23/10/2023
Sam, age 50, is a commanding senior-level working executive. He had accumulated and owned many real estate properties over the years. His family enjoyed the fruits of his success, residing in luxurious homes and indulging in a life of comfort and privilege.
Sam worked out that his total property loan added up to about RM3 million and most of them will run way into age 65 to 70. So Sam decided to get a mortgage insurance from the bank and also tried multiple insurance companies. To his dismay, his applications were all rejected, as he was found sufferring a heart attack about 2 years ago! So Sam did not pursue further due to the circumstances.
But then, one tragic day, Sam's life took an unexpected turn. A sudden car accident claimed his life, leaving his family of 4 in shock and grief. As they grappled with their loss, they soon discovered the harsh reality, that behind the veneer of prosperity was a crushing mountain of debt.
Sam’s wife, Janet, and their children, Joe, Jason and Kelly, were faced with a daunting financial burden! The properties that had once symbolized their prosperity were now potential liabilities. The weight of their father's unspoken truth hung heavy over their heads.
In the midst of despair, the family began sorting out Sam's affairs. It was during this process they found a series of handwritten letters, each addressed to them individually. These letters revealed Sam's deep love for his family and his remorse for the financial mess he had left behind. In his letters, Sam didn't offer solutions to the debt or make excuses for his actions. Instead, he shared cherished memories, imparted life lessons, and expressed his hope that his family would find a way to overcome this adversity together.
As the family came to terms with their new reality, they began attempting to sell some of the properties, but found it extremely challenging, as the property market is grappled with oversupply and in some instances, market prices even way below original purchase price! Even the rental market is soft, and they have difficulty keeping up the cash flow to pay the property loans! The process was far from easy!
I believe this story is common among many Malaysian, who for various reasons or simply ignorance, did not do the necessary steps to safeguard his or her family’s future.
For people like Sam, whom have been diagnosed with major illness or even symptoms (eg., cyst, cancer, tumour or growth, etc) before, chances are Insurer may likely reject the application! This makes the person simply uninsurable!
However, there’s a lifeline now as the industry becomes more innovative and mature. Some insurers are willing to take on such risks from time to time. So for those of you who are currently underinsured or faced unfortunate rejections before, now is the best time to take advantage of this limited offer!
Watch the video for more information.
