Is critical illness insurance refundable? What are the implications?

It is possible to surrender the policy, but it is not cost-effective. There are generally two types of insurance surrenders:

1. Surrender during the cooling-off period:

If the purchased product is still within the cooling-off period, there is almost no loss in surrendering at this time. Because most insurance terms have provisions: surrender during the hesitation period, generally deduct a small amount of the cost of production or directly do not deduct the fee, which is subject to the actual regulations of the insurance company.

2. Surrender after the cooling-off period:

After the cooling-off period, only the cash value will be refunded. The cash value is the amount of money that can be returned in the event of termination or surrender of the guarantee. There may be a loss of the cash value of the refund, and if you choose to apply for a reduction in payment, it can be regarded as a way to reduce the loss.

Reduced payment: If you are unable to pay normally when the policy is in force, but you do not want to surrender the policy, then reduce the sum insured and the policy will continue to be valid. However, not all insurance products have the function of reducing the amount of payment, which is subject to the actual regulations of the insurance company.

Different insurance companies have different insurance products, the relevant regulations may be different, and the surrender process is also different, it is recommended that you can check your insurance contract or contact the official customer service of the corresponding insurance company for consultation, and the official reply shall prevail.

Tips: The above content is for reference only. If you need to consult Ping An Insurance, you can call Ping An Life 95511-1, Ping An Auto Insurance, Property Insurance, Accident Insurance 95511-5, and Ping An Pension Group Insurance 95511-6.

Critical illness insuranceOf course, you can choose to surrender the policy, on the one hand, it will cause economic impact, and the policyholder needs to bear part of the economic loss. The second is that the policyholder may no longer be able to purchase the relevant critical illness insurance in the future, which is equivalent to no protection。Surrender happens almost all the time, some people choose to surrender because of personal reasons, and some people surrender because they regret buying insurance.

Either way, we must think it through before we surrender the policy.

There is no problem in surrendering the policy, and most critical illness insurance policies can be surrendered almost at any time, because the policyholder and the insurance company only sign a contract, and this contract is binding on both parties. But there will definitely be an impact after the surrender of the policy, first of all, the economic aspect. If you have just purchased this insurance, you are still in the cooling-off period.

At this time, if you choose to surrender the policy, the insurance company will usually refund the full premium, and the policyholder will not be liable for any loss.

If the cooling-off period has passed, the surrender of the policy will only result in a refund of the cash value of the policy.

In this case, the loss shall be borne by the policyholder. Secondly, the policyholder's desire to purchase insurance in the future may be affected. For example, this insurance was purchased when the insured was 30 years old and chose to surrender the policy after 10 years, at this time the insured was already 40 years old and his physical condition was getting worse and worse, and it was almost impossible to repurchase critical illness insurance after surrendering.

Because critical illness insurance needs to be reviewed before purchasing, the older the person, the less likely it is to pass the review, and only after the review can be purchased, even if you can buy critical illness insurance, it will be more expensive than before, so this operation is not cost-effective. If you are unable to purchase other critical illness insurance after surrendering the policy, it is equivalent to insufficient protection for the policyholder, and in the event of an accident or critical illness, the whole family will be greatly affected. Therefore, you must think carefully before surrendering the policy, sometimes it is easy to surrender the policy, but it is even more difficult to buy it again after surrendering.

Critical illness insurance can also be refunded, but if you surrender the policy halfway, it will cause you to not be able to enjoy normal income, and some of your formal rights and interests are not guaranteed, and at the same time, you can only refund a part of it, and it is impossible to refund the full amount. And when I have a major illness, I don't have any protection.

It can't be refunded, because this belongs to the consumer insurance, there is no way to refund, if it does not reach the protection period, you can consider, there is no way to continue to enjoy the help brought by the insurance after the refund, and only a small part of the money can be refunded.

Yes, it will make you lose some money, it will also make you unprotected, the money you paid before is wasted, and you can only get a small amount of money.

Can I get a refund of the critical illness insurance I bought Hello, dear, <>

Refundable critical illness insurance is refundable. Critical illness insurance is a commercial insurance, consumers can voluntarily insure, can also voluntarily surrender, but if it is a hesitation period surrender, you can refund the premiums paid, but some products also need to deduct part of the cost of production, if the policy is surrendered after the hesitation period, you can return the cash value of the policy, but the cash value of critical illness insurance is mostly lower than the premiums paid, so the policyholder needs to bear a certain amount of economic losses. However, there are also critical illness insurance with a relatively high cash value, such as savings critical illness insurance, whose cash value will be very high in the later stage, and may be equal to or even greater than the premium paid, and the policy will be surrendered without bearing economic losses.

Hope it helps!

Hello dear! We'll be happy to answer for you; Critical illness insurance generally refunds 15%-70% of the cash value. If the insured surrenders the policy within the cooling-off period, the insurance company will refund all the premiums paid, and if the policy is surrendered after the cooling-off period, then the insurance company can only refund the cash value of the policy at the time of surrender.

If you hesitate to surrender the policy within the insurance, it is about 10-15 days, within this period, the insurance company can surrender the full amount of the policy for no reason, but generally you need to deduct the labor cost. 2.If the policy is surrendered after the cooling-off period, there may be a certain financial loss, as the terms of the insurance contract stipulate that only the cash value of the policy can be returned after the cooling-off period.

For example, 300,000 lifetime serious illness insurance, 20 years to pay, the insurance premium to pay about 6,000 a year, if you choose to surrender within one year, then the cash value of the policy is only a few hundred yuan, so far lower than the insurance premium, there is a big loss. The amount of refund refers to the cash value that can be refunded, and the cash value is the value of the policy purchased by the policyholder. The cash value is what long-term life insurance has, and one-year consumer insurance has no cash value.

Usually the cash value of the policy is on the last few pages of the policy, which can be viewed by opening the policy.

In general, it is a critical illness insurance.

Surrender does not get back all the premiums paid, but there are exceptions, which are analyzed on a case-by-case basis.

Let's take a look at how much you can get back your premium if you surrender your policy in the following two scenarios.

1.Surrender during the cooling-off period.

In fact, insurance companies also have consumer-friendly settings, consumers usually have a hesitation period when buying insurance, about 10-15 days, surrender during the hesitation period, and the insurance company has no reason to surrender the policy in full (generally deducting the cost of production).

2.Surrender after the cooling-off period.

After the cooling-off period, if you want to surrender the policy, then there will be a certain amount of financial loss, because the insurance contract stipulates that after the cooling-off period, the surrender of the policy can only refund the corresponding cash value.

For example, if you buy a whole life critical illness insurance of 300,000 yuan, pay for 20 years, and pay an annual premium of 5,000 yuan, if the consumer surrenders the policy after one year of payment, the cash value of the refund is only a few hundred yuan, which is a relatively large economic loss for the consumer. Generally, as the payment time increases, the cash value of the policy also increases, and the surrender of the policy will return more money. However, the longer the payment period, the more accumulated premiums will be paid.

However, at a later stage, the cash value may be greater than the total premium you paid.

If the hesitation period has passed, if the product protection content and ** are not very unreasonable, Daddy recommends not to surrender the policy, because the critical illness insurance is expensive, and the economic loss of surrender at this time is relatively large.

Further information: Surrender after the cooling-off period is considered as a normal surrender, and the policyholder needs to submit an application to the insurance company for termination of the contract, and the insurance company will refund the corresponding amount according to the cash value within 30 days.

The specific process of surrender is roughly as follows:

1) Contact the customer service sales staff of the insurance company and ask if the insurance you purchased can be surrendered and how to surrender it.

2) According to the instructions of the customer service sales staff, prepare the relevant information required for surrender.

3) Fill in the surrender form.

4) Submit the surrender application and surrender-related materials to the insurance company and wait for review.

5) After the review is passed, the insurance company will refund the corresponding amount according to the contract.

Whether the critical illness insurance can be refunded in the middle of the process should be analyzed on a case-by-case basis. For the case of surrender of critical illness insurance, there is a premise for surrender, and it is not necessarily that all critical illness insurance products can be surrendered, and only the insured can surrender the policy if there is no insurance claim. In addition, if the policy is surrendered during the cooling-off period, it is generally fully refundable, and if the policy is surrendered outside the cooling-off period, a part of the fee will generally be deducted, depending on the insurance company and the insurance product.

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Critical illness insurance can be surrendered in the following ways:

1. Pay attention to the official WeChat of the insurance company through "My-My Insurance", inquire about the policy information and apply for surrender by yourself. If the policy is approved, it can be surrendered immediately, and the premium will generally be received in 2 to 3 working days.

2. Enter the official website of the insurance company online to run the surrender, log in to the official ** of the insurance company, enter My Orders, and select the policy surrender.

3. Lead the ID card offline, and the policy can go to the business hall of the insurance company to run the surrender process.

If the policy is surrendered within 15 days from the next day after the policy is effective, no handling fee will be deducted, and a 30% handling fee will be deducted from the premium if the policy is surrendered within 15 days after the policy is effective.