That is the opinion of Mr. Nguyen Khac Xuan, Director of Infair Insurance Support Services Company Limited, when answering VTC News about the terms of life insurance contracts that are attracting public attention.
Mr. Xuan analyzed: The nature of life insurance is to protect the breadwinner and is activated for risks such as the breadwinner's death or permanent disability, and loss of ability to work. That is, at that time, if the insured person is permanently disabled or dies, a certain amount of insurance will be paid as specified in the contract.
But in reality, when the breadwinner participates in insurance until the age of 65 - 70, their children (dependents) are also around 30 - 35 years old. At this time, the breadwinner is no longer the breadwinner, but becomes a dependent. On the contrary, the dependent changes roles to become the breadwinner and needs to be insured. When participating in life insurance, no one wants their parents to pass away or become permanently disabled to receive the money.
Second, they say lifetime insurance, but after age 70, if you maintain that insurance, the cost is higher than the cost of elderly care. So at that time, almost no one needs insurance.
"In fact, when people reach the age of 65 - 70, the main risk for this age group is illness, so no company will accept insurance for medical expenses. So there is no way to insure for illness risks up to the age of 99," said Mr. Nguyen Khac Xuan.
Mr. Nguyen Khac Xuan, Director of Infair Insurance Support Services Company Limited.
However, according to experts, people over 65 years old also need to be protected against the risks of illness, disease, medical expenses, etc. Participating in insurance is a solution to ensure financial resources against the risks of accidents, serious illnesses, cancer, death or permanent total disability. However, you should participate in traditional insurance programs, purely for protection, not for accumulation. While life insurance usually does not sell purely for protection, but instead includes accumulation. For example, to protect a risk, the insurance limit only needs about 5 million/year, but people design it up to 20 million/year. That capital is mobilized from customers without a commitment to interest or a very low interest commitment, far less than bank interest.
“When buying insurance, you should choose the maximum protection package with minimum accumulation. I never buy life insurance products with accumulation. Currently, many life insurance companies design insurance packages but the protection function is little but the accumulation is much, the essence is to borrow money from customers to invest, earn interest, share the interest with customers, and the customer bears the loss. I think that insurance for up to 99 years sounds very funny to people who understand insurance,” said Mr. Xuan.
Sharing the same view, lawyer Nguyen Anh Tuan ( Hanoi Bar Association) also said that people should consider carefully when participating in whole life insurance, usually up to the age of 99. According to lawyer Tuan, before buying a life insurance product, participants need to understand the regulations related to the life insurance payment period.
Before signing the contract, customers should carefully review the information provided to the insurance company, read the rules, terms and other documents in the contract... In case of detecting errors or having any questions, customers should immediately contact a consultant or insurance company for support and answers.
In addition, lawyer Tuan also said that there are currently many life insurance companies that force targets, so there are cases where agents and consultants give incorrect advice to customers. Therefore, insurance companies need to improve the qualifications of consultants and strictly handle consultants who give ambiguous advice and lack qualifications, just to sign insurance contracts with customers.
In particular, the state insurance management agency also needs to monitor the implementation of insurance companies to protect the legitimate rights of participants.
The Department of Insurance Management and Supervision ( Ministry of Finance ) has just issued a document requesting life insurance companies to strengthen inspection and supervision of the implementation of insurance agency contracts, and evaluate the quality of consulting, introducing, and offering insurance products by insurance agents.
At the same time, require agents to provide complete and accurate information about the insurance products of the insurance company to the insurance buyer and seriously handle the responsibility of the insurance agent in case of violation of the provisions of the law.
In addition, the Department of Insurance Management and Supervision also requires these businesses to review and improve the quality of customer care services, perfect business processes, internal regulations, risk management policies, and ensure compliance with legal regulations.
“When customer complaints arise, insurance companies must proactively work to resolve customer complaints; in case customers report through press agencies about the signing and implementation of contracts with insurance companies, insurance companies must proactively respond with objective and transparent information to press agencies,” the document clearly states.
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