Core Viewpoint - The article discusses the rise of short-term critical illness insurance products in response to declining sales of traditional long-term critical illness insurance, highlighting a shift in consumer demand towards affordable and flexible health coverage options [4][8]. Group 1: Short-term Critical Illness Insurance - Multiple insurance companies have launched new short-term critical illness insurance products, typically offering coverage for one year at a low premium, around 100 yuan [4][6]. - These products are characterized by low premiums and high leverage, making critical illness insurance more accessible to younger consumers and first-time buyers [5][6]. - The design of short-term critical illness insurance includes flexible payment options, broad age coverage (up to 70 years), and innovative payout structures, such as segmented compensation [6][14]. Group 2: Challenges Facing Traditional Critical Illness Insurance - Traditional critical illness insurance has faced significant challenges, with a market share decline from nearly 60% in the health insurance sector to a projected drop in 2024, where medical insurance will surpass critical illness insurance for the first time [9][10]. - The continuous decline in premium rates and the increasing complexity of traditional products have made them less attractive to consumers, particularly younger demographics [10][11]. - The average payout for critical illness insurance remains low, with per capita coverage insufficient to meet consumer needs, leading to a push for innovation in product offerings [11]. Group 3: Recommendations for Consumers - Experts suggest that while short-term critical illness insurance can serve as an entry-level product, long-term critical illness insurance should remain the foundation of health coverage [12][14]. - Consumers are advised to consider purchasing medical insurance first, followed by critical illness insurance, and potentially combining both short-term and long-term options for comprehensive coverage [12][15]. - The dual insurance model, where medical insurance covers treatment costs and critical illness insurance compensates for income loss, is recommended to mitigate the financial risks associated with severe health issues [15].

Core Insights - The rise of short-term critical illness insurance products is a response to declining sales of traditional long-term critical illness insurance, driven by changing consumer demands for affordable and flexible health coverage [3][6][9] Group 1: Market Trends - Several insurance companies have launched short-term critical illness insurance products, typically offering coverage for one year at a low premium, appealing to younger consumers and first-time buyers [3][4] - Traditional critical illness insurance has seen a decline in market share, dropping to 200 billion yuan in 2023, with medical insurance products gaining ground [6][8] Group 2: Product Features - Short-term critical illness insurance is characterized by low premiums (around 200 yuan for 20,000 yuan coverage) and high leverage, making it accessible to a broader audience [4][5] - These products often feature flexible payment options and a wide age coverage (up to 70 years old), allowing for innovative claims processes such as segmented payouts [5][11] Group 3: Challenges for Traditional Insurance - Traditional critical illness insurance faces challenges such as high premiums, complex product structures, and declining consumer interest due to market maturity [7][8] - The continuous decrease in the preset interest rate has pressured the pricing of traditional products, making them less appealing to consumers [6][7] Group 4: Expert Recommendations - Experts suggest that while short-term critical illness insurance can serve as an entry-level product, long-term insurance should remain the foundation of health coverage [9][11] - It is recommended for consumers to consider a combination of medical insurance and both short-term and long-term critical illness insurance for comprehensive protection [11]