Presenting Insurance for the Sandwich Generation, Sun Life Indonesia and CIMB Niaga Present X-Tra Proteksi Retirement

Sun Life Indonesia and CIMB Niaga Present Insurance for the Sandwich Generation

Insurance for the sandwich generation
Insurance for the sandwich generation

Queenews.com – Insurance for the sandwich generation refers to the various types of insurance coverage that individuals in this demographic may need.

As we know that the sandwich generation encompasses individuals who are simultaneously caring for their aging parents while also supporting their own children financially.

Insurance for the sandwich generation refers to the specific insurance needs of individuals who are taking care of both their aging parents and their own children.

However, many of the sandwich generation are trapped in financial problems, facing financial dynamics that are often categorized as complicated situations.

Data shows that 90% of people do not have sufficient financial readiness to enter the retirement phase, creating significant challenges in planning for the future in old age.

In fact, seven out of ten retirees feel the need to look for additional work to maintain their financial stability after retirement. This underscores the limitations of financial protection in old age.

Achieving an ideal retirement requires a strong foundation in financial planning.

With careful financial planning, this generation is able to achieve financial independence without burdening their children or the surrounding environment, so that they can create peace by facing a meaningful and decent old age phase.

Therefore, PT Sun Life Financial Indonesia (Sun Life Indonesia) and PT Bank CIMB Niaga Tbk (CIMB Niaga) present X-Tra Proteksi Retirement to answer the problem with sandwich generation.

What is X-Tra Protection Retirement?

X-Tra Proteksi Retirement is a new insurance product that innovatively addresses the financial challenges faced by the sandwich generation, which has a dual role in terms of finances because it has to finance three generations at once, namely themselves, parents, and children.

CIMB Niaga’s Wealth and Insurance Business Ariteguh Arief, Head of Preferred, added that CIMB Niaga’s commitment to consumers is reflected in the launch of X-Tra Proteksi Retirement.

Through this collaboration, CIMB Niaga always strives to provide the best to customers and the Indonesian people by continuously improving service quality, products, technology, and innovation.

X-Tra Proteksi Retirement is designed to answer the need for protection solutions for the sandwich generation to live their lives in the future with confidence.

“This product is our step in ensuring customers achieve a safe and prosperous retirement, in accordance with our commitment and dedication as a reliable financial partner,” he said.

What are the advantages of X-Tra Proteksi Retirement?

This exclusive product for CIMB Niaga customers offers a variety of benefits and advantages. Among others;

  1. Safe retirement: namely, a combination of life protection during the productive period and retirement with the payment of living benefits during retirement.
  2. Prosperous pension: guarantees a total cash value of more than 252% of the sum assured and is paid during the retirement period.
  3. Happy retirement: extra cash value of up to 140%, which provides additional benefits when the insured reaches the age of 56–69 years.

X-Tra Proteksi Retirement is designed to answer the need for protection solutions for the sandwich generation to live their lives in the future with confidence.

Sun Life Indonesia Chief Distribution Officer Danning Wikanti said X-Tra Proteksi Retirement is a real embodiment of the strategic partnership with CIMB Niaga.

This product reflects Sun Life Indonesia’s commitment to providing reliable and sustainable financial solutions for the sandwich generation.

“With strong life protection and superior investment benefits, this product provides the financial security needed by the sandwich generation to face retirement with confidence and calm,” he said in a press release on Wednesday, September 27, 2023.

Advantages of X-Tra Protection Retirement

If the advantages of X-Tra Proteksi Retirement are simulated on a 30-year-old male customer when purchasing the product and paying a premium of IDR 100 million per year for 5 years, then the customer will receive a life benefit paid at the age of 56–70 years in the form of a cash benefit worth more than 252% of the insured amount, or IDR 921,152 million.

Apart from that, these customers will also receive extra cash value benefits along with non-guaranteed final coverage benefits worth IDR 548,900,183.

This simulation considers various factors so that the benefits received can vary for each customer. Prospective customers are advised to consult with an insurance advisor to study the simulation.

Furthemore, here are a few types of insurance that members of the sandwich generation may want to consider:

  1. Life Insurance: Life insurance can provide financial protection for loved ones if the policyholder passes away. This is especially important for individuals who have financial dependents, including both children and aging parents. It can help cover outstanding debts, funeral expenses, and ongoing living expenses for the family.
  2. Health Insurance: Health insurance is crucial for individuals in the sandwich generation to cover their own health needs as well as the medical expenses of their parents and children. It can help mitigate the financial burden of medical bills and ensure access to quality healthcare.
  3. Long-Term Care Insurance: As individuals age, the need for long-term care may arise. Long-term care insurance can help cover the costs of nursing homes, assisted living facilities, or in-home care for aging parents. This type of coverage can alleviate the financial strain on the sandwich generation.
  4. Disability Insurance: The sandwich generation may have increased financial responsibilities, making disability insurance an important consideration. This type of insurance provides income replacement if the policyholder becomes disabled and cannot work. It helps ensure that financial obligations to both parents and children can still be met.
  5. Property and Liability Insurance: Homeowners or renters insurance is essential to protect against property damage or loss caused by accidents or natural disasters. Liability insurance can provide coverage in case someone is injured on the property, protecting the policyholder both financially and legally.
  6. Umbrella Insurance: Umbrella insurance is an additional liability coverage that goes beyond the limits of other policies. It provides extra protection in case of significant liabilities or lawsuits, offering further peace of mind for individuals in the sandwich generation.

From some of the information above, it is essential for members of the sandwich generation to evaluate their insurance needs carefully, considering the unique circumstances of caring for both aging parents and children.

Consulting with an insurance professional can help determine the appropriate coverage and ensure financial security. The insurance needs of the sandwich generation can vary depending on individual circumstances.

Beside that, members of the sandwich generation need to assess unique situations and consult with an insurance professional to determine the most appropriate coverage options.

For this reason, X-Tra Proteksi Retirement from Sun Life Indonesia and CIMB Niaga is here to answer the need for protection solutions for the sandwich generation to live their lives in the future with full confidence. ***

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