Frequently Asked Questions
Below are frequently asked questions and answers about insurance from Mex Insurance and Financial Management
Q: How insurance help me with my Mortgage(s)?
Most people would have taken up a mortgage loan when they purchased a new home. It is important to take up mortgage insurance so that your family can still continue to live in the home that you have provided for them, even when you are no longer around. The sum assured of the mortgage insurance will pay for the mortgage loan.
Q: How does life insurance affects me?
Life insurance is used for two broad purposes:
Q: What are the important aspect of finacial planning?
There are four aspects of financial planning:
Q: What is an assignment? Can a life policy be assigned?
An assignment means to transfer the rights of personal property to another person. A life insurance policy can be assigned as it is regarded as a form of personal property.
Q: What is life insurance?
Life insurance is concerned with events that could happen during a person's life and the probability of such an event actually taking place. The policyholder pays premiums regularly and this ensures payment of an agreed amount if the specified event - such as death or an accident resulting in death or disability - occurs. Premiums collected from all the policyholders are pooled together to form the life insurance fund. This fund is nurtured with the intention of being paid out as and when required to the dependents of those who have contributed to it. Life insurance normally combines protection with a regular savings programme.
While life insurance cannot prevent any of these events from happening, it can provide for protection against financial loss as a result of these events.
Common Questions
Here you'll find a range of customer queries from the most common to the most obscure.
Only Service Tax registrants can charge and collect the Service Tax.
The Government announced that Service Tax is reintroduced on 1 September 2024 by substituting the prevailing Goods and Services Tax (“GST”). Unlike GST which taxes all goods and services unless exemption is provided, Service Tax is only charged on certain prescribed services made by prescribed taxable persons.
If you have made full payment for the total premium/contribution including GST, you will not be charged for Service Tax for the coverage period from 1 September 2024 to 31 December 2024.
There are a few category of policy namely education, protection, wealth accumulation, medical insurance and retirement. There is “no right” policy purchased as it depends on your needs. Each stages of life will have different needs and therefore, different stage of life will focus on different category of policy. It is important to
A) Know your needs
Different people will have different needs and the reasons for purchasing policy can be due to the followings:
B) Affordability
If you unable to find the answer please Contact us and we will aim to respond to your email within 24 hours, Although we usually respond much sooner.