When to get an insurance waiver

The premium waiver requires that the product has a premium waiver function or we have added the premium waiver function ourselves, and the insured or the policyholder can obtain the premium waiver if the contract waiver occurs.

Premium waiver can be divided into policyholder waiver and insured waiver. Waiver means that if the policyholder and the insured are not the same person, the policyholder can be exempted from paying the remaining unpaid premiums when the policyholder meets the exemption requirements, and the contract will continue to be valid. Waiver means that when the insured meets the exemption requirements, the premium can be waived and the contract will continue to be valid.

For those who don't know much about premium waiver, you can first learn about these insurance knowledge: before buying insurance, you must first figure out these key knowledge points!

In critical illness insurance products, the insured waiver usually comes with it, while the policyholder waiver usually needs to be add-on.

If it is appropriate and the protection is in place, it is also very good to attach the policyholder exemption. For example, in the case of parents buying critical illness insurance for their children, the senior sister still recommends that you choose to add an insured waiver. If you're not sure whether you want to add an insurance waiver, you can take a look at this popular science article first:

Is it good to waive the premium, and do I have to choose it when buying insurance?

Senior sister suggests that if you have the conditions, it is better to add a premium waiver function. However, when we buy insurance, the most important thing is to pay attention to the protection responsibilities and terms of the insurance product itself, and whether it can be fully protected. For example, when buying critical illness insurance, we need to see whether it contains a high incidence of mild to moderate illness, what is the proportion of compensation for mild to moderate illness, whether there are additional claims for critical illness, etc.

If you encounter doubts in the process of choosing a product, you may wish to take a look at this insurance strategy first: which is better [insurance], how to buy a cost-effective one, and teach you to avoid these pitfalls of insurance.

First of all, the common premium waiver benefits are the Insured Waiver Benefit and the Policyholder Waiver Benefit. But in either case, if you want to get the corresponding exemption protection, you have to whether the product itself comes with the protection or supports the add-on. In addition, the senior sister also reminded everyone that the exemption protection is not necessary for everyone, and it depends on personal needs.

In case of insurance, the premium is waived in the clause.

Waiver in insurance usually refers to this meaning - premium waiver, which is designed to be very practical, and the waiver of premiums can reduce the financial burden on the family. For friends who still want to learn about exemption knowledge, you can take a look at this article:"Under what circumstances do I need to waive additional premiums?"

Premium waiver means that during the payment period specified in the insurance contract, the policyholder or the insured can waive all subsequent premiums of the policy, and the insurance contract will continue to be valid if the insured or the insured has an insured event under the contract, such as death, mild illness, critical illness, etc.

There are currently two types of premium waiver: policyholder waiver and insured waiver

General insurance comes with the insured's waiver, and most of the policyholder's waiver clauses are additional. It is recommended that adults insure their children and husband and wife mutual insurance are exempted from additional policyholders.

If you want to purchase an additional policyholder waiver, the policyholder needs to do the same health notice as the insured, and the cost of additional policyholder waiver is relatively low, and the underwriting is generally not supported, which is more stringent than the insured's health notice. For more information on how to easily pass health advice, you can refer to this detailed guide I did:"Health Tips: Tips to Help You Get Insurance".

Of course, in fact, if we look at more insurance products, we will find that not every insurance product will have exemption protection, so we can choose insurance products with the insured's exemption and the protection liability that can be added to the policyholder's exemption while purchasing the appropriate protection content according to our actual protection needs.

Understanding premium waiver is a compulsory course before buying insurance, and if you want to buy a good insurance, you need to master not only the exemption knowledge points mentioned above, but also these important knowledge points, see :Before buying insurance, what are the key knowledge points of insurance? 》

[Written at the end].

I am [Xueba Says Insurance], focusing on objective, professional and neutral insurance evaluation;

I will give you the most professional advice based on my years of experience in configuring insurance for 10w+ families.

The so-called premium waiver refers to the fact that when the insurance contract stipulates that the insurance company is completely incapacitated under certain specific circumstances, the insurance company agrees that the policyholder can not pay subsequent premiums, and the insurance contract is still valid.

Incapacity to work means a sharp drop in income, and if the policy is equipped with a premium waiver function, you will avoid financial hardship due to disability and you will not have to pay the premiums.

The protection of the policy, including the receipt of cash benefits, is still valid. Therefore, premium waiver is equivalent to adding another insurance to your policy, which is a humanized function in insurance.

Waiver of insurance is a way for insurance companies to protect the rights and interests of the policyholder, which means that if the policyholder signs the insurance contract and takes effect if there is a critical illness or accident as agreed in the policy, the remaining premiums can be waived and the insurance contract is still valid, which provides a good protection for the policyholder to lose the ability to work and be unable to continue to pay the premiums in the event of an insurance accident.

Waiver usually refers to a condition that requires a large amount of money to treat and seriously affects the normal work and life of the patient and his or her family, and the specific waiver is determined according to the terms of the policy.

Exemption means that during the payment period specified in the insurance contract, if the policyholder or the insured is out of insurance, such as death, disability, serious illness or mild illness, etc., with the consent of the insurance company, the policyholder does not need to pay future premiums, but the protection of the insurance contract still continues to be effective.

Generally, there are two types of exemptions for additional policyholders: adults insure their children, and adults insure adults.

For example, if a father or mother insures a child with critical illness insurance, unfortunately the policyholder has an accident or illness resulting in total disability or death, and is unable to pay premiums for the child, the insurance contract will be invalid, and the child's protection will not be continued. When the policyholder waiver is added, even if the policyholder is unable to pay the premium for the child's critical illness insurance after a change, the child's critical illness insurance can still be protected if the premium is not paid. The essence of the policyholder's exemption is to attach an insurance policy to the policyholder.

It is not necessary for adults to buy from each other and pursue the exemption of the policyholder, because the policyholder and the insured are both adults, and even if the policyholder has a change, the insured has the ability to bear the premium. Secondly, the policyholder's exemption requires the policyholder to carry out health notification, and if the policyholder fails to pass the health notice, it will also seriously affect the insurance, which is detrimental to both the insured and the policyholder. Another point is that the exemption for adults** is very high, and there is no additional exemption for policyholders, so you can save some money to buy other insurance.

2. What should I pay attention to when attaching an exemption to the policyholder?

The additional policyholder exemption requires the policyholder to comply with the health notice, so it is necessary to do a good job of health notice, which is one of the important bases for the insurance company to settle claims, and failure to do a good job of health notice can easily lead to claims disputes.

It is better to see the specific protection content of the additional policyholder to ensure that the insurance content meets your own needs, and if the protection content of the additional policyholder is not suitable for you, it will be better to buy other insurance with the remaining money.

If the policyholder unfortunately has an accident, he needs to apply for a premium waiver claim, and the insurance company will not take the initiative to waive the premium.

In the case of mutual insurance between husband and wife, if the husband and wife can no longer continue to go on and want to establish mutual insurance with another person, then you can directly apply for a replacement of the policyholder's information, and there is no need to surrender the policy and purchase it again.

Insurance exemption means that when the insured or the insured person is completely incapacitated in the event of some specific risks stipulated in the insurance contract, the insured can agree that the policyholder does not need to continue to pay the remaining premiums, and the insurance contract is still valid.

Incapacity means a sharp drop in family income, and if the insurance product is equipped with an insurance waiver function, it will avoid the financial pressure caused by losing your job, and you will not have to continue to pay premiums, and the policy will still be effective, including the receipt of cash benefits. Therefore, insurance exemption is equivalent to adding another insurance to the insurance purchased, which is a humanized function in insurance. Insurance waivers are generally divided into policyholder waivers and insured waivers.

The policyholder exemption function, commonly used in children's insurance, means that when the parent as the policyholder suffers an unfortunate loss of work, the insurance company will pay the premiums for the remaining years of the policy, the insurance contract will continue to be valid, and the child without financial income can still continue to obtain insurance protection. The insured waiver function means that when the insured suffers from critical illness, disability or death, the premium for the remaining year of the policy can be waived and the insurance contract continues to be valid, which is mostly seen in endowment insurance and whole life insurance.

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