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However, in this journey of wealth creation and accumulation, many people often overlook the need for wealth protection. This is extremely risky. Any unforeseen event can destroy your wealth overnight and leave you and your loved ones to suffer great loss, derailing all your well-laid plans in the process.
The COVID-19 pandemic is a pertinent example of how an unexpected global health crisis has resulted in many losing not only part of their wealth but also their lives. The pandemic has stalled businesses across all sectors, and is expected to lead a contraction in the global and Malaysian economies, with many people losing their jobs.
Whatever the circumstances, we need to focus on growing our wealth and keep a lookout for new opportunities which will help us achieve our financial goals. While there are many investment vehicles in the market, there are very few which offer overall wealth creation, accumulation, distribution and most importantly protection of wealth in a single product.
What is Wealth Protection?
A great financial plan takes into account possible threats and risks that you might face and uses tools and strategies to mitigate and manage those risks. For most of us, there is no greater risk than the collapse of a financial source due to premature death, illness or injury. Efficient insurance planning is the most economical and effective way of dealing with these risks at every stage of life.
You need to protect the most important asset that creates wealth. For example, when you start to earn an income, you need to protect your ability to earn that income. As you move through life and perhaps get married or have children, there are new responsibilities that need a secure protection strategy. There are also specific financial risks that need attention when you take on new financial responsibilities, such as starting a business or taking a loan.
In later stages of life, you may want to adjust your insurance plan to take into account your grandchildren or extended family, so that you can allocate funds and distribute benefits across generations.
How much are you worth to your family? Of course it is impossible to quantify in emotional and relationship terms, but it is measurable in financial terms. Think of how much you earn and how many years you will be earning it – and then think of what your family would do without that income.
Total And Permanent Disability (TPD) Insurance
Have you considered how you would manage an income? If you become permanently disabled you could suffer devastating financial impacts, when your focus should be on your rehabilitation.
Are you in a high-risk category for suffering a heart attack? Not all serious medical conditions result in permanent disability, but they can still result in serious financial impacts. Imagine suffering a stroke or learning you have cancer.
What would you want to do to ensure a strong recovery and to destress your life?
- Fund the best possible medical treatment?
- Pay off your existing loan obligations?
- Take an extended holiday?
- Leave your job or scale down hours?
Could you manage financially if you no longer earned an income? Some injuries or illnesses may result in temporary loss of income that cannot be covered by savings and will outlast any sick leave you may have.
Are you self-employed? Having a business protection plan is particularly useful for you to cover fixed business expenses should you be unable to work due to illness or injury. This can keep your business active while you recover and can be used to reimburse costs such as rent, salaries, loan repayments and utility expenses.
AXA AFFIN Life Insurance’s new legacy plan helps you create and protect your wealth
With these needs in mind, AXA AFFIN Life Insurance has launched the AXA Wealth Creator, a regular premium investment-linked insurance plan that gives you peace of mind throughout your wealth management journey. This plan essentially offers you an optimum combination of insurance protection and investment.
AXA Wealth Creator features flexible options such as short premium payment terms and coverage terms to cater for different needs. There are four premium term options to choose from (5, 10, 15 or 20 years) to suit your financial planning needs at different stage of life.
Upon maturity of the policy, you will receive your maturity benefit of a lump sum payment that is equivalent to your account value. The plan is guaranteed renewable up to the age of 100 at your option.
It also comes with additional features which are new in the market to increase wealth accumulation such as Loyalty Bonus and Loyalty Booster, which will be credited into your account value the moment you reach certain policy milestones.
On the protection side, AXA Wealth Creator covers accidental death, death, total & permanent disability (TPD) and terminal illness.
This plan is suitable if you are:
An entrepreneur looking for multipurpose protection
- Protection on financial loan
- Coverage on business creditor risk
- Emergency cash
Family who wants to secure financial stability for their loved ones
- Instant cash flow for your family in any unexpected events
Looking for Loan Protection
- Protect your assets from your creditors
- Effective wealth management and separation from business and personal needs.
- Providing security to your loved ones from being burdened by any loan repayments especially housing loan.
Creating Wealth & Legacy for Your Family
- Leave a lasting gift of a meaningful financial legacy to your family across generations
For more information, visit www.axa.com.my, contact 1 300 88 1616 or get in touch with your nearest AXA AFFIN Life Insurance Agent.