Do I have to pay social security to buy commercial insurance for my children?

Whether it is necessary to pay social security for buying commercial insurance for children depends on the situation.

First, we need to allocate social security.

Social insurance is a social security system established by the state to ensure the reproduction of material and labor and social stability. Social security includes pension insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance. Social security has four functions:

(1) Maintain basic living security after retirement.

After paying social security to reach retirement age, you can apply for retirement without continuing to pay. At this time, you can receive a monthly pension and enjoy basic medical insurance benefits in accordance with state regulations. After retirement, you can still maintain a basic standard of living. When you are sick, you can continue to use the medical insurance card to pay for reimbursement and reduce certain expenses.

(2) reduce the payment of personal income tax.

The state stipulates that the social security part is exempt from personal income tax, so after paying social security, the personal taxable part will be less and the personal income tax to be paid will also be reduced.

(3) Eligible to buy a house or a car.

Young people who want to take root in other cities should pay special attention: some cities, especially first-and second-tier cities, need to pay a certain number of years of social security locally, otherwise they are not eligible to buy a house or a car.

(4) Buy commercial insurance with lower premium.

Many commercial insurances have such regulations: the premiums paid by social security are different from those paid by non-social security, and the premiums paid by social security will be much lower. Moreover, some products are in the scope of reimbursement and are needed by social security.

Second, there is no need to configure social security.

If the commercial insurance configuration is sufficient to cover all risk protection, there is no need to configure social security.

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