Life Insurance Business

"Malaysia’s life insurance business is expected to grow by 9% to 10% in 2013" - LIAM

Critical Illness Coverage

Do you need critical illness cover (also known as 36 dread diseases cover)?

Increasing Medical Cost

Healthcare costs in Malaysia increases about 10% every year - approximately double the inflation rate.

2 out of 3 people will be diagnosed with Critical Illness

If you think that the premium is high, what about the cash needed for a critical illness?

Get to know us today!

“In the next 5 years, without changing our current situation, can we achieve the time, money and lifestyle that we want?”

Thursday, October 17, 2013

In Business? Get A Buy-Sell Agreement, Fully Funded!

In Business? Get A Buy-Sell Agreement!



If you own all or part of a business—any business—you should know about buy-sell agreements. Unless you plan to be lucky forever, you’d better have one. Without it, a closely held or family business faces a world of financial and tax problems on an owner’s death, incapacitation, divorce, bankruptcy, sale or retirement.

The cost of a buy-sell is tiny compared to its benefits. A buy-sell agreement can ward off infighting by family members, co-owners and spouses, keep the business afloat so its goodwill and customer base remain intact, and avoid liquidity problems that often arise on these major events.

A buy-sell agreement makes sense for any business entity, including corporations, partnerships, Pvt Ltds (Sdn Bhd) and even proprietorships. How much you need a buy-sell depends on how many owners there are and who else might be waiting in the wings with a financial stake in the business.

Example: You and your partner John run a burger stand as 50/50 partners. You might have a written agreement or a mere handshake. John dies. Do you still have a business? Is John’s wife or child your new partner? Do you have the right or the obligation to buy them out? If so, for how much and on what terms? Can you strike out on your own with your own burger stand, or are you stuck with the baggage of the old one? What if you die instead of John?

As this example shows, the most basic business can benefit from a buy-sell, even if it’s the only written document the business has. Disputes and confusion can result without one even in a small business, and the stakes go up with larger and more complex businesses. You can have a buy-sell agreement with two owners or with many. Suppose you have 10 owners in a family company and someone tries to transfer their shares to a competitor? Such events are easy to prevent with a buy-sell but very expensive otherwise.

Insurance features prominently in many buy-sell agreements. You don’t have to use insurance, but it can ensure there’s cash available when the time comes. For example, whether you or John dies first, a life insurance policy on each of you can fund the buyout so your burger stand stays afloat and so spouse/heirs are bought out as agreed.


Ideally, buy-sell agreements are fully funded, and life insurance is frequently used for this purpose. After determining the value of the business, you, your advisors, and the other parties to the agreement will determine the best way to fund the transaction, and the triggers appropriate for your business situation.


If you think that a buy-sell agreement might benefit you and your business, click here for a FREE consultation!

Friday, August 16, 2013

Why Housewives Should Also Take A Life Insurance Cover?



They tell you that life insurance is essential for people with financial dependents. There is no question that the income-earning members of a family must purchase life coverage. After all, their deaths would place the non-earning members in a difficult financial position.

There is no refuting this fact. However, the issue that this article will focus on is insurance for housewives. Increasing numbers of Indian women now pursue careers; yet, a large majority continues to take care of the home, the hearth, the husband and the kids.

Regardless of whether or not their efforts are appreciated, housewives rarely have life insurance. The argument for not spending on life insurance for a housewife is reasonable enough: housewives do not support the family financially, and while their death would be an emotional loss, it would not affect the family financially.


The Financial Impact of Losing the Non-earning Spouse

But think of it in this way. The absence of a housewife can result in numerous additional expenses. For instance, if there is no stay-at-home mom, you may have to hire a nanny to take care of young children, particularly if day care facilities are not available locally. Household chores and cooking will then fall to other members of the family, or a full-time maid may have to be employed.

Providing for such costs can be a strain for middle- or low-income earners. In nuclear families, the husband may have to spend more time at home, which could then reduce his income-earning potential. This is where insurance for the non-working spouse becomes helpful. It provides a backup for such costs.


Life Insurance for the Non-earning Spouse

Let us move on to the question of whether housewives can get life insurance. Yes, they can. The policy should cover the costs associated with household chores, tutoring and nurturing the kids and so on. However, most insurance companies are reluctant to sell life cover to housewives.

This often results in a lack of access to term plans. One reason advanced for this is that term insurance plans are intended to substitute for the loss of income and since homemakers do not contribute to the household income, term insurance is not the ideal option for them. When term plans are provided, they may come with a low coverage limit.

Nevertheless, homemakers can apply for a gamut of other life insurance options including whole life insurance, Investment-Linked plans, endowment plans and so on. Moreover, life insurance continues to be cheaper for women in India, which makes it financially easier for housewives to apply for life coverage.


Finding the Ideal Insurance Plan for Housewives

While term life insurance plans are difficult to come by for unemployed women, some insurers may provide suitable policies. Term insurance is a good idea for stay-at-home moms because the policy can be continued until the kids are grown up or complete their college education. It is advisable to choose a convertible policy so that when the policy matures, you could convert it into a policy more suited to your financial situation at the time.

It may be a good idea to contact insurers who deal in insurance for women. You could find a policy that meets the financial needs of your family and brings you peace of mind in the bargain.

Friday, July 5, 2013

Ma Yun on Life Insurance






Ma Yun (Jack Ma) is a famous entrepreneur in China. He is one of the founding members of Alibaba Group.

When asked about his opinion on Life Insurance, he said the following:

There are many people who failed in life and they mainly failed in their views towards new things:

1. They can't see it
2. They look down on it
3. They don't understand it
4. They missed it

He said...

"Insurance is a form of backup. When your life is smooth sailing, you will need to prepare for the unexpected so you can have more options when your life is at a downfall.

When you are wealthy, your money isn't worth that much;
When you are broke, you lose your value.

If you want to be stay valuable, you must portion out part of your earnings, while you are able to earn, to plan for the unexpected and uncertain future.

The money you placed inside the bank and in Insurance both belongs to you, but the difference is:

Your bank account is filled now but emptied later.
Insurance Planning protects your future! 

It transforms you to a more valuable person in the future, this is what Life Insurance can do for you!

The earlier you plan, the earlier you feel secured.

Be one that is happy and has no worries today!"


Monday, June 17, 2013

Revolutionary Way to Run Life Insurance Business




Few industries outside of the financial services industry offer the potential for relatively inexperienced professionals to make significant income within their first year of employment. Within the financial services industry itself, few careers match the opportunity for as quick and large a paycheck as does being a life insurance agent. In fact, a hard-working insurance agent can easily earn more than $100,000 in his or her first year of sales.

But, success as an insurance agent doesn't come without a cost. Insurance agents hear "no" far more than they hear "yes". It's not uncommon for the "no" to come mixed with a fair amount of obscenities and the proverbial door in the face.

With the Revolutionary Way of running Life Insurance as a Business, Buss Consulting (M) Sdn Bhd has designed and restructure the reward structure to allow hardworking Life Insurance Businessperson to earn more as they progress - with the guidance of a Proven Success System.

Wednesday, May 15, 2013

Why Have Liability Insurance for a Business?



Insurance is an important part of any company's business plan. Insurance can save your company if you experience a catastrophic loss and protect your cash-flow when an unexpected accident occurs. Commercial general liability (CGL) insurance is an extremely important part of your business insurance, stepping in to help when an incident causes your company to be sued.


What Is CGL?

Simply put, CGL responds when your company is sued by another party. The suit can be the result of property damage caused by one of your employees or a claim for bodily injury to an employee or third party. CGL can also respond if you are sued for libel or slander as well as any harm your company causes to a property you rent. CGL provides protection by paying the legal fees associated with defending your company against the suit, as well as any settlement or court award. Most CGL policies offer protection against four different types of claims.

Bodily Injury And Property Damage Liability
Bodily injury and property damage liability is the cornerstone of CGL insurance. This coverage responds when an employee causes damage to a third party's property, such as when a plumber accidentally causes water damage to a customer's home. It also responds when a third party is injured by your company or its employees. A common bodily injury claim occurs when a customer slips on the floor of a retail store and injures himself, or when a construction worker accidentally drops a tool onto a passer-by.

Personal Injury Liability
Not to be confused with bodily injury, which physically harms an individual, personal injury liability focuses on words. Personal injury coverage responds when you, your employees or your company is sued for libel or slander. Typically, suits are launched with an accusation your company damaged a person’s or company's character, reputation or position in the community, due to libelous (written) or slanderous (spoken) defamatory statements. For your liability policy to respond, you cannot know the statements were untrue when they were stated.

Medical Payments
Occasionally, the best defense against being sued is acting proactively when an accident does take place. If someone is injured on your property or because of the acts of an employee, medical payments coverage will voluntarily pay for their medical bills without them requiring them to file a lawsuit. In many cases, rising to the occasion by offering to pay an injured person's expenses prevents a lawsuit and maintains the company's reputation within the community.

Tenant's Legal Liability
If you rent your office, retail outlet, warehouse or shop from another party, tenant's legal liability responds when you are held legally liable for causing damage to the property. If if you or your employees were to cause a fire that damages the property, tenant's legal liability coverage would respond to provide restitution to your landlord. Similarly, if a pipe were to burst and cause water damage, your CGL policy will step in to help.

What's Not Included
As broad as many CGL policies are, a number of standard perils are not covered by most policies. These include any claims involving environmental damage or pollution caused by your company or your employees. It excludes product liability claims when your products cause harm as well as claims due to your company's errors or omissions, also referred to as professional liability claims. Insurance products are designed to respond to all of these exclusions as well as almost any foreseeable peril, but these must be purchased separately from your CGL policy.


Sunday, April 7, 2013

Rich People Don’t Need Life Insurance?!


Really? Who says rich people don’t need life insurance? Would it surprise you to know that wealthy people are some of the biggest buyers of life insurance in the world. Would it shock you to know that they even borrow money to buy huge amounts of life insurance for tax reasons? Maybe they know something that the average person does not.

For most people life insurance buys peace of mind for their family’s future… to help pay funeral costs, or make sure a spouse can pay off the mortgage and fund their children’s college education. Simple but critically important needs so that the family does not go into financial ruin. The other good news is that the death benefit from that life insurance policy is generally tax-free to your beneficiaries.

But for people who make the big bucks— who can afford to pay for all those fancy financial advisors— the stakes are much higher. The wealthy figure that if they were smart enough to make it, they should be smart enough to keep it. Call it rich man’s wisdom: How to be rich and how to stay rich.

The wealthy usually own whole life insurance policies, also called cash value life insurance. These policies accumulate a cash value, and as long as you do not withdraw that cash, this value can grow tax-free until you withdraw it. If you wait until retirement to receive it you will likely be in a lower tax bracket so you will keep more of your investment.

One thing you can be sure of is that the wealthy HATE to pay tax. Especially after they’ve accumulated wealth and paid tax their entire life, it really irks them to know that if they die and leave it to their children their kids will pay big taxes to get it… in their minds it’s like letting the government double-dip!

This is not my viewpoint… it’s just the way it is. There’s been a lot of controversy over the estate tax issue in recent years, the same type of controversy you see between political parties. You can’t control whether or not to pay tax but you can literally buy those tax ringgit, often for sen on the ringgit, through the use of life insurance.

So, granted none of the heirs of wealthy people are likely to be in the poor house, but they sure don’t want to bequeath that money to the government if they can avoid it. That is why they have learned how to use life insurance for a fraction of their own hard-earned dollars.

You might not have millions of dollars in the bank but you should learn about the power and value of life insurance for your own financial picture. Take a couple of minutes to save some money by getting a FREE  life insurance quote now…it is more affordable than you think.

Your financial statement might be more modest but your desire to protect your family’s future is the same as that of a rich man’s. What do you think? We’d love to hear your thoughts on death (regarding life insurance of course) and taxes. Your turn to jump on the soap box!

Thursday, February 28, 2013

Malaysians Living Longer and Enjoying It More


For many years, Malaysia has focused on 2020, when the nation hopes to reach fully developed nation status. Then, not only will Malaysia be a different country (in terms of opportunity and per capita income), we will be living longer to enjoy it -- truly the best of both possible worlds.

Life expectancy for Malaysian women is expected to jump to 79 years in 2020, up from 77 years today, while Malaysian men could expect to live until 74.2 years, up from 71.9 today.

Life expectancy is largely a reflection of the overall quality of life in a nation. In the 1960s, average Malaysian life expectancy was around 54 years. But advances in medicine, better nutrition and more expendable income have contributed to a longer lifespan.

Our longevity numbers place us near the top third of all nations in life span, and suggest that we're on our way to becoming an aging nation.

What happens if we live too long? 

As we live longer and healthier lives, we risk outliving out assets. We could end up in poverty, relying on the government or family to cover our basic living expenses. Or we could become ill and incur unexpected medical costs that quickly deplete a lifetime of savings.

  1. How will your assets hold up if you need to dip into them for a critical illness or long term care?
  2. What options are available to you for emergencies?


Sunday, February 10, 2013

Why Buy Insurance For Parents?


There comes a time in every parent-child relationship where the roles reverse, where the parent becomes the child and the child becomes the parent. And when that change takes place, part of your responsibility is to make sure that your parents have a sound plan in place for the inevitable day when they are gone.

Buying life insurance for parents is not an easy thing to do, but it's important and necessary for so many people. Some children buy life insurance on their parents in order to make sure that there is enough money to pay for burial or final expenses when their parents die. Others buy life insurance on their parents in order to create or preserve an estate that can be passed along to surviving children.

Getting your parents Medical Insurance also help you, as children, in avoiding financial difficulties. Imagine your parents need RM100,000 for medical bill and you have another 2 siblings. If all siblings are working and have the ability to earn, each would have to fork out RM33,333.

What happens if your spouse disagree?

What happens if not all siblings are working and earning money?

Regardless of your reasons for needing to buy life insurance for your parents, one thing that most insurance companies will look require before issuing a policy is called "insurable interest." In the most basic sense, insurable interest is proof that, should your parents die, you would suffer some kind of financial loss. This requirement protects insurance companies from issuing policies that are taken out by children who simply think that their parents may not have long to live and create a fortune by purchasing big life insurance on them.

Once it has been established that you do in fact have an insurable interest, you need to choose the type and amount of insurance coverage to purchase.

Another consideration should be your parents' current health status. It can be difficult, even at a younger age, to purchase life insurance if you have serious medical conditions.


Sunday, February 3, 2013

Why Children Need Health Insurance?

Did you know . . .

That children without insurance are less likely to get care for such things as ear infections which can lead to lifelong consequences like loss of hearing?

That children with insurance are more likely to be healthy and that healthy kids do better in school?

That children with insurance miss fewer days from school and because of this their parents also miss less time from work?

That healthy children still need check-ups, shots and regular dental care so they can stay healthy?


Most importantly, when you decide to get your children Life / Health Insurance, you directly guarantee his or her future insurability.

If he or she diagnosed with diseases during young, he or she may not be insured in the future anymore. Thus, getting him or her insured at young age will directly guarantee his or her future.