AS Malaysia becomes an ageing population, more and more adults are entering into the 'Sandwich Generation'.
The phrase 'Sandwich Generation' refers to a group of people that provide for their own family, while taking care of the needs of elderly relatives. In essence, these people are 'sandwiched' between a younger and older generation.
Most Malaysians grow up in a culture that promotes family closeness and filial piety.
It's not uncommon for extended family members to live together under one roof. Sometimes, even after children grow up, get married and have kids of their own, they continue living together with their older relatives. In fact, some Malaysians take it upon themselves to provide for non-direct family members, be it uncles, aunties, stepparents or adoptive parents.
According to the Fifth Malaysian Population and Family Survey by the National Population and Family Development Board Malaysia (NPFDB), 70 per cent of elderly Malaysians currently stay with their children or extended family members, like nephews, nieces and cousins.
In fact, 8 in 10 of elderly parents receive financial assistance from their children, showing how much filial piety is part and parcel of our Malaysian culture. Besides that, 48 per cent of children pay their parents' bills, while 67 per cent help to buy food and other household goods.
Because of this family-first culture, many Malaysians are part of the 'Sandwich Generation'. However, what happens when a person's finances cannot keep up with his or her filial piety?
FAMILY FIRST, OVER FINANCES?
Beyond the emotional and mental aspects of being a caregiver, one of the most common issues faced by the 'Sandwich Generation' is financial stress.
Take Jenny (not real name), 35, for example. As a working mother of two young children, she opts to send her kids to daycare, while she hustles 9-to-5 at her day job. At the same time, Jenny is taking care of her aunt, who has no children of her own, as she recuperates from a fall.
However, Jenny soon realises that between her house mortgage, her two children and paying for her aunt's hospital bills, she is left with very little to spare every month.
This is the case for many in the 'Sandwich Generation', as they try their best to juggle between the needs of those financially dependent on them.
LONG-TERM FINANCIAL SUSTAINABILITY
From daily expenses for children to healthcare bills for elderly relatives, the costs of being a caregiver can easily add up over time. That is why those who are part of the 'Sandwich Generation' need to consider how to be financially sustainable in the long run.
Planning ahead with insurance protection allows caregivers to continue giving financial support to those under their care, including extended family members, if anything untoward were to happen. This also applies to uncles, aunties, step parents and adoptive parents.
Ultimately, the goal for the 'Sandwich Generation' is to ensure that as caregivers, their loved ones will be taken care of no matter what. Hence, having insurance adds that extra layer of security.
MAKING INSURANCE INCLUSIVE
To help Malaysian families, especially those part of the 'Sandwich Generation', be financially protected, Prudential is determined to make insurance more inclusive.
The challenge is that insurance companies traditionally only recognise spouses and children as financial dependents.
However, the principle of financial dependence in today's modern family goes beyond the typical parental and spousal relationship. For Malaysians who look after extended family members, financial dependents could range from grandparents, grandchildren, uncles, aunts, nieces, nephews to siblings and cousins.
Current protection solutions are not adequately serving or addressing this need.
That is why Prudential wants to make sure every family member is protected. Using this as inspiration for their 'Made For Every Family' campaign, Prudential is committed to protecting every family member, including extended family members, adoptive family members and step family members.
With Prudential's insurance plans, policyholders will be able to provide insurance coverage to a wider range of family members, as long as they are financial dependents.
Now, it is also possible to buy insurance policies for family members and loved ones, including those beyond the immediate family such as uncles, aunties, nephews, nieces, cousins and siblings.
Prudential's inclusive protection plans ensure that every family member, both immediate and extended, can Live With Confidence.
Ultimately, it also helps to close the protection gap among Malaysians as well.
CONNECTING FAMILIES WITH FAMVATAR
Besides keeping families protected, Prudential also wants to keep family members connected.
Knowing how much Malaysian families love interacting with cute stickers on social chat apps, Prudential has launched Famvatar, a digital platform that allows users to create group avatar stickers starring family members.
On top of the fun-filled chat stickers, users can stand a chance to win up to RM40,000* worth of prizes:
STEP 1: Customise your family avatar via Prudential's Famvatar platform. Submit your details and be the first 100 users to download the Bonus stickers to win RM200 worth of travel vouchers.
STEP 2: Download the Pulse by Prudential app. Head over to "My Communities" and join the "Live Happy" community. Post your bonus Famvatar stickers to the "Live Happy" community and include your answer of "What Does Family Mean to You?" in the caption plus #MadeForEveryFamily hashtag in your post title. The first 100 submissions in Pulse App will win an additional RM100 travel voucher.
STEP 3: Stand a chance to also win the Grand Prize* (Family Portrait Photography worth RM10,000) when you share your Famvatar bonus stickers on Prudential Facebook (in comments section) and/or Instagram feed and answer the following question in your caption, "What Does Family Mean to You?". Tag @prudentialmalaysia and include #PRUFamvatarMY and #MadeForEveryFamily hashtags.
Find out more about Prudential's latest insurance plans for the entire family on their website.
*Terms and conditions apply.