Illustration Example 2 – Kathy, aged 25, young designer
Name: Kathy
Age: 25
Occupation: Graphic designer in an international architecture firm
Family status: Single, living with parents
Goal: Work hard and take good care of her family; open her own design studio
| Monthly Income and Expenses | HKD |
| Monthly Income | 20,000 |
| Personal Expenses | (10,000) |
| Housekeeping Money for Parents | (3,000) |
| Monthly Savings Plan | (5,000) |
| MPF Contribution | (1,000) |
| Monthly Surplus | 1,000 |
Kathy is a young, passionate designer who aspires to have her own design studio one day. She has been working hard in an architecture firm to establish a saving for her dream. Other than her personal expenses and the savings setting aside for her goal, Kathy is also financially supporting her parents by giving them HKD3,000 a month as housekeeping money. Kathy’s father is retiring in 5 years and her mother is a full-time housewife. As she is her parents’ only child, Kathy reckons that she has a long-term responsibility to take care of them. Hence, even with a stable income Kathy is only having a limited amount of monthly surplus.
As designers use to work irregularly for long hours, Kathy is very health-conscious. As a caring and responsible daughter, she wants to make sure that even if she can no longer work due to major illness, her parents would continue to receive financial support and she would be able to pay her own medical bills. To strike a balance between her needs and limited monthly surplus, Kathy thinks insurance policies with cancer and life protection suit her best. Among critical illnesses she has a greater insurance need against cancer, which is more difficult to predict or prevent and might require long-term treatment and recovery. To avoid draining her parents’ retirement savings in the unfortunate event of suffering from critical illness, she considers life insurance plans with cancer protection with an insured amount of HKD1.2 million* would suit her need in covering her income for 5 years, as the benefit amount could be used to settle medical expenses and financially support her parents.
With appropriate protection in place to manage this risk that concerns her most, Kathy can focus more on her career and life development, and strives to realise her dreams.
* Based on 5 years (60 months) of monthly income, not adjusted for inflation
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