This is a beta course, so its structure, chapters, and examples may continue to change.
Commercial Insurance
Commercial insurance complements social insurance. First clarify your risks and responsibilities, then choose the product type and the sum assured.
- Accident insurance: accidental death and disability, accidental medical expenses (often with a deductible and a reimbursement ratio).
- Medical insurance (including million-yuan medical policies): reimbursement of hospitalisation costs; watch the deductible, the scope of reimbursement, and the renewal conditions.
- Critical illness insurance: a lump-sum payout of the agreed sum insured once a critical illness is diagnosed, used to cover lost income and rehabilitation costs.
- Life insurance (term or whole): a payout of the sum assured on death or total disability, covering debts and family obligations.
- Travel insurance: accident, medical, and trip delay cover for short trips.
- Property insurance: household and business property, equipment, cargo, and so on.
- Choose the product type by the risk it covers: replacing income (life and critical illness insurance), reimbursing medical costs (medical insurance), frequent accidents (accident insurance).
- Watch the exclusions: high-risk occupations or sports, pre-existing conditions, and so on may be excluded or charged extra.
- Renewal and discontinuation: prefer medical insurance with a “guaranteed renewal” clause; after a product is discontinued you have to underwrite again.
- Sum assured and budget: the sum assured of the key policies has to be adequate, and total premiums should generally not exceed 5-10% of your disposable income.