Last Updated on January 8, 2020 by Chin Yi Xuan

Growing up, there will be moments when we are thinking of ways we can treat our parents into something special. To many, a lot of these brainstorming moments happen in conjunction with our parents’ birthday or Parents’ Day.

As such, some of these meaningful and special ideas could be doing a handmade card for them, bringing them out for a meal and more.

In my opinion, despite so many ideas, one turns out as the most practical that a child can do for their parents as an adult – understanding the financial protection status of the family.

Let me explain:

Just like how money management is not emphasized among individuals, financial protection (eg. Insurance coverage) is also extremely overlooked (underemphasized) in a family.

Look, I get it. It is a total hassle.  

It is such a hassle to find (dig) out the insurance coverage of our family members. This is especially true for most of the parents in a family, because chances are they may have bought a number of policies (with different agents over several insurance companies) over the years.

I faced the same issue myself. Just like many, insurance is a part of my life that I really did not feel like touching. Reason being, I thought that the process is problematic and very likely my monthly commitment will increase after that (because agents will ask me to buy or add-on some other coverages).

That said, stepping into adulthood changed my perspective towards financial protection. Understanding money and finances, I realized that financial protection (eg. Insurance) is essential in building a defensive line against any emergencies and unpredictable events that could happen in the unknown future.

With that in mind, sometime last year, I spent some time to find out the status of financial protection of my parents and sibling.


Here’s how I did it:

Step 1: Find out all the insurance policies by your family members. If you can’t find the hardcopies, chances are you can download them off their respective account online.

(Note: Depending on the age of the policies (especially parents’ ones), e-policy may not be available to some of the older policies. Luckily, my dad is very good at filing so I faced little issue in finding all the policies in hardcopy.

p.s. In retrospect, I think I could have also approached my parents’ respective servicing agents to understand the status of their policies.)

Step 2: Consult a reliable financial planner to analyze the status of financial protection among your family members.

Step 3: Get a summary on the status of insurance coverage (Life, Medical, Critical Illness, Personal Accident) of each family members, and find out what’s lacking in accordance to their age and potential needs.

Step 4: Inform and update parents on their current insurance coverage, and what needs to be done for parts that are underinsured.

Sorting out the whole family’s insurance protection is just like spring cleaning (really).

Here are some pain-points/problems that I’ve found during this whole process:

  1. Parents do not have a clear idea of their financial coverage. In short, they do not know what they are paying for.
  2. Their servicing agents did a very poor job in after sales follow-up and education. Once my parents are sold their policies, their servicing agents did not follow-up with necessary updates and education.
  3. As a result from 1 and 2, part of my parents’ protection are underinsured and it is very costly to get a new policy or rider for these coverages at their age.
Never underestimate the cost of financial protection if not dealt with properly at young age.

Here are some of the key takeaways and lessons that I’ve learned from this whole experience:

  • As an adult, it is crucial for you to understand the status of the financial protection of your family.

In fact, that is, without doubt, the most practical thing that you can do for your parents.

  • The earlier to find out and address the matter of financial protection in your family, the better it is.

Of course, for one obvious reason – the older your parents get, the more expensive it is to get them insured.

  • Never rely 100% on insurance agents to deal with your responsibility.

In some way, it is your own responsibility to understand and build the financial defense line of your family. Don’t sweep this responsibility off your shoulder because it is a hassle for you.

Plus, not all insurance agents are reliable with their follow-up services (sorry to say but it’s true).

Here’s another thing that I think you could do for your parents:

If your parents have retired or are in the age of retirement, chances are it will be very expensive to get them covered should you find out that they are underinsured. This is a very tricky matter, as at the age they are also extremely prone to accidents such as falling at home or injury while doing leisure sports.

SecureMas by LonPac Insurance is a personal accident (PA) insurance that reimburses your parents’ medical and hospitalization expenses should they are involved in an unfortunate accident.

One great feature about SecureMas is their price: Starting at RM270/YEAR per parent or RM425/YEAR for both father and mother, you can get your parents insured against accident at NO yearly price increment. This means that what you pay is the same throughout the whole coverage period regardless of the age of your parents.

The eligibility age for SecureMas starts at 35 to 70 years old, renewable up to 100 years old. If you are keen to get your parents protected, definitely check out the video below:


How to Buy/Enquire?

SecureMas is a financial protection product directed at the underinsured parents’ market. If you are keen to find out more, you can inquire about SecureMas via their official Whatsapp number by clicking on the button below:

How to Claim?

I will never be comfortable with an insurance product without knowing their claim procedures, and I think you should be aware of that, too.

No Money Lah’s Verdict

So, I guess that’s it for this article! Personally, I think it is the responsibility of every young adult to find out the status of financial protection within his/her family. Let’s just say it is part of adulting. The bottom line is, don’t wait till its too late to build your financial defense line for you and your family members.

Note: SecureMas is a Personal Accident (PA) insurance that reimburses policyholders in the event of injury and/or death due to accident ONLY. It is not by any means a medical product, so there is no medical card involved. Meaning, you still have to pay for any medical expenses upfront, and your claim will come in as reimbursement upon document submissions following the claim process above.