Victoria Lim - Wealth Planner

  I’ve got 2 clients who are now abroad working in Hong Kong and the UK. In fact, I have a few clients who are Malaysians working abroad in Singapore and Dubai. Below are some common questions asked:- Q1: Should I retain all the benefits in the policy? A: You can choose to cancel the medical benefit if the company you’re working at offers you a H&S service in case you need hospitalization. But before you do that, jump to #Q4 Q2: Does my insurance payout in the event of critical illness or death? A: In case if diagnosed with a critical illness, irregardless, wherever you are in the world, insurance company will pay as long as there are valid documents such as medical report/ receipts and invoices. I’ve done a claim for a client of mine working in Singapore, she was diagnosed with breast cancer, and I’ve managed to help her claim RM50,000 for critical illness benefit. And also it works for death benefit, as long as there’s an original death cert, the claims shouldn’t be any probl...

How do we define what is good in an insurance policy?  # 1 REVIEW YOUR POLICY AT LEAST ONCE A YEAR   Like your car which needs to go for car servicing every once a year or even more frequently twice in a year depending on your car model. Having a policy review helps you remember what are your coverage. #2 HAVE A SUMMARY FOR ALL YOUR INSURANCE COVERAGE FROM DIFFERENT COMPANIES IN SOFT COPY OF HARD COPY Having a full summary of all your coverage helps you to know what you have so you don’t duplicate your coverage and help you manage your portfolio. Feel free to save this template to list down all your policies (If you have the excel template, drop me an email and I’ll gladly send it to you). If you are unsure of your coverage, you can log into the insurance company web portals and retrieve the info.  #3 THE COVERAGE MATCH YOUR CURRENT PROFILE   How much water do you need to drink daily? 7-8 glasses? Likewise, we have a rule of thumb when it comes to how much insurance ...

  #1 NOT NAMING BENEFICIARY FOR YOUR INSURANCE POLICY AND/OR EPF There’s special protection laws/ acts for your insurance policy and EPF. This law protects the rights of your beneficiaries* In case you owe creditors/ banks/ ah long or  even LHDN, this law protects the money payout from your insurance policy and EPF for your loved ones……. provided if you name them in your insurance/ EPF. So get it done today and it’s free!  Note: *if you are married, by law, you should nominate your spouse, but if you nominate your sibling instead, your sibling cannot use the money but rather, your sibling need to settle your estate’s outstanding and the remaining balance to return back to your spouse & children* #2 NOT WRITING A WILL Whether you just own a property/ car or a savings account, you need to list it down on a piece of paper… and write down who you want to give it to when you’re not around. And the same piece of paper when signed by 2 witnesses (who are not your beneficiary...

#1 YOU DIDN'T HAVE THE ORIGINAL DOCUMENTATION 🤭 Insurance companies will always require these documents and they are:- Claim form Original receipt Original invoice/ breakdown of items Medical Report (sometimes may not required if it’s a follow-up consultation) If you’re unable to provide item #a to #c, they may not honor the claim. #2 YOU DIDN’T GET PAID 😡 Insurance companies will only pay to the policy holder’s account regardless of who pays the bill. And if a child is parked under a parent name, be sure to have the other spouse registered as a “contingency assurance” in case one of the parents passes away, the parent still can get their claims. #3 YOU DIDN’T KNOW WHAT ARE NOT COVERED 😓 Items that are not covered in a hospitalization claims are:- Medical Report Supplements Medication that is out of scope of your admission (For example, I had a client who did a stent for his heart, and because of his sugar level, the doc also changed his diabetic meds, so the diabetic meds wasn’...

Thing is insurance savings plans are not for everyone. There must be an objective when you want to commit to one. In my experience, some of my clients had some bad experiences because they were approached by b@nkers on the promise that the savings plans the b@nks issued were purely investment plans with no insurance coverage. So when the customers sign up, they are often surprised how come the investment was linked to ABCD insurance company and then they feel duped. I don’t blame you. So, before you commit to a savings plan. These are the top 5 things you need to know before you sign on the dotted line. #1 WHAT IS YOUR OBJECTIVE? Everyone wants to save money, in fact, ppl prefer to buy a savings plan rather than a protection plan….. So whenever a client/ prospect hears of a savings plan, they lit up and asked for proposals. But I will always ask them what is your objective?… some will say save for emergencies, some save for their retirement, some save for their vacation, or kids edu. O...