My Answers for 8 Financial Check-up Questions
Here are 8 Financial Check-up questions and my answer:
1. Have you written a Will?
Yes. I have written myself a comprehensive will.
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?
Yes. I have started saving the education fund when my children were about one year old.
4. Do you have a liquid buffer of six months emergency fund?
Yes. Is unit trust fund and investment-linked fund can be consederred as 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 family plan.
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).
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 7 times my annual income.
All the life and medical insurances I brought were help me to reduce my TAX payable and as force saving.
Those questions are more towards insurance and wealth protection. How about you? How many “yes” would you answer?
