When assisting clients to review existing insurance policies, we often encounter situations like:
Many people think that as long as they buy "lifetime actual expense medical insurance", they can enjoy compensation for hospitalization and surgical expenses for a lifetime, no matter how old they are.
But in fact, the three words "lifelong" are often misunderstood.
Lifetime type ≠ lifetime payment
Most so-called "lifetime actual payment" policies mean that the policy itself is valid for life, that is, as long as the premiums continue to be paid and the contract is not terminated, the policy will remain valid.
However, when it comes to actual claims, there is often an "age limit" design.
For example:
Certain products are covered until the insured reaches age 75
Some new products can extend the lifespan to 80 to 90 years.
After reaching the age limit, some products may no longer be paid out of pocket, but may be paid in a fixed amount or only for specific items.
There is also a version designed to start paying out of pocket after age 75 and continue until age 100, which is used to supplement old policies.
You must carefully read the terms and conditions of each insurance policy to understand its coverage, as the details are often the key.
5 questions you should ask yourself first:
1. Do you know that “lifetime insurance” refers to the policy’s effective date, but does not necessarily mean lifetime payments?
2. Is there any "maximum payment age" restriction for the actual payment policy you purchased?
3. Does your policy end at age 75, or can it be extended to 85, 90, or even beyond?
4. Do you mistakenly believe that “protection until old age” = “compensation for everything”?
5. If you have really exceeded the guaranteed age, do you have other supporting protection to make up for it?
If you are unsure about any of the above questions, you may need to review the policy terms.
With the advancement of medical technology, Taiwan has entered an aging society, and more and more hospitalization and surgical claims occur after the age of 80.
If your policy only covers you until age 75, you may have to bear the medical expenses in your later years yourself or rely on other insurance to supplement the costs.
It is recommended that you look back and check whether the pay-as-you-go medical insurance policy terms describe a "maximum payout age limit" to avoid mistakenly thinking that the insurance can be used until old age, only to find that it does not meet your expectations when problems really occur.
Different insurance products have slightly different designs and age limits. If you wish to assess whether you need to adjust or strengthen your coverage, it is recommended that you review your policy details with a qualified insurance professional so that your coverage will truly "continue until you need it."
This article is a sharing of insurance concepts and not a recommendation for specific products. Please refer to the actual terms for coverage content.
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