Let's look at the first part first.
How to design an insurance product?
1. Define the requirements
In fact, many people don't know what kind of insurance they should buy. There are many insurance products on the market, including critical illness insurance, medical insurance, accident insurance, life insurance, dividend insurance and so on. But for you, what is suitable is the best.
If you are a single aristocrat under the age of 25, I suggest you buy accident insurance, medical insurance and critical illness insurance. You can buy consumer critical illness insurance, so that your insurance leverage ratio will be high, with little money and great protection.
If you are about 30 to 50 years old and enter middle age, there are old people and young people in the world. Then your insurance should include life insurance in addition to accidents, medical care and serious illness, and you can also consider supplementary dividend insurance. This choice is to make you have more adequate protection, because your family responsibilities are heavier, accidents and medical care remain unchanged, and critical illness insurance can be replaced by long-term, preferably lifelong. There are many kinds of life insurance, such as term life insurance, whole life insurance, investment-linked life insurance, annuity insurance and universal life insurance. Just buy ordinary term life insurance or whole life insurance pure protection.
If you have entered the retirement stage, it is not appropriate to buy some insurance, such as critical illness insurance. If you didn't buy it before, there is no need to buy it now, because it is easy to have a premium upside down, that is, you pay more money than you get. I suggest you buy accident insurance and medical insurance. Coupled with an anti-cancer insurance, cancer is still one of the diseases with high incidence among serious diseases. Many companies' cancer insurance is mainly aimed at the elderly.
Calculate the insurance amount
Your insurance amount comes from your responsibility to your family. For example, when you are single, you may only be responsible for your parents. If your parents' liability plan is 500 thousand, then the insurance amount is 500 thousand. If you have a wife and children, you should estimate your responsibility to them and how much money you need to ensure their future life. Add up the money you may have to bear, which is probably the amount of insurance you want to buy.
It is generally estimated to be 10 times your annual income. For example, if your annual income is100000, then the insured amount should be100000. If your annual income is 200,000 and your insurance coverage is 2 million, and so on.
These are two different algorithms. The amount of liability insurance can be compared with the amount calculated by the formula, and it is good to choose the right one.
Calculate insurance premium
I suggest that you spend no more than 65,438+00% of your annual income on insurance, usually 7%-8%. For example, if your annual income is 10000, then it should not exceed 10000. Usually 7 thousand to 8 thousand is enough.
4. Combination and collocation
For example, if you choose accident insurance, medical insurance and critical illness insurance according to your own situation, can you just choose the corresponding products of a company directly? No, it's not that simple. You have to adjust the mix according to the insured amount and premium. Regardless of accident insurance, medical insurance or critical illness insurance, the price is high or low, and the coverage of the same type of insurance is slightly different.
You have to choose the most comprehensive and suitable one for you within the budget through the calculated premium and insurance amount. The longer the general protection period, the higher the premium, the premium with dividends is higher than that without dividends, and the lifetime premium is higher than the regular premium. Just choose the right premium.
Matters needing attention in designing insurance products
1. Health notice
The insured must be in good health, otherwise it will be very troublesome not to pay the claim.
2. Exemption clause
Some special circumstances are not allowed to claim compensation, such as suicide within 2 years, drunk driving, crime and so on.
3. Hesitation period, waiting period and grace period
The hesitation period is generally 10 days or 10 working days. There is no premium loss in surrender during the hesitation period. The waiting period of critical illness insurance is generally 180 days or 90 days, and medical insurance is generally 30 days. Accident insurance and life insurance generally take effect the next day after underwriting. The shorter the waiting time, the better. The grace period is generally 60 days or 2 months, that is to say, if the insurance needs to be renewed in the second year, it can be extended for 60 days, but the guarantee in the contract is still valid.