Best Car Insurance Indonesia – You work hard to reach your financial goals, put in many hours at the office to provide for your family and grow your pension, but are you doing enough to protect efforts?
When you’re busy taking care of your family’s needs and doing everything you can to build your nest egg, it’s easy to forget the need to protect your finances.
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Having good health insurance for your family, in addition to other important benefits, will help you continue to reap the rewards of your hard work. After all, it only takes one disaster or major illness to wipe out all of your family’s resources.
Protect Your Loved Ones With The Right Family Insurance Policies
It’s not easy to admit, but even young and seemingly healthy people can suffer life-changing accidents and illnesses.
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The first step is to review your family policy to ensure that your family is adequately protected against financial hardship from unforeseen circumstances.
It is a common misconception that having one or more insurance policies means you are fully protected against any unforeseen circumstances. The real question to ask yourself is whether your insurance is sufficient in the event of an accident or serious health problem. One way to determine this is to calculate your resistance gap.
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If you have a negative number, there is a gap in your family’s protection. This means that after your death, even if you recover from a serious illness, they will not have enough money to pay them back.
Insurance pays, but it’s not something you can afford because your frugality can cost more than you think. If you are not sure whether you have the financial means to protect your existing rights, the first step is to assess your income.
To get this, subtract all of your monthly expenses (such as mortgage, utilities, insurance, etc.) from your take-home pay. If your real income is not enough to support the insurance policies that make up the protection gap, you should evaluate your spending habits and make necessary adjustments, such as eating less or cut back on your daily cup of Starbucks.
Here are a few types of insurance that most families need to protect the family finances in an emergency.
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Health insurance provides protection against medical costs (including hospital costs) if you are injured, sick or disabled. In Singapore, everyone has access to basic health insurance through MediShield Life, which provides a simple program to reduce out-of-pocket costs for major medical expenses in B2 and C categories in public hospital. It also has an annual claim limit of $100K.
But did you know that you can improve your MediShield Life coverage by purchasing an Integrated Shield Plan (IP) such as Enhanced Shield from a private insurer? It covers pre- and post-hospital care costs and allows access to Class A at public or private hospitals. Additionally, you may have an annual claim of up to $1 million or more.
Although you may not think that health insurance is only important for the caregiver, it is important to have adequate insurance for everyone in the family, including with children and grandparents, because everyone needs treatment at any time. family finances.
The main purpose of life insurance is to provide peace of mind to your loved ones by providing payment in case of serious illness, disability (which may result in disability) or death.
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As a parent, life insurance is essential to protect your children and their happiness. If something happens to one or both of your parents, the life insurance payout will act as a safety net to reduce the impact of poverty on you. the child’s life, to make life as stable as possible during a very difficult time. .
Depending on the severity of the illness or the situation, not having this payment can mean choosing the right and the “good,” putting things that make your child happy. These situations may also occur in the future because the family’s finances are slowly recovering or long-term medical needs are needed.
Even if your family is a married couple, life insurance is very important because if you lose one it makes it difficult to manage the family expenses and maintain your family’s lifestyle. .
For families with one parent staying at home to care for children or elderly parents, both parents will be covered because finding other options such as childcare or services will expensive
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Health insurance covers the costs of hospitalization, surgical procedures and outpatient treatment that are covered by the policy. However, the payment will reimburse you for the costs associated with the treatment. Critical illness insurance (CI) is recommended for family caregivers because it provides payment in the event of a serious illness, not just treatment, meaning cash can be used to pay your daily expenses. change during recovery.
For optional insurance plans, such as whole life or savings plans, you can consider adding a Dread Disease Rider. If you are diagnosed with a life-threatening condition (excluding angioplasty and other stroke treatments) during the ride, you will have to pay the passenger’s allowance to get you on board Voluntary focus on effective treatment.
This is beneficial because health insurance alone cannot provide the financial support you need to pay your bills one day, preventing you from falling into debt. your hard earned money.
Personal insurance (PA) insurance, such as PA Assurance, is designed to provide compensation in the event of your serious injury, disability or death due to an accident, to cover certain conditions. financial impact. from loss. This policy also provides coverage for medical expenses.
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PA rules are especially useful for children and adults, because they are more likely to fall.
The amount of insurance you need for your family usually depends on many factors such as your job, commitments, lifestyle and number of dependents. When choosing an insurance policy, it is recommended that you spend no more than 10% of your monthly budget on insurance.
Let’s take a look at the important insurances that John needs for himself and his family and how much the policy will cost.
John pays for health insurance for himself, his wife, two children, and two elderly parents. He opted for the Advanced Shield Preferred plan for everyone, which includes treatment at a private hospital. With part of the premium paid by MediSave (assuming all of John’s family are Singapore citizens or PRs and John has enough money in his Medisave account), John will have to pay cash for the family’s insurance health this year:
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With the family relying on them every month, John bought Star Term Protection for him and his wife, which is guaranteed for $150,000 and pays for death, disease and total and disability before age 64 years old. This gives them:
Because he played football on weekends and protected his children from accidents and illnesses that would take them out of school, John took out PA coverage for himself and his two children. Children are immune to infectious diseases. That’s $221.05 a year for John and $132.63 a year for the child.
As his parents age, John knows they will lose more and will need more care, so he has a SilverCare personal insurance plan for both of them. He paid his parents $163.50 a year for the plan to start because it paid off when they turned 60.
Your family may have other important needs than “essentials.” For example, a couple just starting out may want to research home and baby insurance. For large families, they may consider car insurance and home insurance. And, of course, families who go on vacation regularly need travel insurance. Here’s a quick look:
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Home insurance is designed to protect the contents of your home (such as furniture, TV, etc.) and cover repair costs if they are damaged by water damage, fire, damage, theft, vandalism or other causes. politics.
Car insurance is mandatory in Singapore and protects your car against theft or damage or accidents such as falling debris or abuse. It also provides liability protection against legal claims when you are involved in an accident
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