Personal Wealth
What is Education Planning?
When it comes to young parents, most of their dreams are to give the best to their children. The best gift that parents could ever give to their children is to provide them a good foundation to start off their life with good education.
We cannot deny the fact that the journey to achieve your dreams requires money, and in order to ensure your children’s smooth journey to achieve their dreams, education funding plays a very important role and it can only exist if it has been properly planned out.
Here are some questions to ask yourself when building children education planning :
Can any parents guarantee their health will not change in the next 3-5 years? If it does, will this affect their ability to earn?
Can any parents guarantee they will always have the ability to earn and save for their children’s education in the next 10-15 years?
Can any of us guarantee that we will live until our children go to tertiary education and finish their degree?
As parents, are you willing to witness our children’s future become uncertain?
What would you feel as parents if we see our children suffer when their dreams and goals are falling apart due to our wrong planning?
What are you protecting against?
Not able to save up for education fund due to premature death.
Lose your ability to earn due to critical illness while you are supposed to save up for education fund.
Lose your ability to earn due to total permanent disability while you are supposed to save up for education fund.
What are you protecting against?
When it comes to young parents, most of their dream is to give the best to their children, it is because the best gift that parents could ever give to their children is to provide them a good foundation to start off their live is through a good education.
But all of us here can’t deny the fact that the journey to achieving your dreams requires money, requires funding and in order to ensure your children have a smooth journey to achieve their dreams, education funding plays a very important role and education funding will only exist if it’s been properly planned out.
When it comes to children education planning, most parents will have common ways of planning their children’s education funding.
Firstly, safe money systematically in Fixed Deposit. Secondly, use property to fund my children’s education. Thirdly, use investment to fund my children’s education. Most parents will have the same concerns when it comes to education planning.
Can we guarantee that our health will not change in the next 3-5 years? If it does, will this affect our ability to earn?
Can we guarantee that we will always have the ability to earn and save for our children’s education in the next 10-15 years?
Can we guarantee that we will live until our kids go to treasury education and finish their college?
If any of this uncertainties happen, what would happen to our children’s future?
Will their future be affected?
What is our exit plan when that happens?
We as parents, are we willing to witness our children’s future is uncertain?
What would we feel as parents if we see our children suffer when their dreams and goals are falling apart due to our wrong planning?
Something to ponder :
If you are given a choice, do you want your children’s future certain or uncertain? Let’s go back to what most parents do to plan their children’s education. Saving money in FD, or using property / investment to fund your child’s education, do you think all these methods are good enough for their children?
Are all these methods certain for them? Most parents know how to accumulate the fund for the children’s education but they forget to protect it, when that happens, instead of using the fund they have for the children’s education at the end they use it to take care of their expenses, their living cost when they lose their ability to earn due to uncertainty.
All these questions are the uncertainties every parent would face through out their life. There are so many uncertainties in our life. Some are within our control and some are not within our control. Those uncertainties that are beyond our control and we do not know how to handle, transfer it to insurance company.
As conclusion, there are 2 important things that every parents should know when they do a proper education planning.
● A plan that helps you to save systematically when you are still healthy and still capable of saving.
● A plan that protects the source of the saving which is an income and this will enable to replace the parents responsibility to prepare the fund due to uncertainty.
What is Income Protection?
Income protection is designed to replace lost income for an individual who is unable to work for more than a specified time.
Here are some questions to ask yourself when building income protection :
● When you fail to have a steady income coming to you, do you think there will be countless insecurities in your life?
● What if your career gets derailed by either disability or a critical illness?
● Who is going to pay for your child’s education when you fall sick?
● Who is going to compensate for that loss of income because you are unable to work when you fall sick?
What are you protecting against?
Not able to provide income for the household due to premature death.
Lose your ability to earn household income due to critical illness.
Lose your ability to earn household income due to total permanent disability.
WHAT IS PRE-NATAL INSURANCE?
Pre-natal is an insurance solution that can provide comprehensive protection for the mother and her unborn baby during pregnancy while ensuring that the child will be covered even when he or she has grown up.
WHY PRE-NATAL INSURANCE?
● Are you aware of the consequences of baby born prematurely?
● What will the baby face when he/she is born prematurely?
● Are you aware of the danger of congenital conditions?
● Are you aware of Neonatal Jaundice?
MISCONCEPTIONS ABOUT PRE-NATAL INSURANCE.
● People think that as long as you have money, you can take up pre-natal insurance.
● Babies who are born prematurely can take up insurance.
● Congenital conditions covered in medical insurance.
● People think when the baby is born only can sign up for insurance.
● People think there is no difference between pre-natal insurance and post natal insurance.
TESTIMONIALS FROM CLIENTS :
Why is Retirement Planning Important now?
In your Golden Retirement Years, the last thing that you would want to worry about is money and how to financially support yourself or your family.
People Live Longer
With increasing age comes more health problems, you will need more retirement funds to ensure a happy retirement.
You Never Know When You Will Stop Working
Always prepare for emergencies. There is no excuse to not save for retirement.
Don’t Be A Liability To Your Future Generations
If you don’t plan for your retirement, it becomes your children’s responsibility to take care of you.
Types of Retirement
Voluntary Retirement
This is a happy situation, because you as an individual get to decide on how you want to spend your life meaningfully with a purpose. It involves finding out when do you want to retire and your purpose when you retire.
Here are some questions to ask yourself when building a retirement plan :
- How many more years do you wish to work?
- What is your ideal age of retirement?
- How long do you see yourself in retirement?
- Will you be financially dependent or financially independent?
Involuntary Retirement
This is something you cannot control. Most of the time it occurs because of illness or accident where you physically cannot work and need an income to support you.
Here are some questions to ask yourself :
- Will this affect your ability to continue accumulating your retirement funds?
- Will you still want to work or worry about finances even when you are critically ill or disabled?
- Will you want to liquidate your assets to fund for your retirement?
- Do you want to burden your future generation to take care of you?
WHAT IS MEDICAL INSURANCE?
People often take good health for granted, assuming that if anything goes wrong, it will be years in the future. That is, until the day comes, and they find themselves burdened with hefty medical bills which they are unprepared for. The simple fact is that nobody ever thinks they need medical insurance… until they do.
This is especially true today, as medical costs are increasing every year. Malaysia’s healthcare inflation rate is one of the highest in Asia, approximately 12% – 15% annually. Many people – especially the younger generation – have to cope with rising costs as they age.
This is how medical insurance acts as a form of financial solution that can provide long term comprehensive protection against medical costs.
WHY DO YOU NEED CUSTOMISABLE MEDICAL INSURANCE?
Do you agree that no two people are the same; hence why should your medical plan be the same as everyone else’s?
Are you able to handle the increasing costs of living across the board, especially unpredictable medical costs?
Can you predict how your health condition will be in the coming years?
Are you willing to witness your family fall into financial catastrophe, or turn to public fundraising, if you do not have sufficient medical coverage?
Women Protection Plan
Every woman goes through different life stages events and some are worth celebrating, such as marriage, childbirth and golden age. Sometimes, a woman might also go through some life events such as having an illness which requires care and support. As a woman continues her life journey and plays numerous roles, she also needs a solid protection plan to fall back on and take away worries from being a woman.
Why is it needed?
Breast Cancer is the most common form of cancer affecting women in Malaysia. What will happen to a woman when she is diagnosed with such disease? How will she feel? Will she be able to continue to work? Would she be required to take time off for treatment and recovery care? A women-related health plan would accompany a woman through such a challenging period.
Purchase of new property, marriage, childbirth and retirement.
Certain diagnosis of woman related disease does not only comes with medical cost for treatment but might also comes with a change in the physical appearance of a woman. A woman-protection plan not only provide coverage during diagnosis of cancer, but also covers the cost of reconstructive surgery on female organs, while also help in the event of facial reconstructive surgery and skin grafting due to accident or cancer.
As life journey goes on, some women may choose to have a baby at a point of their lives. Becoming a mother can be not only exciting but also comes anticipation and fear. During this life stage, a woman becomes concern to the health needs of herself and her baby. Even with proper care, there are possibility of complications that women can undergo during pregnancy, such as ectopic pregnancy or eclampsia. A woman-related health plan would account for such incidences by providing additional coverage in the event.