Wednesday, October 30, 2013

李嘉诚为何要买人寿保险


香港巨富李嘉诚说:“别人都说我很富有,拥有很多财富。其实真正属于我个人的财富是给自己和亲人买了足够的保险。”
许多人不解,为什么象李嘉诚那样的有钱人也要买保险呢?难道他的财富还不足以抵御风险?
首先,富有的人比穷人更知道钱是需要投资的,要追求投资回报率。有钱绝不会把钱放在手里(即持有现金)或全部放在银行(因存款利息低),应该把大部分钱用于其它投资:如股票、企业、债券等。但当自己或家庭发生风险时,手头很难筹到钱。所以为了在发生意外时有充足的经济保障,应把您的财富分一部分用到人寿保险上。这样可以解除您投资的后顾之忧。这也就是常说的三分法:银行、股票、保险,家庭投资的三大方向。
保险也是避税的好办法。
您可以在生前为自己投保巨额的人身保险,这样您的部分财富就可以免税由子女继承。
富过三代,永续经营,避遗产税,是不是您的心愿?
买保险,当然为的是保障,如养老、医疗和意外伤害。然而,按保险专家的划分,不同收入的人群,侧重的目的不同。低收入人群买的是保障,中等收入为的是理财,高收入人群更多的为了保全资产。其实,富人有N多的理由买保险。
第一、实力体现,生意所需
厦门(2009年)最大的一张个人保单是每年500万元保费,是当时的全国第四大保单。保险人士分析,巨额保单,常常出于保障之个人的目的,如生意上的需要。这家年营业额高达9个多亿的企业,一位海外新客户提出要资信证明。这位客户说,老板个人的人寿保单就是一种资信,但通常的门槛是“1000万美元的保额,每年保费要20万美元以上”。为满足客户的要求,老板投了百万级的保单。
大额保单是尊严,地位和财富的象征。专业人士介绍,保险公司对保费高达20万以上的大额保单,审查非常严格,除了担心骗保的顾虑之外,通常保险公司会要求客户投保要力所能及。 比如,年保费是年收入的10%-20%,保额为年收入的5倍为宜。因此,如果你手持的巨额保单来自一家负责任的保险公司,无疑就是一张值得信赖的名片,象征着身价和身份。
第二、保全资产,抵挡人情债
台湾首富蔡万霖身后只交了6亿新台币的遗产税,节税的首要功臣就是他的保单。但就人寿保险来讲,他就买了62亿元新台币,由于保险免税,蔡万霖的财产得以“安全”过继给继承人。大陆尚无遗产税,但未雨绸缪的人大有人在。有些富人士通过买保险指定受益人。提前安排财产继承事宜。更现实的是,保险被用来抵挡人情的盾牌。
  晋江有位商人,苦于朋友三天两头找他借钱,借出去的钱,十有八九是有去无回。借也得罪人,不借也得罪人。一天受保险人员的启示,茅塞顿开,遂将余钱买了保险。这下好了,有人上门借钱,这位老史振振有词说道:“不好意思呀,你为什么不早来。我的钱早买保险,保险若是要提前支取,是要亏大帐的, 不信你到保险公司咨询一下呀”。以前做生意赚下的钱要提取一大块要送给别人,作“坏账准备”,现在这些钱的安全有了保障,而且,需要周转,还可以以保单向保险公司贷款,这位商人对自己的决策很得意。
第三、吸取文化,锻炼下一代
现代企业家越来越有风险规避意识。以上两种另类理由,说到底都与风险意识有关,涉及的都是直接的经济利益。但是,还有为了学习管理,或者培养下一代而与保险结缘的。
有家大企业家的老板因为买了保险,认识到了保险公司的竞争环境激烈,对女儿的锻炼成长大有裨益。而且,他非常欣赏该公司的文化和管理机制,他要求女儿融入到群体当中,吃透公司的管理方法。还有家小企业主,通过日常的接触,暗中学习了保险公司的激励机制,应用于自己的企业,结果不仅留住熟练员工,还吸引了周边企业的技术员工,在“招工大战”中轻松获胜,企业规模顺势扩大,搭上了知名品牌的外包大船。
当大多数人面对一份年缴三五千元的保险计划还犹豫着是否该出手时,当不少人面对衣着笔挺、陌生到访的保险代理人仍心怀戒备时,同样在我们开封,当“大童保险代理有限公司"入驻开封给我们建起了第一个规范的“百姓身边的金融保险超市”后,人们有了自由多选、公平公正、方便快捷的办保险的好地方,开始有人愿意出百万、数百万乃至上千万元,来办保险了。他们为什么要买保险?他们买的是什么样的保险?他们怎样买保险?
为什么要买?。
1、担心生意失败,年缴两百万元
周勇(化名)是一位房地产商,他开发的楼盘地处XX交通便利之地。虽然曾经历过20世纪90年代的楼市低迷,但由于早期拿地成本极低,熬过寒冬后,周勇终于在楼市的黄金季节翻身,不仅早前的积压楼盘销售一空,后来新建的楼盘也在2008年赚得盆满钵溢。
不过,在周勇和太太、儿子将座驾全部换成奔驰、宝马之后,他的心中却始终有一个心结。 经历过“冬天”的周勇深知“严寒”的无情。一直以来,公司就是周勇的全部:“要是我倒了、公司倒了,什么都会倒,甚至家!”
一直以来各保险公司代理人好多人找到了周勇。“对保险,我一向很排斥。主要是各家保险公司的代理人都把自己公司的保险说成是目前市场上最好的,所以我就迷茫了,不知究竟哪家的才真正好。”周勇说。“不过大童公司给我的印象是:他们是个金融理财超市,可以公正的给你分析、比较各家公司的产品,然后帮你设计最合适的计划,我喜欢这样的环境,还有就是他们的一句话说到了我心里:一旦公司出现风险,即使你的房产、汽车都被追偿,这张保单也是可以保留、不被追偿的。”
被打动的周勇,最后通过大童超市买下多家保险公司产品组合。按照这份保险计划,周勇年缴保费200万元,缴费期10年,相当于10年向保险公司“贡献”2000万元,但也相当于周勇10年间为自己存下2000多万元。 按规定,即便生意失败,这2000多万元所产生的上亿的资金,也能保证周勇仍可以过上体面的贵族生活。
2、后代不接企业,买险保障儿女
从事卫浴生意的郑先生事业有成,由于主营欧美高档水龙头,郑先生名下的两家企业不仅没有受到金融危机影响,反而在原材料的涨价中,因为看准方向囤下大量有色金属,因而斩获多多。不过,让郑先生头疼的是,唯一的儿子对家族生意毫无兴趣。郑太太说,留学澳洲的儿子只想搞艺术,且无意回国,花钱如流水,这成为郑先生最大的心病。
尽管父子俩多有争执,但郑先生私下却让太太为儿子买下了高额“大单”。这份大单年缴费逾百万元,缴费期长达20年,但能提供至88岁的保障。郑太太的选择令大童理财师也感受到了他们那颗拳拳父母心——“第二年,保险公司就开始分年给付,一直到88岁。这样安排,既不需要担心儿子把钱一次挥霍掉,又能保证他有一定质量的生活”。
3、买份大额保单, 遏制老公烧钱
全职主妇王太太购买高额少儿险,则主要是为帮老公“悭钱”。
王太太说,先生虽然事业不错,但实在太过“烧钱”。2009年,王先生在股市亏了200多万元,虽然对家庭财富影响不大,但还是让王太太心疼。再加上生性大方的王先生年年都有大笔“人情”开支,不是三姑的儿子要买房,就是四婶的女儿要出国,左算右算,老公一年要出的“人情账”至少好几十万元。
几番唇枪舌剑下来,王太太自感无法改变老公性情,于是干脆暗渡陈仓,求助保险。她拿着大童超市设计制作的各家保险公司的综合理财计划,向老公要求购买儿子的“成长基金”。一份年缴60万元、缴费10年的少儿险大单让王先生“出血”不少,却让王太太吃下定心丸,“男人闲钱太多总想花掉”。王太太总结,保险是个明正言顺掏男人钱的“好东西”。
4、真正的富豪带给他们的启示
“蔡万林很有钱,李嘉诚很有钱,甚至已经富裕到自己都可以开保险公司了, 但为什么他们都买了大量的人寿保险呢?”没钱虽然害怕风险,但有钱更是一种风险。
有钱后能有什么风险呢?
首先是“财产的合理合法转移”
李嘉诚全家每年存几亿元的保险费,他选择保险的原因是什么?值得我们思考!
李嘉诚说:”我们离家每出生一个孩子,我就会给他购买一亿元的人寿保险。这样确保我们李家世世代代,从出生开始就是亿万富翁。”
“别人都说我很富有,但是我要告诉他们,我真正的财富是为自己和家人购买了从组的人寿保险。”   
“人在商海走,哪能不湿鞋。企业经营得再成功,也怕有风有雨。”有些女士爱存‘私房钱’,但这些钱在法律上是不成立的,它是夫妻的共同财产。当他一旦有债务而被追偿的时候,这些钱仍将被拿走,并不能起到为家庭保全财产的作用。如果你用这些钱去买保险,即使你家的房产、汽车都被追偿,这张保单仍是可以保留的。因为法律上规定,保险单是以人的生命、器官和寿命为代价换来的将来收益的期权,不作为追偿对象。”很多富太太也是基于这个原因购买大额保险的。
其次是对庞大财富的合理安排和避税,也是不少富人选择“保险”而非银行、证券类理财产品的重要原因。
2008年12月16日,以逝的台湾经营之神王永庆遗产税案浮出水面,台湾财政部、台北市国税局完成其遗产税核定。计算结果显示:王永庆的家属将缴纳100多亿的遗产税,创史上最高遗产税记录。
而2004年9月14日去世的台湾首富蔡万林,其身前财产约2564亿新台币,按照台湾现行遗产税率50%,蔡家后人应该缴纳遗产税约500亿新台币。但实际上只缴了1亿多的新台币,为何那?原来蔡万林早就为自己做好了节税规划,为自己购买了巨额的人寿保险,以达到规避遗产税、合理安排和转移财产的目的。
人一旦太有钱,就要考虑财富的分配、财富的传承。辛辛苦苦打拼很多年挣下偌大家业,但生不带来死不带走。 这些财富怎样才能准确、有效地传承下去?是很多富人关注的问题。很多时候,财产的安排会受到法律的限制,比如说夫妻共有财产不能说想给谁就给谁,但保险却能指定受益人,同时又能避债、免税。
此外,由于富人多半是家庭乃至家族的顶梁柱,他们的健康关系到整个企业的健康运作。一旦这些富人意识到保险可以帮助他们摆脱长久以来困扰他们的忧虑,他们多会毫不犹豫地数钱,为自己买下数额高昂的人寿保险。
大单虽好,并非人人都买得
“大单”也不是人人都能买的。有一天,一位“富二代”开着跑车,到我们公司声称要买保额上千万元的保险。不过通过我们与几家保险公司沟通下来,始终没有保险公司勇敢接单,原因其实很简单——所谓的“富二代”并没有支持如此大单的财务基础,也无法提供相关的财务证明,保险公司害怕“道德风险”。各家保险公司针对“大单”的把关是十分严格。“比如说,如果被保险人要求100万元的保额,我们希望他(她)的身家能够达到80万元至90万元;保额超过300万元,就需要提供资产证明,企业主还需要提供企业法人营业执照、企业年审报告等;保额一旦超过500万元,与保险公司分保的再保险公司还会亲自出马对保单重新核保。”在公司内部系统中,一旦保额达到一定级别,保险公司会自动分保到再保险公司,以分散风险。 

Thursday, May 24, 2012

Are We Aware of This??

Younger buyers filing more critical illness claims

Younger buyers are leading to more critical illness claims filed by those under 55 years old, new research suggests.

The number of critical illness claims filed by people younger than 55 years old showed a “significant” rise last year, according to the American Association for Critical Illness Insurance and General Re Life Corp.
Exactly 47% of new critical illness insurance claims in 2011 began before the person reached age 55.
A total of 13% of male policyholders and 12% of female policyholders receiving benefits were under 45 years old, their analysis of the 10 top critical illness insurers found.
“With higher health insurance deductibles and more restrictive plans, critical illness insurance is starting to gain traction among buyers in their 30s and 40s,” said Jesse Slome, executive director of the insurance trade group.
The study found a pronounced year-to-year increase in the number of claims paid to policyholders between ages 35 and 44. A total of 8% of new claims by men and 10% by women occurred at these ages in 2011, compared to 4% reported by the prior year’s study. The greatest decline in claims occurred after age 55.
The study revealed that cancer remains the leading cause for new individual claims, accounting for 61%.  Heart attacks accounted for 11% and stroke for 18% of new claims.
Researchers analyzed data of more than 57,000 purchasers of individual critical illness insurance policies as well as claims reported by insurers during 2011.

http://ifawebnews.com/2012/05/03/younger-buyers-filing-more-critical-illness-claims/

Monday, November 14, 2011

POLICY REVIEW

What is Policy Review?

We will review each and every insurance policy (regardless of which insurance company) and put it into simple terms for client's understanding in our CUSTOMER SUMMARY.
~To identify the current coverage in the policy/ies.
~Type of policy & the benefits to the client.

Why is Policy Review Important?
~Sufficient knowledge on your current insurance coverage and benefits when YOU need it the most.
~To identify any enhancement that need to be addressed.

Saturday, June 25, 2011

Back to Basic Series 2 - Medical Life Insurance

Medical Life Insurance (36 Critical Illnesses Policy)

What is Medical Life Insurance?
Medical Life Insurance is a policy that takes care of you when you are being diagnosed with any major critical illnesses and living with a lump sum cash payment payout from your critital illness policy.

Why Should I Buy Medical Life Insurance?
As medical technology improves, so too does our quality of life. While we enjoy longer life spans and a higher possibility of surviving critical illnesses, not all of us are prepared for the financial burden that comes with being diagnosed with one.

Having Medical Life Policy-
·    To ensure that you have enough money to go for medical treatment and able to maintain your lifestyle after you fall ill.
·    To ensure that your immediate family has a lump sum of cash and income after you fall ill or demise, so that they can easily pay bills, taxes and other obligations.
·    For your children to have money for education.
·    To ensure that you have extra income when your earnings are reduced due to critical illnesses or total permanent disability (TPD).
·    Can be another form of saving, if nothing happen to you, you may get back all the premium paid + bonus + interest.

I already have a Medical Card with high annual limit, why should I get a Medical Life Insurance?
A Medical Card is to cover your treatments and medical bills from the hospital, and Medical Life Insurance is a lump sum of payout to enable you to pay your monthly expenses, e.g. car loan, mortgage, education fees and also to maintain your lifestyle.

Example:
I have a client who had a stroke in year 2007. She was only 31 years old at that time. She was sent to the ICU in Gleneagles Hospital Ampang for 6 days, and transferred to a normal ward for another 2 weeks. Her medical bills from the hospital was about RM32,000.00. Luckily she had a Medical Card to settle her hospital bills.

After discharged, the doctor told her, she will not be able to work for the next 12 to 18 months or more, depends on her recovery speed. She was working as a retail promoter, with a monthly income of about RM2000 to RM2300. She had a car loan and a new mortgage to serve at that time, and her MRTA did not cover for critical illnesses. So she still had to serve the mortgage and car loan even though she has no more monthly income. Fortunately she had a Medical Life Insurance policy, which she had bought in year 2005. Her total claim payout was about RM80,000. That lump sum of money managed to settle her basic monthly expenses and seek for some extra treatment, such as acupuncture. The Medical Card continues to settle her post medical fees and payments for other treatments from the hospital.

According to the research of Dr. Mario Barnes from USA, 1 out of 4 will suffer critical illness before age 65, 1 out of 3 will suffer cancer before they die, and the ‘bad news’ is 77% who suffer illnesses will survive, BUT without enough insurance money to maintain their lifestyle or keep up with their necessary medical cost.

According to a market research and survey published by a international reinsurer, nearly 50% of mortgage foreclosure are due to insufficient critical illness insurance;only 3% are due to death (Best’s Review – Life/Health Insurance Edition). Do you rather lose your house to get the mortgage or get your house and lose out your mortgage?

“The probability of incurring a critical illness is more than twice as great as dying from any cause before age 65” ( Employee Benefits New and Views Magazine)

How much Medical Life coverage (Critical Illness coverage) is enough?
We were told that inflation rate is about 4 % to 6%. What about medical inflation?


According to the statistic, the medical inflation rate in Malaysia is estimated to be 10% to 15% every year. Meaning to say, a treatment that costs RM50,000 today would cost RM129,687.12 in a decade. (inflation of 10%)

I am sure everyone of us has a critical illness policy, but is the coverage adequate? Is it a flat coverage plan or ever increasing coverage plan? When was the last time you reviewed your critical illness coverage?

According to the rule of 5 in Registered Financial Consultant (RFC), our critical illness coverage should be at least 5 times your current annual income.
Example:
If your annual income is RM60,000.00, then your critical illness coverage should be RM60,000.00 x 5, and that will be RM300,000.00. But the coverage should be review from time to time according to the lifestyle, job change, life priority, etc. So how much is your current coverage?

Number of claims by age band(2009)
Medical Life Insurance is very expensive…
A Medical Life Insurance policy will definitely cost us money. But paying the 5% premium to protect the 95% of our hard earned money in the bank surely is a wiser decision. A 30 years old man would pay RM3,430 yearly for RM100,000 immediate coverage. Do you know how many years he has to save to create his own RM100,000 in the bank by saving the same amount every year?  The answer is almost 29 years. 

It’s a fact that our medical costs are getting higher and higher every year, should you be diagnosed with any critical illnesses, you will receive a lump sum payment of the basic sum assured. So you can have peace-of-mind doing what’s most important to you; getting back on your feet again. 

The client that I mentioned above, she finished her RM80,000 in about 2 years time. I remember she once told me, ‘I wish I’ve buy more Medical Life Insurance, RM80,000 is too little.’… Honestly, I really have no idea how to reply her statement, I can only smile away… 

She is still unable to work until today, living on the RM1,200 monthly income from SOCSO. Moved back to her hometown to reduce the living cost. And she is only 35 years old………..


We keep worrying the cost of having Medical Life Insurance, but what about the cost of not having one??? Which is more costly??

Don’t hesitate anymore!! Call me for policy review and upgrading NOW…


Why Great Eastern?
Great Eastern Life Assurance (M) BHD is poised for continued growth in its second century of existence. It is off to a good start at achieving its goal to continue its reign as the market leader in the industry. With more than 100 years of experience in solid financial foundation and innovative infrastructure. The Company was certified by the Malaysia Book of Records in 1998 as the "Oldest & Largest Life Insurer" in Malaysia. 
Great Eastern has assets in excess of 44 billion as at 31 December 2009. The head office, 21 operational branch offices nationwide and a network of 17,000 agents serve over 2.84 million policies in force. Great Eastern continue to remain true to our stand that health, wealth and meaningful relationship make life great. Great Eastern has earned our customers’ loyalty throughout the years and believe that this trust is cultivated from our excellent service.

Good Seeds Produce Good Tress
Good Company Always Provide Good Benefits

Sources:
www.insuranceinfo.com.my
www.bnm.gov.my/index.php?ch=12&pg=682&ac=84&yr=2010
http://www.creativeinsurancestrategies.com

Wednesday, June 22, 2011

Back to Basic Series 1 - Medical Card

Medical Card – Part 2

The last thing you’d want when you meet with an unfortunate event or life changing illness is to be left with unexpected medical bills. Having a medical card will gives you the medical protection you need and eliminates your worries.

Understanding terms used in a Medical Card Policy

Co – Insurance

What is co- insurance? Co- insurance was first introduced in year 2004 by Bank Negara Malaysia and which enables insurers to offer plans with lower premiums while promoting individual responsibility in health spending by creating an incentive for consumers to be more discerning when considering medical treatment.

With the practise of co-insurance, policy holders have to pay 10% of the medical bills, up to a maximum of RM500. 20% co-insurance and no maximum capping if upgrade Room & Board. (This scenario is base on Great Eastern Medical Card- GMC2)

Examples:

a)   Mr. Q admitted to hospital due to dengue, he is having a 200 room & board medical card, he was staying in the twin sharing room which cost RM200 per night. Total medical bills was RM7,000.00. So, after the co-insurance charges, Mr. Q only has to pay RM500 out of the RM7,000.00. Great Eastern will settle the balance of RM6,500.00.
b)   Miss P had a minor surgery in the hospital, she stayed for a night and the bill was RM2,100.00. So, the amount of 10% co-insurance was RM210.00 for her to pay. Great Eastern will take care the balance.
c)   Mr. G is having a 150 room & board medical card, and he was admitted to the hospital due to an serious car accident. When he arrived at the hospital, the nurse told the family that the RM150 rooms are all full. He has no choice but to stay in the RM250 room. After 5 days of the treatments and surgery, his total medical bills was RM34,500. Because he was hospitalised and the board rate was higher than his eligibility, he has to bear 20% co-insurance and no maximum capping for his medical bills. So, the total amount that Mr. G has to pay was RM6,900.00.
        (all scenarios based on GE GMC2)

Some others company do offer cashless Medical card, but the premium will be much higher and this kind of medical cards are becoming less available due to misuse and very high claim rate.

Have you upgraded your Medical Card for your current needs?

I'm sure everybody will agree with me that Medical Card is a basic need to all of us now.. BUT, do you have enough coverage to beat the current medical inflation? When was the last time you review your Medical Card coverage and benefits? What are the latest room charges in all the major hospital now?

I remember one of my colleauge once shared her experience with us. She told us that one of her client met a car accident near the Jalan Pahang round about, he was unconscious and the passer-by sent him to a private hospital that was very near to the round about. His condition was quite bad, and the nurses wouldn't get to contact his family, but they found a medical card from his wallet, so they tried to admit him.

Not long later, the nurse came back and told the passer-by whom sent him in that his medical limit was too low for his current condition, and they refused to admit him!! They asked them to send him to General Hospital which is also nearby.

We were so shocked, but that's the reality. I am sure we have seen some similar stories from the newspaper or somewhere before. We MUST make sure our medical card has enough limit for the current market 'price tag'.

Usually hospitals have limited 4 bedded room



Guaranteed Renewable

As a Medical Card policy holder, please make sure your Medical Card policy is GUARANTEED RENEWABLE.

‘Guaranteed renewal’ means that the insurance company guarantees the renewal of the policy. The renewal premiums payable, however, is not guaranteed nor fixed.

In practice, the renewal of the policy is guaranteed until certain events occurred, such as:
·    You did not pay your premium or did not pay it on time;
·    You have misrepresented a material fact, e.g. age or a medical condition during your application;
·     You have cancelled the policy;
·     The total claims of the policy have reached the lifetime limit specified; and
·     You have attained the coverage age limit.

Importance of Disclosure

Policy holders must give all the facts in the application form fully and faithfully. When the agent is filling in the form, read and understand the requirements carefully. Otherwise, the policy could be void or unable to claim in the future.

Exclusions

Medical Card policy also contains certain exclusions, just like other insurance policies. Some common exclusion are the following:
·         Pre-existing condition- Conditions and illnesses experienced prior to applying for the policy. These conditions and illnesses would be excluded from coverage.
·         Specified illnesses- These are defined as 12 disabilities (e.g. tumours & gastritis) and their related conditions. Policy holders will not be covered for these illnesses if the illnesses have been treated or occurred during the first 12 months of the policy.
·         Qualifying/ Waiting period- Specified Illnesses occurring within the first 120 days from the Risk Commencement Date, except for accident injuries. (based on GE GMC2)

Why Great Eastern??
Great Eastern Life Assurance (M) BHD is poised for continued growth in its second century is off to a good start at achieving its goal to continue its reign as the market leader in the industry. With more than 100 years of experience in solid financial foundation and innovative infrastructure. The Company was certified by the Malaysia Book of Records in 1998 as the "Oldest & Largest Life Insurer" in Malaysia.

Great Eastern has assets in excess of 44 billion as at 31 December 2009. The head office, 21 operational branch offices nationwide and a network of 17,000 agents serve over 2.84 million policies in force. Great Eastern continue to remain true to our stand that health, wealth and meaningful relationship make life great. Great Eastern has earned our customers’ loyalty throughout the years and believe that this trust is cultivated from our excellent service.

Facts

Ever wondered how much Great Eastern pays out in medical claims? According to the summary of claims from January to March 2011, Great Eastern has paid out 52.7 million just for health & medical policies. That’s about RM572,826.09 every day.  (refer to Medical Protection & Product Page)


Check out our Panel Specialists & Panel Hospitals:   http://www.lifeisgreat.com.my/lig4/newlig/customer/cs_health.htm
GET YOURSELF AND YOUR LOVED ONE A MEDICAL CARD TODAY !!
  
source:
www.insuranceinfo.com.my
www.lifeisgreat.com.my
www.bnm.gov.my/index.php?ch=12&pg=682&ac=84&yr=2010




Sunday, June 19, 2011

Back to Basic Series 1 - Medical Card

Medical Card - Part 1

I remember long before I joined the insurance industry, one of my friends asked me,
‘ Thammy, do you know what are the 2 most important cards inside your wallet?’ Of course I answered the question without any hesitation, ‘ Oh.. My identity card and my credit card.’ She replied, ‘ Nope, you only got one of them right.. The 2 most important cards that you should have inside your wallet are your identity card and your life saver card, which is your medical card…’

She wasn’t an agent, and I didn't really bother to ask why until I myself became an insurance agent.  I totally, 100% agree to what she said… The 2 most important cards what we all should have inside our wallet should be the identity card and the medical card.

But after a few years in the industry, I realised that there are still many people do not know the difference between a medical card and a critical illness policy.

SO, WHAT IS A MEDICAL CARD??
A Medical Card is generally designed to cover the cost of private medical treatment, which can be very expensive, especially with hospitalisation and surgery.  Having a medical card also ensures that you won’t have to worry about the cost of seeking treatment during emergencies.

You can be a very good saver and you might tell me, “I save every month, I have enough cash in the bank to cover my medical expenses if anything should happen to me… I DON’T NEED A MEDICAL CARD…”. Or you can be a very healthy and a fit person, so you might tell me, “I have a very healthy lifestyle and I go the gym 5 times a week, I don’t think I will fall ill… I DON’T NEED A MEDICAL CARD…”.  


SO,WHY SHOULD I BUY A MEDICAL CARD??

A Medical Card can help you to save guard your hard earned money in the bank. Why should you transfer your hard earned money to the hospital just like that? Medical costs will burn a hole in your pocket, why not transfer the risk to Great Eastern?
A good example, the lowest annual limit from Great Eastern is RM90,000.00 If you save RM200  every month systematically, how long do you think you need to save in order to achieve RM90,000? The answer is 450 months, which is 37.5 years…

Going to the gym and having healthy lifestyle is the trend now, 8 out of 10 people are having gym membership. For whatever reason, it can be the health purpose, beauty or just because everybody is having one.. So they think they are healthy and fit, they won’t fall ill easily. But what about Dengue? Accident? Appendix removal? These are the things that we cannot prevent or predict, no matter how healthy you are, right??

Just like me, when I first got my medical card in March 2004, I was telling myself, “Aiya, there is no way I will use this card, at least not for the next 20 years…”. Guess what happened, I was admitted to Gleneagles Hospital just 3 months after I got my medical card for appendix removal, and the total bill was almost RM6,000.00.. Then I told myself, “ Thank God I have that mighty medical card, if not I got to trouble my parent..”,

A Medical Card will help you to pay for the various hospitalisation and medical expenses that you will incur, if you become ill or injured. These expenses will include hospital room & board, professional consultation, surgery fees, medical supplies and services.

MEDICAL CARD ENABLES YOU TO GET FAST & EFFECTIVE TREATMENT

source:
www.insuranceinfo.com.my
www.lifeisgreat.com.my



Wednesday, February 9, 2011

Gone within three years

Do You Believe This?
One of the most painful realities about retirement is that your money will run out.
In a recent study by the Employees Provident Fund (EPF), almost 69% of retirees deplete their EPF funds within the first three years of retirement.
 
While most Malaysians are enjoying better health and a longer life expectancy ratio, what seems rather worrying is that if the trend continues, the majority of our retiree population will probably have little or no money left by their fourth or fifth year into retirement.
 
Those with filial children or caring family members might still be able to eke out a living, but for hundreds of thousands of others in a less fortunate position, the future would look rather bleak.
Neither the EPF nor the Government seems to know how to get retirees to change their minds from treating the EPF as their savings account.
 
And the temptation for retirees to lay their hands on the lump sum of cash is very strong.
The EPF can only advise contributors and hope good sense will prevail, but unfortunately, many retirees feel they are the best judge of how to invest or spend their savings.
National Council of Senior Citizens Organisations Malaysia president Lum Kin Tuck said 56 is “too early an age for retirement”.
 
“I urge the Government to consider pushing the retirement age to 65. Senior citizens have a lot of potential and they are still capable of contributing to society,” he said yesterday.
 
Lum said it was very difficult for a retiree to gain re-employment as “nobody will hire us”.
He suggested that coffeeshop owners hire senior citizens instead of taking in foreign workers.
 
“Simple jobs at coffee shops can be given to old people so that they have a chance of earning a living.”
Asked if the association had programmes to help people plan for their retirement, he replied: “No, we don't have any such programmes although we are advocating a social pension.”
 
Do Malaysians in general plan for their retirement?
 
“No, most people don't actually plan for their retirement. Young people can be very materialistic and so they don't save. As for the lower income groups, it is hard enough to make a daily living. How can they save for retirement?”

Wednesday, January 12, 2011

Do you have the fruits to show for it?

There is a time to be sowing.
There is a time to be reaping.

Do you have the fruits to show for it?
When retirement comes,that's the time to sit back and enjoy the fruits of one's labour. For most Malaysian, unfortunately, it is too little, too late and all too common. Official statistic reveal that 95% of Malaysian run out of saving just 5 years after they retired. You don't have to be one of them. And it all starts with having an alternate retirement plan. Act now!! Before it is too late...


We have a choice...

Sunday, January 9, 2011

Monday, December 20, 2010

Retiring Well Holistically

When Malaysians think of retirement, the first thing that comes to mind is how they will survive it financially.

At a two-day conference organised by the Financial Planning Association of Malaysia (FPAM) entitled " How to Retire Well", one of the speakers at the panel discussion, Rajen Devadason, a financial planner said that from his experience and calculation, 90% of urban Malaysians would require between RM500,000 and RM5 million to retire.

"Retiring well doesn't jusy mean starting the retirement [phase] with a reservoir in place but with many streams of passive income such as dividend income. Focus on passive income, identify your passion and enjoy your passage of days," he said.

How does an average middleclass individual living in an urban area today retire with that amount of money? He said it is hard but not impossible. " He has to ensure that he restructures his life so that he is not held ransom by a corporation that tells him that he has to retire at 55. [Also] I've made no bones about this. I've run the numbers again and again. I can't see how people can cheat their numbers unless they advocate a 40% to 50% net saving rate."

"I drivenan 18-year-old, third hand Proton Saga with about 674,000km on the clock and while I own Astro shares, I don't have Astro at home. I am very extreme in that regard but it is possible? Yes it is, but not if you try and keep up with the Joneses," he added.

Retiring well also means retiring well from holistic point of view. Fellow Panallist Professor Low Wah Yun, professor of psychology at the Faculty of Medicine at University of Malaya, said to enjoy retirement fully, one has to take care of one's physical health. "We live in a materialistic society in which we're never satisfied and we will always want something more, like a bigger car. My point is to look at your lifestyle. Is money everything to retirement? Don't look at it in ringgit and sen. What about physical and psyhological health?"

To handle those things, keep yourself as active as possible. If you have it, use it, or you will lose it.

by Tho Li Ming

Monday, December 13, 2010

Great Eastern to Boost Takaful Services

Great Eastern Holdings Ltd plans to recruit more Bumiputera agents to further strengthen its agency infrastructure, especially in takaful services.

Its chairman Fang Ai Lian said the company was well-positioned to grow its takaful business in Malaysia, supporting Bank Negara Malaysia's aim to make Malaysia an international Islamic financial hub.

She said this at the signing of a joint venture agreement between Great Eastern's subsidiary, I Great Capital Holdings Sdn Bhd, and Koperasi Angkatan Tentera Malaysia Bhd with 70 and 30 per cent equity stake respectively.

The partnership was one of the four successful applicants to be awarded a family takaful licence by Bank Negara on Sept 1, 2010.

"Our target market for takaful is primarily among Muslims and Malays as the penetration for takaful in Malaysia is only about 7.9 per cent and this is huge opportunity for us," said the joint venture takaful company's chief executive officer Mohamad Salihuddin Ahmad.

The company has close to 30 experts in the takaful team and 3,200 agents who have passed the takaful exam, he said.

The joint venture takaful company is expected to be operational on Jan 11, 2011, he added.

"We are targeting by the fourth year to get our first profit for this joint venture," Mohamad Salihuddin said.

I Great Capital Holdings will function as the Great Eastern Islamic finance headquarters and be a main vehicle to drive the takaful business expansion in the region, looking to penetrate the takaful market in Brunei and Indonesia.

"Our commitment is that within one year we will expand our business offshore and make Malaysia our headquarters for takaful," Mohamad Salihuddin said.

Also present at the signing was Koperasi Angkatan Tentera chairman Lt Col Hamisan Mian. -- Bernama

Read more: Great Eastern to boost takaful services http://www.btimes.com.my/articles/20101014161312/Article/#ixzz183wubUpM