As you get older, you should have fewer family financial responsibilities. This is the time to think about your retirement life. You will no longer have a stable income. Do you have enough savings, or will you depend on your children to support you?
What types of risks do you face?
When your children start working, you will no longer be the main breadwinner in your family, thus greatly reducing the impact of your mortality risk.
Good health is the basis of a happy retirement life. Review your medical insurance coverage while you are in good health, as age and health are important criteria for insurers to assess underwriting risks. When you retire and are no longer covered by your former employer’s group medical insurance, will you be able to afford potential medical expenses? Note that you may not be eligible for medical insurance if your health deteriorates.
Hong Kong people are renowned for their long life expectancy. Are you concerned about the adequacy of your pension or assets to support your living in the coming decades? Do you want to enjoy your retirement through self-support, or will you have to rely on the support of your children?
What are your life plans?
As you approach retirement, is there anything else you want to accomplish before you embark on your new journey in life? List your plans carefully and envisage your protection needs accordingly before you stop working.
Relevant types of insurance
Protection Needs Assessment
If you want to understand the impact of different life events on your current and future insurance needs and envisage the stage at which you will face the largest mortality protection gap, you may use the assessment tool on this website to obtain an analytical report.
Protection Needs Assessment
