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Commercial insurance: refers to a form of insurance operated through the conclusion of an insurance contract for the purpose of profit, and is operated by specialized insurance companies.

1. The functions of commercial insurance

Purchasing commercial insurance generally has the following major functions:

1. Obtain protection

In life If an insured accident unfortunately occurs, you can obtain an insurance claim, and the amount of the claim can be freely controlled, and the insurance company will not interfere in this.

2. Complete the retirement plan

After taking out the insurance, commercial insurance can save funds within the contract period, which can be used as a pension after retirement.

3. Avoid risks and transfer risks

Insurers and policyholders jointly pay premiums, establish insurance compensation funds, and obtain joint protection.

4. Social Security Supplement

Commercial insurance serves as a supplement to social security, but when the insured is in danger, it can provide the family with appropriate financial compensation, thereby reducing the family's financial burden.

2. Classification of commercial insurance

According to the classification of insurance subjects, commercial insurance is mainly divided into three major categories:

Property insurance, personal protection insurance ( Medical insurance, term life insurance, accident insurance, etc.) and financial protection insurance (annuity insurance, increased whole life insurance).

1. Property insurance

Including motor vehicle insurance, corporate property insurance, home property insurance, etc. The protection content is mostly material property.

Today, Dad focuses on analyzing personal protection insurance and financial protection.

2. Personal protection insurance

This type of insurance is the most important among commercial insurances and is also the first thing adults consider when choosing insurance.

When we think about it, we should focus on the following four categories.

1) Term life insurance: Term life insurance is to prevent the sudden death of the family’s breadwinner, resulting in an imbalance in the family’s economic income.

If you purchase term life insurance, you can receive a certain amount of compensation, which can be used as your child’s education expenses or to solve foreign debt expenses such as car loans and housing loans.

2) Million-dollar medical insurance: Million-dollar medical insurance can be used as an important supplement to social security. It is mainly used to cover the full amount of medical expenses when a patient unfortunately suffers from a serious illness and needs to be hospitalized.

Reimbursement (usually a deductible of 10,000 yuan).

3) Critical illness insurance: For a family, if the breadwinner of the family unfortunately suffers from a serious illness, only one million in medical care is not enough.

The cost of follow-up care after discharge also costs a lot of money.

If you have a critical illness insurance at this time, you can pay a large amount of money in one lump sum to protect your daily living expenses during the recovery period.

4) Accident insurance: I don’t know which one will come first tomorrow or the accident. The price of accident insurance is very low. More than 100 yuan can provide 500,000 yuan of accident protection.

For families, accident insurance is relatively practical.

3. Financial protection type

There are many types of insurance. We mainly talk about incremental whole life insurance and annuity insurance here.

1) Increased whole life insurance: The biggest feature of this insurance is that it protects you for life. The benefits are very clear. The longer you live, the more you receive.

2) Annuity insurance: The income from annuity insurance is fixed, and the rules will also stipulate when to receive the money and how much you can receive.