Tuesday, April 29, 2014

GST & Life Insurance

According to the latest Guidelines, Life Insurance Premium, even purchased by Company, is exempted from GST.

If it is certain, then it is a good news for life insurance agent to sell to their client using Company fund as Key-Man Insurance etc which current subject to 6% service tax.

A RM10 million Life Insurance Policy

After MH370, many people will realise life is uncertain.
After Karpal Singh's accident, probably even more people will realise the same.

In my word: Tomorrow is not a guarantee, for some people.

Some customers sort of complaint that I don't sell them the 'insurance' plan. My answer always, almost the same: "you like me keep pushing you to buy?" or "I am not working hard".

To get insurer to underwrite a Life Insurance Policy of RM10 million is not easy. I'm working hard on this case, where I usually don't work hard on selling. Not only they want to look at your health, i.e. insurable condition, they also want to ascertain no money laundering as well as whether do-you-worth-so-much.

All the best for me, that my customer gets want he wants (high coverage for the Insurance Trust) and I am rewarded for working hard, which might motivate me to work even harder, to help more people get what they want.

Let me close this post with a quote from Zig Ziglar (1926 ~ 2012)

You will get all you want in life if you help enough other people get what they want

Wednesday, April 23, 2014

Trust Fund - Protect your loves one and protect the insurance proceeds

This article published way back in May 2008, however it is still very much relevant today and for next decades to come.

In summary, example of the benefits of an Insurance Trust are
1) Control your beneficiaries spending habits
2) Determine the amount to be paid to your beneficiaries on a periodical basis
3) Set up conditions on how the fund are utilised
4) Reduce the amount or stop payment when the beneficiaries mature
5) Determine when your beneficiaries will receive their full entitlement.

The article also highlight the benefits of using corporate trustee than individual trustee.

Individual trustee is a human, may be dead, fall ill, incapacitated, become of unsound mind, or even become bankrupt, not to mention potentially not doing the job or payment according to your wish. Why take the risk?

Click here to download (1.02mb in PDF format)