From the case of a mother suspected of killing her child for personal gain: How should we buy insurance for children?

Insurance - Photo 1.

Ms. Ty Na received insurance money from the life of one of her children. In addition to the time in the photo, she also received money another time and for the same reason that her child died - Photo: FB

The Investigation Police Agency of Quang Nam Province Police has just decided to prosecute and temporarily detain suspect To Thi Ty Na (44 years old), suspected of killing her child to profit from insurance money.

Children are at risk of being harmed or murdered by relatives to take advantage of insurance.

Sharing with Tuoi Tre Online, Ms. Ho Thi Ngoc Nhu - head of the life insurance benefits support department, Academy of Insurance and Financial Risk Management (IFRM) - commented: "Children are subjects with weak self-defense ability, easily exploited by adults. In the life insurance industry, children are also classified as a group at risk of being harmed or murdered by relatives to profit from insurance."

Under sales pressure, some agents prefer to sell children's insurance contracts because they are easier to issue than adults, and do not require a medical examination. The commission comes quickly.

Lawyer Le Thi Kim Ngan (Hanoi Bar Association) said that not only the above case, in Vietnam and many countries around the world, there are also cases of harming and killing people to gain insurance benefits. That is the reason why insurers must come up with solutions to minimize the problem: turning one person's body/life into another person's financial solution.

Especially when selling insurance for children, some companies also stipulate that parents must have insurance with a face value equivalent to or double that of their child before they can buy it for their child. Only a maximum of 1 billion to 5 billion will be paid depending on the case, with a percentage limit if the child dies before the age of 4. Note that not all companies apply these regulations.

However, from the case of a mother suspected of killing her child to profit from insurance, lawyer Kim Ngan said that insurance companies must also tighten regulations, procedures, and insurance products for children. At the same time, insurance agents need to carefully consider whether to sell life insurance to children or not.

Principle of buying insurance: Children need money to live, parents do not need money on their children's lives.

"There are people who take advantage of parents' love to advise that they need to buy insurance for their children, so that they are protected and have money to save for the future, from which they can have capital to study higher and work. This advice is correct, but not enough and not necessarily suitable. Many parents, after listening, feel sorry and are ready to spend money to buy insurance for their children, while not buying for themselves," Ms. Ho Thi Ngoc Nhu shared.

With many years of experience in the field of life insurance, dealing with and handling many different cases, Ms. Ngoc Nhu emphasized that the first principle when buying insurance is to protect the family's breadwinner. Parents must prioritize buying for themselves.

When parents are unfortunately sick, the insurance company will pay compensation, from there they will have money to overcome the illness and get healthy, the children will also have less burden. If they unfortunately pass away, the children will receive the death benefit from their parents, have more finances to firmly overcome the pain and continue living.

"Parents should make decisions while they are still sober. Buy insurance for yourself, to ensure financial security if you have an accident, and protect your children's rights to live with their parents' contract," said Ms. Ngoc Nhu.

Lawyer Le Thi Kim Ngan shared: "You must always analyze carefully that you must buy for your parents, the first breadwinner. Children should only buy for their parents with living benefits (hospitalization, surgery, illness, accident), not death benefits."

Therefore, agents only sell insurance to children if they have carefully consulted and felt factors such as: for health reasons, parents cannot buy for themselves, or parents already have insurance, or the product is designed specifically for children - limited death benefit payment and maximum benefit to maintain life.

"Do not turn child insurance into a savings account or an education fund. Let insurance fulfill its protective role," lawyer Kim Ngan emphasized.