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Insurance for Multigenerational Families: Covering All Ages on Family Day

Apr 10, 2023
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It’s no secret that family is one of the most important things in life, and when you have a family that spans across multiple generations, there’s nothing quite like the feeling of togetherness that comes with it. However, with multiple generations often comes multiple insurance needs, and navigating the world of insurance can be a daunting task for even the most seasoned adult. In commemoration of Family Day, we’ll explore the ins and outs of insurance for multigenerational families and provide you with some helpful insights on how to make sure all ages are covered. Whether you’re planning a big family day or just looking for tips on how to navigate insurance policies that work for everyone, we’ve got you covered.


Medical Aid

Let’s start with arguably the most important type of insurance for families: healthcare. In South Africa, having medical aid is the best solution to ensure fast access to world-class private medical care. When deciding on what medical cover to choose, it is important to compare the different plans to determine which is the most appropriate based on your budget and needs. The three most important factors to consider are the value of the plan, benefits included and the access to the medical network. As healthcare is a complex industry, the choice needs to be based around the health of your family, whether there are any chronic conditions and how rich the benefits need to be. Some medical aid schemes have introduced a range of benefits to all its plans offering a weighted average contribution decrease recently, providing members with reliable access to private, quality healthcare.


Hospital Plans

A viable less expensive insurance alternative to medical aid is a hospital plan. Hospital plans only cover expenses while you’re in the hospital, but medical aids have got you covered for both in-hospital and out-of-hospital medical costs. Now, you might have heard about hospital cash-back plans and wondered if they’re a primary medical cover. But here’s the thing, they’re actually an additional benefit that comes with other health insurance policies. So, it’s essential not to rely solely on them as your only medical cover. Planning for growing medical costs in retirement is critical, and a medical savings account can be a lifesaver. It lets you put aside money for future healthcare expenses. Long-term care insurance is also an option, but keep in mind that conditions may vary from insurer to insurer.


Funeral cover

It can be difficult to find companies that offer funeral cover for seniors, but it’s possible to add parents over 75 to an existing family policy. Budget Insurance provides funeral cover for people over 75 without a waiting period, but the cost varies depending on the amount of coverage and the insured’s risk profile. Funeral cover plans are available to people of all ages, but some aspects of the cover may be subject to an age limit. Having a funeral policy that covers extra expenses like food and the headstone can be helpful. The speed with which a funeral cover claim gets paid depends on the timely submission of all the required documentation.


Car insurance

So, if you’re a teenager who’s recently gotten their license, or a parent with a teenager who’s just started driving, you might have noticed that car insurance premiums for teens tend to be higher than those for more experienced drivers. This is because insurance companies consider teen drivers to be high-risk drivers, meaning they’re more likely to get into accidents. Male teens tend to pay more than female teens, as they tend to take more risks on the road. However, as teens get older and gain more driving experience, their premiums will generally start to decrease.

Now, finding affordable car insurance for teens can be tough, but there are ways to reduce costs. For instance, insurance providers often offer discounts for good grades, safe driving, and having multiple cars on a policy. Adding a teen driver to their parents’ insurance policy is also usually more affordable than purchasing a separate policy for them, since the parents’ policy may already have discounts that can help lower the cost. Additionally, teen drivers can save money by choosing a car with safety features, completing a driving course, and raising their deductible (although it’s important to consider the potential costs of a higher deductible if they do get into an accident). So, while it might be tough to find affordable car insurance as a teen driver, there are definitely ways to cut costs and save some money.


Life insurance

Speaking of types of insurance for the young ones, it’s generally better to get life insurance when you’re young, as it’s cheaper and easier to get approved. Life insurance is important if you have dependents or debt that will continue after your death. When choosing term life insurance, consider how long your dependents will need your income. Permanent life insurance can also provide a cash value that grows tax-deferred, which is helpful for a down payment on a first home or retirement income. Remember that waiting too long to get life insurance can lead to higher premiums or even a declined application due to a medical condition. So, it’s best to get it sooner rather than later.