- Early Childhood Period 0-5 years old
- School age period 6-24 years old
- Prime age 25-54 years old
- Empty nest period 55-64 years old
- Retirement period over 65 years old
Early Childhood Period (0-5 years old)
Baby worry free | Guardian departure
Every child is the heart of their parents, carefully cared for at every stage from pregnancy to birth, fearing any physical discomfort or accidents. Statistics show that the age range of 0-5 is the period with the highest health risk for young children, and diseases rank among the top causes of death for young children. Parents need to pay special attention to this.
When a child is sick, parents not only have to take leave to take care of them, but medical expenses also bring financial pressure to the family. Families with young children face greater economic uncertainty. Therefore, how to make sufficient insurance plans for preschool children under limited budget has become an important issue.
Possible problems that families may face:
Medical expenses: Young children are prone to illness, and there is an increase in self funded projects, leading to a continuous rise in medical expenses.
Income loss: Parental caregivers need to take leave, which directly leads to a decrease in family income.
Childcare costs: The expenses for infant and toddler care and early education continue to rise, putting great pressure on expenditure.
Income interruption: If the economic pillar encounters a serious illness or accident, the main source of income for the family will be cut off.
Family changes: Sudden situations such as parents' divorce or death will affect children's lives and education funds.
A few planning suggestions for parents:
Guarantee first: prioritize the allocation of medical, critical illness, and accident insurance, and transfer major risks.
Parental protection: Adequate parental protection is a prerequisite for children's safety, and the protection of family pillars should be improved first.
Medical coverage: Choose medical insurance that covers self paid drugs and can be renewed to cope with the pressure of self payment after the reform of medical insurance payment.
Critical illness limit: The premium for critical illness insurance for young children is low, and it is recommended to cover 3-5 years of parents' income to compensate for treatment and income losses.
Education reserve: After the improvement of health protection, education expenses can be planned in advance through savings insurance.
Insurance is not only a financial arrangement, but also a manifestation of love and responsibility. It can provide tangible financial support to families when risks arise, ensuring that children's growth plans are not affected. We are willing to assist you in clarifying your needs and building a stable security system for your family through professional planning. Welcome to contact us for consultation.
School age period (6-24 years old)
Career Escort | Worry free Growth
In the fiercely competitive modern society, students face heavy academic pressure from the moment they enter school, and as they age, the pressure only increases. Choosing a university major, deciding whether to take the postgraduate entrance examination or find employment after graduation, these choices are like unsolved problems. The phenomenon of high education and high unemployment rate brought about by the expansion of enrollment in universities, as well as the increasing education costs year by year, all force young people to seriously consider their career planning. After entering the workplace, young people are even more confused: how to move towards the golden age of life through planned savings, investment, and risk management is the common expectation of every newcomer in the workplace. Only by planning early can we achieve the goals of this stage faster.
Possible issues at this stage:
Academic planning: Faced with the enormous pressure of further education or education, there may be interruptions in studies due to family economic changes or health issues.
Career confusion: Faced with the identity transition from campus to the workplace, often accompanied by difficulties in choosing majors, low starting salaries, and employment competition pressure.
Lack of protection: During the leap of life, there is a high risk of accidents and sudden serious illnesses. If accidents occur, it will lead to income interruption.
Family feedback: eager to give back to parents but with weak economic foundation and poor risk resistance ability.
Financial pressure: high costs of socializing, dating, buying a house, and starting a family.
Planning suggestion:
Accident first: In response to the high-frequency activity risks in this age group, priority is given to configuring high coverage accident insurance and accident medical care to leverage basic protection at low cost.
First order configuration: If you have never purchased a policy before, you should plan your first policy as soon as you enter the workplace. The beneficiaries will be your parents, and your love for your family will be transformed into specific protection and responsibility.
Medical reinforcement: In response to the self funded gap in social medical security, we will focus on strengthening the out of pocket medical insurance and critical illness insurance to ensure that the burden on families is not increased due to illness.
Accumulation of reserves: Through insurance products with mandatory savings functions, while avoiding risks, a stable life accumulation plan can be launched. For example, 16-year-old middle school student Xiao Chen purchases savings insurance, which is pre-set to start withdrawing after 7 years. This is equivalent to Xiao Chen's future policy dividends after the age of 22, which can provide support for his further education or entrepreneurship.
Insurance is not only a financial arrangement, but also a manifestation of love and responsibility. It can provide tangible financial support to families when risks arise, ensuring that children's growth plans are not affected. We are willing to assist you in clarifying your needs and building a stable security system for your family through professional planning. Welcome to contact us for consultation.
Prime age (25-54 years old)
Guarding in the prime of life | Family security | Responsibility planning
From a naive newcomer in the workplace to a competent backbone, the biggest fear is that sudden accidents or illnesses may interrupt the process of striving. How to achieve risk management and wealth accumulation through insurance planning is an important issue at this stage. For married individuals, as family responsibilities increase and children are born, they have to bear the heavy burden of supporting their parents and educating their children, which doubles their pressure and responsibility. At this point, it is necessary to take a more comprehensive perspective and build a medical and security protection network for oneself and one's family, so that the family can feel at ease.
Possible issues at this stage:
Life choices: workplace competition/promotion pressure/income decline/major decisions such as marriage, childbirth, buying a house or car.
Income interruption: Major income interruption caused by unexpected or serious illness, death/unemployment, layoffs/disability.
Support pressure: Both parents are elderly and frail, resulting in increased medical/care costs.
Child rearing: education/living expenses for children
Retirement planning: Reserve funds in advance for an individual's future retirement life.
Family changes: changes in marital relationships/loss of loved ones/impact of unexpected circumstances on family finances.
Planning suggestion:
Adequate protection: This stage is the golden period for career and family, requiring sufficient coverage to build a protective shield for an ideal life.
Responsibility sharing: If there is a family, it is necessary to share the family responsibilities towards the spouse, children, and parents through insurance to ensure that love and commitment are not interrupted by risks.
Medical reinforcement: In response to the rising cost of self funded medical care, we will focus on providing out of pocket medical insurance, major illness insurance, and disability assistance insurance.
Insurance is not only a financial arrangement, but also a manifestation of love and responsibility. It can provide tangible economic support to families when risks arise, ensuring their stability and sustainable development are not affected. We are willing to assist you in clarifying your needs and building a stable security system for your family through professional planning. Welcome to contact us for consultation.
Empty nest period (55-64 years old)
Retirement Planning | Healthy Life
At this stage, the work tends to be stable, and debts such as mortgage and car loans are basically settled, reducing economic pressure. If there are children who have completed their studies and entered society, their family responsibilities will be significantly reduced. But with the advancement of medical technology and the extension of life expectancy, the dilemma of "getting sick too long and living too long" has become a reality. How to use insurance to plan for retirement and enjoy a dignified old age without becoming a burden on children has become the primary goal at this stage.
Possible issues at this stage:
Income interruption: After retirement, losing a fixed source of income and relying on savings and passive income.
Health risks: Unexpected injuries or illnesses require sufficient economic reserves to cover medical expenses.
Child development: Worried about the job stability and development prospects of children.
Asset Inheritance: It is necessary to plan for asset preservation and smooth inheritance of wealth to the next generation.
Planning suggestion:
Medical and long-term care priority: Regardless of whether there are children, priority should be given to planning for medical and long-term care after retirement, and funeral expenses should be reserved.
Asset preservation and inheritance: If there are assets, asset preservation and inheritance can be achieved through insurance planning to ensure a peaceful old age.
Strengthening medical insurance: preventing major diseases such as cancer, strengthening out of pocket medical insurance and major disease protection.
Insurance is not only a financial arrangement, but also a manifestation of love and responsibility. It can provide tangible economic support to families when risks arise, ensuring their stability and sustainable development are not affected. We are willing to assist you in clarifying your needs and building a stable security system for your family through professional planning. Welcome to contact us for consultation.
Retirement period (over 65 years old)
Elderly protection | Property inheritance
After formal retirement, with the reduction of family responsibilities, one can finally unload the burden and enjoy life. Although this stage is often referred to as old age, as the saying goes, 'Life only begins at seventy.' As long as you plan ahead, you can become a happy retiree.
Possible issues at this stage:
Economic pressure: Without a fixed source of income, worry about running out of savings.
Child burden: unwilling to be a burden on children due to health or economic issues.
Health decline: aging and physical decline, slow recovery from diseases, and increased demand for medical care.
Asset inheritance: It is necessary to plan asset preservation and wealth inheritance properly.
Unfinished ideal: I hope to fulfill a wish that was not fulfilled when I was young.
Planning suggestion:
Principal preservation: At this stage, there is no income, and low-risk, principal preservation insurance planning should be the main approach to avoid investment losses.
Adequate medical coverage: The body's ability to recover has declined, and it is necessary to plan sufficient medical insurance to cope with the economic pressure caused by prolonged illness.
Long term care insurance: To avoid becoming a burden on children in the event of dementia or disability, long-term care insurance should be planned in advance.
Strengthening medical insurance: preventing major diseases such as cancer, strengthening out of pocket medical insurance and major disease protection.
Insurance is not only a financial arrangement, but also a manifestation of love and responsibility. It can provide tangible economic support for families when risks arise, ensuring that the quality of life for you and your family is properly maintained, and allowing wealth to be safely inherited. We are willing to assist you in clarifying your needs and building a stable security system for your family through professional planning. Welcome to contact us for consultation.
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Annuity insurance
A type of life insurance in which the annuity insurer pays a certain amount in one lump sum or in installments according to the insurance contract during the insured's lifetime or a specific period.
life insurance
A type of life insurance, in which the life insurer pays the insured amount according to the contract when the insured dies or becomes completely disabled during the insurance period, or when the insurance period expires and the insured is still alive.
Term life insurance
If the insured dies during the validity period of the insurance contract, the insurance company shall pay the death benefit as agreed; If the insured is still alive after the expiration of the insurance period, no insurance benefits will be paid, which is the opposite of survival insurance. This insurance is mainly for protection and has a certain insurance period.
whole life insurance
During the lifetime of the insured, if the insured dies or becomes completely disabled, the insurance company shall pay the death benefit as agreed. This insurance is mainly for protection and can be divided into three types based on the payment period: "lump sum lifetime life insurance" that is fully paid at once, "lifetime premium lifetime life insurance" that continues to pay premiums during survival, and "deadline premium lifetime life insurance" that does not require further payment after a certain period of payment.
health insurance
A type of personal insurance, in which the insurance company pays insurance benefits according to the agreement for the insured's illness, childbirth, disability, or death during outpatient, inpatient, or surgical treatment. Such as medical insurance and cancer prevention insurance.
The payment includes: inpatient medical treatment, surgery, emergency, outpatient, burn and scald ward, etc. There are two forms of payment: one is the "pay as you go" type, in which insurance companies pay insurance benefits based on the actual medical expenses incurred within a certain limit; Another type is the "fixed payment type" or "daily payment type", in which the insurance company pays a certain amount of insurance benefits based on the disease item or hospitalization days, regardless of the actual medical expenses incurred.
dividend insurance
Refers to the insurance company distributing the distributable surplus of the previous fiscal year's dividend insurance to customers in a certain proportion after the end of each fiscal year.
Investment type insurance
Investment type insurance products are products that combine insurance and investment into one, but their basic nature is still insurance products. All investment type insurance products must be approved for sale by the Hong Kong Insurance Regulatory Authority. They basically have the following characteristics:
Profit and loss assumption: The investment income or loss generated by investment type insurance products is mostly or entirely borne by the policyholder.
Specialized account book: Investment insurance products are managed through general accounts and specialized account books. The policy investment assets in the dedicated account book are managed by the insurance company through individual accounts. According to the Insurance Law, the assets in question may not be subject to seizure or recovery by the creditors of the insurance company in the event of its bankruptcy.
Cost Disclosure: The related costs of investment insurance products should be shared in the sunshine to allow policyholders to fully understand the premium structure.
Universal Insurance
Universal insurance allows policyholders to have a "separate account" with the insurance company. The policyholder can increase or decrease the insurance premium or coverage amount according to their wishes. The insurance company will deduct the relevant fees and costs from the paid insurance premium and accumulate them in the policyholder's separate account. After accumulation, the income can be calculated based on the actuarial interest rate (such as linking it to the bank's deposit interest rate).
contract of insurance
A complete insurance contract usually includes 1 Insurance policy, 2 Application for Insurance 3 Other agreements and other contents. The above insurance policy and application form are essential documents.
insurance premium
After the insurance company agrees to underwrite, it will calculate the premium based on the predetermined interest rate, predetermined expense rate, and predetermined mortality rate, and calculate the different amounts that the policyholder should pay to the insurance company for each period based on different policy types, coverage amounts, ages, genders, and physical conditions. This is called the insurance premium.
The payment method for insurance premiums is divided into one-time payment and installment payment. Installment delivery is divided into four types: annual payment, semi annual payment, quarterly payment, and monthly payment.
sum insured
The insured amount is the amount agreed upon by the insurance company to underwrite, and it is also the amount that the insurance company will pay according to the insurance contract when an insurance accident occurs. As for the policyholder, the desired insured amount may not necessarily be the insured amount. If the insured's physical condition is not standard, the insurance company will reduce the insured amount for coverage, and the reduced amount will be the insured amount.
payment period
The payment period is the period agreed upon between the policyholder and the insurance company for the payment of insurance premiums. For example, a lifetime life insurance contract can choose to have a payment period of five or ten years. An insurance contract with a payment period shorter than the insurance period shall remain valid until the end of the insurance period after the payment period expires.
Grace period
After the second installment, if the premium is not paid upon maturity, the insurance company usually grants a grace period (usually 30 or 31 days). During the grace period, the policy remains valid. If an insurance accident occurs during this period, the insurance company will still bear the insurance liability, but will deduct the unpaid premium.
Reserve interest rate
The predetermined interest rate is an important parameter for calculating premiums and policy values, which is the prediction of future capital utilization returns by insurance companies when designing products. The predetermined interest rate of Hong Kong insurance is usually linked to the global market interest rate, and the demonstration interest rate of some products (such as dividend insurance) is limited by the upper limit of the Hong Kong Insurance Regulatory Authority (such as the upper limit of 6% for Hong Kong dollar policies and 6.5% for non Hong Kong dollar policies).
Cash value
Cash value is the basis for calculating policy dividends, policy borrowings, surrender values, etc. before the start of the annuity payment period in long-term life insurance contracts or annuity insurance contracts. In Hong Kong, this concept is usually distinguished as "guaranteed cash value" and "non guaranteed cash value", the amount of which varies depending on the insured's age of purchase and the year of the insurance policy.
Refund value
The surrender value is the amount that the insurance company should pay to the policyholder based on the cash value when the policyholder terminates the life insurance contract or the annuity insurance contract before the start of the annuity payment period. In Hong Kong, the surrender value is affected by market fluctuations and the investment performance of insurance companies, which may include non guaranteed parts, and some products may require deduction of related fees in the early stages of surrender.
Exclusion of Liability
Exclusions refer to the exclusion of certain dangers or limitations on coverage, or the exclusion of certain causes and conditions that are not protected by the policy. In Hong Kong, the exclusion of liability is mainly based on principles such as violation of public policy, illegal behavior, and fraudulent behavior. For example, if the insured commits suicide within one year from the date of contract formation or reinstatement; Death or disability of the insured due to engaging in illegal activities; Losses caused by war or terrorist attacks; And situations where the policyholder intentionally conceals important facts or creates false claims information.
Premium advance payment
At the end of the grace period, if the renewal premium has not been paid, the insurance company may automatically advance the renewal premium and interest from the policy value reserve at that time to keep the contract valid; General policyholders can make this choice when filling out the insurance application form at the beginning of the insurance application (or notify the insurance company in writing during the grace period). If the balance of the policy value reserve is insufficient to advance one day's insurance premium, the contract will still be terminated.
Policy dividend
When the difference between the amount collected by the insurance company from the policyholder based on various predetermined interest rates and the actual payment amount generates a surplus, the surplus is calculated and returned to the policyholder based on the type of insurance, the insurance period, the insurance amount, etc., which is called a dividend. There are four ways to receive policy dividends: (1) cash payment, (2) offsetting premiums, (3) saving interest, and (4) increasing the insurance amount.
annotation
The written amendment of an insurance policy is usually written on the policy page in the form of additional clauses. Unless signed by the executive officer of the insurance company and attached as part of the policy, the endorsement will be invalid.
Additional contract
Additional contract refers to insurance products attached to the main contract to protect specific accidents, generally known as "additional contract" or "annex", so "annex" is not sold separately.
Insurance premium rate
The insurance premium rate refers to the insurance premium for each unit of insurance amount over a certain period of time.
Moral hazard
In life and health insurance, personal reputation, personality traits, relationships with friends and family, personal lifestyle habits, financial responsibilities, and environment are all factors that can affect an individual's insurability.
standard body
In life and health insurance, if the insured's physical condition meets the standard underwriting conditions, there is no need to increase the premium rate or impose special restrictions.
Insurance age
The insured's insurance age is usually calculated based on the "following year's age", which is determined by the age of one year after the next birthday. For example, Miss Zhang was born in June 1990 and will be insured until February 2025. Her next birthday will be in June 2025, when she will turn 35 years old. Therefore, the insurance age should be 35 years old.
The insurer
Insurers refer to various organizations that operate insurance businesses, namely insurance companies. At the time of the establishment of the insurance contract, there is a right to claim insurance premiums, and in the event of an insured accident, one must assume the obligation to compensate according to their underwriting responsibility.
Policyholder/policyholder
The policyholder refers to a person who has an insurance interest in the insured, applies to the insurance company to enter into an insurance contract, and is obligated to pay insurance premiums. The policyholder can purchase life insurance from the insurance company on behalf of these insured persons:
1、 I or my family members.
2、 The person to whom living or educational expenses are owed.
3、 Debtors.
4、 A person who manages property or interests for oneself.
the insured
The insured of personal insurance refers to a person whose life and body are the insured subject matter, and whose survival, death, illness or injury are the insurance claims requirements, that is, the insured object.
beneficiary
The distinction of beneficiaries can be divided into the following three types:
Designated beneficiary: refers to the beneficiary designated by the policyholder on the insurance application.
Agreed beneficiary: that is, the beneficiary specified in the contract is a specific person; The beneficiaries of disability insurance and medical insurance are both agreed to be the insured themselves.
Legal beneficiary: In the absence of a designated or agreed beneficiary, the legal heir shall receive the compensation.
reinstatement
Revival refers to the process of restoring the original contract effectiveness of a policy that has been suspended within two years from the date of suspension, in accordance with the terms of the contract.
failure
The so-called invalidity refers to the loss of effectiveness of a contract that was originally valid due to a specific reason, which is conceptually different from its initial invalidity. The invalidation of a contract will also lead to its termination. In practice, insurance contracts that become void can only occur if the insurance premium is not paid within the grace period, resulting in the termination of the effectiveness of the insurance contract, and if it is not reinstated within two years after the termination of the contract as required.
Paid-up insurance
Insurance where the policyholder has fully paid the premium but the insurance period has not yet expired.
For example:
The reduced amount paid insurance provided under the non confiscation of value clause.
A deadline payment policy with all premiums already paid.
Exemption from premium
Refers to a specific situation where an insurance premium that has not yet expired can be waived while the contract remains valid.
For example, the insured may be exempt from paying renewal insurance premiums during the period of disability, total disability, etc.
Insurance density
Insurance density refers to the average insurance premium of the resident population within a limited statistical area. It marks the level of development of insurance business in the region, and also reflects the economic development status and the strength of people's insurance awareness.
It refers to the total insurance premium divided by the year-end population. The higher the proportion, the more widespread the insurance.
Insurance penetration rate
Also known as insurance depth, it measures the proportion of insurance premiums to gross domestic product in a specific country or region. This indicator is based on the contribution of the insurance industry to the entire industry. To demonstrate the importance of the insurance industry in the overall industry, the proportion of the total premium income of the entire insurance industry to the national gross domestic product is analyzed from the perspective of industry income. When the insurance depth value is higher, the importance of the insurance industry is also higher, indicating that the insurance industry in the country is an important industry, and the insurance industry in the country naturally shows vigorous development.
Refers to the ratio of total insurance premiums divided by national income. The higher this ratio, the higher the proportion of insurance expenditure per yuan of income for a country's people, indicating that insurance is becoming more developed in this country.
Life insurance coverage rate
It refers to the number of life insurance policies, divided by the population. The number of insured items can be the number of valid contracts or new contracts, while the population can be the year-end or mid year population.
Life insurance penetration rate
It refers to the effective contract coverage divided by the national income or gross national product. To measure effective indicators for ensuring the livelihood of consumer families.
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Any insurance or mandatory insurance?
Arbitrary insurance: It is not mandatory for policyholders, and whether or not to purchase insurance is entirely up to personal discretion. Generally, commercial insurance falls into this category.
Compulsory insurance: Any insured person designated by national laws or orders, regardless of whether they agree or not, must be required to purchase compulsory insurance. If one fails to fulfill their insurance obligations, the state may impose penalties, such as mandatory employee compensation insurance.
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What is the difference between the invalidity, termination, suspension, and termination of an insurance contract?
Invalid: refers to a legal act that, due to the lack of effective elements, is completely non binding in law and has no effect from the beginning, such as the invalidity of malicious reinsurance.
Termination: Refers to one party exercising the right granted by law or contract (termination right) to extinguish the effect of the contract and restore it to the state before the contract was signed, such as the termination of the obligation to disclose truthfully.
Suspension of effectiveness: Refers to the temporary suspension of the effectiveness of an insurance contract, where the insurer is not liable for guarantee, but the policyholder may apply for restoration of effectiveness under certain conditions.
Termination: Refers to one party exercising the right to terminate, causing the contract to no longer be performed.
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What is the difference between insurance brokers and insurance agents?
Insurance agent: According to the agency contract or authorization letter, collects fees from the insurer, operates business on behalf of the insurer, and acts as an agent of the insurance company.
Insurance broker: Based on the interests of the insured, negotiate insurance contracts or provide services, collect commissions, and act as the representative of the policyholder.
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Is the additional spousal or child contract still valid in case of divorce? How should it be handled?
It is still valid in terms of insurance effectiveness, but it is recommended that the policyholder handle the change procedures to avoid future insurance interest disputes.
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Can I change my mind after buying insurance?
The policyholder has a hesitation period of 10-30 days (depending on the product). During the hesitation period, the contract can be revoked at any time and the premium will be unconditionally refunded; After more than 10 days, the insurance effectiveness is officially established.
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What should I do if I don't have money to pay the insurance premium?
The following methods can be adopted:
Change payment method: Change annual payment to quarterly or monthly payment.
Automatic advance payment: Use the cash value of the policy to advance the premium.
Extended insurance or reduced payment: Reduce the insured amount or shorten the coverage period.
Renewal after suspension: Within 2 years after the policy is suspended, the premium can be paid to apply for renewal (no claims will be made during the suspension period).
Termination: Maximum loss, complete loss of protection.
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In what accident situations does insurance not cover claims?
The insurer shall not be liable for compensation in the following circumstances:
The beneficiary intentionally causes the death of the insured.
The policyholder intentionally causes the death of the insured.
The insured intentionally commits suicide or causes disability within two years from the date of contract formation or reinstatement.
The insured died or became disabled due to committing a crime, resisting arrest, or escaping from prison.
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If immigrating abroad, is insurance still valid?
Still effective. As long as the policyholder continues to pay premiums, the policy remains valid. However, if there is a change in nationality, residence, occupation, etc., the insurance company still needs to be notified. As for the payment method, most life insurance companies now provide services such as paying premiums in the United States or directly remitting the equivalent amount in US dollars to the company account of the insurance company in China.
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How should the main and subsidiary agreements referred to in insurance contracts be distinguished?
Main contract: The insurance product that the insurance company can issue a separate policy for when the policyholder applies for insurance is called the main contract.
Supplementary agreement: It cannot be issued separately and can only be attached to the main contract, which is called a supplementary agreement. The insurance effect of the annex shall cease with the termination of the insurance effect of the main contract.
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How to choose insurance plan for life?
If encountering misfortune, it is generally inevitable to spend money on disaster relief. However, relying solely on savings or social assistance may not be enough, so it is advisable to use affordable insurance to plan accordingly. But life is so long, how should we plan our lives with insurance?
Based on your "needs" as the focus of consideration, the following principles can be used for reference:
Determine the appropriate type of insurance based on needs: family living expenses, debt status, children's education expenses, required medical quality, financial planning, retirement care, etc. These are all possible future needs that can be prioritized and planned according to their importance and urgency.
Planning an appropriate insurance amount: An excessively high insurance amount can result in unnecessary premium expenditures, while an excessively low amount can lead to insufficient protection. Therefore, the best choice is to determine the appropriate insurance amount based on one's own needs.
Deciding the appropriate premium: You should measure your financial situation and decide on the appropriate premium expenditure. Never face the situation of insurance termination due to excessive insurance premium expenditure, as it is not cost-effective. It is very important to plan your insurance plan properly.
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What is the difference between insurance and savings?
Insurance is an organization based on reciprocity, a combination of self-reliance and other forces, that is, the act of self-help and mutual assistance; Saving is an individual act, without seeking anything from others, that is, purely a self-help behavior.
After an insurance accident occurs, the beneficiary of the insurance benefits can receive the insurance benefits they are entitled to at any time; The savings income holder must wait for a certain period of time for the principal and interest generated from their savings.
Insurance requires precise calculations, calculable data, and special techniques to achieve fair distribution; Savings do not require this.
Insurance is a common reserve property formed by most economic units, and shall not be used or disposed of arbitrarily except for the intended purpose; Savings are individual prepared assets that can be freely used and disposed of.
Insurance must form a group based on the collaborative efforts of the majority of economic units; But savings are not.
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What are the functions of Hong Kong annuity insurance?
The main functions of Hong Kong annuity insurance include investment, asset segregation, pension planning, and wealth inheritance.
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Are mainlanders protected by local laws when buying insurance in Hong Kong?
Yes, as long as domestic policyholders go to Hong Kong in person in compliance with regulations and laws, policies applied for within Hong Kong will be protected by Hong Kong law.
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What is the difference between American dividends and British dividends?
The main difference between the two lies in the method of dividend distribution.
British dividends (also known as "insured dividends") are distributed by increasing the insured amount of dividends;
American dividends (also known as "cash dividends") are distributed in cash to policyholders.
