Malaysia: Allianz Life partners RHB Trustees for legacy planning services

| 23 Oct 2020

Allianz Life Insurance Malaysia Berhad (Allianz Life) is partnering with RHB Trustees Berhad to provide its customers with trustee services to help manage and protect their legacy for their family.

Between now and 31 December 2021, Allianz Life will refer its customers whose insurance policies collectively make up a minimum sum assured of RM500,000 to RHB Trustees. Through this referral, customers will be able to draw up insurance trusts to leave a legacy for their family members with a special fixed rate of RM500 for each insurance trust.

Joseph Gross, CEO of Allianz Life, said, “As insurers, we cannot stress enough the importance of legacy planning and protecting your family’s income. Acquiring assets is only one half of your responsibilities.  

“Many of us spend a lifetime accumulating wealth but place little importance on estate administration processes. There may be some who draw up wills to protect their family, but for those who do not, their beneficiaries may not inherit what is rightfully theirs.”

More importantly, one should also be aware that, at the point of inheritance, the estate’s value may depreciate and in some circumstances, some beneficiaries end up not receiving even a single cent. And this is largely due to ignorance of estate administration process.

He added that insurance trust is one of the most fundamental legacy planning tools that provide immediate cash which will be not frozen and is also creditor proof. 

“Legacy planning is often associated with having a last will and testament, however many individuals prefer setting up a trust. One of the biggest draws with a trust is avoiding long-drawn court probate and the unnecessary costs that come with it. With Insurance Trust, we can ensure family members are well taken care of,” said Mr Gross.

Tony Chieng, CEO of RHB Trustees, RHB Banking Group said, “We believe that proper transfer of wealth strategy is necessary for comprehensive financial planning. Recent statistics show about 70% of Malaysians still do not have proper estate or legacy planning in place. Therefore, this partnership with Allianz is a key strategic step for RHB Trustees, enabling us to help more people in drawing up professional Legacy Plans to protect their loved ones.”

Check these out:

Digital Transformation of the Year 2020 - PT Asuransi Allianz Life Indonesia

Grow your Legacy with the PreceptsGroup

Asia Pacific health care benefit cost increases expected to jump by 8.5% in 2021