What is traditional life insurance?

Traditional insurance: There are many kinds of traditional life insurance products, but they can be divided into life insurance, personal accident insurance and health insurance according to the scope of protection.

Life insurance can be divided into term life insurance, whole life insurance, endowment insurance and annuity insurance, while health insurance can be divided into sickness insurance, medical insurance, disability income loss insurance and nursing insurance. Annuity insurance is named because it adopts the form of annual periodic payment in the payment of insurance benefits. In practice, annuity insurance also has various forms such as quarterly payment and monthly payment. Endowment insurance can provide the insured with the funds needed for providing for the aged, while education annuity insurance can provide the necessary financial support for children's education. At the same time, consumers may find it difficult to choose between personal accident insurance and term life insurance. In fact, the two are very different. First of all, accidental injury insurance covers the death caused by accidental injury and does not cover the death caused by illness. These two causes of death belong to the insurance scope of term life insurance. Secondly, accidental injury insurance covers the disability caused by accidental injury, and pays insurance according to the degree of disability.