The priority order of family insurance policy is very important. In the allocation of family insurance, the family economic pillar should be ranked first. They shoulder the great responsibility of family income. Once they encounter an accident, illness or death, the family economy will be in trouble. For example, in Japan, many families will first allocate high life insurance and critical illness insurance to their husbands. The husband is the main source of income for the family. If he has an accident, the family may find it difficult to maintain a normal life and may face problems such as debt. With these insurances, you can use compensation to maintain your family's livelihood and repay your debts when risks come.
Followed by housewives or husbands. Although they don't directly create economic income, they contribute a lot to the family operation. If they have an accident or get sick, the family will increase expenses such as hiring a nanny, and their lives will be disrupted. In Korea, a housewife accidentally burned her hand while cooking in the kitchen. The cost of treatment and the extra housework expenses caused by her inability to do housework have brought a lot of pressure on the family economy. Fortunately, they bought medical insurance and accident insurance for housewives before, which eased the economic burden. This example shows that housewives or husbands are in urgent need of insurance protection. In South Korea, many families will buy medical insurance and accident insurance for housewives after providing insurance for their economic pillars. Housewives are easy to get hurt or get sick when taking care of their families, such as being burned in the kitchen. With insurance, the financial burden of families can be reduced.
Children and old people are relatively behind. They are weak in risk resistance and need to be taken care of, but the insurance cost is low and the demand for protection is simple. In the United States, many parents will buy children's critical illness insurance and accident insurance after configuring insurance for both husband and wife. Children may get sick or injured when they grow up, and insurance can provide financial support when needed. For example, in an American family, a child accidentally fell down while playing outdoors, resulting in a broken arm, and the medical expenses were high. Fortunately, it was intentional to take risks and reduce the burden on the family.
When configuring family insurance policies, we should also follow the principle of first ensuring and then managing money. First buy insurance such as accident insurance and critical illness insurance, and then consider financial insurance. The amount of insurance should also be sufficient, at least covering important expenses such as family debts and children's education expenses. Moreover, the allocation of family insurance is not static, and it should be dynamically adjusted with the family's economic situation and changes in members to ensure that insurance can continuously meet the needs of families.
In Britain, a family adjusted their insurance allocation in time with the growth of their children and the change of their economic situation. After the children grow up, the amount of insurance for the family's economic pillar has increased, and at the same time, the education fund insurance has been increased for the children to cope with the increase in education expenses in the future. This reflects the dynamic nature of insurance allocation.
In short, the allocation of family insurance needs to be adapted to local conditions and arranged reasonably according to the actual situation of the family, so as to build a strong family risk defense line and let the family live in peace. Families in different countries are coping with all kinds of risks in their lives through reasonable insurance allocation, and we can also learn from them to build a suitable insurance system for our families.
