Why buy commercial insurance when you have social security

Buying social security is better than commercial insurance. Social security is a national policy insurance, which is mandatory by the state, while commercial insurance is profitable and voluntary. Social security is subsidized by the state, social security has certain benefits, especially in the old age protection, which is not comparable to commercial insurance. In addition to this, social insurance has lower premiums than commercial insurance.

The Social Insurance Law of the People's Republic of China

Article 2

The State establishes a social insurance system for basic pension insurance, basic medical insurance, industrial injury insurance, unemployment insurance, maternity insurance and other social insurance, and guarantees the right of citizens to obtain material assistance from the State and society in accordance with the law in the event of old age, sickness, industrial injury, unemployment, childbirth and other circumstances. rights.

The Social Insurance Law of the People's Republic of China

Article 3

The social insurance system adheres to the policy of broad coverage, basic protection, multi-level and sustainability, and the level of social insurance shall be commensurate with the level of economic and social development.