9550 yuan. (1 million annual payment is 1910 yuan).

When your child is 6-10 years old, you are 35 years old. You need 4 million life insurance coverage. The annual payment is 10320 yuan. (1 million annual payment is 2,580 yuan).

When your child is 11-15 years old, you are 40 years old. You need 3 million life insurance coverage. The annual payment is 11340 yuan. (1 million annual payment is 3780 yuan).

When your child is 16-20 years old, you are 45 years old. You need 2 million life insurance coverage. The annual payment is 11200 yuan. (1 million annual payment is 5600 yuan).

When your child is 21-25 years old, you are 50 years old. You need 1 million life insurance coverage. The annual payment is 8310 yuan. (1 million annual payment is 8310 yuan).

After this age, the child has grown up and will be self-reliant. Who else should be protected? At this time, it is time for the child to work and earn money to protect you.

So there is no need to buy a long-term policy, because that's just to protect the profits of the insurance company.