A lot of us take loans to buy houses, cars, or invest in something, right? It’s normal because loans help us grow our assets faster. But here’s the thing—many people only think about passing their assets to their family and forget about the debts that come with them.
If you don’t plan properly, this could turn into a big problem. Your family might need settle all your debts first before they can get anything from your assets. That’s why life insurance is so important—it’s like a safety net. Imagine if you didn’t have life insurance to cover your debts and expenses—your family would need to pay out of their own pocket before they could inherit anything!
Case Study
Let me share a case study about my relative. He is married with two children, aged 5 and 7, and his wife is a homemaker.
Assets:
- Bank account.
- Shares investments.
- Jointly owned property with wife (market value: RM600,000).
However, they have an outstanding loan of RM550,000. Additionally, he has an EPF account with RM300,000, a medical card with a life insurance policy worth only RM50,000. Their monthly living expenses amount to RM6,000.
The key question is: How much funding does he need to ensure that his family can sustain their lifestyle if he passes away?
Let’s Calculate the Funding They Need Using the D.A.M.E Formula:
Debts (D) – Their outstanding mortgage loan amounts to RM550,000.
Administration Fee (A) – This includes immediate cash flow needed for the application of the Grant of Probate, legal fees, accountant fees, funeral expenses, and other unexpected costs. He needs to set aside 5-10% of his current assets’ value for these expenses. Since the property’s market value is RM600,000, the estimated cash flow needed would be RM30,000.
Maintenance Fee (M) – As the sole breadwinner, he needs to prepare at least five years of living expenses for his wife and children. This is crucial, as his wife would face both financial and emotional challenges in returning to her career. The current monthly living expenses (excluding loan installments) for his family are RM6,000. Over five years, this totals RM6,000 × 12 months × 5 years = RM360,000.
Education Fee (E) – Since their children are still minors, planning for their tertiary education is necessary. For instance, private university fees in Malaysia are around RM100,000 for 3-4 years. For two children, this would amount to RM100,000 × 2 = RM200,000.
Total Funding Required: RM550,000 (Debts) + RM30,000 (Administration Fee) + RM360,000 (Maintenance Fee) + RM200,000 (Education Fee) = RM1,140,000.
Existing Life Insurance Coverage: RM50,000.
EPF: RM300,000
Shortfall: RM1,140,000 – RM50,000 – RM300,000 (EPF) = RM790,000.
In this case, he would need to top up RM790,000 in insurance coverage to ensure his family’s financial security in his absence. Since his wife is a homemaker, he may nominate her as the beneficiary in his insurance policy. Apart from this, he can write a Will to bequeath all his assets to his wife and set up a testamentary trust for his children. The trust can direct the trustee to pay monthly maintenance for his children until they reach a certain age.
You might wonder, what if his insurance coverage is not sufficient? He can always purchase additional insurance policies based on his financial capability to ensure that his children’s expenses are adequately covered until they reach the specified age.
For further details, you may make an appointment with our legal advisor here:
https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
为什么在资产规划中，寿险是不能忽略的
很多人都会贷款买房、买车或者拿去投资，对吧？这是很正常的事，因为贷款可以让我们更快增加资产。不过，很多人只想着以后把资产留给家人，却忘了这些资产其实是有债务的。
如果没有好好规划，这会变成一个很大的问题。你的家人可能要先清掉所有的债务，才可以拿到你的资产。所以寿险很重要——它就像一个安全网。如果没有寿险帮你承担债务和开销，你的家人可能需要自己掏钱来还债，才有办法继承你的东西！
案例分享
我有一个亲戚的例子可以分享。他结婚了，有两个小孩，分别是5岁和7岁，太太是家庭主妇。
资产：
- 银行户口。
- 股票投资。
- 跟太太联名的房子，市值RM600,000。
不过，他们还欠着RM550,000的房贷。此外，他还有EPF户口，有RM300,000余额，一张医疗卡，还有一份寿险，但保额只有RM50,000。他们一家每个月的生活费是RM6,000。
关键问题是：如果他不幸去世，他需要准备多少资金，才能确保他的家人维持现有的生活水平？
让我们用D.A.M.E公式来计算他们需要的资金
- 债务 (D)-他们的未还房贷总额为RM550,000。
- 行政费用 (A)-这些费用包括申请遗嘱认证书（Grant of Probate）、律师费、会计师费、葬礼费用以及其他意外支出。他需要预留当前资产总值的5-10%作为这些费用的现金流。以房产市值RM600,000为例，预估需要RM30,000。
- 生活费 (M)-作为家庭唯一的经济支柱，他需要为妻子和孩子准备至少五年的生活开销。这一点很重要，因为他的妻子将面临经济和情感上的双重压力，难以立即重返职场。他们的月生活开销（不包括贷款还款）为RM6,000，五年共需RM6,000 × 12个月 × 5年 = RM360,000。
- 教育费用 (E)-因为孩子年纪尚小，他们需要为孩子的高等教育做好规划。例如，在马来西亚私立大学的学费大约是RM100,000（3-4年）。两个孩子的费用为RM100,000 × 2 = RM200,000。
总资金需求
债务 (D): RM550,000
行政费用 (A): RM30,000
生活费 (M): RM360,000
教育费用 (E): RM200,000
总计：RM1,140,000
现有寿险金额： RM50,000
EPF金额： RM300,000
资金缺口：RM1,140,000 – RM50,000 – RM300,000 = RM790,000
在这种情况下，他需要加多 RM790,000 的保险来确保家人有经济保障，万一他不在的时候也不会有问题。因为他太太是全职主妇，他应该把太太列为保险的受益人。然后，他可以写一份遗嘱，把资产留给太太，再设一个遗嘱信托（testamentary trust），让信托公司每个月用这笔钱来照顾孩子，直到他们长大到一定的年龄。
可能你会问：“如果他的保险不够用怎么办？”其实很简单，他可以根据自己的经济状况，过后买多几份保险。这样就能确保孩子的生活费、学费什么的都够用，一直到他们长大为止。这样做，能保障家人的未来。
