8 Questions Financial Health Check

I was taking my wife for exercise walk at Queensbay Mall – the largest shopping mall in Penang Island. We were approached by an AIA insurance agent who handed over a brochure about AIA Financial Health Check. There are eight interesting questions for you to do a financial assessment in the brochure. Here are the questions and my answer:

1. Have you written a Will?

Yes. It was kept custody by Rockwills Trustee

2. Do you have a lump sum of at least ten times of your annual income for retirement?

No. If I do have that amount of money, I’ll be retiring now.

3. Have you started preparing your child’s tertiary education fund?

No. My child is still in my wife’s womb. I’ll start saving the education fund starting end of this year.

4. Do you have a liquid buffer of six months emergency fund?

Yes. Is unit trust fund, investment-linked fund and KLSE share considered liquid?

5. Do you have a critical illness coverage plan that the sum assured equals two times annual income?

Yes. I am insured for 4 times of my annual income.

6. Are you insured with hospitalization and surgical plan so that all your medical fees will be taken care of?

Yes, definitely. I got one under company’s group plan and another one I purchased as backup.

7. In case of death and total permanent disablement, is your house mortgage fully covered by insurance?

Yes. I bought additional personal insurance plan instead of MRTA (mortgage reducing term assurance) from bank.

8. Are you insured with death benefit of at least ten times the amount of your annual income?

Yes if Personal Accident coverage is counted. If you are asking me about the life insurance alone, it is about 5 times my annual income.

Those questions are more towards insurance and wealth protection. How about you? How many “yes” would you answer?

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