Determining Money Insurance Assurance Master
What Is Financial
Risk?
Not everyone understands the importance of risk management
or insurance. In ancient times when our parents or grandparents died, the
abandoned person not only experienced mental anguish but also material sadness.
How many children drop out or start working at a young age
when their parents suddenly die. Some are still fortunate to continue their
studies but their lifestyles and quality of life have to go down drastically as
income declines due to loss of income from their parent (breadwinner) have
died.
Let's say there is a family consisting of Father, Mother and
3 Children. The father is an employee with an income of 120 million per year.
While Mother also works with 120 million income per year.
Income
==========
Father: Rp. 10,000,000, - per month
Mother: Rp. 10,000,000, - per month
Child: 3 people and the smallest child is 1 year old
What are the financial risks of the family? The definition
of financial risk in this family is the possibility of a disaster that happened
to the father (such as accidents, critical illness, natural disaster, death)
that caused the father can not work again to meet the needs of his family.
Families lose their only income, so the cashflow becomes:
Income
==========
Dad: -
Mother: Rp.10.000.000, - per month
Child: 3 people and the smallest child is 1 year old
Even though the father's source of income is gone, the cost
of living necessities remains to be paid. Mom and Son still need food.
Moreover, if the child is still in school / college until the smallest child
mature, periodically the family must pay the cost of education.
To maintain a lifestyle as it is now, every year this family
will experience a deficit of 120 million rupiah per year or 10 million per
month. Where can funds be used to meet this need?
Without good financial planning, families in the near future
will experience bankruptcy. All existing treasures will be sold to meet the
necessities of life. Once his property is depleted, the family will live in
poverty.
Here is the need for protection or insurance. The father is
supposed to be insured with the sum insured of some deposit value, of which the
depositon interest can be used for the monthly life of the household.
How to Calculate Sum
Insured:
Human Life Value (HLV)
The smallest child is 1 year old, the youngest child's
education until the age of 23 years. So the protection that replaces my
father's income for 23 years.
Then Father needs protection with money peratngungan for:
Coverage period X monthly X 12 monthly earnings.
23 years X Rp.10.000.000,00 X 12 months =
Rp.2.760.000.000,00
Since your income is the same as your income, you need
protection with Sum Assured Rp.2.760.000.000,00
2. Base Income
For this example, the minimum deposit interest rate must be
equal to the monthly household requirement of 10 million per month.
the current deposit rate is 6% and the tax is 20%, the net
deposit interest rate is 4.8% per year
Income per year = Sum Assured X interest rate nett per year
CURRENCY MONEY = 120,000,000
4.8%
UP = 2.500.000.0000 (2.5 Billion)
This means that if there is a disaster that happened to the
father, then the insurance will give money of 2.5 billion dollars to the family
left behind.
Once you get a financial risk calculation (funds to meet the
cost / expenditure routine) family, in case of disaster on you, of course you
will face an important decision in your life that we will take that is buying
protection.
Sometimes we always procrastinate, delays will certainly
result in the cost of (matrix) or risk (calamity that comes suddenly upon
yourself)
