Entreprenuers

Protect the People Who Support Your Dream.

You left a secure job with a good salary and invested your savings into your business. And your family is right behind you, as your biggest cheerleaders. But they still depend on you financially.

You also worry about your children’s education. You hope that your business succeeds so you will be able to afford it when the time comes. Unless the unexpected happens. What then?

Life insurance isn’t for you. It’s for them.

Insurance you need:
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Term Life Insurance
You need your family to be financially secure should something unexpected happen to you. Even if your spouse is working, he/she will need financial help in your absence.
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Total and Permanent Disability Insurance
Suffering total and permanent disability can be financially worse than death. Not only will the family lose their breadwinner, they will also need to care for you. A lump-sum payout will greatly help with this.
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Critical Illness Insurance
Being an entrepreneur is highly stressful, leaving you a little more exposed to critical illnesses (e.g. heart attack, strokes) at an earlier age. So having critical illness insurance is important so that you can focus on your recovery instead of worrying about your finances.
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Medical Insurance
You might have bought a cheap group hospitalisation and surgery policy for your company, but claim limits are usually less than RM50K per person per year, which is insufficient for a major surgery. So it’s best to get your own medical insurance policy that have high medical claim limits, not just for yourself, but for your whole family, so that you focus on getting better rather than worry about money.
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Keyman Insurance

Your company might fail without you. So your investors might insist on buying a key-person insurance for you. If anything were to happen to you, your company can use the insurance proceeds to tide over the business while they find your successor.

Get a life insurance policy for yourself and then assign it to your company.

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Buy-sell Business Insurance
Your fellow shareholders might get this insurance so if anything were to happen to you, they will have the funds to buy out your shares in the company. The proceeds will then go to your estate to be distributed to your family. You will need a qualified financial adviser to set this up for you.
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FINANCIAL WELLNESS TIP

Once you have investors in your venture, convince them to pay you a decent salary. Doing this benefits them because then you can focus on making the business succeed instead of worrying about your personal finances.

Hopefully, with this close-to-market salary, you can apportion a significant proportion of it towards savings and investments that you can build over time. This way, you get to mitigate your risky entrepreneurial journey with a solid savings and investment plan.