"The basic purpose of life insurance is to create cash…nothing more or nothing less. Everything else confuses and complicates." - Ben Feldman
''Mr Prospect, this bag of money can only be opened by your wife and children. Nobody else can touch this.'' Thanks to the provision of Section 75 (Singapore) and Section 23 (Malaysia) the proceeds of the life insurance policy is protected from any creditor.
Many people think that they do not have any creditors at the moment. But one may never know when a creditor may turn up. And when he comes, usually this will be at the worst possible time when the family can afford it. How sad to see houses and all types of assets being taken away because creditors have a legal right to them.
No business venture is guaranteed of success. Businessmen know the value of setting aside a guaranteed amount for their family, just in case things do not work out for the best. And if things do work out well, what a bonus is in store for the whole family. It becomes additional savings!
No widow should suffer the additional indignity of having her assets possessed because provision was not made for some money to be creditor free! Surely it is the honourable intention of every sensible provider to ensure the family continues to maintain the standard of living they have been used to.
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