As a licensed Financial Adviser, this is the association for all FAR ( Financial Adviser Representative), an event that we shouldn't miss.
Thank you AFA.
Saturday, November 2, 2019
20191031- AFA 8th ANNUAL CONFERENCE
AFA- Association Of Financial Advisers
As a licensed Financial Adviser, this is the association for all FAR ( Financial Adviser Representative), an event that we shouldn't miss.
Thank you AFA.
As a licensed Financial Adviser, this is the association for all FAR ( Financial Adviser Representative), an event that we shouldn't miss.
Thank you AFA.
Monday, October 21, 2019
20191021 OA GROUP MEETING
While we need to sharpen our saw and having the effect of synergy, the group meeting discussion is the best for it .
Today, we have talked about
Today, we have talked about
- Autism kid a future doctor today- effect of Autism know case in future insurance application
- PA medical expenses compare- hazardous sports- oversea residents etc
- travel ins some key area- Nepal mountain climbing talk
- Budget 2020
- hospitalization claims rejected in food poisoning , why & how
- How to save paper, save space and save ink - online scanner & cloud storage
- Drug addicts- previous life policy matters.
BACK TO MY LONG LOST BLOG....
I have not written any post since years even though the team & i still in the same industry serving the public, time flies!
Finally i revisit this blog, i will pick up this blog again, at least as diary for my thought!
Thank you for visiting my blog.
Finally i revisit this blog, i will pick up this blog again, at least as diary for my thought!
Thank you for visiting my blog.
Tuesday, March 25, 2014
No Medical Insurance Needed If You Afford It
No Medical Insurance Needed If You Afford It
Real case sharing :
A client ( Madam Tan , breast cancer patient for years , mother of 1 girl and 1 boy ) took up the life and medical insurance policies for the kids in year 2006 .
She passed away in year 2010 .
Right before her passing , i managed to see her to have the policies transfer as such :
Elder girl by then age 18 ,absolute assignment the policy to elder girl directly
Younger son age 14 , conditional assignment the policy to father ( Mr. J) as policy owner .
Unfortunately the father (Mr. J )passed away last month due to acute heart problem . At this year of 2014 , the younger son reach majority age of 18 .
I manage to contact the deceased client 's sister (Ms. Tan ) , in order to have policy ownership transfer back to the son since he is qualify to own his policy now .
Ms. Tan has shown great concern of the children ( her niece and nephew) 's insurance policies as now both parent passed away and both children still in study . In order to avoid any potential termination of the policies , she pick up the responsibility as payer role for the continuity of the policies.
In this meet up , i was trying to understand the estate distribution progress done since client (Madam Tan ) passed away in year 2010 . I have provided the will writing services to her via Rockwills . The distribution completed by Mr.J who is first appointed executor and trustee in her will .
Mr. J did not have a proper will in such short emergency fatal heart event . I have explained the small estate distribution method in land office if he fit in the criteria , or else seeking lawyer for high court submission will need to be done.
Mr. J 's emergency admission , by-pass for blockage arteries , discharge , readmission and warding in ICU due to virus infection till his passing in total duration of 6 weeks , the total medical bill amounting to RM220K( Ringgit Malaysia Two Hundred Twenty Thousand ) . Mr. J did not own any medical insurance .
As the children are young and studying , this hefty medical bill was settled by Mr.J 's sister , Ms.J.
Ms. J , a single and approaching her retirement age , kind-hearted to pick up this brother's hefty medical bill using her retirement fund .
The boyfriend of the daughter ( age 22 now) , has seem trying to help her claiming father estate , including only 1 life insurance policy and EPF .
Its a blessing both children still having Ms.Tan ( Aunty from maternal side ) and Ms.J (Aunty from paternal side ) to help them out in recent events , and provide guidance to these children ( at the age 22 and 18 respectively ) for future undertaking .
Question to ponder :
(1) What if Mr.J do not have relative afford to pay medical bill upon his passing ?
(2) What if died insolvent and kids having difficulty for study continuation?
(3) What if he left hefty asset that will be inherited by children as this young age , and could potentially cause bad intention from friends ?
(4) Ms. J 's retirement fund is shrinking quickly since RM220K has used up for brother's medical bill , will she face problem in retirement age ?
(5) Is Mr. J 's estate enough for the kids reimburse the aunty settlement help for this RM220K ?
The recommended steps that we could have arranged in advance as such :
(1) If you are rich and budgeted enough sum for potential health hazard , by all means you do not need to have the medical insurance .If not , please do not save a penny , lost a dollar , and create life anxiety for your family .
(2) Put your dedicated assets ( such as cash account , insurance policies , immovable properties) to a living trust . This trust can be designed in priority for settlement such as :
(a) own medical expenses
(b) funeral expenses
(c) Estate distribution expenses
(d) others estate debts settlement ( eg: home mortgages , personal loan , credit card debts etc .)
(e) children living expenses payable monthly
(f) tertiary education funds disbursement
(g) others ( eg : own parent old age need )
(h) balance funds distribution method ( to hold till beneficiaries age 30 or partially distributed in different age band ...)
With this method , you avoid unnecessary potential third party eyeing on the inheritance a young person may have .
Real case sharing :
A client ( Madam Tan , breast cancer patient for years , mother of 1 girl and 1 boy ) took up the life and medical insurance policies for the kids in year 2006 .
She passed away in year 2010 .
Right before her passing , i managed to see her to have the policies transfer as such :
Elder girl by then age 18 ,absolute assignment the policy to elder girl directly
Younger son age 14 , conditional assignment the policy to father ( Mr. J) as policy owner .
Unfortunately the father (Mr. J )passed away last month due to acute heart problem . At this year of 2014 , the younger son reach majority age of 18 .
I manage to contact the deceased client 's sister (Ms. Tan ) , in order to have policy ownership transfer back to the son since he is qualify to own his policy now .
Ms. Tan has shown great concern of the children ( her niece and nephew) 's insurance policies as now both parent passed away and both children still in study . In order to avoid any potential termination of the policies , she pick up the responsibility as payer role for the continuity of the policies.
In this meet up , i was trying to understand the estate distribution progress done since client (Madam Tan ) passed away in year 2010 . I have provided the will writing services to her via Rockwills . The distribution completed by Mr.J who is first appointed executor and trustee in her will .
Mr. J did not have a proper will in such short emergency fatal heart event . I have explained the small estate distribution method in land office if he fit in the criteria , or else seeking lawyer for high court submission will need to be done.
Mr. J 's emergency admission , by-pass for blockage arteries , discharge , readmission and warding in ICU due to virus infection till his passing in total duration of 6 weeks , the total medical bill amounting to RM220K( Ringgit Malaysia Two Hundred Twenty Thousand ) . Mr. J did not own any medical insurance .
As the children are young and studying , this hefty medical bill was settled by Mr.J 's sister , Ms.J.
Ms. J , a single and approaching her retirement age , kind-hearted to pick up this brother's hefty medical bill using her retirement fund .
The boyfriend of the daughter ( age 22 now) , has seem trying to help her claiming father estate , including only 1 life insurance policy and EPF .
Its a blessing both children still having Ms.Tan ( Aunty from maternal side ) and Ms.J (Aunty from paternal side ) to help them out in recent events , and provide guidance to these children ( at the age 22 and 18 respectively ) for future undertaking .
Question to ponder :
(1) What if Mr.J do not have relative afford to pay medical bill upon his passing ?
(2) What if died insolvent and kids having difficulty for study continuation?
(3) What if he left hefty asset that will be inherited by children as this young age , and could potentially cause bad intention from friends ?
(4) Ms. J 's retirement fund is shrinking quickly since RM220K has used up for brother's medical bill , will she face problem in retirement age ?
(5) Is Mr. J 's estate enough for the kids reimburse the aunty settlement help for this RM220K ?
The recommended steps that we could have arranged in advance as such :
(1) If you are rich and budgeted enough sum for potential health hazard , by all means you do not need to have the medical insurance .If not , please do not save a penny , lost a dollar , and create life anxiety for your family .
(2) Put your dedicated assets ( such as cash account , insurance policies , immovable properties) to a living trust . This trust can be designed in priority for settlement such as :
(a) own medical expenses
(b) funeral expenses
(c) Estate distribution expenses
(d) others estate debts settlement ( eg: home mortgages , personal loan , credit card debts etc .)
(e) children living expenses payable monthly
(f) tertiary education funds disbursement
(g) others ( eg : own parent old age need )
(h) balance funds distribution method ( to hold till beneficiaries age 30 or partially distributed in different age band ...)
With this method , you avoid unnecessary potential third party eyeing on the inheritance a young person may have .
Thursday, January 30, 2014
Wednesday, January 1, 2014
Friday, December 13, 2013
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