Financial consumers who are considering cancelling their accidental death and dismemberment insurance contracts due to high renewal premiums have been advised to consider switching to the fourth generation of accidental death and dismemberment insurance, which has lower premiums안전놀이터. However, it is explained that you should choose whether to switch after fully considering your health condition and tendency to use medical care.
On the 1st, the Financial Supervisory Service (FSS) said this in a guide on what to look out for when buying a property and casualty insurance policy. According to the Financial Supervisory Service, when you sign up for a new accidental loss insurance policy, you have to go through a separate examination, but if you switch to the fourth generation of the existing accidental loss insurance policy, you can switch to no examination.
“There are frequent complaints from people who have cancelled their existing property and casualty insurance due to high premiums and then later decide to switch to the fourth-generation property and casualty insurance, demanding the revival of the cancelled insurance,” the Financial Supervisory Service said, adding, “Please note that cancelled insurance contracts cannot be revived.”
However, when switching to the fourth-generation accidental death and dismemberment insurance, it is necessary to comprehensively consider one’s health condition and tendency to use medical care. This is because the non-benefit provision of the fourth-generation accidental loss insurance will be charged differently for the next year’s premium depending on the amount of non-benefit insurance benefits received.
It is also important to note that the scope of coverage of the fourth-generation accidental death and dismemberment insurance may be different from the existing accidental death and dismemberment insurance, such as uncompensated medical expenses for herbal treatment. ▷Article: Almost everything about the 4th generation of D&O insurance (1 July 2021) – So, should you switch to the new D&O insurance?
If you want to cancel your switch to Generation 4, you must do so within six months of signing up for the switch. If you do not receive a claim during the six-month period, you can cancel your Gen 4 policy and return to your existing policy.
If the date of cancellation is within three months from the date of conversion, you can revert to the pre-conversion contract even if the reason for the claim has occurred. However, if you cancel the conversion, you must settle the difference in premiums between the post-conversion contract and the pre-conversion contract. ▷Article: [Lint] If you regret switching to the 4th generation…’Withdrawal OK’ (16 July 2022)