We usually categorize insurances into four types according to their functions: accident insurance, medical insurance, critical illness insurance and life insurance.

The reasonable allocation of these major types of insurance can play a role in resisting risks and reducing economic losses.

If you can only choose three of the above, how would you choose?

Normally, insurance configuration cannot be done in one stroke, and it should be done gradually. If we’ll have to choose, it is recommended:

accident insurance > medical insurance > critical illness insurance.

01 Accident Insurance

We never know what’s around the corner. No one can predict an accident; therefore, we need to take precautions in advance. Both adults and children need to guard against accident risks. Getting accident insurance for family members is to minimize the economic losses caused by accidents.

General accident insurance products have relatively low premiums and purchasing accident insurance will not bring an excessive financial burden to the family. This is also the reason why the accident insurance is put in the first place of the must-buy insurance.

Back to the topic, accident insurance mainly includes one-year accident insurance and long-term accident insurance. One year accident insurance is paid for one year; while the long-term accident insurance is renewed at the same time every year, but the premium will be relatively high.

One-year accident insurance is one of them most cost-efficient kind. Ordinarily, accident insurance has very low requirements on physical conditions. You may as well re-insure for a small amount of premium every year.

02 Medical Insurance

Medical insurance is also a kind of insurance that everyone should configure. Although we already have social security, it has some shortcomings that commercial insurances can make up. For example, social security has reimbursement limit. Not all drugs are covered by social security reimbursement, and medical insurance is needed as a supplement. When commercial medical insurance is used with social security, the protection will be more comprehensive.

So, what are the types of commercial medical insurance?

Medical insurance includes small medical insurance, cancer prevention insurance, HDHL medical insurance, etc. Among them, HDHL medical insurance has a relatively higher premium and more comprehensive guarantee. Therefore, when selecting medical insurance, priority should be given to HDHL medical insurance.

03 Critical illness insurance

As we all know, patients suffering from major diseases such as lung cancer will face great tests both physically and mentally. At this time, the family will suddenly lose a labor force and the income will drop sharply. How can the quality of life of the family be guaranteed?

Will the expense reimbursed by only one HDHL medical insurance suffice? That is never possible. It takes very long time to get the indemnity that needs to pass the examination at all levels, and the money is urgently needed for subsequent treatment.

At this time, the role of the critical illness insurance is highlighted: the insured can freely arrange the indemnity for the critical illness insurance. The indemnity can be used for disease treatment, employment of nursing workers, nutrition supplies, and even living expenses. In short, when the family is short of money, the indemnity for the critical illness insurance may make the dawn reappear.

But please be noted two most important points in critical illness insurance: the insured amount and the guaranteed time. Under the control of the budget, it is recommended to choose the product with maximum insurance amount and the longest guaranteed time.

（Writer：Decky）