To reduce insurance coverage, we must first check whether the contract of the insurance product has provisions for reduction of coverage.

Generally speaking, the process of insurance reduction mainly includes applying to the insurance company, submitting relevant materials, and the insurance company will review it, decide whether to agree to the insurance reduction, and then notify our insured or policy holder.

The materials for insurance reduction generally include the insurance contract, the "Application for Change of Insurance Contract", and the policyholder's ID card. If you entrust our insured to handle insurance reduction, you also need to provide the policyholder's power of attorney, The trustee’s ID card (group units can provide written certification from the insured unit).

What else do you want to know about insurance? You can take a look at the following article: Super complete! Everything you want to know about insurance is here

Insurance reduction means reducing the insurance amount, which can also be said to be a partial surrender. After reducing the basic insurance amount, the insurance company will refund the cash value of the policy corresponding to the reduction. However, it should be noted that although insurance reduction can effectively alleviate certain payment pressures when friends encounter financial difficulties. However, after the insurance is reduced, if the insured is subsequently in danger, the insurance premium paid by the insurance company will also be reduced accordingly.

For those who want to know how to choose the insurance amount, you can read the following article: What is the appropriate amount of insurance to buy? Let’s talk about the inside story

Not all insurance products include the benefit of insurance reduction, so friends need to pay attention. In addition, you may face certain financial losses if you reduce your insurance policy. If you are able to continue paying premiums in the short term, you can consider policy loans and other rights and interests to solve your urgent needs.

When we choose insurance products, we also need to pay attention to whether the insurance contract provides these policy rights. Otherwise, we will not be able to use these rights. In addition, when we choose insurance products, we must choose based on our actual situation and financial ability, and do not purchase insurance products that exceed our affordability. Friends who want to know what else you need to pay attention to when buying insurance, you can read the following article: Before buying insurance, you must first understand these key knowledge points!

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