When you have a family, doing financial planning is very important for your family’s finances. Doing economic plan is very important in a family with the hope that families will be protected from risks that can happen anytime.
Having a right financial balance is the main thing before you can start investing and developing your finances for the fiscal comfort of you and your family. Different types of investments that can be the value of your money will continue to grow such as buying land, stocks, and insurance.
What is the best insurance for my family?
Family insurance will be a top priority as it protects family members in case of risk. Family insurance planning becomes one of the essential things because by having it, the risks that can cause financial loss and disrupt the welfare of your family can move to the insurance company. In the end, your family can still be protected and can continue to live as usual. Therefore, family insurance planning you should think carefully.
In principle, health insurance is one of the most often thought-providers for a family, but in reality, health insurance is not an insurance that should be a top priority for a family.
What is the best insurance for your family? Well, there are many other insurances that you should think about before you allocate a large fund for health insurance. The budget for insurance planning you should efficiently use may be for some of the following protection:
Which insurance should I prioritize for my family?
1. Life Insurance
Life insurance is insurance that should be a top priority for a family. Why is that? What is the reason? The answer is so easy. Everyone will die, no one knows when, and how, death will come.
The impacts of death are enormous, not only the mental loss of grief but also of material loss, especially if someone who dies is the family’s leader. Because every person must die, then life insurance is vital.
Life insurance money you can use to pay medical expenses before death, for payment of final fees, for debt repayment, protection of education funds, and so forth. Besides, life insurance premiums are cheaper than other insurance premiums, such as critical illness insurance or health insurance. Therefore, life insurance is the insurance you should think about when you want to plan insurance for your family.
2. Critical Illness Insurance
As you probably know, a critical illness is a disease that requires no small cost and can cause death. Some so many people sell all the assets to finance the treatment of critical illness.
Usually, health insurance cannot bear the cost of it, or the health insurance premium is not cheap. Therefore, critical illness insurance will alleviate financial losses arising from a severe illness that you suffer. Critical illness insurance can only be claimed at the time of a critical illness, and the cost of a premium is also cheaper than health insurance. You should consider critical illness insurance to be the second priority after planning your life insurance.
3. Health Insurance
Once you have life insurance and critical illness insurance, then you can have health insurance as part of your plan. Health insurance is relatively expensive and associated with hospital costs. First, you must ask yourself, why do you have to buy health insurance.
From the above three insurance explanations, now you have understood, which is a priority. The insurance you should prioritize is life insurance, then the second is critical illness insurance, and the third is health insurance.
Even so, if you buy one by one, then this will give a burden on you. Therefore, you should look for companies that offer all three at once for a cheaper cost. Usually, some insurance companies provide the three insurance in one package. You do not need to buy them separately to save costs.