Are you married yet, you mention girlfriend ma.
If you're buying a house just for yourself (no one else staying) then why need insurance to cover the loan? The house itself is an asset which can be sold to cover the loan (and with whatever profit goes to your loved ones).
Insurance is normally for dependents (esp children or non-working spouse). Right now you have neither.
Im not married yet, but am already planning a marriage with this gf in the next 2 years.
I will be buying the house jointly with my gf that's why I need to have it insured. As for insurance, the nominee will be my parents for the time being, but will be changed to my wife later.
saving can last 5 yrs of monthly expenses....
this expenses amount is for your current self only?
Yeah it is calculated based on my current expenses of RM7k per month. It will be reduced to 4.5k by May 2020.on this..."to ensure that either my parents or future wife have sufficient amount of money to support themselves if anything happens to me"
does that current available saving, includes "your future family" (1 spouse + 2 kids) monthly expenses......(next 5 yrs)
No, that is just for the 1.1m of insured amount. Both me and my gf have agreed that we don't want to have a child in the next 5 years, so that shouldn't be a problem. Even if we have a child later, I expect my savings + payment from insurance will be about 2m if anything happens to me. That should be enough for them to use and to generate more income.
after your got the house next 2 yrs...will you be drawing money from that saving to do the house renovation?
if yes.......hope you had budgeted about RM70k + for that purposes....then how many more months of that saving can cover your monthly and family needs expenses?
Yes, I am expecting a renovation cost of about RM200k after the house is built and a mortgage payment of RM10k per month for the next 7 years. It will not shorten the duration that my savings can last.after getting your house, in the next 2 yrs....will you plan to getting married with your current GF?
if yes.....will you be drawing money from that saving to do the marriage expenses?
if yes.....hope you had budgeted about RM20k + for that purposes...then how many more months of that saving can cover your monthly and family needs expenses?
Yes, we are going to just make the ceremony super duper simple. The cost should be around RM40k - RM80k including honeymoon trip + wedding rings + other expenses for wedding. That will not affect the duration that my savings can last.This RM664 per month is about how many % of your net take home pay?
How much is the monthly housing loan + maintenance fees (if any)? This housing loan is about how many % of your net take home pay?
How much monthly per month do you think you will need per month after getting married + with a family in the next 3 yrs?
The RM664 insurance premium is about 2.66% of my monthly income. I do not have a house yet but will buy one in November 2020. Planning on paying RM10k per month and it will be exactly 40% of my current income, but I think my income will probably be slightly higher by the time I need to start making mortgage payments. I calculated and think that my monthly expenses should be around RM15k per month (including mortgage and auto loan payments) after getting married without a child. But if my gf stops working after that, that should be around RM17-18k per month.Does your current employer has any form of insurance coverage?
if yes....how is the coverage like....?
Nope. I am self-employed. I own a medical card which covers up to RM1.2m per year (in-patient).Does your family members has any medical history of critical illnesses?
Yes, my father's side seems to have inherited cancer genes.Does your parent has any form of insurance coverage?
My mother has a medical card. I don't think that my father has any.Does your GF has any form of insurance coverage?
She does but Im not really clear about her policies.Does your "kids" needs any form of insurance coverage?
I think they do. Will buy if I have children in the futurewith that...to add on to your current so call dilemma.....
...
how to ensure that either your parents or future wife (+ kids) have sufficient amount of money to support themselves if anything happens to any of THEM, without drawing into your savings or become a liabilities to you
I don't think that my parents will need financial assistance from me just in case anything happens. They have quite a large amount of savings so that's probably enough... As for my gf, she has her own insurance so I think that should be okay.Insurance is a good to have thing & it is a long terms commitment like marriage, plan the suitability, affordability and sustainability, else they would become a "useless" burden. (severely under covarage or permature termination)
Yr GF knows alot more about your current financial standing than me.......thus, on the side of err....i think your GF is right.
Do you think that I am spending too much on insurance? From my point of view, it's like life is unpredictable and I don't know what will happen the next second. I prefer to make sure as early as possible that my spouse or my future family will not suddenly have major financial problem someday in the future after I'm gone.
May 21 2019, 06:12 PM
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