December 2022

06 12 2022

Motor, Fire and Travel Insurance

Motor Insurance: When you buy a motor vehicle, you need to buy a motor insurance policy for use of the vehicle on the road.

Fire or House Owner Insurance: This policy covers your building and/or contents from loss or damage caused by fire and lightning. The coverage could also be extended depending on your requirements.

Travel Insurance: The travel insurance policy covers accidents to the Insured and losses arising from a journey whether by air, sea or land.

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06 12 2022

Medical and Accident Protection

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Medical and Accidental Protection

Most people know that getting proper and sufficient health protection is a critical component of financial planning. If you are young, chances of falling ill may be low but not zero; and accidents can happen to anyone. The medical expenses associated with such situations can be burdensome. Even if it’s not, wouldn’t it be good if someone foots the bill?

A good health insurance plan can help you leave your savings account untouched and provide you with the financial resources and peace of mind to go for doctor’s visits, tests, medicines and other procedures.

In addition, the premiums paid are tax deductible up to RM 3,000.

When a person is bedridden, giving as a gift of:

RM 2,000 could be from : Friends
RM 20,000 could be from : Relatives
RM 200,000 could be from : Parents/Siblings
RM 2 million definitely from : Insurance companies
RM 20 million definitely from : Insurance companies

When to buy a policy?
What coverage do I need?
How much Sum Insured is sufficient?
There are so many insurance companies in the market, how do I know which one is the best for me?

If you find yourself asking the above questions, you can make an appointment with one of our Financial Advisor Representatives for a professional consultation.

Click here to make an appointment with our advisors today.

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02 12 2022

Asset Allocation

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Asset Allocation

No matter your net worth, everyone needs to make a decision on their personal asset allocation strategy, be it in cash, fixed deposits, bonds, equities, real estate etc. The decision that you make will shape your future outcome.

Based on the Eisenhower Decision Matrix, such a decision is Not Urgent at all, but definitely very Important. For most people, a proper asset allocation strategy can mean the difference between financial independence or otherwise.

Your decision will depend on a few key factors such as:

Current age and gap to retirement
Financial goals
Desired lifestyle
Risk appetite
Knowledge, experience and exposure

Click here to schedule an appointment with our advisors today.

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02 12 2022

Low-risk Liquid Investment

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Low-risk Liquid Investment

A well-run business tends to have excess cash which can be put to work in a low-risk, highly-liquid investment. Efficient deployment of excess liquidity helps the business to generate additional income, which can amount to a decent sum in a rising rate environment.

However, businesses need to be extra selective, to only invest in low-risk, highly-liquid investments because the funds may be required at any time on short notice for business requirements.

Click here to find out about these investment.

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02 12 2022

Commercial Insurance

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Commercial Insurance

To put it simply, commercial insurance is insurance that protects businesses. It covers businesses against losses, arising from things like damage to property or injury to employees, and is a term commonly used to label core business insurance covers like public liability and employers’ liability.

Some examples of commercial lines insurance are:

Business Liability Insurance
Commercial Auto Insurance
Commercial Property Insurance
Fire Business Interruption Insurance
Goods in Transit Insurance
Money Insurance
Fidelity Guarantee Insurance
Burglary / Theft Insurance

At I-Max, we focus on reducing the Total Loss of our clients. Total Loss comprises Direct Loss and Indirect Loss. Direct Loss is rather straightforward, Indirect Loss comprise loss of use, loss of productivity and loss of customer.

Consider this, ABC Sdn Bhd, a T-shirt printing company received a large order from a long-standing customer for the customer’s 20^th anniversary celebration. Unfortunately, a fire broke out at ABC’s premise and destroyed all its machinery and equipment overnight. ABC suffered a direct loss which is its machinery; but the indirect losses are even greater, as the company cannot produce any T-shirts, still need to pay for the worker’s salaries and service the mortgage, and may even lose its customer from failing to deliver on its obligations.

So, what insurance do I need for my business? We hear this question often, but there’s not a simple answer. That’s because the types of business insurance coverage that you need for your business depends on what your company does and the industry you are in.

Click here to find out how we can help protect your business.

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02 12 2022

Group Medical Insurance

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Group Medical Insurance

Are you taking care of 3 or more employees? If yes, there’s no reason for you to not obtain a Group Medical Insurance (“GMI”) plan. GMI can help make healthcare affordable for employees and their families while you can enjoy tax savings and additional benefits such as attracting quality talent and retaining your best employees.

A GMI plan is an employee benefit plan established by a business for its employees; or an organization for its members (such as a union, social groups, sports teams, non-government organizations and schools). The plan provides health insurance for participants directly or through insurance reimbursement. The 4 main coverage are:

What is the difference between Group Insurance and Individual Plans? Both plans are to provide financial coverage for medical costs. We have summarized the pros and cons of each plan in the table below:

When it comes to costs, the premiums paid for individual vs group health insurance plans differ greatly. For individual plans, it may depend on your age, gender, medical history; for group health plans, it may be calculated on the size of the group, their demographics, and the industry your company operates in.

With an individual health insurance policy, a covered individual pays for 100% of their own premiums. On the other hand, employers and employees can share the costs of group health insurance, with employers covering some or all the premium costs for a single employee and their dependents. The risk is also spread across a greater number of people for group health insurance policies. This can yield lower premiums.

Generally speaking, group medical insurance plans are highly flexible as every company or organization’s needs and circumstances are different, and in many cases, different levels of coverage are even required within the same group. To fully understand your options for coverage and to compare plans available, it is best to speak with a qualified adviser.

However, as a preliminary screening tool, there are a few key factors when choosing a group health insurance plan:

Value and cost are among the most important factors. While health insurance costs can be a major item on your benefits budget, this and other employee benefits can go a long way toward attracting and retaining a quality workforce.
Insurance carrier options and plans offered by each
A range of insurance plan options that provides the best balance of coverage and affordability
Co-pay, prescription, hospitalization, and other additional options to the insurance plan (remember that the more coverage you choose, the higher the premium)

Click here to design/upgrade your employee benefits.

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