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Man gets diagnosed with critical illness. Man does not have adequate protection. Man looks towards his source of savings, for example EPF to help pay medical bills. Man’s retirement plan goes awry. A real life story that many of us have come across. So what do we learn from this? That there is a mechanism out there to aid us and provide protection come rain or shine. To shield our source of income so that we may have the means to retire gracefully without burdening our younger generation.
What does this tell us?
It is telling us that the older generation still needs to work to provide for their children, even if their children are already working. What more if they too have old aged parents who are dependent on them. We have seen it too. It is happening right here. Bankruptcy is on the rise. A total of 24,953 people below the age of 35 have been made bankrupt since 2010 and between January and April 2015, there were 107,306 cases of bankruptcies, out of which 948 involved those below 35 years old*. Citing student loans, car loans, credit card installments, rental and social life which eat up 80% of their salary. So dad needs to be the savior, and dad is already 65 years old. Ring a bell? How about ‘I should have invested more when I was young’?
Let’s tell a different story
About a man, who is very much in tune with his stand in life? As a young graduate he was made aware the importance of being financially independent, so the first thing he did upon securing a job was to initiate his first protection plan. Understandably, as years go by, he matures while still keeping to his initial coverage, adding on more plans to cater to his family growing needs. His medical plan came in perfect timing when he was diagnosed with a critical illness. Unlike our previous story, this man came all prepared. He even has a recuperation strategy, which means his savings for retirement would be untouched. We all dream of this every day. It would be the perfect retirement story to tell.
Opportunities are everywhere if you know where to look. It is never too late to invest in a good form of protection which will help you out later in life. So next time a friendly financial advisor comes knocking on your door, hear what he has to say. He might just provide you that dream retirement you’re aiming for.
In the meantime, come and get in touch with us. Let us connect you to some of our Takaful Advisors which are available to you at a click of a button.
Or if you feel you want to try and calculate how much it costs to start a protection plan, click here.