Mr. Shang, a citizen, had a total of 4 insurance contracts with a certain life insurance company. Mr. Shang claimed that when purchasing one of the insurance contracts, the insurance salesman stated that the recipient of the survival insurance was Mr. Shang’s mother, but he did n

Jimu News reporter Lei Yuan

found out after taking out insurance that the insurance was inappropriate and the loss of surrender was huge. Is there a better solution to solve the problem at this time? How should consumers deal with similar problems?

Poster maker Yin Hainan

It went against the original intention of purchasing the insurance. The customer asked for the surrender of the policy. The recipient of the pension was Mr. Shang’s mother, but it was not known until many years that the recipient was Mr. Shang. Mr. Shang originally bought the insurance because he wanted to provide for his mother’s retirement. As a result, he now has to wait until he retires to receive the survival insurance benefits, which completely goes against his original intention when he bought the insurance. Mr. Shang requested the insurance company to surrender the policy in full and applied to the Mediation Center for mediation. After communicating with the applicant, the mediator

learned that the policy was actually funded by Mr. Shang’s father. The original intention was to reserve a certain amount of pension for his wife. Now that his wife has reached retirement age, he originally wanted to receive the survival insurance money to protect his life. Quality, but I didn’t expect that I would have to wait until my son retired before he could receive the money; and the policy also insured his wife with a medical insurance . The insurance contract stated that the policy could be renewed up to the age of 99, but later due to regulatory policies Adjusting for changes, the insurance company determined that the contract would be renewed until age 70.

The mediator proposed an alternative solution to solve the problem

After learning that he could not receive the pension as scheduled, Mr. Shang originally wanted to propose to the insurance company to package the two policies together for surrender, but this would not only cause too much loss to the policy holder , will also face new problems. The main reason is that the insurance company has suspended its insurance liability just when the policy holder needs insurance protection. In addition, the current age of the insured is relatively high, and it is difficult for the market to find an ideal alternative product for medical insurance.

In order to solve the immediate problems of the policy holder and protect the interests of consumers to the maximum extent, the Hubei Banking and Insurance Dispute Resolution Center and the insurance company agreed to assist the policy holder in surrendering the policy after carefully studying the family situation and protection needs of the policy holder. At the same time, it is recommended that they insure a certain government medical product as soon as possible to fill the gap in their demand. This product is inclusive in nature, with low premiums, high protection, and renewable coverage. In the end, Mr. Shang agreed to this alternative product and was very grateful to the mediator for recommending this insurance. In the end, both parties agreed to surrender the two policies through friendly negotiation.

Mediation Enlightenment

Insurance industry disputes may seem simple, but each case is different, the specific circumstances vary greatly, and the difficulty of the case is also different. Carrying out mediation work is sometimes not just about haggling over money. The mediator must also have a detailed insight into the customer's real thoughts and multi-level insurance needs, and uniquely provide alternative mediation solutions other than monetary compensation. In this way, not only the insurance institution pays Financial compensation is minimal, the customer's deep-seated needs are met, and everyone is happy.

Insurance Tips

In reality, surrender of an insurance policy will usually bring financial losses to the policy holder. In fact, there are many ways to minimize losses and continue the protection function. Consumers can adopt them according to their actual ability. The first is insurance reduction. As the name suggests, it means reducing the insured amount. The higher the insured amount, the more expensive the premium. If consumers feel that the premium is too expensive and cannot afford it, they can choose to reduce the insured amount to lower the premium. It should be noted here that not all insurance products can reduce coverage. The second is maturity compensation. If the insurance is refunded at maturity or the income is too different from expected, you can try to collect evidence in your favor and ask the insurance company to compensate you. Some insurance institutions will consider all aspects and agree to negotiate a solution. The third is to use alternative solutions. If the insurance cannot be surrendered, you can choose suitable insurance products to supplement according to your actual situation and needs.

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