Life Insurance Note: 'Things you should know when comparing current medical insurance policies ✨'

Medical insurance.

It is likely the most competitive product in the life insurance industry.

Companies are all competing by playing a game of 'rock-paper-scissors' where they wait to see what the others do first 😆

Better products for lower prices.

I have a feeling this trend will continue for a while.

Now, about that medical insurance.

It is nonsense to compare policies based solely on price when the coverage details differ significantly.

To use an analogy, it is like buying a house just because it is cheap, even though the structure and floor plan are completely different.

That said, how should you go about comparing them?

Since it is an intangible product and not something you use immediately after purchase, I think it is quite difficult.

I have summarized the specific points you should focus on to make comparisons easier to understand.

Here is a summary of those points.

1. How many days does it cover?

The money you receive when hospitalized, such as 5,000 yen per day, is not paid out indefinitely.

Most current medical insurance policies cover up to 60 days, but some allow you to extend this by adding options (riders).

You should understand whether that option is included, and if it is, under what circumstances and for how many days the money will be paid.

Of course, choosing not to add any options is also a valid choice.

2. How long it lasts

While many policies these days provide lifetime coverage, there are still products that last for 10 years or until age 60.

Make sure to accurately understand whether your monthly payments will change in the future or remain the same.

3. How long you pay

Are the monthly payments for life, or are they, for example, only until age 60?

This is a very important point to consider when planning your future life and financial goals.

4. Whether a premium payment waiver (rider) is included

For example, this is a type of coverage where if you get cancer, your monthly payments are waived, but your coverage continues thereafter. Please refer to this for a general overview of the details.

First, please be aware that such coverage exists. And when you are considering it, check whether it is included or not.

Once you understand it, of course, choosing 'not to include it' is also a valid option 😁

5. Whether a lump-sum payment is provided for specific diseases (such as the three major lifestyle-related diseases)

This is a benefit that pays out money, such as 500,000 or 1 million yen, in the event of so-called lifestyle-related diseases like cancer, stroke, or acute myocardial infarction.

It can be added as an option (rider) to the medical insurance policies of many insurance companies.

Your own lifestyle habits and family medical history can also be factors in determining whether this coverage is necessary for you.

6. Let's compare the coverage scope of 4 and 5.

4. Premium payment waiver. 5. Specified disease lump-sum benefit.

Perhaps this scope of coverage is the most important point in the current competition among medical insurance policies.

The key points are:

• The range of diseases covered

• The definition of payment

• How many times it is paid (once or unlimited)

• How often it is paid (every few years)

For example, keywords regarding the range of diseases include:

• 'Cancer' vs. 'Carcinoma in situ (intraepithelial neoplasm)'

• 'Stroke' vs. 'Cerebrovascular disease'

• 'Acute myocardial infarction' vs. 'Heart disease'

The scope of coverage differs by company. It is not necessarily the case that broader coverage is always better, but please make sure you properly understand the extent of what is covered before making your selection.

7. Whether it includes a hospitalization lump-sum payment (rider)

With the recent trend toward shorter hospital stays, this is a benefit that companies have started offering across the board. Some insurance companies will pay 50,000 yen, 100,000 yen, or even more, even if you are hospitalized for just one day.

Just as this was becoming common, COVID-19 appeared, and because the hospitalization lump-sum can also be received for home recuperation, it has gained even more attention.

Knowing that such coverage exists, please consider whether you need it, including the balance with your monthly payments.

8. Payment amount for surgery

In the first place, there are medical insurance policies that do not provide coverage for surgery. First, check whether or not there is coverage for surgery.

Next, check how much you would receive if you undergo surgery.

There is a wide variety, ranging from a flat 100,000 yen to ranges like 50,000 yen to 500,000 yen.

Let's line them up and compare them.

**

Beyond these, there are countless other points of comparison if you look at the details, such as outpatient care, bonus-like options, coverage for female-specific illnesses, and consultation support regarding illness and health.

Company A has its own arguments, and Company B has its own arguments.

If you listened to all of them, most of you would likely just end up confused.

That is why I think people tend to compare them solely based on 'price'.

Please, at the very least, acquire the skills to compare them yourself based on these essential points. 😊

And, what you must not forget is that there is also the option of not taking out medical insurance.

If you have any problems or need consultation, please feel free to use this.

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