FAMILY PROTECTION / HEALTH PLANNING
Men have a special responsibility to protect their loved ones and provide for the future. Find resources on financial health, and be confident about your future, knowing you have access to exclusive resources to help you plan for and achieve financial peace of mind.

You work hard to achieve your financial goals, clocking in countless of hours in the office to provide for your family and grow your retirement savings, but are you actually doing enough to protect these efforts to ensure you continue to enjoy the fruits of your contributions. After all, it only takes one accident or major illness to wipe out all your family’s resources.
Insurance Protects Your Family from the Unexpected
It is not easy to accept, but even the young and seemingly healthy are susceptible to life-altering accidents and illnesses. While healthy lifestyle habits can help to reduce the risk of such illnesses occurring, one cannot completely guarantee that nothing untoward will happen to them. To ensure that your family is adequately protected from financial hardship that stem from unforeseen circumstances, the first thing you need to do is evaluate your family’s insurance policies.


Review your insurance policies and determine your protection gap
There is a general misconception that having one or more insurance policies means you are fully protected against all unforeseen circumstances. The question to ask yourself is whether you have sufficient insurance coverage should an accident or serious health issue occur. One way to determine this is to calculate your protection gap.
Determining your protection-gap is simpler than you think:

Step 1: Figure out the resource needed
The Life Insurance Association provides a rough guide on how to determine what resources you should have in the event of death or critical illness. To ensure your family is well cushioned in the event of your unexpected death, you should have resources of at least nine times your annual income available. In the event of a critical illness, it is recommended to have resources of at least five times your annual income. This is to ensure that your family has sufficient financial buffer to keep things running while they figure out how to adapt to these big changes in their lives.

Step 2: Tally your current available resources
Knowing what you need, it is time to take stock of all the resources you currently have. This could include cash savings, easily liquidated asset (shares, unit trust) and protection coverage from insurance policies (ie. how much your insurer would pay out in the event of death, total and permanent disability or critical illness). Adding these up, you’ll have the total sum of what funds your family will have to work with.

Step 3: Calculate your insurance gap
Once you have the two figures from Steps 1 and 2, just do a simple deduction, as per the formula to find your protection gap amount.

If the number you are left with is negative, you have got a gap in your family’s protection. This means they would not have sufficient funds to tide them through after your death, or even as you recover from a serious illness.
Evaluate your cash flow to free up funds for insurance  
Insurance costs money, but it is not something you should scrimp on because your thriftiness may end up costing you much more than you think. If you are unsure of whether you have the financial capacity to enhance the protection of your existing policies, the first step to take is to evaluate your cash flow.

To derive this, subtract all your monthly expenses (e.g. mortgage, utilities, insurance premiums, etc.) from your take home pay. If your cash flow is truly not sufficient to support the insurance policies that will fill the protection gap, you’ll need to evaluate your spending habits and make necessary adjustments.
BASIC FAMILY INSURANCE NEED
 
Here are several types of basic insurance that most families require to protect the family finances from the unforeseen.

1. Health Insurance
Health insurance provides protection against the cost of medical care (ie. hospital bills) in the event you suffer an injury, illness or disability. Current health insurance cover higher annual hospitalisation claim limit of up to $1M or more.
Health insurance is not only important for the family breadwinner(s), it’s also critical for all dependents in the household, including children and grandparents, to be adequately protected because anyone may require medical care at any point in time which can strain the family finances.

 
2. Life Insurance
The primary purpose of life insurance is to give your loved ones financial peace of mind by providing a lump sum pay-out in the event that you suffer from a critical illness, disability (which might render you unable to work) or pass away.

There are two main types of life insurance that you should consider:


  • Term Life Insurance provides insurance protection over a fixed period of times or up to a certain age. Once the policy term expires, your coverage will end.

  • Whole Life Insurance provides insurance protection until you pass-away or reach 100 years old (depending on the plan).  If you choose to terminate the policy before death, you may receive the surrender value of the policy.

As parents, having life insurance would be most crucial for you because your children (and sometimes, your aged parents) depend on you for financial support. Even if your family is a dual-income household, life insurance remains important because the loss of either of you will make it doubly hard for the other to manage the household expenses and maintain your family’s standard of living.

For families where one parent stays at home to look after the children or elderly grandparents, it may still be worth considering having both parents covered, as it can be costly to find alternatives such as childcare or helpers.


3. Critical Illness and Dread Disease Insurance
Health insurance will cover the cost of hospitalisation, surgical procedures and outpatient treatments that are covered in the policy. However, the pay-out only reimburses you for treatment-related expenses. Critical Illness (CI) insurance is highly recommended for the family breadwinner(s) as it provides a lump sum pay-out that’s not restricted to treatment but upon diagnosis of any one critical illness — meaning the cash can be used to cover your daily living expenses and loan instalment repayment as an income replacement during your recovery period.

This is a huge benefit, as health insurance alone would not provide the financial support necessary to cover your daily expenses, which will prevent you from dipping into your hard-earned savings.

4. Personal Accident Insurance
Personal accident (PA) insurance, is meant to provide a lump sum pay-out in the event that you suffer a serious injury, disability or death as the result of an accident, which can help offset some of financial impact from loss of income. This policy also provides coverage for medical expenses as well.

PA policies are especially useful for children and the elderly, as they are more prone to falls.

How Much Would Basic Family Insurance Coverage Cost Me?
The amount of insurance coverage you will need for your family is typically dependent on a variety of factors, such as your profession, liabilities, person lifestyle and number of dependents. When selecting insurance policies, it is recommended to spend about 10% to 20% of your monthly budget on insurance.
OTHER FAMILY INSURANCE TO CONSIDER
Besides the “basics”, your family may have other insurance needs. For instance, couples who are just starting out might need to protect for home and maternity insurance. For those with bigger households, they might consider car insurance and domestic helper insurance. And of cause families who go on holidays regularly will need travel insurance. Here is a quick look:

1. Home Insurance is designed to protect your home contents (e.g. furniture, television, etc.) and cover the cost of renovations in the event that they are damaged by events such as water damage, fire damage, theft and other causes outlined in the policy.  

2. Car insurance is mandatory in Malaysia and protects your vehicle against theft or damage from accidents. It also provides liability protection from legal claims in the event’s that you get into an accident that causes accidental injury, death or damage to property. Costs for car insurance vary widely, depending on you and your vehicle.

3. Domestic helper insurance is mandatory in Malaysia and provides important coverage for your helper against health concerns.
4. Maternity insurance is meant to provide coverage in the event the mother insured suffers complications during pregnancy, up until birth, which can include abruptio placentae, ectopic pregnancy and stillbirth among other conditions. It is also meant to cover your baby in the event he or she suffers from any congenital illness such as Down’s syndrome, or needs additional medical care, due to conditions like severe jaundice.
5. Travel insurance is a must to protect you from travel delays, trip cancellation, missed connections, and late or lost luggage. More importantly, travel insurance provides you with personal accident and medical expense coverage in the events that an accident causes injury, disability or death.

Travel insurance plans are not just for individual travellers — there are also plans available that can provide protection for families. Family plans are especially valuable for couples with children as they cover children up to the age of 21.
If you are a frequent traveller, you can also consider purchasing annual travel insurance plans instead.
 
Ready to Learn More About How You Can Protect Your Family?
Having the right family insurance plans is important to ensure that you would not need to sacrifice your hard-earned savings or lifestyle to cover any unexpected expenses.

To make sure your family insurance needs are met, speak to a financial advisor.


Types Of Insurance

Health Insurance
Health Insurance
Life Insurance
Life Insurance
Critical Illness and Dread Disease Insurance
Critical Illness and Dread Disease Insurance
Personal Accident Insurance
Personal Accident Insurance

You have worked hard to build your business. You were there from the beginning, and seen it grow to become a successful and respected organisation. As you plan for the next 12 months, make sure your business is protected against any unfortunate incidences.

We offer a comprehensive cover to meet your changing needs by providing customized insurance solutions to support you and your budget. You can rely on our financial strength and stability to be there when you need us most.
Types of business coverage
Business Liability
Every business operation requires protection. You need to protect your equipment and stock against unexpected loss due to break-ins or natural disasters (fire, flood, landslide, etc.). In addition, it is critical to have protection from legal liability arising from your negligence or the negligence of any of your employees while engaged in your business. Business insurance provides peace of mind by offering the most comprehensive assurance available to cover both you and your business.

For more information about Business Liability Insurance click here.



Marine Cargo
Transportation is big business, therefore it is critical that your cargo reach its destination in one piece and is not damaged or lost whilst in transit.

Marine cargo insurance provides protection for the transportation of goods by all modes and means of transport and ensures that your cargo reaches its destination in one piece.

For more information about Marine Cargo Insurance click here.


Commercial property & Equipment
As a business owner, we understand that your business is your life, especially if you are a Small and Medium Industry (SMI) player.

This was designed specifically to go beyond the usual pre-requisite coverage for Fire and Perils, All Risks and / or Electronic Equipment Insurance to offer instead, a more comprehensive cover with enhanced protection.

For more information about Commercial Property & Equipment Insurance click here.


Employee Medical Insurance
Your employees are the most important asset of your company, therefore it is important that should the need arise, they are covered for medical and surgical costs.  

Employee Medical Insurance is specifically designed to provides comprehensive medical coverage to suit the needs of both you, your employees and their family members all at a reasonable price.

For more information about Condo Insurance click here.



Commercial Auto And Car Insurance
Commercial Vehicle Comprehensive insurance and Car Insurance covers your car against liabilities to other parties for death or bodily injuries, damages to other parties’ properties, accidental or fire damages to your car and theft of your car.

Coverage:

  • Losses or damages to your car due to accident, fire and theft
  • Third Party death and bodily injuries
  • Third Party property losses or damages
  • Extended benefits

For more information about Commercial Auto and Car Insurance click here.


Condo Insurance
Condo Insurance Plan is an all-in-one insurance plan covering the property against fire and other related risks. This insurance will ensure that as a statutory duty, the building is protected and complies with the Building and Common Property (Maintenance & Management) Act 2007.

For more information about Condo Insurance click here.


Foreign Worker Hospitalisation & Surgical Scheme (SKHPPA)
The cost of hospitalisation and surgical services are increasing. That is why the Foreign Worker Hospitalisation & Surgical Scheme is in place to help you to reduce your financial burden in the event of hospital admission for foreign workers due to accident or illness.

For more information about SKHPPA click here.


Public Liability Insurance
Public Liabilities insurance covers the cost of claims made against your business by a client or a member of the public, should your work have resulted in injury or property damage. Public liability cover protects against the compensation pay-outs and legal costs.

Incidents which could lead to a public liability claim against your business include anything from clients slipping on a wet floor in your office premises, to a member of the public injuring themselves on a piece of your work equipment. It also covers you if you cause damage to property belonging to a third party.

For more information about Public Liability Insurance click here.



Terms Assurance
Provision of cover for Death and Total & Permanent Disability due to any cause (Illness or accident). The sum assured may be based on a multiple of salary, or fixed amount depending on the job category. The coverage is worldwide, 24 hours a day.

For more information about Term Assurance click 
here.


Types Of Insurance

Business liability
Business liability
Marine Cargo
Marine Cargo
Commercial property & Equipment
Commercial property & Equipment
Employee Medical Insurance
Employee Medical Insurance
Keyman Insurance Planning (公司首要人保险规划)
Keyman Insurance Planning (公司首要人保险规划)
Retirement Planning (退休基金规划)
Retirement Planning (退休基金规划)
Children Education Planning (儿女教育规划)
Children Education Planning (儿女教育规划)
Car Insurance (汽车保险规划)
Car Insurance (汽车保险规划)
Professional Indemnity Insurance (专业责任赔偿保险规划)
Professional Indemnity Insurance (专业责任赔偿保险规划)
Asset Allocation Planning (资产分配计划)
Asset Allocation Planning (资产分配计划)
Tax Planning (税务管理规划)
Tax Planning (税务管理规划)
Estate Planning
Entire Malaysia has frozen assets & cash of RM 700 Billion in total. What has happened? Due to the lack of knowledge of society, this is inevitable. Countless ancestors left behind assets to their few generations, but to unfreeze those, it takes at least a 3-4% fee. Are you aware? The real reasons we need to do estate planning still remain : to take care of ourselves and our families the way we want.
Here are the top ten reasons we still need estate planning.:

1. Ensure Your Assets Are Distributed the Way You Want
Everyone has an estate plan, either the one you have created or the default plan of the state in which you live. It is very unlikely that the state’s default plan is what you would have wanted. Non-family members, like an unmarried partner, will not receive any of your assets under the state’s plan.
 
2. Avoid Probate
If you don’t have a plan, your assets will probably have to go through a court process called probate. If you have a will, the assets it controls will have to go through probate before they can be fully distributed to your heirs. The time, cost, and loss of privacy and control that come with probate should be avoided. That is why living trusts are becoming ever more popular.
 
3. Provide Responsibility for Minor Children or Grandchildren
If any of your heirs are minors and you have not made an estate plan, a court will control the minors’ inheritances until they reach legal age (usually 18), at which point the heir will receive, in cash, whatever is left to spend as they see fit. For most eighteen-year-olds, that is a recipe for disaster!
 
4. Protect Inheritances from Creditors and Predators
Gifted or inherited assets are protected from the courts and the beneficiary’s creditors, divorce proceedings, and irresponsible spending only if they are held in a trust with proper safeguards built into it.
 
5. Provide for a Second Spouse and Your Children
Planning in second or subsequent marriage is often different from planning the first marriage. There may be his children, her children, and sometimes their children. Each spouse probably brought assets into the marriage, and each may want those assets to go to their own children after they die. At the same time, each spouse probably would want to make sure their surviving spouse will have enough to live on.  The best way to ensure your goals are met is with a properly drafted estate plan.
 
6. Provide for a Loved One with Special Need
You may have a spouse, child, sibling, parent, or other loved one who is physically, mentally, or developmentally disabled who may be entitled to government benefits. Most of these benefits are available only to those with minimal assets and income. An inheritance often disqualifies a disabled person from receiving government benefits that are needed for their care. A special needs trust can provide for a loved one without jeopardizing government benefits.
 
7. Plan for Disability
If you can’t conduct business due to mental or physical incapacity (dementia, stroke, heart attack, etc.), having a will won’t help. This is because a will can only deal with what happens after you die. If there is a problem with your power of attorney, you don’t have one, or someone (like a bank) that has your assets will not accept it, a probate court will have to appoint a guardian/conservator to manage those assets for you. This process is public and can be expensive, embarrassing, time-consuming and difficult to end. It does not replace probate at death, so your family could have to go through the probate court twice. Properly developed trusts and powers of attorney can be the answer.
 
Also, costs of long term care, most of which are not covered by health insurance or Medicare, can wipe out a lifetime of savings. Consider long-term care strategies to protect your assets.
 
8. Protect Your Business and Other Assets
Those in high-litigation-risk fields like construction, medicine, law and real estate must be concerned about protecting their assets from lawsuits. All business owners need to plan for what will happen to their business when they can no longer manage it due to incapacity, retirement or death. Asset protection planning and business succession planning can and should be included in your estate planning.
 
9. Make Meaningful Charitable Gifts
If you want some or all of your assets to go to a favorite charitable, religious, or educational organization, you must include this in your estate planning. Without a valid will or trust, your assets won’t be distributed to any charity.
 
10. Pass Down Your Values to Future Generations
Don’t be part of the more than 90% of a family business that fails to survive the third generation. Take the time to plan how you leave assets to your family, and that will let them know how much you care about them. If you have young children, you can select someone who shares your views or manage their inheritance, and you can provide a letter of instruction to your chosen guardian with your views on the care of your children. Even end-of-life and funeral/burial instructions can be personal and convey your values.
 
Conclusion
There are even more reasons than these to do estate planning, even when avoiding estate and inheritance taxes is not a concern. If you have already completed your estate planning, this is an excellent time to review your plan and make sure it is what you really want.

Feel free to contact us for a Professional Estate Planning Service.

Products & Services

Will-Writing Services
Will-Writing Services
Will-Custody
Will-Custody
Personal Asset Inventory Booklet
Personal Asset Inventory Booklet
Business Value Protection Trust
Business Value Protection Trust
Mortgage Life Insurance (房屋贷款保险规划)
Mortgage Life Insurance (房屋贷款保险规划)
Pet Insurance (宠物保险计划)
Pet Insurance (宠物保险计划)
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