Was it when you overlooked the grey hair at their temples; when you took a walk and noticed that they needed to take three steps to rest; or the abnormal alarms on the medical report? You always want to do something for them, but they always say "no". A proper insurance policy will give them more protection for their health and peace of mind in their old age. So, how can you buy insurance for your parents practically and cost-effectively?
If your parents are over the age of fifty, then the truth is that buying insurance for them can be something tricky. But even though it's not easy to buy insurance for older people, you can't give up buying insurance. There are generally these three types of problems that we want to solve when we buy insurance for our parents: high medical expenses due to illness (especially major illness), loss of income, and medical expenses due to accidents. Pension expenses. So which insurance should be bought?
Social security is the welfare provided by the state to citizens, and it is also the insurance with the lowest threshold and the best cost performance, which everyone can buy, so this article strongly recommends buying it. However, social security can provide limited protection after all, on top of this, so you should also supplement some commercial insurance.
Commercial insurance. For protection, you can consider critical illness insurance, medical insurance, accident insurance and term life insurance; for retirement-related insurance, you can consider annuity insurance and incremental whole life insurance. However, not every type of the above insurance should be bought. Critical illness insurance/cancer insurance: to deal with the risk of major diseases. Critical illness insurance, which meets the requirements of the terms and conditions, can pay a large lump sum to address the medical expenses of major illnesses and can supplement the loss of income during illness. However, due to the aforementioned factors such as the age of insurance, health notification, premiums and coverage limits, parents may not necessarily be able to buy it, or even if they meet the requirements for insurance, it is not cost-effective to buy it, so you should decide whether to take out insurance according to your actual situation. If it is mainly because of poor health and cannot pass the health notice, you can consider using cancer insurance instead. Cancer insurance also pays a lump sum, but its disadvantage is that it only covers cancer, therefore, the age and health notification are lenient and the premium is also cheaper than that of re-disease insurance. A good solution to deal with the risk of major illness, besides buying critical illness insurance, is to buy a million-dollar medical insurance. There are still some good products to choose from if you are under 70 years old and in good health. With Mega Medical Insurance, the main coverage responsibilities include general inpatient medical care, critical illness inpatient medical care, special outpatient care, outpatient surgery, and pre-and post-hospitalization emergency room visits.
