4 Ways To Keep Your Family Financially Protected After Your Death

• By CompareHero.my
• June 7, 2022

Death is of an unpredictable nature. But what you can control is your family’s security and well-being after you’re gone. Planning for your “death” may be overwhelming, but failing to do so will leave a harder impact on your loved ones! 

Losing you will be the most tragic thing your family will ever have to face and the last thing you’d want to do is add financial stress to them. Remember, it’s never too early to start, especially when you’re married with kids! 

Ready to do this? Here’s everything you can possibly do to make life easier for your loved ones after you pass away.

1. Get life insurance/takaful plans

While most of us are aware of life insurance and takaful plans, according to the Life Insurance Association of Malaysia (LIAM) 54% of Malaysians are still without life insurance coverage – that’s only over half of the country’s population! Life insurance is an essential, especially in today’s current pandemic situation. With the death benefits received from life insurance, your loved ones will be able to survive any financial needs. 

From living expenses, medical bills, funeral expenses, children’s education, retirement and more. Just think of it as a replacement for your income! Now that your family’s protected by life insurance, they’ll be able to preserve their quality of life even when you’re gone. If you’re not familiar with life insurance and takaful plans, you read more here.

2. Pre-plan your funeral 

Yes. We understand how planning for your funeral can be a daunting experience. But this can help liberate your loved ones fro financial burdens and emotional stress in times of grief. Funeral packages are generally costly, ranging around RM10,000 or more!

A burial plot costs an average of RM6,000, while a plot in the columbarium is more affordable at RM1,500. For private cemeterians, depending on the area could cost as high as RM90,000! This of course varies according to ethnicity and faith. 

Now due to the scarcity of land and inflation, burial plots and columbarium prices could increase significantly. So, pre-planning your funeral ensures that your loved ones won’t get burdened by the cost of inflation in the future. Plus, you can also take advantage of various promotions and installment plans offered by funeral services.

3. Start your estate planning

Did you know, that when a person passes away, all of the person’s assets will be frozen? YES. This include assets such as houses, cars, stocks, artwork, life insurance, pensions and more. Hence, without a written estate plan, your assets will be distributed by the court. If you have children, the court will also assign guardianship to your children based on your state laws. Sometime, this may not have the best outcome. 

That’s why estate planning is essential because it allows you to control who inherits your assets and takes care of your children, if you die. One of the most common and easiest way for you to do is by making a will! If you’re not sure how to do so, check out our beginner’s guide to Will writing in Malaysia. 

4.  Clear your debts ASAP

Do you have mortgages, car loans, credit card balances and more? Then you should focus on trying to clear these debts as soon as possible. If you do have debts before you die, your creditors will have the legal rights to collect the amount you still owe from your estate aka assets and liabilities. This includes repossessing your vehicle, taking ownership of your house for auction and more. 

Not only that, the distribution of your estate to your loved one wouldn’t even take into effect untill all of your debts are repaid! While the debt wouldn’t be transferred to your loved one, nor will they have to settle the debt from their money – but any money or assets left behind under the deceased (you) will be used to pay off the debt. 

So if there aren’t any assets left, the debt would most likely be written off. However, this rule wouldn’t be applicable if they co-signed the deceased’s loan or if they were a  guarantor for the loan. You can avoid these financial complications and pay off your loans as soon as you can, so your family can have peace of mind! Check out 3 ways for you to settle your debts in Malaysia.

Now you know what you can do to ensure that your loved ones stay protected financially. This may be a heavy topic, and for some, too early to even think about. But as death is unpredictable you’d want to get a head start as early as possible.

Pet insurance plans in Malaysia for your furbaby

• By CompareHero.my
• June 3, 2022

While footing out a hefty sum for a vet bill, has the thought of pet insurance ever crossed your mind? Well, you’re not alone there, buddy.

If you’re a pet parent – or a “pawrent”, as they say these days -, you’ve probably forked out a large portion of your savings towards your furry friend’s medical costs.

We don’t blame you! Not being able to bear the sight of your furbaby suffering and bringing them to the vet to get a diagnosis is the responsible thing to do. 

However, consultations at the vet alone are expensive enough, and it takes a toll on your bank account. 

To prepare for unexpected medical emergencies at the vet, pet owners can consider registering for a reliable pet insurance plan. 

Yes, pet insurance is a real thing! It acts as a cushion you can fall on when faced with hefty veterinary bills, and could even save your pet’s life. Like regular insurance plans, pet insurance policies incur a monthly bill, but fret not, because in the long run, these monthly costs greatly reduce your out-of-pocket costs.

So, what does pet insurance cover?

Firstly, most pet insurance policies provide coverage for veterinary bills and reimbursement for death due to an accident or illness. They also cover the cost of burial or cremation. 

Secondly, in the case that your pet is missing, pet insurance also works to cover the cost of the advertising and reward for locating them.

Thirdly, pet insurance also covers the boarding fee of your pet if you need to be hospitalized, so you can recover without worrying about their wellbeing.

Further, it also covers third-party liabilities to protect others and their properties from any unintentional damage your pet might cause. 

However, it should be noted that regular treatments, such as annual vaccination jabs will not be covered by insurance. Moreover, pet insurance may not provide a lot of coverage for incurable diseases.

What kind of animal can you buy insurance for?

The majority of pet insurance companies in Malaysia only provide insurance plans to dogs and cats, so it might be a little trickier to find a suitable insurance plan for rabbits, hedgehogs, and other types of pets though.

Why should you buy insurance for your pet?

While purchasing pet insurance isn’t mandatory, it’s still a possibility for your precious furbaby to suffer a serious illness or get into an accident that you might not be financially ready to cover. Therefore, like personal health insurance, not getting pet insurance could be extremely risky and cost you more money in the long run.

Before making your decision on whether to make the purchase, be sure to take your pet’s medical history into consideration. You should also think about whether you can afford to pay thousands of ringgit for an unexpected surgery. If this isn’t an option, you might just end up facing the difficult decision between saving your pet or your money. 

If you’ve decided to get your pet insured, here are your options:

1. Oyen

Being the first digital pet insurance platform in Malaysia, Oyen is used by many pet owners to digitally purchase and manage medical insurance for their cats and dogs. With Oyen, you can submit your claims online (with no paperwork!) and receive up to RM8,000 for surgical, medication, and diagnosis. 

Price:

Cats: RM32 – RM51 per month / RM299 – RM499 a year
Dogs: RM51 – RM80 per month / RM499 to RM799 a year
*Price depends on the type of insurance plan.

Is your pet eligible for Oyen’s insurance plans? 

Yes if:
1. Your cat or dog is between 12 weeks to 10 years old
2. Your dog is microchipped (only applicable to dogs)
3. You are able to provide a medical certification from a registered veterinarian (only applicable to cats)
4. Your cat or dog is free from injury or physical injury at the start date of insurance registration
5. Your cat or dog is not a breed banned or restricted by the Government or Public or Local Authority

What do Oyen’s pet insurance plans cover?

– Up to RM8,000 in veterinary fees for illness or injury
– Overnight stays, diagnosis, and follow-up visits/treatments
– Compensation for accidental damage or injuries to others
– Third-party liability coverage of up to RM50,000
– Burial and cremation costs of up to RM1,000
– Reimbursable visits to registered vet clinics in Malaysia

What do Oyen’s pet insurance plans not cover?

– Pre-existing illnesses
– Any illness or accident that arose during the 14-day waiting period
– Preventative treatments
– Behavioural training or treatments
– Pregnancy
– Working pets

Check out their website for more information!

2. MSIG Malaysia

With a network of 20 branches in various parts of Malaysia, MSIG Malaysia is one of the largest general insurers in the nation. They offer 3 pet insurance plans at different price points to accommodate different budgets and give pet owners a peace of mind. 

Price:

RM212 – RM530 annually (Inclusive of 6% service tax)*Price depends on the type of insurance plan.

Is your pet eligible for MSIG’s insurance plans? 

Yes if:
1. Your cat or dog is between 12 weeks to 9 years old
2. Your pet is microchipped
3. Your cat or dog is not a breed banned or restricted by the Government or Public or Local Authority

What do MSIG’s pet insurance plans cover?

– Veterinary fees for illness or injury
– Overnight stays at boarding spots if you are hospitalised
– Compensation for accidental damage or injuries to others
– Third-party liability costs
– Burial and cremation costs
– Cost of advertising and reward for locating your lost pet

What do MSIG Malaysia’s pet insurance plans not cover?

– Pre-existing illnesses
– Any illness or accident that arose during the 14-day waiting period
– Working pets
– Behavioural training or treatments
– Pregnancy

Visit their website to find out more!

Your pets are a huge part of your family and now, you can keep them protected too!

You can never predict if or when the worst things could happen, but with pet insurance, you’ll be able to prepare for unforeseen circumstances. After all, these monthly payments could help you and your furbaby massively in the long run.

However, since picking the right insurance plan is such an important decision to make, be sure to do sufficient research before making your call!

CompareHero Introduces Flexible Working Policy with Work from Anywhere

• By CompareHero.my

Since the COVID-19 pandemic began, millions of people have become more flexible about how and where they would like to work. In response to this trend, CompareHero, one of Malaysia’s leading platforms for financial products, announced its new policy to give employees greater flexibility and choice when it comes to their individual working arrangements! 

With this new Flexible Working Policy:

• The company is permanently moving to a hybrid model, allowing employees to work up to 50% of the time from their homes, while still continuing to encourage face-to-face interactions in the office.
• The ability to work from ‘anywhere’ has been extended to all staff, with them now having the option to work from anywhere in the world, for up to 2 months per year. 
• The new policy has been created based on learnings from COVID-19 experiences, direct feedback from employees and to reflect CompareHero’s culture of innovation and a people-first approach.

“While we start to welcome some sense of ‘normality’ back into our lives, we appreciate the fact that the overall environment has changed with COVID-19. This is yet another initiative we have put in place for our ever-growing diversified and global workforce.”

Eu Jin Voon, General Manager of MoneyGuru (TH) & CompareHero (MY).

CompareHero is part of Hyphen Group, Asia’s leading online ecosystem for financial products. Across the Greater Southeast Asia region, Hyphen Group connects over 10 million unique users per month with over 3,000 products from almost 300 providers across Hong Kong, Singapore, Taiwan, Philippines, Thailand and Malaysia through its portfolio of brands (MoneyHero, SingSaver, MoneyMax, Money101, MoneyGuru, CompareHero, Seedly and eKos Connect).

Sam Allen, Chief Executive Officer of Hyphen Group, said “Our people-first culture has always shaped the environment we sought to create for our team and our approach to delivering value to everyone in our ecosystem. This is something that did not change during the pandemic. Our teams across our portfolio of brands went above and beyond to work seamlessly and drive a record period of growth across our businesses, all while working remotely. For this reason, we are accelerating our transition to become a fully hybrid workplace across our entire portfolio of brands.” 

Everything You Need To Know About Your Monthly Payslip

• By CompareHero.my
• May 30, 2022

Whether you just received your first payslip or have been working forever but are still puzzled by the details of your payslip, fret not because we’re here to help you understand your payslip better! 

Before we go into the details, as an employee you should receive your payslip whenever your employer pays you in the form of a hard copy or an electronic copy. A standard payslip contains personal details and a breakdown of your salary such as compensation and deductions. 

Now let’s understand the terminology used in your payslip:

Basic salary

This is the amount stated on your appointment letter before any deductions. Some companies also use the term gross salary which refers to the same thing.

Allowance

This term refers to the benefits that the company provides you. Some companies provide their employees with transport, meals, mobile phone, and overseas expenses allowance. 

Reimbursement

This is a no-brainer. It refers to an expense-paid by your employer for out-of-pocket expenses. 

EPF

Employees’ Provident Fund or EPF is a retirement savings fund to ensure you have some sort of savings when you retire.

Since 2007, contributions have been split between two accounts for different types of withdrawals. Account 1 is meant for your retirement and the money in account 2, can be withdrawn to finance education, medical expenses, and housing. 

You are obligated to contribute 9% of your monthly income and the good news are you will receive annual dividend payments and it’s tax-deductible(up to RM6000 inclusive of life insurance premiums)!

If you notice on your payslip, EPF is stated again under the employer contributions section. This means that your employer will also contribute to your retirement savings.

They will pay a certain percentage depending on your monthly salary. Refer to this contribution rate to find out how much your employer needs to contribute to your EPF. 

SOCSO

Social Security Organization (SOCSO) which is also known as PERKESO is a government agency established to provide social security protection to employees and their dependents.

Similar to EPF contributions, your employer is obligated to contribute a certain amount as well.  

Learn more about SOSCO and how to submit injury-related claims to the organization, here.

EIS

EIS or Employment Insurance Scheme was introduced in 2018 as a financial policy to help employees who have lost their jobs. If you ever have to deal with unemployment in the future, you can claim your EIS and successful applicants will be given up to three to six months’ monthly allowance while they actively look for a new job. 

Related: A Complete Guide To Employment Insurance System (EIS) Benefits In Malaysia.

If you’re working in the private sector, you are required to contribute 0.2% of your salary and your employer will have to pay another 0.2%. Government employees, domestic workers, and the self-employed are exempt from EIS. 

PCB/MTD

If you see this on your payslip, it simply means that your employer deducts monthly tax payment from your income as what the PCB stands for which is ‘Potongan Cukai Bulanan’.

On some payslips, PCB is referred to as Monthly Tax Deduction(MTD). PCB or MTD is an initiative from Lembaga Hasil Dalam Negeri(LHDN) to help taxpayers make monthly payments instead of paying a lump sum at the end of the year. 

Finally, If you notice irrelevant deductions from your salary, be sure to check with the Human Resource (HR) department of your company. 

There you have it. We hope you have a better understanding of where your money goes every month! 

Here are credit cards you can apply for based on your salary!

• By CompareHero.my
• May 25, 2022

You know what they say: owning a credit card could either put you knee deep in debt or bring you unimaginable rewards. It’s useful when you’re strapped for cash and need to make urgent payments, and it allows you to enjoy a more enhanced lifestyle – if you pay your monthly instalments, of course.

However, if you’re using the wrong credit card for your lifestyle, or if you’re not using your card with discipline, owning a credit card could bring you more harm than good.

Therefore, identifying the best credit card for your income level is crucial in preventing yourself from getting the bad end of the stick.

To save you the trouble, we’ve compiled the best credit cards that Malaysians across various income groups can apply for on our website – from RM24,000 per annum right up to over RM100,000 per annum!

Best Credit Cards for Yearly Income of RM24,000 – RM48,000

Citi Simplicity+ Card (minimum annual income requirement: RM24,000)

Being one of the most prestigious financial institutions worldwide, it’s not a shocker that the bank offers one of the best credit cards available today. This card offers 10% interest back on purchases and cash advances every month when you pay the minimum monthly amount due on time.

Befitting its name, the card offers added simplicity for users whereby the rebates will be automatically credited in the upcoming month’s statement.

Another reason to consider applying for this card is Citibank’s renowned exclusive deals programme, Citi World Privileges, which allows users to enjoy special deals and discounts locally and in 95 other countries.

Alliance Bank Platinum Visa (minimum income requirement: RM24,000)

As far as rewards points go, this card is one of the best ones to have! It offers up to 8x Timeless Bonus Points for all eWallet top-up and online purchases via Lazada, Shopee, Zalora, Amazon, Grab, and more. What’s more, you can also earn 3x Timeless Bonus Points on all the overseas transactions you make, and 1x Timeless Bonus Points on other transactions.

What can you redeem with your Timeless Bonus Points, you ask? Right now, the Alliance Bank Rewards Catalogue features Dyson must-haves, the latest phones, TVs, and more – making the card ideal for those who are looking to do most of their shopping with their new credit card.

Maybank 2 Gold Card (minimum annual income requirement: RM30,000)

Coming in a pair, Maybank’s 2 Gold Cards consist of an American Express and a Mastercard credit card.

The Amex card gives users 5x TreatsPoints and 5% cashback for all local and overseas purchases on weekends (capped at RM50 per month), which are plus points to consider – especially if you are often out and about.

Citi Cash Back Card (minimum income requirement: RM36,000)

This one’s for the ones who always feel like they’re spending way too much on daily expenses, such as food and transport! The Citi Cash Back Card offers up to 10% cashback on petrol, groceries, dining, and Grab when you meet the minimum monthly total spend.

Standard Chartered JustOne Platinum Mastercard (minimum income Requirement: RM36,000)

In love with cashback? Go for the JustOne Platinum card! You’ll be enjoying up to 15% cashback on petrol, groceries, online shopping transactions, and e-Wallet top-ups.

Moreover, it comes with deals on movie tickets at Golden Screen Cinemas!

Best Credit Cards for Yearly Income of RM48,000 – RM90,000

Alliance Bank Visa Signature Credit Card (minimum income requirement: RM48,000)

Shop much? Enjoy up to 5% cashback on all retail spend when you shop with the Alliance Bank Visa Signature Credit Card! You’ll also be rewarded with complimentary airport rides for your leisure and business trips, just because you deserve it! 

Citi Rewards Card (minimum income requirement: RM60,000)

If you are a globetrotter, then this card is the one for you. This card grants its holders a myriad of travel privileges, including 6x access to the Plaza Premium Lounges when you travel internationally, enabling you to indulge in the best luxuries that KLIA and KLIA2 have to offer.

This card also allows you to collect 12x Citi Rewards points on selected e-Wallets and online shopping merchants, 5x Citi Rewards points for any purchase made overseas, and 5x Citi Rewards points for any purchase made at major department stores and supermarkets.

Standard Chartered WorldMiles World MasterCard (minimum annual income requirement: RM90,000)

Another one for the globetrotters! This card offers an array of travel privileges, such as unlimited access to the Plaza Premium Lounges in KLIA and KLIA2 when you travel internationally. Again, what’s better than luxury?

This card also allows you to collect 4.5 WorldMiles points for every RM3 spent overseas, which in turn can be converted into AirMiles for your preferred frequent flyer programme.

Best Credit Cards for Yearly Income of RM120,000 and Above

CIMB Visa Infinite Credit Card (minimum income requirement: RM120,000)

Want to earn Bonus Points when you dine or shop overseas? Check!
Want to earn Bonus Points on all local purchases, including groceries? Check!
Want to get access to Plaza Premium Lounges? Check!
Need up to RM1 million travel insurance coverage? Check!

Talk about “you want it, you got it”. As a bonus you’ll also be enjoying 10% off at all of The ZON Duty Free outlets!