Tenzing pacific services

Wealth Management:
Protect Your Wealth

Protect your wealth by Quinn

Protect Your Wealth

THERE ARE TWO COMPONENTS

… with any management strategy; growing your assets and protecting them. Many financial advisors focus on the growth side while ignoring the protection side. But what good is accumulating wealth if you cannot protect it?

Protection can be done by:

1) Investment strategy changes – adjust your holdings, diversify and reduce volatility;

2) Insurance: health insurance, life insurance, critical illness insurance. We’ll focus on the second, using critical illness insurance as a key component of your wealth management strategy.

WHAT IS IT?

Critical illness insurance pays you a lump sum benefit in the event of a critical illness. The benefit replaces lost income, covers expenses that are not covered with health insurance and anything else as you see fit.

It also works as a life insurance policy, where the benefit goes to your family in the event of death to be used for final expenses, among other things.

WHAT IT COVERS

A lump sum benefit is paid to you upon a critical illness diagnosis. This includes heart attack, stroke, cancer, heart disease & respiratory diseases. However, there are more conditions that trigger the payout such as permanent disability, severe trauma, coma, impairment of daily living, organ failure and transplant, loss of vision and third-degree burns. But to qualify, the illness must meet minimum severity criteria.

BY THE NUMBERS

People live longer now than ever before, with the global average life expectancy at  72  years  old  in  2019. Critical illnesses are also more survivable these days with modern medicine. Combined, getting one or multiple critical illnesses within a lifetime is very high.

In a 2017 Global Mortality report, 73 percent of global deaths were caused by non-communicable diseases such as cancers, cardiovascular diseases, respiratory diseases and diabetes. Heart disease and cancer alone accounted for 49 percent of all global deaths. Next was non-communicable diseases at 19 percent and then injuries at 8 percent.

Four questions to ask yourself in the event of a critical illness:

  • What are the immediate effects on me and my family?

There are immediate medical bills, which your health insurance should cover. There are also ongoing care, therapy, and many other ancillary expenses that arise following a critical illness.

  • What happens to my job?

You may be entitled to full or partial salary for a period of time. Your contract will have an incapacity clause that outlines what would happen if you’re unable to work.

How would you replace that lost income if it was 3 months, 6 months, 1 year, or, worst case, indefinitely?

  • What happens to my health insurance?

If you have insurance through your employer, if you lose your job, then so too goes your health insurance.

You usually cannot keep your policy if you leave a company. If you apply with a new provider, they will exclude any pre-existing severe conditions. You’re now on the hook for the medical expenses that were previously covered. If you have personal health insurance, then your policy will continue.

  • How is my financial future affected?

Do you need to dip into your retirement? What about your retirement prospects now? How is your family negatively financially affected? Do you have to downsize your lifestyle? Will there be a legacy to leave?

With something likely to occur, it’s time to make critical illness insurance part of your wealth management strategy. Unlike life insurance,  this directly affects you, not just your dependents

Source: The article is featured on Page 47, Issue 3: Master of the universe

 

Related Blogs

Open Hours:

Mon – Fri: 8.30 am – 6 pm, Saturday – Sunday: CLOSED

Johannes Heikkila

Advisor
From Finland
Expat for 1 year
Speak Finnish, English & Spanish

Speciality:
- Health Insurance
- Savings Plans

Robert Cunningham

Advisor
From the UK
Expat for 13 years in Thailand & Vietnam
5 years' insurance & financial services

Speciality:
- Health Insurance
- Life Insurance
- Savings Plans

Romain Camillo

Senior Advisor
11 Years in Insurance & Financial Services
Expat in thailand for 7 years
Joined Tenzing in 2020
Speaks French & English


Speciality:
- Health Insurance
- Life Insurance
- Savings Plans"

Nancy Dao

Advisor
From Vietnam
International Business from UK
Lived in Singapore
Speaks Vietnamese & English

Speciality:
- Personal Health Insurance
- Group Health Insurance

Hunter Deems

Advisor
10 years' experience in insurance and investments
Joined Tenzing in early 2020

Speciality:
- Investments
- Savings Plan
- Health & Life Insurance
Patrik Shore Tenzing Pacific Services

Patrik Shore

Senior Advisor
From Sweden & New Zealand
7 years' insurance experience
Joined Tenzing in 2019
Crim Science
Speaks English and Swedish

Speciality:
- Savings Plans
- Health Insurance
- Life Insurance

Geoffrey Mann

Advisor
From the US
Employee benefits & insurance compliance background
Joined the Tenzing team in 2019
Law degree from the US

Speciality:
- Personal Health

Nhu Nguyen

Senior Advisor
From Vietnam
Joined Tenzing in 2017
Fluent in Vietnamese & English

Speciality:
- Group Health & Life Insurance
- Personal Health"
Tenzing's advisor

Ian Comandao

Health Insurance Manager
From Philippines
MBA from Duke University
Expat for 20 years in US, China, Hong Kong & Vietnam Worked at Tenzing since 2018
Fluent in English, Tagalog, Mandarin

Speciality:
- Personal Health Insurance
- Group Health Insurance
- Business Insurance

Craig McAvinue

Director of Wealth Management
From the UK
25 years' expereince in investments & insurance
Expat in Thailand for 5 years
Chartered Accountant by trade
Holistic approach to consulting his clients

Speciality:
- Investments
- Savings Plans
- Health & Life Insurance

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"
  • 84 35857 2629
  • 84 35857 2629
  • quinn.miller@ten-pac.com

Quinn Miller

CEO & Managing Partner
From the US
Joined Tenzing in 2014
Expat for 10 years in Vietnam
Finance & Entrepreneurship Degrees

Speciality:
- Group Health Insurance
- Life Insurance
- Savings Plans"