Difficult to get insurance with illness? Is it difficult to get insurance for old age? This insurance can be done!
19 Jul 2021
When it comes to buying insurance, some people, especially those who haven’t, often have the illusion that it’s too easy to buy insurance, and whenever I want to buy it, there’s a bunch of people begging me.
And the real friends who have been insured know that insurance is not to buy can buy. There are two major roadblocks to buying insurance: one is health and the other is age.
If the health abnormality or age, such as 55 years old, insurance companies will be very careful when underwriting, either increase the cost, increase the terms of insurance, or directly refuse insurance.
The reasons for this are simple:
- The essence of insurance is to underwrite a risk, that is, an uncertain matter. If the policyholder is already ill, or older, the incidence of the disease increases, and the risk of the insurance company’s claims increases, reducing or reducing its risk only if it raises costs or does not guarantee certain high risks;
- Insurance is also fair, and if most people are sick or older to buy insurance, premiums for the entire insurance industry will certainly rise significantly, which would be very unfair to other healthy customers.
YG insurance once again remind everyone: buy insurance early, otherwise health problems, insurance will be more and more difficult.
So is there any easy chance of getting insured for people who are already sick or older?
The answer is: Yes!
Today YG insurance comes to tell you about this
Powerful but little-known insurance: Group Scheme
Group insurance and how it works
Group insurance (hereinafter referred to as group insurance) is not a specific type of insurance, but a form of underwriting.
Group insurance is an insurance business in which an insurance company provides insurance coverage to many members of a group. In group insurance, the group is the insured and several members of the group are insured. This insurance is covered by the same protection regardless of age, income, position, etc.
In the event of illness, disability, death or work-related injury, the insurance company will pay compensation to the member or family member for medical expenses or pensions.
The powerful advantages of group insurance
Compared with individual insurance, group insurance, because of the advantages of the number of people, can better spread the risk, reduce the proportion of insurance companies pay, so insurance companies give a lot of individuals can not enjoy the benefits of insurance:
- The insurance is relaxed
As long as a certain number of people, there is no medical history need to be underwritten, automatic insurance. Even if an employee leaves the company, he or she can still enjoy this benefit while keeping it the same.
- Cover family members
Family members of team members can also join the group insurance, the same enjoy no underwriting, with disease insurance and other benefits.
- Premium benefits
The premium for group insurance may be 20% off compared to individual insurance.
- Free to customize
According to the needs of different groups in various industries, medical insurance, life insurance, serious illness insurance, accident insurance, and even income protection and other insurance can be personalized combination, customized different protection responsibilities.
Group insurance also has many benefits for groups:
- Improve cohesion
As an employee welfare, group insurance can shape the company’s good image, not only to attract high-quality talent to join, but also to enable existing employees to work with peace of mind, enhance a sense of belonging.
YG actual case
The child of a corporate employee has cancer and has been unable to buy any insurance alone, and employees and family members are grieving.
Later, the enterprise purchased group insurance, the child also joined the corresponding medical insurance, greatly alleviated the mental burden of this employee. The employee is very grateful to his or her business and has devoted more enthusiasm and focus to his work.
- Group insurance can help companies transfer risk
Good cash flow is the foundation of the company’s normal operations, and the company may have to pay a large fee in the event of an accident or misfortune.
For example, as one of New Zealand’s pillar industries, the construction industry, employees in the profession can not avoid all kinds of bumps or even accidents or accidents. In the event of an accident, enterprises from a humanitarian point of view, need to pay employees and family members a certain amount of compensation, living allowance and other unexpected costs.
“For any firm, this is a sudden and large expense that can even affect the company’s short-term cash flow, while group insurance is a good way to transfer risk to an insurance company, with only a small premium in exchange for a possible large expenditure, greatly reducing the financial risk.”
Two points in time to be insured with illness
There are so many advantages to group insurance that you can still get sick, but YG insurance needs to remind you of two points in time:
- Registration period
If the employee’s family members wish to join the group insurance and are covered by the disease, they must join during the registration period (enrollment). If you miss it, you can still join, but you can’t guarantee it if you have a medical history.
The actual case
The family of a company employee did not join the company’s group insurance in time for the registration period. Later the family health problems, want to join the company’s group insurance experts to do the examination, but the insurance company does not protect the existing disease.
- about regularly
Generally speaking, when insuring group insurance, the team and the insurance company will have an agreement: for example, the new recruit must work in the group for 6 months to join the group insurance.
Remind new employees to take note of the regular, about regular after the time to join the group insurance as soon as possible. If you miss it, you won’t be able to get sick coverage.
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