Useless

Yup. Useless. What is the point of working so hard and earning an income but not protecting it? It's useless in my opinion.

Most of my clients and prospects are working adults, ranging from late 20s to 50s. Most of them are working. They are working to earn a good income and hopefully they can save and grow their money. They have good intentions. But many are forgetting about protecting their income.

You should know by now that your ability to earn an income is your biggest asset. But many of you think that maybe $300,000 or $500,000 is a good and big enough coverage. You are dead wrong!!

Do you know a worker in his 30s who earns $4,500 a month, with let say a pay rise of 5% a year, will earn about $4 million when he reach retirement age of 65? I'm not even counting bonuses and job promotions.

Now my question to you, if you are in your 30s, do you have $4 million cash in your bank account now? Maybe most of you don't. It is because that $4 million is your future worth that is unrealised yet. You will reach there assuming nothing unexpected happens. But can you guarantee 100% for the next 35 years you will not get sick or accident, etc? 

Imagine if you are struck by illness or disability and you cannot work, that means you lose the opportunity to earn that $4 million. Now you are left with whatever you have in the bank and you have to continue living with what you have. It's not a fun situation I believe.

This is why a disability income benefit plan is created. The insurance company will pay you maybe up to 75% of your monthly income if you cannot work due to illness and disability. With this plan, you can rest assure that you don't have to worry about your family and the monthly expenses, because this plan will be your substitute income earner. You will be able to achieve your future worth, no matter what happen.

telegraph.co.uk

Cheers! Have a great day.

The "Cake boss"

Do you know who is the "Cake boss" ?

I'm sure many of you knows. If you don't know, go watch TV or YouTube, you will find him.

He is Buddy Valastro!

I love his shows, it's entertaining, creative and fun. He always look very happy in the show, but I never thought that his dad died because of lung cancer when he was young and he went through so much hardship to get by in life.

Now that he is the Life insurance awareness spokesperson for year 2012, I just learned about his life.

Have a look at the video.

Embedding is actually disabled. Just click the video and watch on YouTube. Thank you.


I think he is a great guy. He learned from the past and do the right thing now for his family. He knows that protecting his family is very important and he do not want to give financial burden to his family if something happens to him.

Many people know what they should do. Many people have seen how devastating it can be if a breadwinner in the family passed away unexpectedly. Many people know the mistakes that other people have done. But until now, they keep repeating the mistakes again. They do not want to plan and they are just hoping that something bad will not happen.

Hoping will not help your family if you die. But planning does help.

Do not take tomorrow for granted, as it may never come. You do not know what will happen next. Illness and accident can happen to anyone.

Life insurance is not bought because "you want to die", but it is bought because your loved ones need to continue living. Living with dignity and pride, because you planned ahead and provide for them.


Cheers! Have a great day.

1 second

Yes 1 second can really change your life. Just like what happened to this family. An accident in an instant changed their life forever.

http://www.lifehappens.org/portfolio/nicolas-virgen-still-watching-over-them/

"Nicolas, a self-employed painter, had life insurance for himself but was reluctant to buy a policy for his stay-at-home wife, Teresa. But his insurance agent was persuasive and convinced him to cover her too. When a terrible car accident killed Teresa and left Nicolas badly injured, the money from her policy is what paid the bills and kept the family in their home until Nicolas could return to work." Taken from youtube.


Every husband and wife according to my opinion have to be insured. It does not matter if the wife is a stay at home mom or not. It does not matter if she is working or not. She is valuable! She have to be insured.


After you see the video, you will understand how a stay at home wife need an insurance as well. It is because Teresa had an insurance, her husband can recuperate from his injury without worrying about the bills. The kids are able to continue their school and they are able to keep their home. She continue to keep watch over them even when she is no longer around. 


Cheers! Have a great day.

Financial Fitness

                                                      Taken from TODAY newspaper

I just read this article today and I found it very simple to understand and digest. So to those who want to do something for their financial situation, try read the article. This is mainly about how people in their 30s can improve their finances and how to start planning.

Let me share the key points of the article:

1. Get rid of existing debts, such as student loans, credit lines or credit card debts.

2. Start diversifying, maybe do some retirement planning or investing.

3. Find a financial adviser to help you plan and set up your portfolio.

4. Have at least 6 months of income as emergency funds.

5. Get an insurance, whether it's life, disability, mortgage, accident, critical illness or health. It's because when you just started off building your portfolio, any unexpected or unfortunate event can derail your plans.

I truly agree with all the points. We have to start somewhere and do something. We can't just let our money sit in the bank and earn tiny bit of interest while that value of money is also eroded by sky high inflation.

We need to diversify and try to invest somewhere so that we potentially can earn better return and beat inflation. At the same time, it is a must to buy insurance to protect the money that you are building up.

I'm quite amazed by my experienced that I saw a lot of people that do not have insurance while they try to save money. To me, that is foolishness. Why do you try to save so hard but risking it to be wipe out by just 1 single unfortunate event (e.g. You fall sick and have to be hospitalized) ?

I believe if you follow what the article said, you will have a good start.



Cheers! Have a great day.

A life lived fully but wisely

Nothing inspired you more than a great story isn't it.

It makes you fresh and hopefully give you more wisdom and courage as well.

Take a look at this video:

http://www.lifehappens.org/portfolio/melissa-knoll-a-life-lived-fully-but-wisely/


No one want unfortunate events to happen in their life, but sometimes it just happens and you can't say no to it. You will just have to face it.

To be sick, to die prematurely, to be disabled, to be critically ill, etc,  are never part of anyone's life plans.

Melissa in the video knows that very well. Her husband illness and death is never part of the plan. She and her kids need him. As a husband, as a father, as a provider.

But it just happened, out of nowhere. Fortunately, Greg is a great man. He planned properly and adequately because he loves his family.

Even though he got coverage from his company, he still add more insurance because he knows it won't be enough if something happens to him. He just want to make sure that he provide the best for his family.

It is because he planned, the family are able to:
1. Paid off debts that were accumulated when Greg was ill.
2. Paid off the mortgage, which means she and her kids do not have to sell the house.
3. Set up college funds for their 2 daughters.
4. Have an income replacement and lead a stable life.

Can you imagine if Greg never plan? What will happen to his family?

Can they survive? Yes of course they can survive. That is the basic essence of a human being. But they will survive with lots of hardships, especially financial burden. They will have to sell the house, she will have to find job, she will have to find someone to take care her 2 daughters, she may have to beg from relatives or friends for money, go back to her parents place and use their retirement money, etc.

It's definitely not something that I want my family to go through. What about you?



Cheers! Have a great day.

Great husband and father

http://www.lifehappens.org/portfolio/connie-hobson-insurance-preserves-a-familys-way-of-life/


Please have a look at the video above.




What do you think? Does it make sense to you?

To me, that is the miracle of life insurance. The family's well being and their way of life is preserved because that great man (as a husband and a father) have done an insurance planning properly.

When he could not work, he got disability benefit that helped the family to cover their monthly expenses. Then when he passed away, the life insurance benefit helped the family to continue their life as usual. The wife and kids do not have to worry about the mortgage, expenses, etc. He even turned the death benefits into an income stream so that his family can have continuous income, they can even go for holiday occasionally.

This man is a great man, he truly loves his family and he loves them as long as they live, not only as long as he live.

I wonder how many people are like him. Most people I met said they love their family, but they do not have the commitment to follow through. It's only from the lips but no actions.



Cheers! Have a great day.

Melbourne crash victims

Financial difficulties. No one in this world ever want financial difficulties. But it's funny that many people do not want to plan for the unexpected, because they think it will never happen to them. But take a look at the recent accident of a family from Singapore while they are on holiday in Melbourne.

It is very devastating, I think almost everyone were hospitalised, some with major injuries and some with minor injuries. Furthermore, 1 child died because of the accident. Now there is still 1 more child in the hospital while the rest of the family members need regular check up to the hospitals. They need to be in Melbourne for another 3 months before they are fit for travel.

They are now facing financial difficulties because they need about S$6,500 per month for all the expenses and they will need it for the next 3 months at least. For now, the Muslim community have been providing packed meals for them. Then an informal group on facebook have raised A$1,300. But it is far from enough.

Luckily, the insurance company is now in the process to help the family. So I guess the family had bought some insurance before, which I'm really really glad. That means somewhere out there, there is a good adviser who have done their job. Well done in protecting this family!

In this scenario, a travel insurance is very useful. It will cover all your medical expenses and even giving you hospital income (e.g. $200 for each day you are hospitalised) which can be use to cover the other expenses such as food and accomodation. It is also useful because travel insurance cover medical evacuation, repatriation and even death and disability.

Other insurance which can be useful in this scenario is disability cover. Which means if you are unable to work, we will give you replacement income. Even if its partial disability, you still can enjoy the pay out and you won't have to worry about your expenses.

So let me end this post with a quote from the article, "The parents are extremely distressed. They've had to deal with loss of a child. Money problems don't help at all."

Insurance will not replace your loved ones. Let me say that again, insurance will not replace your loved ones. But I can guarantee you that insurance will help you in times of need, so that you will have less things to worry about. You will not have to worry about the burden of financial difficulties!



Cheers! Have a great day.

In sickness and in health

                                                       
                                                               Taken from Sunday Times

I'm sure that many people know the above title, especially those who are already married. In my vow, I said that I will love my wife and take care of her in sickness and in health. That is a part of the vow and a very important one. So that is what the article above will tell you, how couple take care their spouse and still loving him/her no matter what. You will know what are their struggles and triumphs as being a care giver for their spouse.

I will just share with you some of the quotes that I felt are very important:

1. "...when one falls ill, it is inevitable that the spouse is the first line of support."

2. "Whatever the gender, there are big lifestyle changes when one partner falls critically or chronically ill. Often, too, there is emotional fallout."

3. "You are grieving but you can't let that part show when the other party is sick and down. If both spouses are down, that's it."

4. "Hefty medical bills add to the stress and often, there are complications to illnesses which can range from stroke to heart attack to chronic ailments such as diabetes".

5. "...gave estimates ranging from $60,000 for Mr Wong's treatments and day care services, to $800,000 for private oncology treatments for Mrs Chan."

1 couple even told their story how they upgraded their house from a 3 room flat, to a maisonette and to a private apartment during their 40 years marriage. Then they are forced to sell the apartment and their car to pay the medical bills.

I was so emotional reading this kind of story. Real story, real people and real love.

I know for sure that people will survive, no matter what kind of storms coming to their life. But to me, if we can mitigate the financial risks of being critically ill, why don't we do it now?

At least it will take away the burden of the monetary issue. You will be able to focus and take care your spouse better. You will not have to worry about selling your house, selling your car, paying your daily bills and expenses, etc.

If you love your spouse, why don't you give the best? Is your vow an empty vow?

Plan now and don't keep waiting. No one knows who will get sick next.



Cheers! Have a great day.