Recognize Insurance Needs Based on Life Phases

Queenews.com- In financial planning, the allocation of funds for risk management is certainly very important. Because without good risk management, a person may lose large amounts of funds or even their own assets when facing a disaster in their life.

Broadly speaking, humans have phases in their lives. Financial planning was already in place when they were born into this world.

The first life stage is often known as the dependency phase, where we still depend on our parents to live. At that time, our parents carried out financial planning to meet our basic needs and other needs related to protection to education.

As time goes by, we grow up and start our career life. It is there that the need for protection changes that we must fulfill.

In this article, we will find out more about everyone’s protection needs based on their life stage.

First Jobber and Not Married

The status of first jobber is often referred to as the stage of life where we begin to let go of dependence on parents. However, the income of a first jobber is generally not large because their work experience is still minimal.

With the income we have, some of us dare to choose to rent housing and finance our own lives. However, not a few of us have already paid for our parents’ living expenses in this phase, or vice versa, that is, we are still dependent on certain things.

Insurance needs for first jobbers will depend heavily on their financial condition.

If indeed the first jobber has no dependents at all in the sense that he still lives with his parents and has an income, then at least the insurance he has is health insurance. So what if he already has dependents? of course it is mandatory for them to have life insurance.

Due to his relatively average income, term life insurance or term life protection can certainly be an option. With a more affordable premium, one can choose the sum insured (UP) according to their needs and abilities.

Marriage and Building a Family

When a person decides to marry and become the head of the family, there is a risk of loss of income if the head of the family dies or is no longer able to make a living due to other disasters. When this event occurs, the quality of life for the family left behind can decrease drastically.

They can also be in debt because the debt will also be passed on to the heirs if the heir still has outstanding debts.

It’s not wise to let this situation happen to the family we live in. Therefore, the head of the family must be protected with life insurance.

Not only the breadwinner, the spouse must also be protected properly. Signing up for health insurance as early as possible certainly has many benefits. We can also extend protection with additional insurance (rider), for example in the form of maternity benefits, benefits for critical illness, or other benefits.

When the baby is present in the family, expenses will certainly increase. As the child gets older, the costs will increase.

With spending and financial capacity that has increased, we can consider adding the benefits of the Sum Assured (UP), or renewing the protection benefits from term life to whole life which provides lifelong protection.

For those of you who also want insurance with investment features, you can consider unit linked insurance.

Another insurance alternative that can be chosen is life insurance which has a retirement fund savings feature so that the funds needed in old age can accumulate quickly.

Don’t forget that their children also need protection regarding risks that could harm their health. Health insurance for him should also be considered as soon as possible.

Establishment Period and Retirement
Basically, insurance can not only protect individuals but also their assets, such as vehicles and residences.

The need for this asset accumulation will become a valuable legacy for our children and grandchildren in the future, so that the stability that we have today can continue to be enjoyed by the next generation, as offered by MiPrecious products. This dual-purpose life insurance product has a coverage period of 30 or 50 years.

Such is the review of insurance needs based on the stages of a person’s life. In essence, Insurance is a must have when we are still productive or young.

The earlier we start participating in insurance, the cheaper the premium we pay. The cheaper the premium, the more controlled our monthly routine spending.

When our spending controlled, it will be easier for us to realize our dream of being financially free and have a peaceful old age.

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