MLTA (Mortgage Level Term Assurance)
is an yearly premium insurance that will provide a level coverage throughout the lifetime of the policy. For example, you've obtained a MLTA 500k for a 500k Mortgage loan. Throughout period if you've made a repayment and lowered your mortgage loan amount to say RM250k, you will still be getting 500k coverage and when you make a new purchase of a property, you may just use the same policy and do some top up if the new loan amount is more than 500k coverage.
MRTA (Mortgage Reducing Term Assurance
is a single premium insurance that will provide a reducing coverage throughout the loan period of the policy. For example, when you borrowed 500k loan and purchased a 500k MRTA, as years goes by, the coverage is reducing.
What's the pros and cons of MRTA vs MLTA?
MRTA
Advantage
- cheaper than MLTA
- an alternative if you are low on budget
Disadvantage
- non transferable meaning you can't put in another property under the same MRTA, also upon death, the full sum is paid to the bank to settle the loan.
- reducing sum assured e.g you coverage of RM500k, 10 years later, the sum coverage is reduced to RM250k so anything happen can claim RM250k and not RM500k
- zero saving value (whatever you paid for that 1 time payment is burned at end of policy term)
MLTA
Advantage
- same sum assured and can upgrade the amount by topping up
- transferable as it's under your name and not the bank, so in the event of death, the payable sum is issued to your next of kin and they can choose to repay the bank slowly and use the fund for investment
- got saving value
Disadvantage
- slightly more expensive than MRTA due to yearly premium (but countered with savings)
For more information, you may WhatsApp or Call 016 332 3290 *Keith Wong*.
Wednesday, November 5, 2014
Tuesday, November 4, 2014
What's the function of Life Insurance Policy?
Insurance is a tool which you can use to reduce your risk and cost by moving it to a insurance company.
For example, you may get Allianz Medical Card to pay off your medical bill without the hospital charging it into your own hard savings.
Also, in the event of loss due to Accident or Death or Disability, insurance is there to pay you a lump sum of money as expenses for cost of living or as benefits to your next of kin in your family.
Allianz offers variety of insurance policy that you can choose from such as:
1) Protection Plan - a payable lump sum of money in the event of Death, TPD or 36 Critical illness (Latest 2014, you can cover up to 120 Critical Illness)
2) Medical Card - a "credit card" that is used in the event that you are hospitalized and this is to pay for your medical fees and nowadays hospital bills are not cheap and could easily burn a hole in your saving account.
3) Saving Plan - a saving plan for those who don't have the habit of saving which this will provide you a forced saving for a period of time so that you can use it as a fund for future purposes.
4) Retirement Fund - EPF may not be sufficient as statistic have shown that most EPF funds were used finished within 3 - 5 years. This will help you to save another extra fund as retirement.
5) Keyman Policy - Running a business ? Protect your company asset by assuring your business partners who are important to you or who are shareholders. Should anything were to happen to anyone of them, the policy will be used to buy over their shareholding of the company. Otherwise you will need to fork out a lot of money at one go which could disrupt your business cash flow.
Should you require any assistance or consultation. Feel free to call me @ 016 332 3290 for your insurance needs.
For example, you may get Allianz Medical Card to pay off your medical bill without the hospital charging it into your own hard savings.
Also, in the event of loss due to Accident or Death or Disability, insurance is there to pay you a lump sum of money as expenses for cost of living or as benefits to your next of kin in your family.
Allianz offers variety of insurance policy that you can choose from such as:
1) Protection Plan - a payable lump sum of money in the event of Death, TPD or 36 Critical illness (Latest 2014, you can cover up to 120 Critical Illness)
2) Medical Card - a "credit card" that is used in the event that you are hospitalized and this is to pay for your medical fees and nowadays hospital bills are not cheap and could easily burn a hole in your saving account.
3) Saving Plan - a saving plan for those who don't have the habit of saving which this will provide you a forced saving for a period of time so that you can use it as a fund for future purposes.
4) Retirement Fund - EPF may not be sufficient as statistic have shown that most EPF funds were used finished within 3 - 5 years. This will help you to save another extra fund as retirement.
5) Keyman Policy - Running a business ? Protect your company asset by assuring your business partners who are important to you or who are shareholders. Should anything were to happen to anyone of them, the policy will be used to buy over their shareholding of the company. Otherwise you will need to fork out a lot of money at one go which could disrupt your business cash flow.
Should you require any assistance or consultation. Feel free to call me @ 016 332 3290 for your insurance needs.
Sunday, November 2, 2014
Why is Medical Card important for you?
Healthcare cost in Malaysia 2014 continue to increase as the prices of equipment and medical supplies cost increases, so is hospitalization fees charged by the doctors.
If you do not have your own medical card or you've been depending on your company for it's free medical card then it's time to get one for yourself.
Scenario 1: I have a company medical card card, I don't need to spend any additional cost for insurance.
This is a common misconception by a lot of people. They depend on free medical card provided by their company without any worries. However, like any companies out there, it might not last forever or you might not work there forever.
This is whereby when you move to a new company, it might not provide you the same medical benefits or some of them do not even have medical card issued to their staffs. Sometimes, when you had been diagnosed with some health symptoms, your insurance might be void by the company's insurance company.
Furthermore, having a company medical card would not give you a high claim amount and it's benefit might not be as good as having a personal medical card.
It is always better to have your personal medical card because wherever you are working in the future, the card's benefit will not be any lesser and the benefits remain the same throughout your lifetime. Furthermore, the benefit of having your own medical card is that you get to upgrade it anytime without having to gain advancement in your career to gain that benefit.
Scenario 2: I don't have a Medical Card but I don't need it because I'm healthy all these while
It's good that you've been taking care of your health cautiously all these while. However, having a medical card will assist you on a rainy day should you be down by a serious health problem such as dengue or maybe you were hospitalized for an accident.
Medical Card is whereby it will pay off all your hospital & doctor bills without having to fork out anything extra from your bank savings.
It is always advisable to get minimum a basic medical card especially in this increasing hospital bills to ensure that it will help you pay off some of the hospital bills.
Scenario 3: I don't really earn a lot every month, I can't afford even a basic medical card
It is even more important that you spend even that little money of yours to get a basic medical card.
Now why is that so?
Now why is that so?
Today if you're earning RM2,000/month and assuming you saved RM30,000 in fixed deposit.
Should you be hospitalized for Dengue out of the sudden, you are needed to be hospitalized and the minimum fee to be paid to the hospital is estimated RM25,000. You will need to fork out this amount of money from your fixed deposit. Imagine all your hard earn money that you've saved to buy a house or a car but was quickly taken away by such an event.
This is why, it is advisable to taken even a basic medical card which might only need RM150 from your savings and it will help you to pay off that RM25,000 hospital bill without touching your bank account.
If you are in need of an advise regards to medical card, feel free to contact 016 332 3290 *Keith Wong*
Saturday, November 1, 2014
5 Reason Why is Life Insurance Important?
There are still a lot of cases whereby 80% of the population in Malaysia had yet to have any insurance policy for themselves.
Life Insurance policy can help you in many ways, here are 5 reasons why it is important to get one.
Reason 1: Reduce Cost Life Insurance can help you to recover in the case of a loss, for example, Allianz will pay you in the event of death, total permanent disability, personal accident, medical claim or hospital income. However, today if you do not have any life insurance policy, you do not get to enjoy any of this benefit and to give you a preview of how insurance work.
Scenario 1: You have RM3,000 ringgit with no insurance policy and RM50,000 savings If in the event that you have hospitalized and the hospital requires you to pay RM40,000 for the surgery, you will have to fork out RM40,000 from your saving account and that incurred RM40,000 loss that you have worked hard to save up all these time for your house, dream car or even for a vacation.
Scenario 2: You have RM3,000 ringgit and save RM200 monthly with Allianz Insurance and has RM50,000 savings In this scenario, if you were to be hospitalized and you have saved RM200 monthly with Allianz, Allianz will pay the RM40,000 hospital bill for you and you need not to take out a single cent from your bank saving account. How great is that!
Reason 2: Replacement Income
In the event that for example, you are being hospitalized, you will be unable to work and this is whereby you are losing money because you are forced to rest in the hospital. Allianz Insurance will pay you pocket money for everyday you sleep in the hospital! Would you be able to find any company that would pay you to sleep in the hospital ? Moreover, in the event if you are unable to work anymore due to a horrible accident and due to a medical condition that you are not fit to be employed by any company. Allianz will pay you a lump sum of money as a Replacement Income for you to live on your life without having to burden anyone else financially to support you.
Reason 3: Peace of Mind
Life insurance will be able to give you a peace of mind that in the event of anything that happens upon you. You are rest assured that you are taken care off whether you are hospitalized, your medical bills are paid off. If you happen to have pass on, your immediate family will be able to enjoy a lump sum of money via insurance pay out so that you don't have to worry if you are no longer to able to live to support them financially, the insurance policy will be able to help you do just that.
Reason 4: Transfer Risk
Why take all the risk upon you when you can transfer the risk to the insurance company such as Allianz by just saving few ringgit with the company by getting a policy for yourself? Especially with the increasing cost of living, you can't afford to lose more money in the event of anything happening upon you.
Reason 5: Investment
Allianz Insurance can help you to save your savings for retirement or even for an education fund for your children. Take it as a force saving for yourself. You will be able to plan even better for your children and even for your retirement especially nowadays EPF fund are not enough to last through your retirement days. Should you require advise, you may call me @ 016 332 3290 *Keith Wong* for your insurance policy.
Reason 1: Reduce Cost Life Insurance can help you to recover in the case of a loss, for example, Allianz will pay you in the event of death, total permanent disability, personal accident, medical claim or hospital income. However, today if you do not have any life insurance policy, you do not get to enjoy any of this benefit and to give you a preview of how insurance work.
Scenario 1: You have RM3,000 ringgit with no insurance policy and RM50,000 savings If in the event that you have hospitalized and the hospital requires you to pay RM40,000 for the surgery, you will have to fork out RM40,000 from your saving account and that incurred RM40,000 loss that you have worked hard to save up all these time for your house, dream car or even for a vacation.
Scenario 2: You have RM3,000 ringgit and save RM200 monthly with Allianz Insurance and has RM50,000 savings In this scenario, if you were to be hospitalized and you have saved RM200 monthly with Allianz, Allianz will pay the RM40,000 hospital bill for you and you need not to take out a single cent from your bank saving account. How great is that!
Reason 2: Replacement Income
In the event that for example, you are being hospitalized, you will be unable to work and this is whereby you are losing money because you are forced to rest in the hospital. Allianz Insurance will pay you pocket money for everyday you sleep in the hospital! Would you be able to find any company that would pay you to sleep in the hospital ? Moreover, in the event if you are unable to work anymore due to a horrible accident and due to a medical condition that you are not fit to be employed by any company. Allianz will pay you a lump sum of money as a Replacement Income for you to live on your life without having to burden anyone else financially to support you.
Reason 3: Peace of Mind
Life insurance will be able to give you a peace of mind that in the event of anything that happens upon you. You are rest assured that you are taken care off whether you are hospitalized, your medical bills are paid off. If you happen to have pass on, your immediate family will be able to enjoy a lump sum of money via insurance pay out so that you don't have to worry if you are no longer to able to live to support them financially, the insurance policy will be able to help you do just that.
Reason 4: Transfer Risk
Why take all the risk upon you when you can transfer the risk to the insurance company such as Allianz by just saving few ringgit with the company by getting a policy for yourself? Especially with the increasing cost of living, you can't afford to lose more money in the event of anything happening upon you.
Reason 5: Investment
Allianz Insurance can help you to save your savings for retirement or even for an education fund for your children. Take it as a force saving for yourself. You will be able to plan even better for your children and even for your retirement especially nowadays EPF fund are not enough to last through your retirement days. Should you require advise, you may call me @ 016 332 3290 *Keith Wong* for your insurance policy.
Allianz Malaysia Life Insurance
Hi there,
I'm Keith Wong, Life Insurance Agent for Allianz Malaysia.
I am sure the reason you've come to this website is because you are looking for some information regards to Life Insurance or about Allianz Malaysia.
Just to share with you some of the background about Allianz Malaysia Berhad.
"Allianz Malaysia Berhad (“AMB”) is part of Allianz Group in Germany. Allianz Group was founded in 1890 in Germany. With approximately 148,000 employees worldwide, the Allianz Group serves more than 83 million customers in about 70 countries. Allianz officially stepped foot in Malaysia in 2001 when it became the controlling shareholder of Allianz General Insurance Malaysia Berhad (“AGIM”).
In 2007, the general insurance business of AGIM was transferred to its wholly-owned subsidiary, Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”). Following the completion of the transfer of general insurance business, AGIM changed its name to Allianz Malaysia Berhad (“AMB”). AMB is an investment holding company that has two wholly-owned subsidiaries - Allianz Life Insurance Malaysia Berhad (“Allianz Life”) and Allianz General. Listed under Bursa Malaysia, AMB issues its own Annual Report.
In 2011, AMB issued its first Sustainability Report to create transparency by reporting its non-financial performance. Allianz General is one of the leading general insurers in Malaysia and has a broad spectrum of services in motor insurance, personal lines, small to medium enterprise businesses and large industrial risks. Allianz Life offers a comprehensive range of life and health insurance as well as investment-linked products and is one of the fastest growing life insurers in Malaysia.
With 35 branches in major cities nationwide, Allianz Malaysia aims to distinguish itself as the most trusted provider of financial services to suit the lifetime needs of Malaysians and at the same time, play a role as a responsible corporate citizen."
I'm here to help you to get started with Life Insurance plan for yourself, your family, your spouse, your children or even for your future wealth by pre-planning them. Should you require any of my consultation which is free, feel free to call 016 332 3290 *Keith Wong*
Just to share with you some of the background about Allianz Malaysia Berhad.
"Allianz Malaysia Berhad (“AMB”) is part of Allianz Group in Germany. Allianz Group was founded in 1890 in Germany. With approximately 148,000 employees worldwide, the Allianz Group serves more than 83 million customers in about 70 countries. Allianz officially stepped foot in Malaysia in 2001 when it became the controlling shareholder of Allianz General Insurance Malaysia Berhad (“AGIM”).
In 2007, the general insurance business of AGIM was transferred to its wholly-owned subsidiary, Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”). Following the completion of the transfer of general insurance business, AGIM changed its name to Allianz Malaysia Berhad (“AMB”). AMB is an investment holding company that has two wholly-owned subsidiaries - Allianz Life Insurance Malaysia Berhad (“Allianz Life”) and Allianz General. Listed under Bursa Malaysia, AMB issues its own Annual Report.
In 2011, AMB issued its first Sustainability Report to create transparency by reporting its non-financial performance. Allianz General is one of the leading general insurers in Malaysia and has a broad spectrum of services in motor insurance, personal lines, small to medium enterprise businesses and large industrial risks. Allianz Life offers a comprehensive range of life and health insurance as well as investment-linked products and is one of the fastest growing life insurers in Malaysia.
With 35 branches in major cities nationwide, Allianz Malaysia aims to distinguish itself as the most trusted provider of financial services to suit the lifetime needs of Malaysians and at the same time, play a role as a responsible corporate citizen."
I'm here to help you to get started with Life Insurance plan for yourself, your family, your spouse, your children or even for your future wealth by pre-planning them. Should you require any of my consultation which is free, feel free to call 016 332 3290 *Keith Wong*
Subscribe to:
Posts (Atom)