A few days ago, a friend approached me for advice on how to purchase insurance for her child, and we discussed how pitiful today's children really are.

Her child, who is not yet two years old, was born during the pandemic and has only seen people wearing masks, apart from family members.

The pandemic has made many people realize the magic of the world, always thinking that impossible things can happen at any time, and even low-probability events like illness and life and death need attention.

However, the reason that prompted my friend to consider insurance was not just the pandemic, but also recent accidental incidents.

Last month, the child slipped while bouncing on the sofa. Fortunately, the husband was nearby to catch him. Thinking back, if he hadn't caught him, it would have been terrifying.

After the pandemic, income has decreased, and medical expenses are a struggle. This led her to think about insurance, wanting to see if there are any commercial insurance products that can cover such "just in case" medical costs.

Many people, like her, first come into contact with insurance when they want to provide a guarantee for their children. Although the goal is clear, the variety of products is vast and diverse, which can be quite challenging for parents.How to Buy Insurance for Children, What is Critical Illness Insurance, What to Buy, How Much Does It Cost, What Are the Precautions, and a Basket of Questions.

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There are so many popular science articles that there's no time to read them all. After browsing some short videos, it seems like I understand, but I'm still hesitant to buy.

For this reason, Qian Duoduo spent half a month researching a large amount of product information to help parents compile a children's insurance strategy, teaching everyone step by step how to buy insurance for their children.

Solve all your questions about children's insurance in one go, and everyone must spend 10 minutes to read it carefully.

01

How to Buy Insurance for Children?

Before talking about what to buy specifically, first clarify a few principles of configuration.

1. Parents First, Then Children

Before buying insurance for your child, make sure that the parents have relatively comprehensive protection. The correct order of configuration is parents first, then children.

Because if the child has an issue, the parents are the support; but once the parents have an accident, the disaster is unimaginable.2. Prioritize Protection Over Financial Management

When purchasing insurance for children, it is essential to clarify our objectives and seek insurance based on these goals. If the intention is to transfer the risks associated with a child's illness or accidents, ensuring that medical expenses are covered in the event of misfortune, then the type of insurance to consider is protection-oriented products.

Some parents may also wish to prepare in advance for their child's education fund, marriage fund, or startup capital. It is important to follow the sequence of prioritizing protection over financial management. Only after ensuring adequate protection should one consider other options.

3. Reject Overly Ornate Insurance

When shopping, we look for products that we can understand and comprehend; the same applies to insurance. When buying insurance for children, opt for products that clearly define what is covered and what is not.

Separate protection from annuities. Avoid "jackpot" policies that claim to cover everything, as they are not suitable for children and can easily become a tax on intelligence. By remembering these principles, we can eliminate many inappropriate options, such as bundled products and return-type products, from our consideration, simplifying the process of buying insurance for children.

Next, let's take a closer look at what to buy for children.Which insurances do children really need?

Regarding the configuration ideas for children's insurance, Qian Duoduo has organized the following table:

Let's elaborate on why this configuration is chosen:

1. National Medical Insurance

This is the basic welfare provided by the state, which can reimburse a certain proportion for both serious and minor illnesses.

You can plan ahead before the child is born, and after the child is born, you can start the process. If it's done within three months, the costs of the child's birth can be reimbursed. It only costs a few hundred dollars a year, with an unbeatable cost-performance ratio.

2. Million-Yuan Medical Insurance

Million-Yuan Medical Insurance has also been extremely popular in recent years, truly a viral product.People who have seen "Dying to Survive" may feel apprehensive about serious illnesses, especially cancer, as the cost of medication can be as high as a house, and how many ordinary people can bear such expenses?

In fact, solving the problem of medical expenses can be completely covered by a combination of medical insurance and million-yuan medical insurance.

Million-yuan medical insurance focuses on covering the costs of inpatient and outpatient medical expenses.

Regardless of the reason for hospitalization, generally, expenses exceeding the deductible can be reimbursed (subject to the specific product contract and terms).

Outpatient services generally include special outpatient services, emergency visits before and after hospitalization, outpatient surgeries, and so on.

In the face of medical expenses, especially for the treatment of serious illnesses, million-yuan medical insurance is our "savior." For a few hundred dollars a year, it can reimburse up to millions of dollars in medical expenses, which is an insurance that can save lives in critical moments.

When choosing million-yuan medical insurance, focus on the coverage content, renewal conditions, and practical value-added services.

3. Accident Insurance

Children are playful and active, and it is inevitable to have minor bumps and bruises during their growth. Accident insurance can cover the treatment costs resulting from accidental incidents such as falls and injuries, animal bites, burns, traffic accidents, and electric shocks.Accident insurance is relatively inexpensive; you can get coverage of 200,000 for just a few tens of dollars, and coverage of 500,000 for just over a hundred dollars. It is essential to arrange this for your child first.

Some products also include liability for personal injury to third parties by minors. If a child accidentally injures a playmate, the medical expenses incurred can also be reimbursed.

4. Children's Critical Illness Insurance

If a child falls seriously ill, critical illness insurance will provide a lump sum payment.

Critical illness insurance is designed to compensate for income loss. While a child's illness does not result in income loss, the parents' financial resources may be disrupted to care for the child. This can lead to a decrease in family income, or even a complete loss of it.

It could be said that children's critical illness insurance is not so much for the child as it is for the parents, allowing them to accompany their child in fighting the illness without any financial concerns.

Therefore, if you have the means, it is also essential to arrange this for your child.Qian Duoduo's Nattering

Actually, when it comes to buying insurance for children, avoiding some less suitable products and focusing on protection-oriented products is quite simple.

Moreover, there are skills to buying insurance. If you buy the right one that meets the requirements, you can also consider the cost-effectiveness, getting better protection with the least amount of money.

Generally speaking, equipping a child with a million-yuan medical insurance + accident insurance + children's critical illness insurance can be done for just a couple of thousand yuan a year, which can be very useful in critical moments.

I hope Qian Duoduo's strategy can help more families learn to combine their own situation and use scientific protection to escort the growth of their children.

The content above belongs to the original author and does not constitute any investment advice. Financial management carries risks, and investment should be approached with caution.