XWork – With age, a person’s health condition is usually more vulnerable. On the other hand, parents who have retired may have financial limitations to cover their medical needs.
Well, so that the financial risk due to the occurrence of a parent’s illness or accident can be managed, you can help him with insurance.
However, finding the right insuranc for parents is not easy. The reason is, most insuranc products have a membership age limit or age of protection. If parents are too close to the limit set by the insuranc provider, the risk of being rejected is greater. Even so, don’t be in a hurry to look for it. You can choose the right insuranc for your parents with the following steps:
Know The Need
There are various types of insurance that can be obtained by parents. Starting from life insurance, health insurance, critical illness insuranc to accident insurance. So, what do parents need the most? Life insuranc is needed by someone who has economic value and has life dependents. Your parents are now retired and don’t care for their children anymore. So, automatic life insuranc is not required.
What is definitely needed is health insuranc as parents age who are more susceptible to health problems. You can first bring your parents for a medical check-up to find out the latest health condition. From this information, you can help determine the most appropriate health insurance.
Also consider health insuranc that provides protection for critical illnesses such as cancer, kidney, heart, and other serious illnesses. Meanwhile, accident insuranc is needed if your parents’ mobility is still quite high. If not, accident insurance could be the only option.
Prepare Budget Allocation
After knowing what insurance parents need, it’s time to prepare an insuranc purchase budget allocation. Set aside from your monthly income about 10%. So, if your regular income reaches IDR 10 million per month, you can allocate IDR 1 million to cover parental insurance. But, you need to remember, insuranc for the elderly may have a higher premium. This is because the risk insured is also relatively greater than insurance for younger people. So, be prepared if it turns out that the budget you have prepared still needs to be added.
To be sure, by determining the budget allocation for purchasing insuranc at the beginning, you can focus more on finding insuranc that really suits your needs without the need to interfere with your personal finances.
Make Sure The Insurance Criteria Needed
There are so many features that complement an insurance product. Starting from the completeness of benefits, the choice of companion insuranc ( riders ), to the choice of payment methods. You can determine what insurance features are needed by parents.
First , start with the parent profile. Look for insuranc that can still accept your parents’ participation. Currently, most insurances limit the age of participation to a maximum of 60 years. Second , choose the insurance that provides the longest protection. Life expectancy in Indonesia in 2019 for the male population is 69 years, while for the female population it is 74 years. As for many insuranc products that protect up to 99 years.
Third , choose cashless system insurance . Cashless insuranc provides easier and more convenient access to health services. You don’t need to prepare funds in advance when you take your parents for treatment. With just a card, health services can be directly accessed.
Fourth , choose insuranc with the shortest elimination period and pre-existing conditions . The elimination period is the period of time the insuranc protection takes effect and can be claimed. While pre-existing conditions are diseases that have been suffered before having insurance. The shorter it means your parents can be protected more quickly.
Fifth , choose insuranc with coverage by providers or hospitals that work with broad and easily accessible insurance. So that health services can be accessed more quickly, and within an affordable distance from where the parents live.
Research and Compare
The next step is to research insuranc products in the market that are closest to the criteria for needs and budgets. Use the internet to search for insuranc products that are appropriate. Do not hesitate to contact the insuranc agent for the product you are after and ask for a simulation and a more detailed explanation of the product, both to the agent and online . Don’t forget to compare at least three to four insurance products that best suit your criteria and budget.
Oh, yes, buying insurance can not be rushed. Make sure you take the time to study the dummy policy, which is a specimen or sample policy that contains product explanations and offers and pay special attention to policy exclusion rules and claim procedures. That way, you can make sure you buy the best insuranc product.
Execution Time!
After finding the most appropriate insuranc for your parents, don’t delay executing it. Just decide immediately so that the protection of parents can run immediately. Choose the insurance payment method that best suits your financial cash flow. The monthly payment method is suitable for those of you who have a regular monthly income. While the payment method is quarterly or semiannual, it may be more appropriate for those of you who have non-routine income patterns. That way, you can ensure that insurance for parents can always be active so that parents are protected.
With these 5 easy steps, finding the right insuranc for parents is no longer a hassle. Come on, show love to your parents with insurance!
To be sure, by determining the budget allocation for purchasing insuranc at the beginning, you can focus more on finding insuranc that really suits your needs without the need to interfere with your personal finances.
