What's the difference between life insurance and social security?

There are essential differences between basic old-age insurance and commercial life insurance, which are embodied in four aspects:

1, different in nature, the basic old-age insurance is a social security system enforced by the state to ensure the basic livelihood of workers. And business life.

Insurance is a profit-oriented business activity, and insurance is voluntary.

2. Different objects and functions. The basic old-age insurance mainly targets workers and gives them basic living security. And business

Industrial life insurance is aimed at people's life or body, and provides economic compensation in accordance with the agreed terms when personal accidents occur.

3, different management systems, the basic old-age insurance by the labor and social security departments at all levels of government and its subordinate social insurance agencies.

Responsible for management is an important administrative function of the government. Commercial life insurance is an insurance independently operated by commercial insurance companies.

4. Different legislative categories, the basic old-age insurance is a basic right of workers stipulated by the state, which belongs to the national legislative category. And business

Life insurance is the business activity of commercial insurance companies and belongs to the category of economic legislation.

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