[보푸라기]Insurance special contract ‘diet’… What are the four ‘special deals’ that are not recommended?

/Graphics=Biz Watch

‘Surgery for specific serious injuries, plastic surgery for injury scars, artificial joint surgery, corneal transplant surgery, hernia surgery, chronic diabetes complications, family fire fines, Crohn’s disease diagnosis, five major organ transplant surgeries, medical accident legal fees… ‘

#Mr. A, who recently checked the comprehensive insurance subscription plan (application form), felt dizzy. The original purpose was to sign up for cancer insurance, but there were over 30 special contracts with unfamiliar names like this. The monthly insurance premium was a few won or a few hundred won, but when added together, it was well over 20,000 won. The insurance planner said, “We have carefully included comprehensive coverage for our customers,” but Mr. A did not even understand this complicated structure.

Almost everyone who has insurance has had an absurd experience like Mr. A. The coverage of all insurance policies we subscribe to is divided into main contract (required subscription) and special contract (optional subscription). Domestic insurance companies have been criticized for selling more special contracts than overseas.

‘Sudulook’, a special contract that only increases insurance premiums

Every time a special contract that you are not familiar with is added, metallurgy insurance premiums rise and the burden on consumers increases. Conversely, profits for insurance companies and planners are increasing. For example, the monthly insurance premium for Mr. A’s diagnosis of chronic diabetes complications was 360 won. You will pay 4,320 won per year, or a total of 86,400 won over the 20-year payment period. You may feel, ‘It’s not much.’ The problem is that there are countless special contracts like this.

This is why the ‘special contract diet’, which eliminates special contracts with low cost-effectiveness (price-performance) from existing insurance, is important. An insurance industry official advises, “It is best to first check whether there is a special family history or underlying disease, and get a high coverage amount for those areas.” Another official said, “To put it to the extreme, there is no need to pay more than the diagnosis fee for the three major diseases (cancer, brain, and heart) called ‘cancer, brain, and heart’ and actual loss insurance.”

Looking at the ‘4 special deals’ that are not recommended

Each person has a different answer, but there are four special provisions in particular that are ‘not recommended’. First of all, if you know insurance They say they don’t often include special provisions for ‘disability after disease’. Even if you receive 30 million won (guaranteed amount), you must sign up carefully because the guaranteed amount varies depending on the disability rate. For example, if a nerve disorder remains due to a disc and you are assessed a 10% disability rate according to the disability classification table, only 10% of 30 million won, or 3 million won, will be covered by insurance. What I’m saying is that the money spent on these special contracts should instead be focused on cancer, brain, and heart.

They say you should also carefully consider the special contract for ‘injury and disease hospitalization daily allowance’. Insurance premiums are relatively expensive, and hospitalizations are becoming shorter these days, making it difficult to get all of the actual premiums paid back as insurance money. You can receive compensation of up to 50 million won per year through actual cost medical insurance (actual cost insurance).▷Related article: [보푸라기]Case on whether to delete the ‘hospitalization daily special contract’ with high insurance premiums (October 29, 2022)

/Graphics=Biz Watch

A question mark is also placed on the special contract for ‘re-diagnosis cancer’. This is collateral called re-diagnosis cancer or continuing cancer. It is said that the insurance premium for general cancer diagnosis is around 10,000 won on top of 10 million won (guaranteed amount) for people in their 40s. It is said that the price for re-diagnosed cancer goes up to 12,000 to 3,000 won. Also, there is usually a waiver period of about 1 to 2 years. This means that if you get cancer again within 1 to 2 years after the first cancer, you will not receive insurance money. Of course, the possibility of being re-diagnosed with cancer cannot be ignored, but if the price (insurance premium) is the same, it is of the opinion that comprehensive cancer diagnosis insurance that covers cancer in multiple areas is better.

I also shake my head at the special contract for ‘cancer surgery expenses’. This special contract also has a high insurance premium compared to the coverage. In fact, the biggest advantage is that the cancer surgery fee is paid repeatedly, but having cancer does not necessarily mean you will have to have surgery. Nowadays, there are many other treatments besides surgery, such as medications, and surgery may be difficult for elderly people. Additionally, since only surgeries that directly treat cancer are recognized, complications and accompanying diseases caused by cancer are not covered, making it less effective. From the policyholder’s perspective, it is important to receive insurance payments reliably. It is also possible to prepare to some extent with actual loss insurance.

Think about it, and if there is an ambiguous special contract, you can reduce the insurance amount to lower the insurance premium or remove it altogether.