Elderly Life Insurance For Parents, Should?
Elderly life insurance - Life insurance for parents, need not ya? This question came up and asked me several times. Need not life insurance for parents? The answer is simple, depending on the purpose for what it used to be. If you look at the concept of insurance then it may not be necessary because anyway our parents are no longer dependent economically if died.
But if you see the other side of the perspective is still needed. What for ? For inheritance to abandoned children, so life insurance for parents is still considered necessary if aims for inheritance.
What if other insurance such as health insurance and critical illness insurance? Need for parents? If for health insurance the answer is easy that is necessary! point !!! Try which logic is more vulnerable to sick people in the productive age or parents who are aged 60s and older? Parents khan then for health insurance is still needed until someone dies. Then what about critical illness insurance? If this is optional if you have more funds please buy for the parents but if there is no then there is minimal health insurance that can cover for medical expenses caused by cancer such as for chemotherapy, radiation, etc. Read: How to Get Cheap Auto Insurance?
Well if you have to buy health insurance especially plus critical illness insurance then the premium would be expensive is not it? Lah is his age is already senior khan. Hehehe. Even the average lot of health insurance that only cover up to the age of 70 years after that then it is finished and can not be extended lagi.asuransi jiwa untuk ibu
Pay Insurance Premium For Parents
Currently I will only discuss life insurance that aims for inheritance from a simple point of view is to replace the cost of health insurance premiums or critical illness insurance paid or for the cost of treatment if our parents are sick. What does that mean? ...
To simplify the calculation I assume your parents bought health insurance that stick in unitlink yes. Suppose your parent is now 60 years old and you buy health insurance plus life insurance of 180 million with premium about 1 million per month or 12 million per year. If we assume life expectancy up to 75 years then you will need funds to pay health insurance premium plus life insurance for your parents of 12 million x 15 years = 180 million.
By purchasing this health insurance you have transferred some of the financial risk to the insurance company if at any time your parents are sick and need a big cost.
We assume a life expectancy of 75 years then let's say your parents died just at the age of 75 years and for 15 years you have paid health insurance premiums to him some 180 million then when your parents died at the age of 75 years all the premiums paid will be replaced by the legacy of life insurance earned. So the health insurance you pay for your parents for 15 years is actually free because all the premiums back to you can form your parents' inheritance. Come nice do not buy free insurance? Hehehe
What if your parents died at the age of 65? Yes you can say you profit because you get a legacy of 180 million while the premium you pay only 12 million x 5 years = 60 million. Continue to die at the age of more than 75 years? Yes you will lose a bit in terms of money but as a child you have given the best for your parents by giving him adequate health insurance so that if he is sick the cost of treatment can be replaced by the insurance company and not to reduce your property significantly. - Elderly life insurance
Age Is Old, Should Life Insurance?
If the question in the above title is submitted to a person who is currently in his 30s, and he understands financial planning, he may say "no need". Why? Because he will plan finances well and invest as optimally as possible so that in old age (above 50 years), his wealth is quite a lot and he no longer need money from insurance.
But if the above question is submitted to a person who is now over the age of 50, what is the answer? I estimate at least five possible answers, depending on the condition:
1. No Need
If the parent has invested well in his youth, and now his assets are full, all his children are independent, and no longer have debt, then he does not need life insurance. All he needs is health insurance, or enough money to pay for his medical expenses.
2. Need
If the parents did not invest since young, or now still have children to be endowed, or the debt is not paid off, then he still needs life insurance.
3. Should
Maybe the children are independent, but their life is still barely. The residence still leased or even still ride. Want a home loan, DP is overpriced. And looking at their current career development, it seems like it took them a long time to collect tens of millions of cash to pay for home DP, or maybe it will not happen.
The old man is eager to help his children, but his property is not too much. So one way he can take is to take life insurance. Precisely life insurance that can last a lifetime. I think UP 100 million or 200 million will be very valuable for his children. And for parents in the 50's, the premium is even cheaper in unit link than in term life. In addition, unit link can be valid for life, term life is not.
In this way, although when his parents see his children still contracting, he can make sure his children have a home when he dies.
4. Want
If the parent has enough assets, no longer have dependents and debts, his children are also self-reliant and well established, then he could take life insurance or maintain life insurance that he has.
Then for what the sum insured?
For charity.
I want to emphasize this fourth point. Let us think more long term, more visionary vision. Life insurance money, maybe 1 billion, 500 million, or just 100 million, will be big enough if donated. Have you ever donated that much money to build a mosque? Or for an orphanage? Or for an educational institution? Or for cancer research institute? Or to capitalize a man who was pioneering the business out of poverty?
By having life insurance, we can contribute as much money as wealthy and generous people can do. The origin of the place of distribution is right, our alms will be worthy of the false, whose reward flows continually until the day of resurrection. Hopefully.
5. Can not
There are parents who actually still need life insurance; he still has a small child, mortgage has not been paid off, and the oldest child is not yet well-established economy.
But life insurance is not something anyone can buy easily. Only certain people can have life insurance, ie they are healthy. - Elderly life insurance
If the elderly person is not physically healthy anymore, despite having money he will not be able to buy life insurance.
