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?”

Monday, August 4, 2014

The Basics of Travel Insurance



Awareness of Travel Insurance has increased tremendously following the incident of MH370 and MH17. Many are worried that they might be injured or even dead when flight catastrophes happen. The main thing people are worried about is how their family members can continue on with their demise or lost of earning ability. 

Travel insurance can help cover medical expenses or financial losses you might incur while traveling. It's often pitched as the best protection for those traveling domestically or overseas. This article will explain what kind of coverage you need before you sign on the dotted line and start paying for protection against the unforeseen and unpredictable. 

What Does Travel Insurance Cover?
There are four main categories of travel insurance: 

  • Trip cancellation
  • Medical Expenses and Other Expenses
  • Emergency medical evacuation
  • Accidental death/flight accident

Trip Cancellation Insurance

As its name implies, trip cancellation insurance (sometimes known as trip interruption insurance or trip delay insurance) covers you in the event that you or your traveling companions need to cancel, interrupt or delay your trip.

Policies differ in terms of which reasons are acceptable, but it's fairly typical for this insurance to cover cancellation or interruption for the following reasons: 

  • Sudden business conflicts
  • Delay in processing your visa or passport
  • Illness or injury
  • Weather-related issues

Some policies may include additional coverage, which would insure you against one or more of the following events:

  • An act of terrorism
  • The vendor (cruise line, tour company, airline) going out of business
  • An accident on the way to the airport
  • Jury duty

The insurance pays the difference between the refund you get from the vendor and the amount you originally paid for the trip. 


Medical Expenses and Other Expenses

Reimburses the actual necessary and reasonable medical, surgical or hospital charges and emergency dental treatment charges incurred as a result of accidental bodily injuries or death, illness during the Journey including repatriation costs, outside the Insured Person‘s home country for Overseas/Annual Coverage. 

Domestic Coverage shall be limited to reasonable medical, surgical or hospital and emergency dental treatment incurred as a result of accidental bodily injuries or death during the Journey including transportation cost incurred in moving the Insured Person within Malaysia. Other benefits include follow up treatment, funeral expenses, compassionate care and child care benefit.

Emergency Medical Evacuation Insurance

This type of insurance provides coverage for medically necessary evacuation and transportation to medical facilities. These costs can easily reach USD10,000 out of pocket if you don't have coverage. This becomes extremely useful should you become stranded in a remote rural area without easy access to needed facilities. 

Accidental Death and Flight Accident Insurance

These types of insurance pay benefits to a traveler's surviving beneficiaries, as with life insurance. Benefits are paid out in the event of an accident resulting in death or serious injury to the traveler
.

There are other more benefits which are too long to be listed here

Why Travel Insurance exist? Simple.
It is because of protection, Income and Medical Protection.

Contact Us for more information about Allianz Travel Care, which covers risk such as Act of Terrorism

Sunday, July 20, 2014

When You Passed Away, Who Concerns The Most of Your Estate?


News from http://www.malaysia-chronicle.com/

There will 3 parties that will put their utmost concern to your estate when you are no longer around.

  • Your Family (Future Daily Expenses)
  • Creditors (Loans)
  • Government (Tax)
What is "Estate"?

An estate is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. 

Family aside, banks and government will definitely be the 2 parties that will be in contact with your family members once you are dead.
  • Within sixty (60) days, the bank will be in touch with your family members and business partners (if any), to request for any loans or repayment to be settled
  • Inland Revenue Board (IRB) or better known as Lembaga Hasil Dalam Negeri (LHDN) will create a file to collect back any outstanding taxes
  • Creditor(s) will also start to look for the administrator of your estate or apply to the court as administrator so they can collect whatever debts left by your good self
When you are no longer around, your family members and your loved ones will need to live on... with money
  • How can they plan to settle your repayment or loans?
  • If you are in business, how can they decide who will be the successor?
  • How can you make sure your estate is distributed accordingly to your loved ones?
When you are still alive...

Do you want to give your loved ones lovingness?
Or to leave your loved ones with indebtedness?

Contact me for POSSIBLE SOLUTION

Sunday, July 6, 2014

Mortgage Enhancement Programme


Ever wonder how people reduce their Mortgage Tenure, owning 100% of their house 5 - 10 years faster than anyone?

Why some people can afford to do "early settlement" on their Mortgage and yet has surplus for new property investments, children education and even vacations?!

We have recently formulated a SOLUTION to help you to achieve the following objectives:

  • Reduce your mortgage tenure (own 100% of your house 5 - 10 years earlier)
  • Cut down on your mortgage interest paid (save RM5000 - RM10,000 on interest alone!)
Set an appointment with us to know more today!
Give us 27 minutes and let us amaze you on how easy it can be done!

Visit our facebook page for more information.

Thursday, June 19, 2014

Why is Life Insurance a Useless Product?


In my first few years as an Insurance Consultant, the biggest challenge I face everyday is to convince my clients and prospects to look at a life insurance policy as a necessity!
Most of the prospects I've seen, bought a savings or investment plans. The most I could do is to convince them to consider a medical insurance plan to provide for emergency hospitalization bills. Sometimes, selling medical & health insurance plan is an uphill battle with certain prospects.
In financial planning, life insurance is always form the foundation of the planning process. Unfortunately, it's the most important product that is hardest to buy, because it's meant to be useless!
4 years back, I met a young account executive who just started working, and I go on to explain the importance of putting a life insurance in place for her. As she is young, it's so easy to convince her about taking this small step towards financial planning. With the lower income as a fresh graduate, I suggested for her to start a life + medical insurance at the lowest premium that she can afford and she can upgrade it later when her income increases. She was completely sold on the idea on our first appointment. However, she said she will need to talk to her mom on this matter.
One week later, when we met up for the application, she told me she agrees with me but her mother told her that buying a life insurance is totally useless. Thus, she have second thoughts about signing on the dotted line.
My reply to her was simple, "Aren't you glad that your mother told you that life insurance is useless?"
Shocked, she asks, "I don't get you, what do you mean?"
I look straight into her eyes and told her, "Nobody would ever buy a life insurance hoping it's going to be useful. And I'm sure you are glad your mother did not get to use it."
From that day onwards, I never had any problem selling this "useless" product anymore!
Life Insurance is meant to be useless because it's money given to you at the time you would need it the most, when you lose your job due to death, disability and diseases.

Thursday, June 5, 2014

Insurance Saving Plan, Really That Good?

After many months of resting, I am back in action.

Today, we shall talk about Insurance Saving Plan, is it really that good?

Let's look at an example from one of the Insurance Company.

Disclaimer:
No Right, No Wrong. It is just my personal opinion. It depends on ones' priority and objectives.


Looking at the, obviously self created, table above, the term is 5 years. Sum Assured for the plan is RM110,000. Premium per year is RM43,975.

Characteristics of this plan:

  1. First to 5th Policy Year, client will be entitled for RM6,500 yearly guaranteed cash payment. 6th to 19th Policy Year, client will be entitled for RM8,500 yearly guaranteed cash payment. Client can choose to withdraw or to keep it in the policy and at the end of Policy Year 20, the total accumulated Guaranteed Cash Payment will be RM249,586.
  2. There will be a bonus of RM7,403 at the end of Policy Year 20.
  3. There is another Non Guaranteed Bonus (which the agent says return depends on company's performance). If the return is as illustrated and no withdrawal is done, there will be RM51,545 at the end of Policy Year 20.
Therefore, after 20 years, the total payout will be:
RM110,000 + RM249,586 + RM51,545 + RM7,403 = RM418,534.

RM418,534 - (RM43,975 x 5 years) = RM198,659


Let's say we save in Bank FD, at a rate of 3.96%
Bank Rakyat Deposit Account-i


The return from saving in FD (3.96% per annum) is guaranteed at RM443,020.

Other than that, it is more flexible as the FD savings renew every year. Which means, if there is any emergency that requires you to do any withdrawal, there will be no penalty imposed.

Unlike the Insurance Saving Plan, if there is any withdrawal made in between 20 years, there will be penalty imposed (other than withdrawing the Guaranteed Cash Payment).

In my opinion, looks like Insurance Saving Plan is not that good after all.

Better stick with buying Insurance for the purpose of PROTECTION.


Saturday, March 22, 2014

Increase in Medical Fees Acceptable, says MMA


The new increased medical fees following the amendment to the Private Healthcare Facilities and Services Act 1998 are considered acceptable by the Malaysian Medical Association.
Its president Datuk Dr NKS Tharmaseelan said that MMA had been waiting for the increase for 12 years as the prices of drugs, laboratory fees and petrol had increased.
"There is a misconception that GPs are raking in lots of profits when they were actually scraping the bottom of the barrel these days," he said in an e-mail reply.
More than 500 stand-alone general practitioner clinics had closed down or had been bought over by large chain-clinics or business corporations in the last few years, he said.
On Monday, an online news portal highlighted that amendment to the 13th Schedule of the Act was published in the Federal Gazette on Dec 16 last year and implemented in a hush-hush manner.
It reported that the new consultation fees for a general practitioner had increased to between RM30 and RM125, as opposed to RM10-RM35 previously, while a visit to a specialist now costs up to RM235 for consultation alone, nearly double the previous cap of RM125.
Fees for medical procedures, however, increased between 14-18%.
Dr Tharmaseelan also said that while the increase did not reflect inflation rates since 2002, fees on newer procedures were not included in the revised schedule as proposed by MMA and would be left unregulated.
He also said that doctors do not get all the fees charged for services - for short surgical procedures, the ratio might be 40:60 of the total bill for specialist and hospital respectively while for more complex procedures and long staying patients, it might be as low 20-25% for specialist, while the rest were hospital charges.
Moreover, third-party administrators such as managed care organisations (MCOs) often negotiate a discount of 10% to 15% on doctors' fees for hospitals without the consent of the doctors.
"There should be more transparency about the charges," he said.
Medical Practitioners Coalition Association of Malaysia president Dr Jim Loi said that in the past, a general practitioner in a standalone clinic was able to earn a monthly net income of RM40,000 in the Klang Valley, but it had since dropped to RM15,000.
He added it posed a challenge to them as they too had to pay mortgages and send their children to colleges.
He said the more worrying trend was the increase in drug prices - including generic drugs - every few months and doctors had been absorbing the cost.
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So, if the doctors are increasing their charges because they want to cope with the high living cost, what should you do?
Contact us for more info on how you can avoid paying high medical bills with your own money!