Is it better to buy social security or commercial insurance?

Social security is better, because the state forces enterprises to pay for employees, and the expenses are shared by enterprises and employees, but all commercial insurance expenses must be paid by themselves. It can be said that social security is the foundation and commercial insurance is the perfection and supplement. Therefore, if you have economic conditions, you can buy additional commercial insurance as a supplement.

Social insurance is a social and economic system that provides income or compensation for those who lose their ability to work, are temporarily unemployed or suffer losses due to health reasons. The main items of social insurance include endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance.

1. Endowment insurance (or endowment insurance system) is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age.

2. Work-related injury insurance refers to a social insurance system in which workers and their survivors can obtain necessary material compensation from the state and society when they die or temporarily or permanently lose their ability to work due to accidental injuries or occupational diseases.

3. Medical insurance is divided into basic medical insurance and social medical insurance. Medical security refers to ensuring that employees can get affordable and appropriate treatment technologies when they are sick, including basic drugs, basic services, basic technologies and basic expenses. Social medical insurance is a social insurance system established by the state and society according to certain laws and regulations to provide basic medical needs for workers within the scope of protection.

4. Maternity insurance is a social policy that the state provides economic and material help to maternity workers through social insurance legislation. Its purpose is to provide maternity allowance, maternity leave and medical services for female workers, to ensure their basic economic income and medical care when they temporarily lose their working ability due to childbirth, and to help female workers recover their working ability and return to work, thus reflecting the support and care given to women by the state and society in this special period.

5. Unemployment insurance refers to a system that is enforced by the state through legislation, and funds are set up by the society to provide material assistance to workers who temporarily suspend their livelihood due to unemployment.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.