Having health insurance can reduce and cover the financial impact when we are hospitalized. However, health insurance alone cannot be a legacy/wealth transfer for family when there is a risk of death. After someone whose risk is covered by the insurance company (the insured) dies, the family's financial plan may change and even fall apart, especially if the insured is the head of the household or the main breadwinner. Therefore, it is necessary to complement health insurance with other insurance to maximize family financial protection. Look at explanations below:
1. Things that covered by Health Insurance
Health insurance covers the costs of hospital treatment needed by the insured, such as doctor's fees, medicines, and the costs of other medical treatments listed in the policy. In, health insurance, it’s usually having an annual treatment limit and treatment room class according to the customer's policy. Having health insurance means that the family's financial burden is reduced when health risks occur.
2. Other risks not covered by health insurance
Unexpected risks other than illness are death. If you only have health insurance, then when the risk of death occurs, the life insurance money paid is on average a small amount so it cannot be a substitute for the Insured’s income to meet family needs. Whereas in managing finances, we need to consider various conditions to future family plans according to the stage of life. To help minimize these risks financially, it can be anticipated by having life insurance which has a Sum Insured in accordance with the economic value of the Insured.
3. The importance of having life insurance
In life insurance policy, generally insurer pays a sum of money (Sum Insured) to one or more named beneficiaries if the insured dies. When the risk occurs, life insurance can be the main foundation so that the family can manage their finances, even financial plans that have not been achieved and pass on the wealth they have so that there is "peace of mind" for the Insured and family left behind.
Life insurance can also be the best option for wealth transfer or inheritance for beloved children and grandchildren, because the inherited assets in the form of Sum Insured can be directly processed according to the beneficiaries without the need for a letter of inheritance.
Some life insurance, in addition to providing Sum Insured, is also complete with riders such as critical illness, cash value, and additional insurance benefits such as exemption from insurance premium payments if the Policy Insured experiences the risk of total permanent disability or death.
To fulfil the need for life insurance, BCA collaborates with BCA Life to provide BCA Life Heritage Protection, a life insurance that can be used as a legacy for the family's future. This life insurance has many key benefits, including:
- Certainty of the value of Sum Insured
- Coverage period up to 99 years, as long as the policy is active
- Terminal illness benefit
- No additional fees
- Flexibility in how to pay premiums: lump sum, annually or monthly
- Certainty of cash value upon policy redemption
- Can be equipped with waiver care, which provides exemption from payment of insurance premiums if the Policy holder experiences the risk of total permanent disability or death.
What are you waiting for? Protect yourself and your family with BCA Life Heritage Protection. Visit nearest BCA branch or click here for more information.