Family has always been a priority and the most important motivation in life. They are the support system that will encourage us to work better and smarter every day. Family will always be on our side in every important stage of life.
Therefore, protecting our family from the financial side becomes important and vital. When the family is properly protected, we are able to have life's achievements more peacefully.
Independent Financial Planner, Bareyn Mochaddin shared seven mistakes we must avoid when protecting family finances.
1. Thinking Twice on Having an Insurance
We never know what will happen in the future. There are many risks such as illness and the possibility of death which always overshadow our steps. When these risks occur, are we ready for them? The best thing is to make the best preparation. As the saying goes, it's always better to save something prepared for a rainy day.
2. Has Emergency Funds and But No Insurance
In every life stages, there are always risks that might occurred anytime. You can plan as much detail as possible for the future, including calculating all risks that are possible to occur. However, there are two risks that you need to be prepared carefully, the risk of illness and death since you can't predict these two.
You have prepared enough emergency funds for anticipation although, emergency fund alone is clearly not enough. As an example, when one of your family members is sick, it seems that the amount of money you have saved was not enough.
If the head of the household is sick or pass away, the existing savings and emergency funds will not be enough to cover the costs of future family needs. Therefore, insurance is needed. Insurance is important in managing risks that come unexpectedly.
3. Assuming that Insurance is Not Worth of Money
Assuming insurance as something expensive is a wrong mindset. Protecting our family is much more important. Currently, there are already lots of insurances available at affordable premiums, with comprehensive protection.
Asuransi Salam Anugerah Keluarga from Sun Life comes with affordable premiums with a number of benefits. This Sharia insurance has affordable premiums starting from IDR9 million per year. The frequency of premium payments can also be adjusted according to your needs: monthly, three months to annual. Investment funds from unitlink are placed on capital market and sharia money market with the objective of a long-term investment returns on a moderate risk.
4. Fear of Having an Insurance
Besides the wrong mindset about insurance, another reason for delaying in having an insurance is because it is not in line with Islamic principles. In fact, there is already Islamic insurance in accordance with Indonesian Ulema Council’s (MUI) fatwa. Even some Islamic insurance offers additional facilities in form of waqf for sadaqah Jariyah.
Asuransi Salam Anugerah Keluarga is a type of insurance that meets sharia principles and presents a comprehensive financial planning solution, including waqf features in it. The sharia insurance has features of periodical waqf, waqf of insurance benefits and waqf of investment benefits.
5. Not Knowing what Kind of Insurance that Your Family Needed
Knowing what you and your family plan and future are also important in developing financial strategies. Every family has different needs and priorities. It also applies on insurance. You won’t be wise enough in buying insurance, when you don’t know what kind of priorities your family need.
Asuransi Salam Anugerah Keluarga protects the whole family (husband, wife and two children) with various benefits. Other than life insurance, additional insurance (riders) is also available such as accident insurance, accidental death, critical illness, daily hospitalization benefits and benefits from contributions relief due to death, critical illness or total permanent disability.
You can also complete your insurance protection with additional Sun Medical Platinum Syariah protection. Through these benefits, you can get medical protection worldwide, as well as the benefits of treatments for one-day surgery. You are also entitled for a limit booster that can increase the annual benefit value up to Rp40 billion. Sun Medical Platinum Syariah from Sun Life Indonesia will also provide accommodation benefit for patient’s companions during treatment both locally and abroad.
6. Having too Many Insurances
How much insurance do you need? Is the more the better? Apparently not! The most important thing is that the insurance you have fulfilled your protection and health needs.
Before choosing an insurance product, you have to make sure the amount of premium is suitable with your income. Don't pay for insurance that will only burden your cash flow. Nowadays, various insurance products offer affordable premium and comprehensive benefits.
7. Protecting the Father only, as the Head of the Family
Is the insurance protection enough for the father only, as the head of the family? Clearly not! Every family member has an important role. A mother as an example, besides being a housewife, she is the minister of finance within the family. In some cases, Mother also acts as the breadwinner. Protection for all family members is important.
Asuransi Salam Anugerah Keluarga presents overall protection for all family members (husband, wife and two children) with a commitment period of 5 years. The first policyholders or first participants is for those who are between 18-60 years old. The insurance protection period is up to the age of 88-year-old.
One policy of Salam Anugerah Keluarga can be used to provide insurance protection for up to four family members.
With all the benefits and insurance protections, is there any other reason to not buying an insurance?
Have you optimized financial protection for your family?
Our warm greetings to your family.