Tuesday, October 6, 2015

Will-Writing is just the First Step in Estate Planning

Most people believe Will is the only thing they need to concern about, and a Will is just a simple paper, therefore should not cost more than a few hundred ringgit.

Estate Planning is a concept of how, when, what are the ways, to distribute ones wealth after or even before this person pass away.

There is a danger of under estimate the importance of having a proper planned Will and overall Estate Planning, simply having a Will drafted may be worse than having a Will drafted. Why?

If a person don't plan well, using just a standard Will template to draft his / her Will, without the detailed knowledge of the relevant pitfalls, his / her beneficiary may ended up not getting the estate.

Therefore, it is important to get a qualified Will writer, as you only 'test' the Will when you need to use, you can not afford to make a mistake.

Tuesday, September 22, 2015

Motor Insurance - Legal Liability to Passenger {LLP} and Legal Liability of Passenger {LLOP}

If you drive to Singapore for shopping holidays or visit the Mandai Zoo with your children, your Malaysia Comprehensive Motor Insurance policy also protects your car against road accidents and theft.  However, do add the optional covers for car insurance Legal Liability to Passenger {LLP) and Legal Liability of Passenger (LLoP) before you contemplate the journey across the causeway or the second link to Singapore Woodlands or Tuas as Singapore Road Transport rules and regulations make it mandatory for your to be responsible for the act of your passengers who may accidentally thrown something our of your car and caused injury to a passerby or the car behind you.
Whether or not you travel in Malaysia or to Singapore or to Brunei, you need the LLP as all drivers have a liability to our passengers while they are on board our cars and met with road accident.  We have a duty of care to them and to ensure their safety.
It is cheap to invest in the optional LLP and LLoP car insurance riders.  You can add it onto your existing policy by requesting for an endorsement to your policy and pay the additional premium.

Sunday, September 20, 2015

Motor Insurance: You are paying premium every year, know what you pay for.

Below are some terms commonly used in motor insurance. If these are still unclear, or for a more specific explanation of these terms,

 The insurance cover will compensate your loss by putting you back to the same financial position as you were in immediately before the loss. You cannot profit from an insurance claim.Therefore if your vehicle is more than 5 years old, betterment will apply. You can not PROFIT from the loss.

 Betterment is, when you repair your vehicle after an accident, and you need to replace one part with a new franchise part, for example, your old bumper is replaced with a new franchise part. The application of betterment however, is at the discretion of your insurance company. If they apply betterment, it will be in accordance with the standard scale of betterment adopted by the industry.

 The most commonly used loading factors are your age, any adverse driving characteristics, cubic capacity (engine CC), specific claims experience of your vehicle and re-conditioned vehicles. The insurance company can apply a loading on you to ensure that the amount charged commensurates with the risk borne by them.

 Excess, also known as deductible.

Other Excess is at the discretion of the insurer, you may 'negotiate' 

Minor Motor insurance premium revision effective Feb 2015

Motor insurance rates have been revised upwards yearly in February since 2012, and the latest revision to the rates are set to come into effect on February 23, 2015.
The tables above list the old 2014 rates and new 2015 rates for private cars. The difference in rates are an increase of about the same amount as the adjustments made the previous two years.
Things will be different next year – 2016 is the deadline for planned "detariffing" of motor insurance premiums. 
When that happens, premium rates will be further differentiated in accordance to the individual risk profile of vehicles, owners, as well as potential pricing differences between insurers.
When the detariffing comes into effect, we might see the emergence of ‘full service’ insurers with higher rates but more perks such as complimentary tow truck service, as well as ‘budget no frills’ insurers.
Motor insurance is the dominant business line for general insurers in Malaysia, registering a steady 5.4% growth for 2014. The industry paid out RM5.04 billion in motor insurance claims last year.
Visit Car premium calculator by Insurance Info, a website by Bank Negara Malaysia.

Wednesday, September 16, 2015

MSIG Personal Accident Plan Special Promotion till 31.10.2015

With extra 30% Entry Bonus, get your cover before 31.10.2015.

AND another up to 50% renewal bonus (10% each year), total will be 180%.

PRIME PA has 5 Plans from RM200,000 to RM1,000,000 for you to choose.

Premium is only RM1,204.62 (inclusive GST and Stamp Duty) for RM1,000,000 Plan 
Year 1 Total cover will be RM1,300,000 (inclusive the 30% Entry Bonus)
Year 2 Total cover will be RM1,400,000 (renewal bonus 10%)
Year 3 Total cover will be RM1,500,000 (renewal bonus 10%)
Year 4 Total cover will be RM1,600,000 (renewal bonus 10%)

Click here for brochure.

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Customer Service Hotline 013-314 0353

Required information:
1) Name and NRIC Number
2) Mobile and Address
3) Beneficiary or Nominee (optional)