Which is better, social security or commercial insurance? What is the difference?

Social security is the foundation and commercial insurance is the supplement. Generally, consider basic social security first, then increase your own commercial insurance and expand the quality of life such as medical care and old-age care.

1. Social insurance and commercial insurance have different basic attributes. Social insurance is compulsory, including basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, which together constitute a modern social insurance system. It means that workers can get some material help when facing risks such as old age, illness, work injury, unemployment and childbirth. This is mandatory and mutually beneficial. Commercial insurance is of a commercial nature, and the insured voluntarily takes out the insurance. It is an insurance product voluntarily insured by enterprises or employees themselves. The scope of protection and the amount of insurance shall be determined by the enterprise or employee through consultation with the insurance company. Generally, all expenses are paid by individuals, and some enterprises have good welfare, which will increase the welfare of employees and be enough to buy commercial medical insurance.

2. The coverage of social insurance and commercial insurance is different. The insurance scope of social insurance mainly includes pension, medical care, work injury, unemployment and maternity protection responsibility. The insurance scope of commercial insurance is determined according to the liability of the insured insurance products, which can be one or more types of insurance, such as life insurance, critical illness insurance, accident insurance, medical insurance and annuity insurance.

3. Social insurance and commercial insurance have different insurance benefits. Social insurance is usually not entirely based on the insurance premium paid by individuals, but will give certain social compensation, the amount of which is floating and has the nature of social relief; Commercial insurance usually determines the rate according to the principle of referring to the number of insurances, collects the premium according to the agreement, and then gives the insurance money according to the insurance liability agreed in the insurance contract, which has the nature of commercial relief.

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