What does policyholder waiver mean, what does policyholder waiver mean

There are two types of exemptions:

One is for policyholders. For example, if a parent insures a child, during the payment period, once something happens to the parent, the child's premium can be waived and the insurance contract will continue to be valid.

The other is that the policyholder and the insured are the same person. For example, if a person suffers from a physical condition during the payment period, the unpaid premiums can be waived and the insurance contract will continue to be valid.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"

The policyholder's waiver is different from the insured's waiver in that the person who pays the money can also waive the subsequent premiums of the policy if the associated risks are incurred.

What does it mean to be exempt from insurance premiums.

When we buy insurance, we often see some insurance that can be waived by the policyholder, which is generally used for couples to apply for each other or adults to insure children.

The policyholder's waiver means that when the policyholder has an insured event agreed in the contract, there is no need to pay the premium in the future, but the insurance contract is still valid.

The policyholder's waiver is essentially an insurance, which generally exists as an additional insurance, commonly found in critical illness insurance and life insurance, some may be basic liability, and some may be optional liability, depending on the actual product terms.

There are many conditions for exemption, and the more common ones are the total disability exemption of the policyholder or the exemption of mild, moderate and severe illness of the policyholder.

Since the policyholder's waiver is also an insurance, it is okay for us to understand it from a different perspective.

For example, we regard the policyholder's waiver as a reduced term critical illness insurance life insurance, the sum insured is the unpaid premium, and as time goes on, the payment becomes more and more, so the sum insured naturally decreases year by year until the end of the insurance contract.

Moreover, it should be noted that the policyholder's exemption is also subject to health notification, for example, if the policyholder's health notice is not up to the mark when configuring a critical illness insurance, then the critical illness insurance cannot be purchased.

Generally speaking, when parents apply for critical illness insurance for their children, they will often consider whether they need this function.

For example, Xiao Zhang bought a critical illness insurance policy for his 10-year-old son, and he had to pay a premium of about 2,000 yuan a year, and it came with a death waiver.

A few years later, Xiao Zhang died in an accident, so Xiao Zhang's son did not need to continue to pay premiums for this policy, and the policy was still in effect until Xiao Zhang's son was out of insurance or the insurance contract expired.

As an additional insurance, Daddy believes that the policyholder exemption is a more personalized design, which plays a more like icing on the cake and makes the protection system more perfect.

It means that during the payment period, if the policyholder has a critical illness, total disability or death as agreed in the contract, the subsequent premiums will not be paid, and the insured will still enjoy the protection agreed in the contract. This is to prevent the policyholder from being unable to pay the premiums and causing the policy to lapse due to the above circumstances. The policyholder's exemption should be selected according to his own needs, intentions and actual conditions.

Xueba talks about insurance, focusing on insurance evaluation! Since the subject has doubts about the premium waiver, I just happened to have compiled a list of knowledge related to premium waiver, you can take a look here:Is it good to waive the premium, and do I have to choose it when buying insurance?

Before understanding the policyholder's waiver, we must first understand the meaning of premium waiver: premium waiver refers to the fact that during the premium payment period specified in the insurance contract, the policyholder or the insured reaches certain specific circumstances, such as death, disability, critical illness or mild illness, etc., after the insurance company approves it, agrees that the policyholder can not pay subsequent premiums, and the insurance contract is still valid.

To put it simply: the policyholder can continue to receive protection without paying money after meeting the conditions for exemption.

Issues to be aware of for policyholder exemptions:

1.If the additional policyholder waiver is made, the policyholder must meet the same health notice as the insured, and the premium is more expensive than if there is no additional policyholder waiver;

2.You don't need to attach a policyholder waiver to insure yourself, and you can't choose it; This is because most of the current critical illness insurance comes with the insured's exemption for mild and moderate illness;

3.The content of the policyholder's waiver may be different for each product; Some policyholders are exempted from the premium waiver for critical illness and death, but there may be products that are only exempted from premium after death, so read clearly before applying;

4.Premium waiver is a more user-friendly function, but don't take the premium waiver function too important and ignore the primary and secondary relationship between buying insurance. In the process of choosing insurance, it is still necessary to consider the terms of the insurance and the claims service.

5.Additional premium waiver, the longer the payment period, the more advantageous.

The waiver is a premium waiver, and the premium waiver is a consumer-friendly design that can go a long way in alleviating the financial burden on the family. For friends who still want to learn about exemption knowledge, you can take a look at this article:What is Premium Waiver and What Are the Benefits?

Do I have to choose insurance when buying it? 》

Premium waiver refers to the unfortunate death or disability of the policyholder or the insured during the payment period specified in the insurance contract; or if you have a critical illness or mild illness, you do not need to pay any more premiums in the future, but you can continue to enjoy the protection.

Most critical illness insurance products on the market come with an Insured Waiver, but the Insured Waiver needs to be added to it. If it is one of these situations, such as an adult applying for a child or a husband and wife, it is recommended to add an additional exemption for the policyholder.

If you want to purchase an additional policyholder waiver, the policyholder needs to go through the same health notice as the insured, and the cost of additional policyholder waiver is relatively low, and generally does not support underwriting, so the health notice is more stringent than the insured. So how can you successfully pass the health notice, I have made a very detailed strategy, you can refer to it:What are the tips for health notification when applying for insurance?

The knowledge point of premium waiver must be thoroughly understood before buying insurance, and there are some knowledge points that must be known before buying insurance, which are all written in this article:"Before buying insurance, you must first figure out these key knowledge points! 》

What does it mean to be exempt from insurance premiums.

Policyholder waiver often appears in critical illness insurance, which can effectively reduce the burden on families. Critical illness insurance waiver refers to premium waiver, which is generally divided into policyholder waiver and insured waiver.

In short, parents buy a critical illness insurance for their children, with the function of policyholder exemption. If the parents have a certain illness and meet the policyholder's exemption clause, the child will not have to pay the unpaid expenses in the future, and the child can still be covered.

"Exemption of the policyholder" refers to an insurance situation in which the reimbursed object is completely incapacitated (in accordance with the regulations) and does not need to pay premiums in the future, but can still enjoy the protection benefits, which belongs to the scope of additional insurance. "Insured" can refer to two kinds, one is "self-insurance", then you are the policyholder and the insured, it is meaningless, once the claim is settled, then the contract will end, so it is generally not applicable; The other is to "insure others by yourself", which is generally between husband and wife and children.

For example, Ms. Liu and her husband, Mr. Zhang, take out critical illness insurance for each other.

The sum insured is 300,000 yuan, and the "policyholder waiver" is attached, if Mr. Zhang is confirmed to be a critical illness, not only is there protection from critical illness insurance, but also his wife can not pay the subsequent premiums, and still enjoy the relevant rights.

Extended Materials. Premium waiver means that during the premium payment period specified in the insurance contract, if the policyholder or insured reaches a certain specific situation, such as suffering from a mild illness, serious illness, death, etc., the subsequent premiums can be paid no longer, but the protection will continue.

1. Generally speaking, most of the common premium waiver liabilities exist in critical illness insurance, some of which can be attached to the premium waiver function, and some of which already contain the protection of premium waiver, so there is no need to purchase separately. Taking the "Centennial BenefitCare 2020 Critical Illness Insurance" as an example, the waiver covers not only the premium waiver for moderate and minor illnesses, but also the premium waiver for critical illness and the waiver for the policyholder, providing multiple choices for the policyholder and making the protection more comprehensive.

2. The "policyholder waiver" belongs to the category of premium waiver, which is usually used as a supplementary insurance and appears in conjunction with critical illness insurance.

The policyholder waiver function is suitable for different situations between the insured and the policyholder. It is commonly seen in couples investing in each other, parents insuring younger children, and children insuring older parents.

From the perspective of function, the policyholder's exemption is the icing on the cake for insurance, which can make family protection more perfect. Before, many people did not understand the significance of the "policyholder exemption" and were unwilling to spend this small amount of money. But sometimes a little money can do a lot and solve your worries.

However, there are no absolutes. After all, additional protection is also optional, and it is more to meet the personalized needs, so there is no absolute answer to whether the policyholder should be exempted from the addition, as long as you choose according to your preferences and needs.

The policyholder exemption and the insured's exemption refer to the fact that during the payment period specified in the insurance contract, if the policyholder and the insured unfortunately reach certain specific circumstances, such as death, disability, critical illness, moderate or mild illness, etc., the policyholder can no longer pay the subsequent premiums and the insurance contract will continue to be valid after the insurance company agrees.

At present, most critical illness insurance products will come with the insured's waiver protection, during the validity period of the contract, if the insured unfortunately suffers from the critical illness, moderate illness or mild illness agreed in the contract, the insurance company will waive the subsequent premium payment from the date of diagnosis, and the contract will continue to be valid.

Different from the insured's waiver, the policyholder's waiver generally comes in the form of additional insurance, that is, most insurance products require the policyholder to actively attach the policyholder's waiver at the time of purchase, if there is no additional policyholder waiver protection, then when the policyholder unfortunately has some specific circumstances, such as death, disability, critical illness, moderate and mild illness, he still needs to pay subsequent premiums.

1. What are the uses of the policyholder's exemption?

Exemption means that when the policyholder has a mild or moderate illness, serious illness, death, total disability, etc., during the payment period, and the policyholder loses the ability to pay, then the policyholder does not need to pay the remaining premium.

The policyholder's waiver is a very useful additional liability, especially when the policyholder is the breadwinner of the family, and the insured needs to pay the premium, if the policyholder attaches the policyholder's waiver, in case of an accident to the policyholder, the insured will not be left without protection (more suitable for couples to insure each other or buy insurance for children).

2. What are the conditions for additional policyholder exemptions?

This does not mean that everyone can attach a policyholder waiver, and the following two conditions must be met to be able to attach a policyholder waiver

1. The policyholder and the insured are not the same person.

The policyholder exemption can only be attached if the insured and the policyholder are not the same person. If the policyholder and the insured are the same person, it is sufficient to opt for the insured waiver.

2. The policyholder needs to be reviewed.

If it is necessary to attach the policyholder's exemption, then the policyholder and the reported person need to provide the same blind and false information, make health notices, and fulfill the obligation to truthfully inform. If the policyholder of Xunheng Mo Changran does not truthfully inform him, although there is no impact on the insured's enjoyment of the rights and interests of the policy, the policyholder's exemption from liability is invalid.

Waiver means that within the payment period specified in the insurance contract, after the policyholder or the insured reaches certain specific circumstances, the policyholder does not need to continue to pay the subsequent premiums, but the Guarantee Credit Insurance contract is still valid.

Generally speaking, the policyholder's waiver is mainly applicable in the event that the policyholder loses the ability to pay. The disadvantages of purchasing policyholder exemptions are mainly to increase the cost of insurance, increase the pressure on policyholders to pay premiums, and some exemption conditions are very harsh and impractical. Whether it is worth buying depends on the financial situation of the policyholder and the specific policyholder exemption clause.

If the specific policyholder exemption clause deviates far from the policyholder's own situation, and the probability of occurrence is very small, then there is no need to buy.

Test your anti-risk index, experts will interpret it for you for free!

The policyholder's waiver is the premium waiver. The so-called premium waiver means that during the payment period specified in the insurance contract, the policyholder or the insured reaches certain specific circumstances (such as death, disability, critical illness or mild illness, etc.), and the insurance company agrees that the policyholder can not pay subsequent premiums, and the insurance contract is still valid.

There are 2 types of exemption features:

Critical illness premium waiver means that after the policyholder has the critical illness stipulated by the insurance company, he can be exempted from paying the premiums for subsequent periods, and the protection is still valid.

Premium-waiver term life insurance means that after the death or severe disability of the policyholder, the premium can be waived and the protection will continue to be effective. The premium period for the additional waiver is the same as the premium period for the main plan.

Premium waivers were first introduced in children's insurance, and when the policyholder parent is incapacitated, the child without financial income can continue to be covered by insurance, which is widely welcomed.

However, the waiver is subject to specific circumstances as set out in the insurance contract of the insurance company you are applying for. This means that the exemptions vary from insurer to insurer.