I. Background of three-generation families
With the development of China’s economy and the improvement of living standards, more and more families have the phenomenon of three generations living under the same roof. Especially in the context of the increase in the number of elderly people, three-generation families are becoming more and more the norm. This family model is not only conducive to mutual care and support among family members, but also reduces household expenses and improves the quality of family life.
However, the health risks faced by the elderly gradually increase with age. If a major illness occurs in the family, it will not only cause great physical and psychological pressure on the patient himself, but also have serious financial impact on the whole family. Therefore, in a three-generation family, how to protect the health and economic security of family members has become an urgent problem.
Critical illness protection plan for a three-generation family
In a three-generation family, critical illness insurance is a very suitable form of protection. Critical illness insurance means that if the insured suffers from certain serious illnesses, he/she can get a certain amount of premium to pay for medical expenses, living expenses and so on. It can help family members cope with sudden major illnesses and reduce financial pressure and psychological burden.
- Coverage Objects
In a three-generation family, critical illness insurance should be purchased for each family member. Firstly, the elderly, because of their poor health condition, they are more likely to suffer from various serious diseases, so they need to buy a higher amount of critical illness insurance; secondly, the middle-aged people, they are in the development period of their career and family, if they suddenly suffer from a major disease, it will not only affect their work and family, but also cause a great financial burden to the whole family; lastly, the small children, although the chances of children suffering from a major disease are relatively low, but once they fall ill, the medical cost will be very high. Lastly, children, although the chance of children suffering from major diseases is relatively low, but once they fall ill, the medical cost will be very high, so they also need to buy critical illness insurance.
- Amount of coverage
In a three-generation family, the amount of coverage needs to be determined according to the actual situation of each family member. For the elderly, due to their poorer health condition, they need to purchase a higher amount of critical illness insurance to cope with various situations that may arise. For middle-aged people and small children, the amount of coverage can be determined according to the family’s financial situation and actual needs. Overall, the coverage amount of critical illness insurance should be able to cover the medical expenses, living expenses and other necessary expenses of family members during the period of illness.
- Coverage period
In a three-generation family, the coverage period should also be determined according to the actual situation of each family member. For the elderly, due to their age and higher risk of illness, it is recommended to purchase critical illness insurance with a longer coverage period; for middle-aged people and small children, the coverage period can be chosen according to the actual needs. Overall, the coverage period of critical illness insurance should be able to cover the major illnesses that may occur to family members in the next few years.
How to buy critical illness insurance
When buying critical illness insurance, you need to pay attention to the following points:
- Choose a regular insurance company
When buying critical illness insurance, you must choose a regular insurance company. Formal insurance companies have a certain degree of credibility and economic strength, which can better protect the rights and interests of the insured. At the same time, formal insurance companies will also provide customers with better services, including claims service and after-sales service.
- Pay attention to product details
When purchasing critical illness insurance, you need to read the product specification carefully to understand the insurance responsibility, scope of coverage, claims conditions and other detailed information. Also, you need to pay attention to the key terms and conditions such as deductible and waiting period to avoid problems when making claims.
- Consider the balance between price and coverage
When buying critical illness insurance, don’t just focus on the price and ignore the importance of protection. Proper protection can help family members cope with sudden major illnesses and reduce financial pressure and psychological burden. Therefore, when purchasing critical illness insurance, you need to consider the balance between price and protection and choose a product that suits you.
IV. Case Study
Mr Zhang is a member of a three-generation family. His father is over 80 years old and in poor health. In order to protect the health and financial security of his family members, Mr Zhang has purchased critical illness insurance for the whole family. The insurance company he chose was a well-known domestic insurer with a wide range of products at an affordable price.
A few years later, Mr Zhang’s father suddenly suffers from a serious illness that requires long-term treatment and rehabilitation. As Mr Zhang had purchased a critical illness insurance policy, he was able to obtain a certain amount of premium to cover his father’s medical expenses, living expenses and so on. This greatly reduces the financial pressure on the family and gives the whole family members more confidence to cope with the unexpected situation.
V. Summary
With the deepening of aging in China, the phenomenon of three-generation families is becoming more and more common, which also brings greater challenges to family protection. Under such circumstances, critical illness insurance, as an important form of family protection, can help family members cope with sudden major illnesses and reduce financial pressure and psychological burden. When purchasing critical illness insurance, you need to choose a formal insurance company, pay attention to product details, and consider the balance between price and protection in order to achieve the best protection effect.
- Create and also verbalize an usual objective.
Your household is actually more probable to become prosperous being used the household wide range if everybody is actually pursuing the exact very same target. Articulating an usual objective might appear a lofty optimal, however is actually actually a declaration of those center worths that are actually an aspect of the family’s day-to-day lifestyle. One means to recognize and also vocal household worths is actually to participate in the workout of developing an objective declaration with each other.
As an example, one customer our company team up with has actually produced the observing objective declaration, “[o]ur household prospers and also grows via the sustain of each other’s aspirations.” It display screens the family’s dedication to empathy, collaboration, partnership and also neighborhood. It work as an overview for economic and also organizing selections they create. - Maintain household record.
Your household has actually a tale – and also every member of the family belongs because tale. Understanding just how they match the tale urges more youthful creations to carry on the heritage they have actually been actually provided.
To maintain your family’s record, produce a loved ones timeline revealing just how each private has actually added to furthering the family’s overarching objective. Or even squeeze your family’s record in a composed or even online video bio, contributing to it along with brand-brand new accounts via the years.
While it might appear that protecting your family’s record has actually little bit of to accomplish along with component wide range, it spots a pay attention to exactly just what sustains and also improves you as a loved ones. This strategy can easily aid framework the family’s heritage and also motivate potential creations to always keep it going. - Always keep the collections of interaction available.
While the wide range designers have actually the best mention in exactly just what selections are actually helped make concerning the wide range they have actually created, a healthy and balanced household wide range society finds input and also participation coming from all of member of the family. Collection the requirement for available interaction through being actually properly clear around exactly just what selections you have helped make and also why you have helped make all of them. Motivate member of the family to talk to inquiries around your wide range strategy and also your longs for just how your cash is actually taken care of, each throughout your life time and also after you are gone.
The household wide range strategy examine
Some of the various perks of articulating your family’s wide range society is actually that every member of the family can easily consider the worths determined due to the household when developing their very personal wide range strategy. Because of this, the wide range strategies throughout the creations will certainly correspond in their worths and also targets, making certain that the wide range is actually made use of to complete the family’s usual objective.
Furthermore, as the wide range maker, you can easily timetable a routine wide range strategy examine to provide options for member of the family to talk to inquiries and also obtain updates concerning your strategy. You additionally can easily demonstrate after your family’s objective and also worths and also cover any kind of changes in your total targets throughout this moment.
The yearly household wide range strategy examine ought to additionally consist of a discussion around your heritage and also wide range move organizing, and also your charitable offering method. If you very personal a loved ones service, you might additionally discuss the potential of your service while you have actually everybody collected.
Look at featuring your economic and also income tax advisors, legal representative, insurance policy representative and also various other relied on experts to participate in your discussion. This offers member of the family the odds to talk to inquiries and also learn more about people you team up with and also count on.