I came across this very interesting article in our July09 Agency Review. It comment about the financial stress due to critical illness and medical cost.
Medical Bankruptcy in the United States,2007: Result of a National Study
Background: Our 2001 study in 5 states found that medical problem contributed to at least 46.2% of all bankruptcies.Since then,health costs and the number of uninsured and under insured have increased,and bankruptcy laws have tightened.
Methods:We surveyed a random national sample of 2314 bankruptcy filers in 2007,abstracted their court records,and interviewed 1032 of them.We designated bankruptcies as "medical"based on debtors' stated reasons for filling,income loss due to illness and the magnitude of their medical debts.
Results:Using a conservative definition ,62.1% of all bankruptcies in 2007 were medical; 92% of these medical debtors had medical debts over $5000, or 10% of pretax family income.The rest met criteria for medical bankruptcy because they had lost significant income due to illness or mortgaged a home to pay medical bills.Most medical debtors were well educated,owned homes and had middle-class occupations.Three quarters had health insurance.Using identical definitions in 2001 and 2007,The share of bankruptcies attributable to medical problems rose by 49.6%.In logistic regression analysis controlling for demographic factors,the odds that a bankruptcy had a medical cause was 2.38-fold higher in 2007 than in 2001.
Conclusions:Illness and medical bills contributed to a large increasing share US bankruptcies. Transfer the risk to a insurance company. Take up a medical insurance policy.
What you need to know all about Personal Financial Planning, Risk Management , Wealth Accumulation, Wealth Creation, Wealth Preservation and Wealth Distribution. How and what to do for children education funding, retirement funding and etc ? Where to find help and advice and who to approach ? You can send in your enquiry to email: ttong3@gmail.com or call +603-20817435 or chat without any obligation.
Showing posts with label Products. Show all posts
Showing posts with label Products. Show all posts
Wednesday, July 22, 2009
Wednesday, July 15, 2009
Wealth accumulation & wealth perseveration
A look at whether a retiree can survive after losing monthly income and with only EPF savings to rely on.
Some studies conducted in Malaysia have shown that most retirees spend all their EPF money within 3 years of their retirement. Given that the average lifespan for a Malaysian is 75 years, if we retire at 55 and spend all our EPF money within 3 years, a lot of us will be wondering how to survive from 58 to 75.
The most worrying question that most of us will be asking is how to survive retirement when we lose our steady stream of monthly income to cover our daily expenses.
However, if we have been building an investment portfolio apart from EPF money, we would not be able to generate a source of returns from our own investment portfolio.
In reality, a lot of us have been spending most of our savings, including part of our EPF savings on our children’s education and clearing debts on house and car purchases, which leave us with not much savings for our retirement.
With this general concern in mind, let’s look into how much of our EPF money we can afford to spend to have enough for our retirement based on the our local conditions and some assumptions.
Generally, an average Malaysian starts working at 25 and reaches retirement at 55 (after 30 years of working), thereafter living the remaining 20 years (until 75) relying on the EPF savings.
We will assume a starting pay of RM1,500, growing at the rate of 8% per annum; an average bonus of two months per annum, average EPF returns of 5%, total EPF contribution of 23% (employer: 12%, employee: 11%) and inflation rate of 3%.
Our main objective is to test how much EPF money we can spend until we use it all up.
Our analysis shows that if we are able to live with just one-third (or 33%) of our last drawn salary, the EPF money should be able to support us for 20 years until we pass away at 75.
From the example below, if a person’s last drawn salary is RM13,976 at 55, he can only afford to spend one-third or RM4,612 per month after retirement (1/3 x RM13,976).
However, if his spending exceeds the one-third level, such as 50% or the full amount of his last drawn salary, his EPF money can only last 12 or five years respectively.
Even though our computations are based on a lot of assumptions and hypothetical scenarios, our objective is to bring to your attention that we need to be careful in spending our EPF money and control our expenses once we retire.
We will need to adjust our lifestyle after our retirement, especially for those of us that are used to spending most of our take-home pay when we are still working.
Once we lose the regular income source and are relying just on the savings, we will need to plan carefully in order not to out-live our savings. In this example, we can only afford to spend 33% of our last salary after retirement!
Everyone has different financial situations. However, we need to plan for our retirement. If possible, we need to build our own investment portfolio apart from the EPF savings. We may need to seek some part-time jobs after retirement if our financial resources do not permit us to stop working. Besides, we need to clear all our outstanding debts before retirement.
We also need to buy enough life and medical insurance for ourselves as well as set up education funds for our children.
Last but not least, one important point to note is that our computation is based on the assumption that we are still able to generate 5% returns after retirement.
Unless we have the skills and knowledge to generate the returns, putting the money back in EPF and letting EPF generate returns may be a good option. For the average person, we feel that it is not easy to generate 5% returns annually over a long period of time.
MAA had this wonderful policy known as Super Fortune Plan for your wealth accumulation and wealth perseveration.
Some studies conducted in Malaysia have shown that most retirees spend all their EPF money within 3 years of their retirement. Given that the average lifespan for a Malaysian is 75 years, if we retire at 55 and spend all our EPF money within 3 years, a lot of us will be wondering how to survive from 58 to 75.
The most worrying question that most of us will be asking is how to survive retirement when we lose our steady stream of monthly income to cover our daily expenses.
However, if we have been building an investment portfolio apart from EPF money, we would not be able to generate a source of returns from our own investment portfolio.
In reality, a lot of us have been spending most of our savings, including part of our EPF savings on our children’s education and clearing debts on house and car purchases, which leave us with not much savings for our retirement.
With this general concern in mind, let’s look into how much of our EPF money we can afford to spend to have enough for our retirement based on the our local conditions and some assumptions.
Generally, an average Malaysian starts working at 25 and reaches retirement at 55 (after 30 years of working), thereafter living the remaining 20 years (until 75) relying on the EPF savings.
We will assume a starting pay of RM1,500, growing at the rate of 8% per annum; an average bonus of two months per annum, average EPF returns of 5%, total EPF contribution of 23% (employer: 12%, employee: 11%) and inflation rate of 3%.
Our main objective is to test how much EPF money we can spend until we use it all up.
Our analysis shows that if we are able to live with just one-third (or 33%) of our last drawn salary, the EPF money should be able to support us for 20 years until we pass away at 75.
From the example below, if a person’s last drawn salary is RM13,976 at 55, he can only afford to spend one-third or RM4,612 per month after retirement (1/3 x RM13,976).
However, if his spending exceeds the one-third level, such as 50% or the full amount of his last drawn salary, his EPF money can only last 12 or five years respectively.
Even though our computations are based on a lot of assumptions and hypothetical scenarios, our objective is to bring to your attention that we need to be careful in spending our EPF money and control our expenses once we retire.
We will need to adjust our lifestyle after our retirement, especially for those of us that are used to spending most of our take-home pay when we are still working.
Once we lose the regular income source and are relying just on the savings, we will need to plan carefully in order not to out-live our savings. In this example, we can only afford to spend 33% of our last salary after retirement!
Everyone has different financial situations. However, we need to plan for our retirement. If possible, we need to build our own investment portfolio apart from the EPF savings. We may need to seek some part-time jobs after retirement if our financial resources do not permit us to stop working. Besides, we need to clear all our outstanding debts before retirement.
We also need to buy enough life and medical insurance for ourselves as well as set up education funds for our children.
Last but not least, one important point to note is that our computation is based on the assumption that we are still able to generate 5% returns after retirement.
Unless we have the skills and knowledge to generate the returns, putting the money back in EPF and letting EPF generate returns may be a good option. For the average person, we feel that it is not easy to generate 5% returns annually over a long period of time.
MAA had this wonderful policy known as Super Fortune Plan for your wealth accumulation and wealth perseveration.
Monday, June 8, 2009
Bogus investment products
Dear Business partners, Please find attached herewith a news article ‘SC warns of bogus investment products’ which appeared in The Star, 8 June 2009, for your attention.
Friday, May 8, 2009
Domestic Maid Insurance Scheme (DMIS)
Domestic Maid Insurance Scheme
This scheme has been designed to provide comprehensive protection for you and your maid 24 hours a day.You can rest assured that you/your maid will be getting all-round solid protection from one of the leading and largest Insured in Malaysia and at very good rates.
This scheme provides coverage for accidental death,permanent disablement,repatriation,hospital surgical and weekly benefits.In addition,we also cover your Vicarious Liability to third parties (for bodily injury or damage to property) arising out of your maid's negligence.
Benefits
Premium Rate
The annual premium charged under the Domestic Maid Insurance Scheme is RM 60.00 for twelve (12) months and RM 80.00 for twenty-four (24)months per maid (including RM 10.00 Stamp Duty).
This scheme has been designed to provide comprehensive protection for you and your maid 24 hours a day.You can rest assured that you/your maid will be getting all-round solid protection from one of the leading and largest Insured in Malaysia and at very good rates.
This scheme provides coverage for accidental death,permanent disablement,repatriation,hospital surgical and weekly benefits.In addition,we also cover your Vicarious Liability to third parties (for bodily injury or damage to property) arising out of your maid's negligence.
Benefits
Premium Rate
The annual premium charged under the Domestic Maid Insurance Scheme is RM 60.00 for twelve (12) months and RM 80.00 for twenty-four (24)months per maid (including RM 10.00 Stamp Duty).
Sunday, May 3, 2009
Medical Insurance
Received this month Personal Money magazine and saw the front cover this interesting topic : Can you afford to fall ill ? Your health , your wealth . How to protect yourself against rising medical cost ?
MAA Assurance had a solution for you. We had a comprehensive medical insurance coverage tailor to your needs. For your information our medical insurance came in very handy during the 1997 avian flu and also during the 2003 SARS. Need more information's please email me at ttong3@gmail.com
Thursday, April 9, 2009
MAA Critical Illness claim
Below are the 36 critical illness claims record for MAA Assurance. No matter what age the person is , the criticall illness can strike anytime. For more of our MAA critical illness policys please sms me at 019=3234605 or e-mail me at ttong3@gmail.com
Wednesday, April 1, 2009
Senior Gold
You've worked hard all your life to create a comfortable life for your loved ones.Now,it's your turn to sit back and enjoy the fruits of your labour.Let MAA SeniorGold make your retirement years a lot more comfortable and peaceful.For only RM50 per month,you can enjoy great benefits from a product that caters for your specific needs;super benefits at an unbeatable price you can enjoy at any time,anywhere in the world! So .for a worry-free life,get MAA SeniorGold.After all you've earned the right to enjoy the best life has to offer!
Insurance Protection that the Elderly need the most ....
- No Worries.GUARANTEED ACCEPTANE
- Hassle Free.NO MEDICAL CHECK-UP
- Affordable premium as low as RM50 per month
- Premium does not increase with age
- Best Coverage-Natural & Accidental Death Benefits
- Coverage Renewable up to 100 years old
- Guaranteed Cash Payment
- 24-Hour Protection,Worldwide
- High Entry Age
Friday, March 27, 2009
MAA PAYBACK
GUARANTEED 100% MONEY BACK
Under this special MAA PayBack Personal Accident 100, you will receive 100% cash back on all premiums paid (based on annual mode premium)
All you need to do is simply pay an affordable amount to get the protection that you require
Upon maturity (after 20 years), you will get back all premiums you have paid (based on annual mode premium), should there be no claim made
In addition,you will find that this is the most flexible plan where you can terminate your policy at any time and receive a cash value. A policy that is terminated within the first three years will not have any cash value.If the policy is terminated in the early years,you may get back less than the amount you have already paid.
DOUBLE INDEMNITY
This benefit ensures you receive double of the Accident sum assured in the event of Death or Disability due to traffic accident at any Toll Highway/Expressway*in Malaysia.For example: North South Highway, New Klang Valley Highway,Seremban Port Dickson Highway, Damasara Puchong Highway,Karak Highway, KESAS, SPRINT and many more….
Just imagine the peace of mind that it will bring you and your family at a very affordable premium.
Under this special MAA PayBack Personal Accident 100, you will receive 100% cash back on all premiums paid (based on annual mode premium)
All you need to do is simply pay an affordable amount to get the protection that you require
Upon maturity (after 20 years), you will get back all premiums you have paid (based on annual mode premium), should there be no claim made
In addition,you will find that this is the most flexible plan where you can terminate your policy at any time and receive a cash value. A policy that is terminated within the first three years will not have any cash value.If the policy is terminated in the early years,you may get back less than the amount you have already paid.
DOUBLE INDEMNITY
This benefit ensures you receive double of the Accident sum assured in the event of Death or Disability due to traffic accident at any Toll Highway/Expressway*in Malaysia.For example: North South Highway, New Klang Valley Highway,Seremban Port Dickson Highway, Damasara Puchong Highway,Karak Highway, KESAS, SPRINT and many more….
Just imagine the peace of mind that it will bring you and your family at a very affordable premium.
EXTENDED COVERAGE
Whilst engaged in Sport or Hobbies,including:
All Amateur Sports except Martial Arts and Boxing
Water Sports including Yachting and Water Skiing
Scuba Diving(up to50 metres in depth)
Hunting
Mountain Climbing
Polo Playing
Accidents caused by Natural Events
1. Natural Disaster including La Nina,El Nino,Flood and Earthquake
Other Extended Coverage
1. Strike,Riot and Civil Commotion
2. Murder and Assault(unprovoked)
3. Drowning
4. Suffocation through Smoke Fumes or Poisonous Gas
5. Food and Drink Poisoning
Whilst engaged in Sport or Hobbies,including:
All Amateur Sports except Martial Arts and Boxing
Water Sports including Yachting and Water Skiing
Scuba Diving(up to50 metres in depth)
Hunting
Mountain Climbing
Polo Playing
Accidents caused by Natural Events
1. Natural Disaster including La Nina,El Nino,Flood and Earthquake
Other Extended Coverage
1. Strike,Riot and Civil Commotion
2. Murder and Assault(unprovoked)
3. Drowning
4. Suffocation through Smoke Fumes or Poisonous Gas
5. Food and Drink Poisoning
Wednesday, March 25, 2009
Personal Accident Policy
Accident happen-any place,any time and to anyone.Most of the times,these accident cause more then just physical pain.It could leave a deep mark of mental,emotional and financial distress,not only to ourselves but also to our loved ones.Well,prevention is better than cure.Why not get prepared before the unfortunate happens?With the all-new PA110EVO,you will be able to protect and your loved ones from unnecessary burden.It will also ensure your finances are not stretched to hardship levels during your recovery period.
Extended Coverage
Whilst on any mode of travelling
- Motor Cycling
Whilst engaged in sports or hobbies
- All amateur sports(except martial arts and boxing)
- Water sports including yachting and water skiing
- Scuba diving (up to 50 metres deep)
- Hunting
- Mountain Climbing
- Polo playing
- Bungee jumping
Accidents caused by Natural Events
- Natural Disasters including La Nina,El Nino,flood and earthquake
- Insect bites,snake bites ans animal bites
Other Additional Extensions
- Strike,riot and civil commotion
- murder and assault (unprovoked)
- Drowning
- Suffocation through smoke fumes or poisonous gas
- Food and Drink poisoning
- Extended Coverage for Dengue Fever and Japanese Encephalitis -up to 100% of the Medical Reimbursement only.
- War,civil war,terrorism,AIDS and diseases,childbirth,miscarriage,provoked murder or assault,travelling as an aircraft crew,aerial activities,martial arts,racing,radiation,nuclear weapons and intoxication by alcohol & drugs.
- Japanese Encephalitis & Dengue Fever are excluded for all benefits except Medical Reimbursement benefit
Frequently asked questions
1.Why do I need this plan?
By applying PA110 EVO ,you will enjoy comprehensive protection and peace of mind.Knowing that in the event of an accident,you and your loved ones will be financially secured.
2.Who is eligible to apply?
A person whose age is 18 and above is eligible to apply.Eligibility age for life insured is from 10 years old to 55 years old,renewable up to age 75 ,subject to a maximum term of 20 years.
3.What is the mode of payment available?
You can opt to pay your premium by
- Yearly
- Half-Yearly
- Quarterly
No.This is a protection plan with no cash value
MAA target RM100 million
Malaysian Assurance Alliance Bhd (MAA Assurance) is confident of achieving RM100mil premium within a year for its newly launched Super Fortune Plan.
CEO Muhammad Umar Swift said the new endowment plan was expected to contribute 10% growth on the MAA life assurance segment this year.
“This endowment plan caters for individuals aged between 10 and 55 years. It provides guaranteed annual cash payments from the end of the 10th policy year and upon maturity, 120% of the original sum assured will be payable to the insured,” he said.
Vice president of life business development services, YC Chan, said among the highlights of the plan was that the basic premiums were payable and guaranteed to remain unchanged throughout the policy years.
CEO Muhammad Umar Swift said the new endowment plan was expected to contribute 10% growth on the MAA life assurance segment this year.
“This endowment plan caters for individuals aged between 10 and 55 years. It provides guaranteed annual cash payments from the end of the 10th policy year and upon maturity, 120% of the original sum assured will be payable to the insured,” he said.
Vice president of life business development services, YC Chan, said among the highlights of the plan was that the basic premiums were payable and guaranteed to remain unchanged throughout the policy years.
The biggest difference between our plan and others available in the market is that our plan is 100% guaranteed,” he said. Chan said the plan also offered flexibility as policy holders could opt for a payment term to suit their financial capability.
“In the event of total permanent disability before the age of 60, or death at any time during the policy duration, the insured or their loved ones will receive 100% of the sum assured,” he said.
"We are targeting customers who are currently keeping their money in safe deposits and earning a minimal interest on their money as the policy provides protection and savings"
“In the event of total permanent disability before the age of 60, or death at any time during the policy duration, the insured or their loved ones will receive 100% of the sum assured,” he said.
"We are targeting customers who are currently keeping their money in safe deposits and earning a minimal interest on their money as the policy provides protection and savings"
Saturday, March 7, 2009
Super Fortune Plan
MAA Assurance had launched a great plan for saving and retirement. You can save for your children education, oversea vacation, purchasing a new home or for retirement. These milestones required money $$$ to achieve them. Super Fortune Plan will assist you.....through systematic savings. You pay only 6 years premium and then every year received 4% to 6% of the sum insured. At maturity you will received 120% of the basic sum assured. The IRR is at 4% which is higher than the Bank Fixed Deposited rate of 2.5% now. For more info e-mail me at ttong3@gmail.com
Wednesday, March 4, 2009
Medical Card
Don't let the rising medical costs bring you down. Protect yourself against the rising medical treatment with MedicaLife 207 policy. Attached are the plan.
Saturday, February 28, 2009
General Insurance
Do you need a motor insurance for your car ,
fire insurance for your property such as
house or shop ?
How about going for oversea holidays and you
dont know where to take travel insurance
or a medical card for cashless admission into hospital ?
I have the solutions for you. Just email me at
Tuesday, February 24, 2009
3 Generations Income Plan
MAA have this wonderful product which can provide income for 3 generations. It is call 20 PayMaster Guaranteed. A Certainty Of Life!
Description
The world around us is constantly evolving. Life evolves and is unpredictable. You however, can guarantee yourself some peace of mind by protecting your family and your loved ones against any mishaps. Your family depends on you, and there's no substitute for your love and support. With 20 PayMaster Guaranteed we will take that worry from you. 20 PayMaster Guaranteed is a plan that allows you to at the very least, guarantee permanent financial security for your loved ones.
20 PayMaster Guaranteed gives you more than just guaranteed lifetime insurance protection…it's also an attractive savings plan. This plan rewards you in the form of guaranteed annual cash payments until you reach age 88. What's really great about 20 PayMaster Guaranteed is the longer you invest in the policy, the higher will be the potential returns. It really comes in handy for your children's further education or your own retirement, or perhaps even as a down payment for a dream home.
This plan can be an effective way of protecting your family's assets by giving you certainty in more ways than one, such as…
Benefits
Guaranteed Annual Cash Payments (GACP)
This plan rewards you with guaranteed annual cash payments. The guaranteed annual cash payments are yours to use as you wish…like purchasing a supplementary term insurance, or simply cash it in. Better still, leave it to accumulate1 in the policy, and let the cash grow further, just for you!
Entry Age
0-30
With 20 PayMaster Guaranteed, you only have to pay basic premiums for 20 years - with the assurance that basic coverage is guaranteed up to age 88. You can opt to pay your premium annually, semi-annually, quarterly or monthly. Simply put, it’s peace of mind - for you and your loved ones whom you care so much about.
Guaranteed Lifetime Coverage
It provides you with whole life coverage until age 88…guaranteed!
Maturity Benefit
If you keep the policy until age 88, you’ll be rewarded with maturity benefit in the form of 100% of the sum assured. It’s our way of saying thank you for staying with MAA Assurance.
Protect the Financial Security of Your FamilyIn the event of untimely death, it protects the financial security of your family by providing the sum assured.2 The proceeds can help ease the crippling effects of financial strains like home mortgage payment, so your family can keep the house and maintain the lifestyle they are used to. It can also help cover your child’s education expenses; so that one day, your child will grow up to become an endearing personality.
Protection Against Total and Permanent Disability (TPD)
In the event of TPD before age 60, it pays you the sum assured. You can use the proceeds to take care of medical costs, or settle outstanding financial commitments.
Sum assured is defined as the Basic Sum Assured (SA) if the Basic SA plus GACP paid is greater than the total basic premium paid (TPP) under the annual payment mode. Otherwise, TPP will be payable.
Who is Eligible ?
You can be insured with 20 PayMaster Guaranteed if you are between 0 (30 days) and 50 years old.
Looking To Enhance Your Coverage ?
Because we understand your need for flexibility, we have given you the option to tailor the plan to suit your particular lifestyle by making a whole range of riders available - just for you!
For more informations please sms me 019-3234605 your details and I plan a proposal for you
Description
The world around us is constantly evolving. Life evolves and is unpredictable. You however, can guarantee yourself some peace of mind by protecting your family and your loved ones against any mishaps. Your family depends on you, and there's no substitute for your love and support. With 20 PayMaster Guaranteed we will take that worry from you. 20 PayMaster Guaranteed is a plan that allows you to at the very least, guarantee permanent financial security for your loved ones.
20 PayMaster Guaranteed gives you more than just guaranteed lifetime insurance protection…it's also an attractive savings plan. This plan rewards you in the form of guaranteed annual cash payments until you reach age 88. What's really great about 20 PayMaster Guaranteed is the longer you invest in the policy, the higher will be the potential returns. It really comes in handy for your children's further education or your own retirement, or perhaps even as a down payment for a dream home.
This plan can be an effective way of protecting your family's assets by giving you certainty in more ways than one, such as…
Benefits
Guaranteed Annual Cash Payments (GACP)
This plan rewards you with guaranteed annual cash payments. The guaranteed annual cash payments are yours to use as you wish…like purchasing a supplementary term insurance, or simply cash it in. Better still, leave it to accumulate1 in the policy, and let the cash grow further, just for you!
Entry Age
0-30
Policy Year
0-19th
Guaranteed Annual Cash Payment
Nil
Policy Year
20th - 30th
Guaranteed Annual Cash Payments
6% - 8 % ( % of sum insured)
The interest rate for accumulation is not guaranteed and is dependent on the performance of the policy.
With 20 PayMaster Guaranteed, you only have to pay basic premiums for 20 years - with the assurance that basic coverage is guaranteed up to age 88. You can opt to pay your premium annually, semi-annually, quarterly or monthly. Simply put, it’s peace of mind - for you and your loved ones whom you care so much about.
Guaranteed Lifetime Coverage
It provides you with whole life coverage until age 88…guaranteed!
Maturity Benefit
If you keep the policy until age 88, you’ll be rewarded with maturity benefit in the form of 100% of the sum assured. It’s our way of saying thank you for staying with MAA Assurance.
Protect the Financial Security of Your FamilyIn the event of untimely death, it protects the financial security of your family by providing the sum assured.2 The proceeds can help ease the crippling effects of financial strains like home mortgage payment, so your family can keep the house and maintain the lifestyle they are used to. It can also help cover your child’s education expenses; so that one day, your child will grow up to become an endearing personality.
Protection Against Total and Permanent Disability (TPD)
In the event of TPD before age 60, it pays you the sum assured. You can use the proceeds to take care of medical costs, or settle outstanding financial commitments.
Sum assured is defined as the Basic Sum Assured (SA) if the Basic SA plus GACP paid is greater than the total basic premium paid (TPP) under the annual payment mode. Otherwise, TPP will be payable.
Who is Eligible ?
You can be insured with 20 PayMaster Guaranteed if you are between 0 (30 days) and 50 years old.
Looking To Enhance Your Coverage ?
Because we understand your need for flexibility, we have given you the option to tailor the plan to suit your particular lifestyle by making a whole range of riders available - just for you!
For more informations please sms me 019-3234605 your details and I plan a proposal for you
Wednesday, February 18, 2009
Teras Malaysia Extra
Good News ! A consortium of insurance company have come out with this special insurance policy.
Product Brief
This is a 15, 20, 25 or 30 years term plan providing the following benefits:
1. Basic Death Benefit
2. Accidental Death Benefit
3. Total & Permanent Disability Benefit
4. Critical Illnesses Benefit
5. Funeral Expenses Benefit
6. Daily Hospital Income Benefit
7. Maturity Benefit
On top of the above benefits, a 100 % refund of the premium pay upon maturity of the policy.Premium rate are very reasonable. Example for a male ,person age 30 sum insured of RM 100,000 on a 30 years term the yearly premium is RM1896 with RM56,880 cash back at maturity. In a way It is a good as FREE INSURANCE.
Participating Companies:
1) MAA Assurance
2) Etiqa Insurance
3) Hong Leong Assurance
4) MCIS Zurich Insurance
5) AmAssurance
More details please email me at ttong3@gmail.com or sms 019-3234605.
Product Brief
This is a 15, 20, 25 or 30 years term plan providing the following benefits:
1. Basic Death Benefit
2. Accidental Death Benefit
3. Total & Permanent Disability Benefit
4. Critical Illnesses Benefit
5. Funeral Expenses Benefit
6. Daily Hospital Income Benefit
7. Maturity Benefit
On top of the above benefits, a 100 % refund of the premium pay upon maturity of the policy.Premium rate are very reasonable. Example for a male ,person age 30 sum insured of RM 100,000 on a 30 years term the yearly premium is RM1896 with RM56,880 cash back at maturity. In a way It is a good as FREE INSURANCE.
Participating Companies:
1) MAA Assurance
2) Etiqa Insurance
3) Hong Leong Assurance
4) MCIS Zurich Insurance
5) AmAssurance
More details please email me at ttong3@gmail.com or sms 019-3234605.
Monday, February 16, 2009
Different types of insurance policy
Planning early for life coverage
Just why is life insurance so crucial and why is it important to start a policy as early as possible? QUAH CHIN CHIN lays out the basics
Buying a life insurance policy is a crucial step in financial planning. Such insurance is a long-term commitment that provides financial coverage to the policyholder or his beneficiary in the event of unforeseen circumstances such as critical illness, permanent disability or premature death.
It can also be used as a vehicle to achieve one's financial goals, including income protection, building a retirement fund or saving up for a child's education.
Life insurance policies fall into various classifications. A whole life policy is one in which the premium - money paid for the coverage - remains level for the entire duration of the policyholder's life.
It provides protection and increases cash value (also known as cash surrender value or surrender value), or the cash amount an insurance company will pay a policyholder when he cancels or surrenders his policy prematurely, or savings.
A term policy, meanwhile, provides protection only and is usually renewable annually, while an endowment policy involves an insured sum that is payable upon maturity of the policy (at the end of a fixed term of 20 years, for example) or on prior death of the policyholder.
There are also investment-linked policies, which, as the name suggests, are tied to investments. Policyholders with 'participating' policies are entitled to profits or losses of an insurance company through the distribution of bonuses, while those holding 'non-participating' policies will earn only the guaranteed cash value stated within his contract and not company dividends.
Needs and goals
Determining which policy to get depends on such factors as one's risk appetite, needs and financial goals, according to financial advisers BT spoke with.
For example, traditional whole life policies would appeal to a risk-averse person, while someone with a higher risk appetite could consider investment-linked policies, said Nick Czolak, Manulife (Singapore) senior vice-president and chief marketing officer. 'We'll show the prospective buyer the options available based on his profile, such as his attitude to risk, investment outlook, his considerations in terms of family, and circumstances,' he explained.
One's objectives also play a part, said Joan Lim, a financial planner at PromiseLand Independent, an advisory and insurance brokerage firm.
'We'll find out if they have any special objectives; for example, how much money they want to have in the bank if they wish to retire by 40, and make other suggestions for their consideration, such as disability income and extending their term plans,' she said. 'From there, we'll work backwards and come up with a financial roadmap for them.'
Insurance premiums depend on the amount of cover and type of plans. For instance, premium rates for non-participating policies are lower than those for participating policies.
Another important point new policyholders are often advised on is to consider carefully before terminating or surrendering their policy before the tenure is up, as doing so typically results in losses. Early cancellation may incur not only additional fees, but also causes the holder to lose his benefits.
'Your health status could have changed since you first took out the policy and you may not be able to get a similar level of protection in a new policy, as you'll be required to declare all pre-existing conditions and possibly undertake a medical examination,' according to advice from the Life Insurance Association (LIA) of Singapore's website.
For those unable to continue paying premiums on their current policy, the association suggests looking at other options available or reducing the sum insured, which would in turn lower the premiums.
Start young
Given that one is healthiest when young and that cash values build up over the years, it makes sense to start a policy from young.
'The whole idea of insurance is to start as young as possible,' said Patrick Lim, PromiseLand associate director, adding that this is the reason parents are encouraged to buy coverage for their newborns.
Added Ms Lim: 'When people start young, the premiums are at the lowest and they're at the peak of their health.'
Still, for those unsure of what to look out for when buying insurance for the first time, she suggests low premium, high-cover plans and hospitalisation plans to start off.
'Then as they progress in life, they would develop a clearer picture of what they want,' she said. 'This would be helpful for their financial planning; for example, more cover, returns or savings.'
And as their priorities shift or when they experience significant changes in their lives - such as getting a pay rise, tying the knot or receiving an inheritance - financial advisers would typically have periodic reviews with them.
These views were shared by Mr Czolak, who nevertheless sounded a note of caution: 'The younger you start, the cheaper it is and the more time you have, but of course, if you can't afford it, don't do it. Weigh your priorities.'
Indeed, being clear about one's goals and knowing what to expect are vital before jumping on the bandwagon. This is especially so in light of the current economic turmoil and the recent collapse of insurance giant American International Group, which had to be rescued with American tax dollars.
In the words of LIA: 'As the prospective customer, you still have to play an active role in determining your own financial needs; your financial adviser can help you make the right decisions but not make the decisions for you.'
Need any advise please email : ttong3@gmail.com or sms 019-3234605
Just why is life insurance so crucial and why is it important to start a policy as early as possible? QUAH CHIN CHIN lays out the basics
Buying a life insurance policy is a crucial step in financial planning. Such insurance is a long-term commitment that provides financial coverage to the policyholder or his beneficiary in the event of unforeseen circumstances such as critical illness, permanent disability or premature death.
It can also be used as a vehicle to achieve one's financial goals, including income protection, building a retirement fund or saving up for a child's education.
Life insurance policies fall into various classifications. A whole life policy is one in which the premium - money paid for the coverage - remains level for the entire duration of the policyholder's life.
It provides protection and increases cash value (also known as cash surrender value or surrender value), or the cash amount an insurance company will pay a policyholder when he cancels or surrenders his policy prematurely, or savings.
A term policy, meanwhile, provides protection only and is usually renewable annually, while an endowment policy involves an insured sum that is payable upon maturity of the policy (at the end of a fixed term of 20 years, for example) or on prior death of the policyholder.
There are also investment-linked policies, which, as the name suggests, are tied to investments. Policyholders with 'participating' policies are entitled to profits or losses of an insurance company through the distribution of bonuses, while those holding 'non-participating' policies will earn only the guaranteed cash value stated within his contract and not company dividends.
Needs and goals
Determining which policy to get depends on such factors as one's risk appetite, needs and financial goals, according to financial advisers BT spoke with.
For example, traditional whole life policies would appeal to a risk-averse person, while someone with a higher risk appetite could consider investment-linked policies, said Nick Czolak, Manulife (Singapore) senior vice-president and chief marketing officer. 'We'll show the prospective buyer the options available based on his profile, such as his attitude to risk, investment outlook, his considerations in terms of family, and circumstances,' he explained.
One's objectives also play a part, said Joan Lim, a financial planner at PromiseLand Independent, an advisory and insurance brokerage firm.
'We'll find out if they have any special objectives; for example, how much money they want to have in the bank if they wish to retire by 40, and make other suggestions for their consideration, such as disability income and extending their term plans,' she said. 'From there, we'll work backwards and come up with a financial roadmap for them.'
Insurance premiums depend on the amount of cover and type of plans. For instance, premium rates for non-participating policies are lower than those for participating policies.
Another important point new policyholders are often advised on is to consider carefully before terminating or surrendering their policy before the tenure is up, as doing so typically results in losses. Early cancellation may incur not only additional fees, but also causes the holder to lose his benefits.
'Your health status could have changed since you first took out the policy and you may not be able to get a similar level of protection in a new policy, as you'll be required to declare all pre-existing conditions and possibly undertake a medical examination,' according to advice from the Life Insurance Association (LIA) of Singapore's website.
For those unable to continue paying premiums on their current policy, the association suggests looking at other options available or reducing the sum insured, which would in turn lower the premiums.
Start young
Given that one is healthiest when young and that cash values build up over the years, it makes sense to start a policy from young.
'The whole idea of insurance is to start as young as possible,' said Patrick Lim, PromiseLand associate director, adding that this is the reason parents are encouraged to buy coverage for their newborns.
Added Ms Lim: 'When people start young, the premiums are at the lowest and they're at the peak of their health.'
Still, for those unsure of what to look out for when buying insurance for the first time, she suggests low premium, high-cover plans and hospitalisation plans to start off.
'Then as they progress in life, they would develop a clearer picture of what they want,' she said. 'This would be helpful for their financial planning; for example, more cover, returns or savings.'
And as their priorities shift or when they experience significant changes in their lives - such as getting a pay rise, tying the knot or receiving an inheritance - financial advisers would typically have periodic reviews with them.
These views were shared by Mr Czolak, who nevertheless sounded a note of caution: 'The younger you start, the cheaper it is and the more time you have, but of course, if you can't afford it, don't do it. Weigh your priorities.'
Indeed, being clear about one's goals and knowing what to expect are vital before jumping on the bandwagon. This is especially so in light of the current economic turmoil and the recent collapse of insurance giant American International Group, which had to be rescued with American tax dollars.
In the words of LIA: 'As the prospective customer, you still have to play an active role in determining your own financial needs; your financial adviser can help you make the right decisions but not make the decisions for you.'
Need any advise please email : ttong3@gmail.com or sms 019-3234605
Sunday, December 28, 2008
Best FDs rate
Working hard to achieve what you want is not easy. This is also know as Man at Work.
Money at Work is a better option. One way is to get your money to work harder for you. How ?
Invest in a higher FDs rate to get better return.
Below are some of the bank FD rate for 12 months term (% PA)
Affin Bank 3.5 %
Am Bank 3.5 %
CIMB Bank 3.5 %
Citibank 3.5 %
EON Bank 3.5 %
Maybank 3.5 %
Public Bank 3.5 %
MAA also have this FD Endowment plan where it will guaranteed you a 4.0% return for a 12 months period. On top of that there will be a 125% life insurance coverage. There is no service fee or management fee. Your capital, dividend and protection is guaranteed ! So hurry offer is for a limited period only.
Money at Work is a better option. One way is to get your money to work harder for you. How ?
Invest in a higher FDs rate to get better return.
Below are some of the bank FD rate for 12 months term (% PA)
Affin Bank 3.5 %
Am Bank 3.5 %
CIMB Bank 3.5 %
Citibank 3.5 %
EON Bank 3.5 %
Maybank 3.5 %
Public Bank 3.5 %
MAA also have this FD Endowment plan where it will guaranteed you a 4.0% return for a 12 months period. On top of that there will be a 125% life insurance coverage. There is no service fee or management fee. Your capital, dividend and protection is guaranteed ! So hurry offer is for a limited period only.
Monday, December 22, 2008
Breaking News
Dengue
is on the Rise !
Search and destroy AEDES breeding places in your house.
It only takes 10 minutes every week.
MINISTRY OF HEALTH MALAYSIA
100 have died of dengue fever this year. The figure was slightly higher than the 96 deaths registered for the same period last year. Houses and shops accounted 83% of the breeding grounds for the Aedes mosquitoes.
Thursday, December 18, 2008
Home Content Insurance
Encounter a bad experience this morning. Woke up at 6 am and intend to go out to the garden to breath in some fresh air. Sudden saw a burglar climb out from my neighbour house. I shouted and yell at him. He ran away quickly.
Later I found out that his house had been ransacked. Everything was in a mess. Good thing that he did a police report. Unfortunate he did not buy a home content insurance. This insurance will insured all your home contents including TV, radio etc etc. against fire and burglary. For less than RM200 per year you can insured up to RM30,000. A lot of people bought only fire insurance to cover the house only but not the home contents. It is good to buy both because it doesn't cost you a bomb.
Later I found out that his house had been ransacked. Everything was in a mess. Good thing that he did a police report. Unfortunate he did not buy a home content insurance. This insurance will insured all your home contents including TV, radio etc etc. against fire and burglary. For less than RM200 per year you can insured up to RM30,000. A lot of people bought only fire insurance to cover the house only but not the home contents. It is good to buy both because it doesn't cost you a bomb.
Friday, December 12, 2008
MAA : Insurance & U
Good news !!!
MAA still have this Sihat Malaysia medical plan. A lot of others insurance company are not renewing this plan but MAA still honour its promise.
I received a call from Mr A, a remisier from XYZ Securities Sdn Bhd asking me to renew his family Sihat Malaysia medical plan. He bought this policy from MNI, now know as Maybank Assurance or Eqtika. This company is not renewing the Sihat policy any more. They have made arrangement with MAA to take over their renewal of Sihat Malaysia policy. Those policyholder who renew with us will enjoy the 12 % family discount and also the 10% renewal discount. On top of this we will provide the take -over benefits , that is no 120 days waiting period for the major sickness.
I'm glad that I ,ve help Mr A to renew his policy and also thank him for the cofidence in me and MAA.
Bye Now.
Tony
email :ttong3@gmail.com
MAA still have this Sihat Malaysia medical plan. A lot of others insurance company are not renewing this plan but MAA still honour its promise.
I received a call from Mr A, a remisier from XYZ Securities Sdn Bhd asking me to renew his family Sihat Malaysia medical plan. He bought this policy from MNI, now know as Maybank Assurance or Eqtika. This company is not renewing the Sihat policy any more. They have made arrangement with MAA to take over their renewal of Sihat Malaysia policy. Those policyholder who renew with us will enjoy the 12 % family discount and also the 10% renewal discount. On top of this we will provide the take -over benefits , that is no 120 days waiting period for the major sickness.
I'm glad that I ,ve help Mr A to renew his policy and also thank him for the cofidence in me and MAA.
Bye Now.
Tony
email :ttong3@gmail.com
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