How should I assess the protection I should have?

to ensure that the insurance that is available is sufficient

For people who are ready for life and financial planning like us. “Life insurance” may not be far-fetched. Many people may already have multiple policies. Many people may think they have prepared enough. But in reality, the word “enough” does not depend on the number of policies we make or the amount of premiums we pay, but on “appropriate coverage” in each area, which must be adjusted according to the status and problems of life. that differ from each other

Therefore, we should come to assess the appropriate protection in each area that we should have. compared to the coverage we currently have whether there is enough or not with a “financial health check” according to the 6 aspects of coverage as follows

1. Life coverage
Life coverage should be available to cover any existing financial obligations. by calculating the sum insured from Expenses for raising family members and our dependents each year + tuition fees for future children + existing debts such as home and car loans + money for business adjustment (For the case of business owners) or may include some more money that we want to leave to our loved ones. All minus all of our available savings/investments to see if one day we are gone. Do we leave enough assets to cover our financial obligations? and then get life insurance to provide enough insurance coverage for the part that is still lacking

2. Coverage for medical expenses
We should have health insurance. which is an additional contract that covers medical expenses to cover enough for the hospital’s treatment expenses that we and our children expect to use The important part of the medical expenses is the total room fee (room fee + food fee + nursing fee + hospital service fee), surgery fee in serious cases, and medicine fee. Therefore, you should choose a health insurance that covers medical expenses with a “lump sum” limit that is sufficient to cover the cost of treatment that increases above the inflation rate.

3. Critical Illness Coverage
We should have a lump sum limit when critical illnesses are detected. To be sufficient for medical expenses for serious illnesses according to the hospital’s treatment cost level that is expected to use the service Including to support expenses that may occur. When leaving the hospital for treatment for a certain period of time as well. Generally, this amount should be no less than 1 million to 5 million baht, depending on the level of treatment costs of each hospital.

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