TUNKU ABDUL RAHMAN UNIVERSITY COLLEGE FACULTY OF

ACCOUNTANCY, FINANCE AND BUSINES

[Diploma in Finance and Investment]

ACADEMIC YEAR
2022/2023 YEAR 2 –
SEMESTER 2

ABMF 3143 PERSONAL FINANCIAL PLANNING

Assignment

NAME STUDENT ID MARKS AWARDED

TAN ZHI CHONG 21PBD08540
CHOW JIE MING 21PBD09741
ONG SHING YEE 21PBD10251
LIM JIA ZHE 21PBD08841
WONG KAI HENG 21PBD09631
LOO ZHONG JIM 21PBD08348
TUTORIAL GROUP: DFIG2

DATE OF SUBMISSION: 23/12/2022

TUTOR’S NAME: Miss Lim Chun Shian

 FACULTY OF ACCOUNTANCY, FINANCE AND

BUSINESS COURSEWORK FEEDBACK FORM

COURSE CODE/ COURSE TITLE: ABMF3143 PERSONAL FINANCIAL PLANNING

NAME OF STUDENT(s): ID NUMBER:

1) TAN ZHI CHONG 21PBD08540
2) CHOW JIE MING 21PBD09741
3) ONG SHING YEE 21PBD10251
4) LIM JIA ZHE 21PBD08841
5) WONG KAI HENG 21PBD09631
6) LOO ZHONG JIM 21PBD08348
PROGRAMME: DIPLOMA IN FINANCE AND INVESTMENT

YEAR: 2 SEMESTER: 2 ACADEMIC YEAR: 2022/2023

GROUP NO: DFIG2
COURSEWORK NO: 1 NATURE OF MARKS ALLOCATED:
COURSEWORK:
GROUP /100
ASSIGNMENT

OVERALL COMMENTS :

Student Acknowledgement: Date: Lecturer/Tutor’s Signature: Date:

TAN ZHI CHONG 23/12/2022

Note: This form must be submitted together with the assessment grid/grading criteria and
SafeAssign report for the coursework
Assessment Criteria for Group Assignment (70 marks or 70% of assignment total marks)

Ques Team: Maximum Actual Remarks

marks marks given
Tutorial group:

1  Discuss various types of life 30

insurance policies. Your
discussion should include
comparing and contrasting
these policies.

2  Select an insurance policy 40

and justify the suitability to
Jason and Annita.
 Provide reasons why you
select the policy.

 Sub-total 70
 Less any marks deduction, 0
if applicable
 Total marks for 70
group assignment

Note
Total student’s marks for Coursework = Group Assignment marks + Individual Assignment
marks
Assessment Criteria for Individual Assignment (30 marks or 30% of assignment marks)

Assessment Total Poor Average Good Excellent Student’s Marks

marks name awarded
criteria
CONTENT 20 0-5 6-10 11 -15 16-20 1) 1)
2) 2)
 Advise 3) 3)
Jason on his 4) 4)
decision to 5) 5)
buy a new 6) 6)
car. 7) 7)
 Considering
Jason’s
financial
situation,
propose the
most
suitable
solution or
option to
Jason.

 Overall 10 0-3 4-6 7-8 9-10 1) 1)

presentation 2) 2)
including 3) 3)
clarity, 4) 4)
fluency, 5) 5)
organization 6) 6)
of the slides. 7) 7)

 Total marks 30 1) 1)
for 2) 2)
individual 3) 3)
student’s 4) 4)
presentation 5) 5)
6) 6)
7) 7)
 GROUP MEMBER APPRAISAL FORM
The basis of this evaluation is your group member’s commitment to completing the assignment
and to their regard for other members of the group. It should be based on the contribution given
by each member and his or her involvement in this assignment.

Group members will be appraised using the following basis:

100%  Group member attended all group meetings or if unable to attend, contacted
the group in advance and came to an alternative arrangement that the majority
of group members were happy with.
 Group member contributed to group discussion.
 Group member always offered to help or volunteered for tasks.
 Group member had assigned tasks completed on time.
50%  Group member missed group meetings without making alternative
arrangements with other group members.
 Group member assigned tasks were only partly completed or poorly completed.
 Group member did not contribute to the group effort or volunteered for tasks.
0%  Group member attended few meetings and made no contribution to
the assignment,

Name of student: TAN ZHI CHONG_

Instructions:

Place the name of each of the members in your group in the space provided below. Appraise
each of the members in your group by circling one of the totals shown below i.e. 100%, 50% or
0%.

Name of Group Member Assessment

1) CHOW JIE MING 100% 50% 0%

2) ONG SHING YEE 100% 50% 0%
3) LIM JIA ZHE 100% 50% 0%
4) WONG KAI HENG 100% 50% 0%
5) LOO ZHONG JIM 100% 50% 0%
Note:
Failure to submit a Group Member Appraisal Form will result in a ZERO appraisal
being recorded against your name.
 GROUP MEMBER APPRAISAL FORM
The basis of this evaluation is your group member’s commitment to completing the assignment
and to their regard for other members of the group. It should be based on the contribution given
by each member and his or her involvement in this assignment.

Group members will be appraised using the following basis:

100%  Group member attended all group meetings or if unable to attend, contacted
the group in advance and came to an alternative arrangement that the majority
of group members were happy with.
 Group member contributed to group discussion.
 Group member always offered to help or volunteered for tasks.
 Group member had assigned tasks completed on time.
50%  Group member missed group meetings without making alternative
arrangements with other group members.
 Group member assigned tasks were only partly completed or poorly completed.
 Group member did not contribute to the group effort or volunteered for tasks.
0%  Group member attended few meetings and made no contribution to
the assignment,

Name of student: CHOW JIE MING_

Instructions:

Place the name of each of the members in your group in the space provided below. Appraise
each of the members in your group by circling one of the totals shown below i.e. 100%, 50% or
0%.

Name of Group Member Assessment

1) TAN ZHI CHONG 100% 50% 0%

2) ONG SHING YEE 100% 50% 0%
3) LIM JIA ZHE 100% 50% 0%
4) WONG KAI HENG 100% 50% 0%
5) LOO ZHONG JIM 100% 50% 0%
Note:
Failure to submit a Group Member Appraisal Form will result in a ZERO appraisal
being recorded against your name.
 GROUP MEMBER APPRAISAL FORM
The basis of this evaluation is your group member’s commitment to completing the assignment
and to their regard for other members of the group. It should be based on the contribution given
by each member and his or her involvement in this assignment.

Group members will be appraised using the following basis:

100%  Group member attended all group meetings or if unable to attend, contacted
the group in advance and came to an alternative arrangement that the majority
of group members were happy with.
 Group member contributed to group discussion.
 Group member always offered to help or volunteered for tasks.
 Group member had assigned tasks completed on time.
50%  Group member missed group meetings without making alternative
arrangements with other group members.
 Group member assigned tasks were only partly completed or poorly completed.
 Group member did not contribute to the group effort or volunteered for tasks.
0%  Group member attended few meetings and made no contribution to
the assignment,

Name of student: ONG SHING YEE_

Instructions:

Place the name of each of the members in your group in the space provided below. Appraise
each of the members in your group by circling one of the totals shown below i.e. 100%, 50% or
0%.

Name of Group Member Assessment

1) TAN ZHI CHONG 100% 50% 0%

2) CHOW JIE MING 100% 50% 0%
3) LIM JIA ZHE 100% 50% 0%
4) WONG KAI HENG 100% 50% 0%
5) LOO ZHONG JIM 100% 50% 0%
Note:
Failure to submit a Group Member Appraisal Form will result in a ZERO appraisal
being recorded against your name.
 GROUP MEMBER APPRAISAL FORM
The basis of this evaluation is your group member’s commitment to completing the assignment
and to their regard for other members of the group. It should be based on the contribution given
by each member and his or her involvement in this assignment.

Group members will be appraised using the following basis:

100%  Group member attended all group meetings or if unable to attend, contacted
the group in advance and came to an alternative arrangement that the majority
of group members were happy with.
 Group member contributed to group discussion.
 Group member always offered to help or volunteered for tasks.
 Group member had assigned tasks completed on time.
50%  Group member missed group meetings without making alternative
arrangements with other group members.
 Group member assigned tasks were only partly completed or poorly completed.
 Group member did not contribute to the group effort or volunteered for tasks.
0%  Group member attended few meetings and made no contribution to
the assignment,

Name of student: _ LIM JIA ZHE

Instructions:

Place the name of each of the members in your group in the space provided below. Appraise
each of the members in your group by circling one of the totals shown below i.e. 100%, 50% or
0%.

Name of Group Member Assessment

1) TAN ZHI CHONG 100% 50% 0%

2) CHOW JIE MING 100% 50% 0%
3) ONG SHING YEE 100% 50% 0%
4) WONG KAI HENG 100% 50% 0%
5) LOO ZHONG JIM 100% 50% 0%
Note:
Failure to submit a Group Member Appraisal Form will result in a ZERO appraisal
being recorded against your name.
 GROUP MEMBER APPRAISAL FORM
The basis of this evaluation is your group member’s commitment to completing the assignment
and to their regard for other members of the group. It should be based on the contribution given
by each member and his or her involvement in this assignment.

Group members will be appraised using the following basis:

100%  Group member attended all group meetings or if unable to attend, contacted
the group in advance and came to an alternative arrangement that the majority
of group members were happy with.
 Group member contributed to group discussion.
 Group member always offered to help or volunteered for tasks.
 Group member had assigned tasks completed on time.
50%  Group member missed group meetings without making alternative
arrangements with other group members.
 Group member assigned tasks were only partly completed or poorly completed.
 Group member did not contribute to the group effort or volunteered for tasks.
0%  Group member attended few meetings and made no contribution to
the assignment,

Name of student: _ WONG KAI HENG

Instructions:

Place the name of each of the members in your group in the space provided below. Appraise
each of the members in your group by circling one of the totals shown below i.e. 100%, 50% or
0%.

Name of Group Member Assessment

1) TAN ZHI CHONG 100% 50% 0%

2) CHOW JIE MING 100% 50% 0%
3) ONG SHING YEE 100% 50% 0%
4) LIM JIA ZHE 100% 50% 0%
5) LOO ZHONG JIM 100% 50% 0%
Note:
Failure to submit a Group Member Appraisal Form will result in a ZERO appraisal
being recorded against your name.
 GROUP MEMBER APPRAISAL FORM
The basis of this evaluation is your group member’s commitment to completing the assignment
and to their regard for other members of the group. It should be based on the contribution given
by each member and his or her involvement in this assignment.

Group members will be appraised using the following basis:

100%  Group member attended all group meetings or if unable to attend, contacted
the group in advance and came to an alternative arrangement that the majority
of group members were happy with.
 Group member contributed to group discussion.
 Group member always offered to help or volunteered for tasks.
 Group member had assigned tasks completed on time.
50%  Group member missed group meetings without making alternative
arrangements with other group members.
 Group member assigned tasks were only partly completed or poorly completed.
 Group member did not contribute to the group effort or volunteered for tasks.
0%  Group member attended few meetings and made no contribution to
the assignment,

Name of student: _ LOO ZHONG JIM

Instructions:

Place the name of each of the members in your group in the space provided below. Appraise
each of the members in your group by circling one of the totals shown below i.e. 100%, 50% or
0%.

Name of Group Member Assessment

1) TAN ZHI CHONG 100% 50% 0%

2) CHOW JIE MING 100% 50% 0%
3) ONG SHING YEE 100% 50% 0%
4) LIM JIA ZHE 100% 50% 0%
5) WONG KAI HENG 100% 50% 0%
Note:
Failure to submit a Group Member Appraisal Form will result in a ZERO appraisal
being recorded against your name.
 FACULTY OF ACCOUNTANCY, FINANCE AND

BUSINESS PLAGIARISM DECLARATION

STATEMENT

Semester: 2 Course Code & Title: ABMF 3143 PERSONAL FINANCIAL PLANNING

Declaration

We confirm that we have read and shall comply with all the terms and condition of Tunku Abdul
Rahman University College’s plagiarism policy.

We declare that this assignment is free from all forms of plagiarism and for all intents and purposes
is our own properly derived work.

We further confirm that the same work, where appropriate, has been verified by anti-plagiarism
software Turnitin.

NAME STUDENT ID NO. SIGNATURE DATE

21PBD08540 ZHICONG 21/12/2022
1) TAN ZHI CHONG

21PBD09741 JIEMING 21/12/2022

2) CHOW JIE MING

21PBD10251 EMILY 21/12/2022

3) ONG SHING YEE

21PBD08841 JIAZHE 21/12/2022

4) LIM JIA ZHE

21PBD09631 KAIHENG 21/12/2022

5) WONG KAI HENG

21PBD08348 JIM 21/12/2022

6) LOO ZHONG JIM
Word Count (2310 words)
Group Assignment
Q1)

Term Life

Term life insurance is a widely popular type of life insurance that offers a lump sum payout if
you pass away during the policy's term or develop a total and permanent disability. Term is
sometimes referred to as "pure life insurance" (Ringgit Plus 2019). A term life insurance
policy is a legal agreement between you and an insurance provider for a specific amount of
time, usually between 10 and 30 years. You pledge to make monthly premium payments
throughout that time. The business guarantees to pay a set sum of money known as a death
benefit if you die away while the term is in effect. The beneficiaries listed in your policy,
typically one or more family members will receive the death benefit (Murbach, K & Crowley,
T 2022).

It is quite reasonable in comparison to other types of life insurance, so anybody may apply
for it at any point of their lives. Accidents may happen at any moment, but by purchasing
term life insurance, you can ensure your family' financial security even if you are no longer
alive. The majority of term insurance contracts contain an underwriting procedure where the
insurer assesses your age, health status, lifestyle, and other criteria to determine the cost of
your premium (Guardian 2019). Other than that, you may also have a conversion option with
some term life insurance plans, allowing you to change your term insurance to whole life
insurance. Furthermore, term life insurance is typically renewable, giving you the option to
choose whether to extend your coverage for another term (Stephan, R 2016).

Term life insurance's drawbacks include the fact that it doesn't accumulate cash value, which
means there isn't a savings account to draw funds from or borrow against. Unless you switch
to a policy that includes a return of premium option, which has greater fees, you won't get
any money back if you cancel a term insurance. In contrast, permanent life insurance offers a
surrender value depending on your cash savings account in the event that you decide to
terminate the policy (Sleight, M 2022). Furthermore, the cost of term insurance policies may
increase if you are ill or older. This is due to the widespread perception that mortality risks
rise with age (Gambhir, N 2022).

Term life insurance, for many individuals, is a quick and inexpensive method to safeguard
their financial security in the event that something unforeseen occurs to a loved one. For the
duration that the insurance is in effect, as long as you pay your premiums, you are protected.
Besides, depending on your own financial situation, you might decide to buy for various
years. Payment of premiums for term insurance is limited to the term itself. In addition, this
may improve the safety of low-income individuals. A lifetime of payments must be made if
the insurance is whole life.
Universal Life Insurance

Universal life (UL) insurance is a type of permanent life insurance that includes an
investment savings component as well as cheap premium. The cost of universal life (UL)
insurance is the bare minimum of premium payments necessary to maintain the policy.
Policyholders whom borrow against the accrued cash value of their UL insurance plan have
no tax consequences. (Julia 2022) This life insurance policy may be a suitable option for
someone who wants and also can afford some versatility in them life insurance. It is ideal for
high-income people who want to create a nest egg without joining a higher-income band.
(Nupur 2022)

The most significant benefit of universal life coverage is that it allows insurers to change the
size and timing of their premium payments, reduce the size of their policy's death benefit in
exchange for more cash value, and make other changes to respond to shifting funding
requirements and various life's stages. First, there are flexible financing options. Premiums
for whole life insurance are fixed and payable on a regular basis; customers pay the same
price on the same day each month. Universal life insurance provides more freedom since
consumers can select the amount to pay and when they should pay. When money is tight,
customers can pay more premiums to boost the amount of their cash value, or they can skip
payments. (Life Insurance Star 2021) Additionally, the ability to enhance or decrease the
death benefit. Most universal life insurance policies allow you to enhance or reduce the death
benefit. Raising the death benefit may be beneficial if you anticipate incurring substantial
medical expenditures in the future or if you just want to leave a greater financial legacy.
(Washington National 2022)

Undeniably, there are still some negative aspects to this type of insurance. First of all,
increased risk exposure. While interest rates increase, universal life insurance appears to be a
good investment. However, if they fall, your cash value account might not even perform as
well as you had intended. Universal life insurance contracts often have fixed minimum
interest rates, which ensure that they will not fall below a specific level if the market falls.
Likewise, costs are rising. Even though your premium stays constant over time, the
underlying cost of insuring you climbs with age. In the earlier days of a universal life policy,
a portion of your premium is utilized to cover this cost, which is commonly referred to as the
fatality charge or the insurance cost. In subsequent years, the premium may not be enough to
cover the rising costs, and the deficit will come from your cash value (Andrew and Georgia
2022).
Whole Life Insurance

Whole life insurance is a sort of permanent life insurance, which implies that as long as
premium payments are made on time, the insured person will be protected for the length of
their life. Term life insurance protects the insured for a predetermined period of time;
permanent life insurance does not (usually between 10 and 30 years). According to the
Insurance Information Institute, whole life insurance is the most popular kind of permanent
life insurance coverage that consumers buy. Whole life also provides a savings feature known
as "cash value," similar to the majority of permanent life insurance policies. (Allstate 2021).

One of the benefits of whole life is the potential dividends. A whole life insurance policy
owner who purchases a policy from a mutual insurance firm may be eligible to earn annual
dividend payments on their own policy. Although not guaranteed, these pay-outs are a
method for mutual firms to give back to policyholders. Dividends can be reinvested into a
policy to hasten the development of cash value. Utilizing dividend payments to purchase
additional insurance and raise the overall "death benefit" is another financial planning
strategy (the amount of money that will be payable to the loved ones). The person can also
allow the dividends cover a portion of their own premiums. Finally, the person could request
to receive the dividends in cash (The Guardian Life Insurance Company, 2022).

The disadvantages of whole life insurance are needing more time to accumulate the value.
Whole life insurance is a long-term investment, and the process of increasing your cash value
may take years. Its surrender value will be minimal or non-existent if you cease making
payments during the first few years of your policy owing to financial issues. According to
Consumer Reports, it may take as many as 20 years of premium payments before the
advantages of whole life insurance significantly outweigh those of term life insurance plus
alternative investment choices (Sleight, 2022).

Next, the difference between life term and whole life is the length of the policy it will affect
the cash value benefits. While whole life insurance, also known as permanent life insurance,
lasts for your entire lifetime, term life insurance has a limited period of time for coverage (as
long as you pay your premiums). The premiums for term life insurance are paid by the
insurance buyer and go toward the death benefit that is given to the beneficiaries. When
purchasing whole life insurance, the premiums are split between a savings account that can
be accessed while the policyholder is still living and the death benefit (Rivelli, 2022).
Q2)

As a financial adviser, I would suggest Term Life Insurance to Jason and Annita. Term life
insurance is a very common life protection insurance and the life insurance company will
offer a lump sum pay-out if Jason dies during the specified insurance policy duration or Jason
accidentally undergo from a Total Permanent Disability in his work (RinggitPlus 2022a).
Since his company promise him to offer a group life insurance, medical, hospital and surgical
plan but the death protection which is Jason mainly focus on are not inside the insurance
consideration. Term life insurance is the most suitable for Jason to provide his family enough
coverage when his unfortunately passed away and the insurance pay-out can be used to cover
Jason’s family daily expenditure. According to Jason’s income RM3,200 per month, term
life insurance is the lower premium rate compare to other insurance policy which can
definitely help to save Jason more money efficiently (Appendix 1). Social Security
Organisation (SOCSO) also offer some basic protection for Jason’s income if his disabled
and dies if his children below 18 ages, however it is just cover for short-term protection and
not enough cash inflow for Jason’s family. Therefore, I suggest “family life insurance for
children” for helping some financial cost in the condition of unimaginable and life insurance
for Jason’s children ensures coverage as they age (Prudential 2020). According to an
experienced insurance agent, I strongly recommend Jason should follow the common
guideline for getting life insurance at least cover ten times his annual salary. For example,
Jason’s salary per month is RM3,200 per month x 12 months = RM38,400 per year and
RM38,400 x 10 times = RM384,000 in life insurance. Based on my deeply research, I found
that Allianz i-EssentialCover is the most appropriate for Jason’s family due to it minimum
sum assured is RM200,000 as well as death benefit and Total and Permanent Disability
(TPD) is up to RM500,000 respectively (RinggitPlus 2022b). Insurance included 4 types
which is auto and homeowner’s insurance, life insurance, disability insurance as well as
hospitalization and health insurance. I seriously suggest Jason should prepare to buy
hospitalization and health insurance just in case the company suddenly terminate him or he
resigned from the company. Since this type insurance is the cheapest, Jason should consider
it although monthly income is lower. The most appropriate insurance for Jason is AXA
eMedic Plus, it covers any illness, disease, medical condition or accident as long as it needs
hospitalisation to a hospital and annual limit is maximum RM150,000 even Jason just needs
to pay RM35 per month (iMoney 2022). There are four types of this insurance in more
detail, I suggest Jason choose Benefit Plan 20 will do in order to lower his cost (Appendix 2).
The objective of SOCSO is to provide community safety guarantee in cash and benefits to
workers in the private sector just in case of career wounded, emergencies, job disease and
death (JobStreet 2021). Obviously, RM 1,550 per month protect by SOCSO is definitely not
enough, therefore I recommend Jason to buy the death protection insurance. Allianz i-
EssentialCover can cover until age 65 which is exceed 60 years old Malaysian retirement age
and just need to pay the flat rate premium throughout the coverage term even the income tax
relief is up to RM3,000 yearly (Appendix 3). As a matter of fact, Jason’s income is RM960
per week x 4 weeks = RM3,840 per month (before deduct tax), the tax income is RM3,840 –
RM3,200 (actual income) = RM640 per month. If Jason buys this insurance, he able to claim
RM3,000 tax relief a year because of RM640 x 12 months = RM7,680. Thus, I recommend
Jason buy 35 years coverage duration for this insurance. From the Employees Provident
Fund (EPF) perspective, EPF is to help the Malaysian employees to save their retirement
funds and achieve better future through ongoing improvement in guarantee employees ‘s
savings as well as providing excellent service (EPF 2022). EPF for Jason must contribute
10% or 12% in his basic salary, for example 10% of EPF need to pay, RM3,840 x 10% =
RM384 per month for EPF (Bajaj Finserv Limited 2021). EPF in more detail can be divided
in sub-category (Appendix 4). EPF for Jason is RM384 x 12 = RM4,608 x 30 years =
RM138,240. Seems like a big figure but it is not enough for Jason retirement funds due to
Jason need to pay medicine bills in his retirement age, daily expenditure with his wife, utility
bills and emergency funds to meet unpredicted condition such as his wife suddenly have
illness or disease. In this way, I highly recommend Annita also buy an insurance for herself
just in case suddenly her husband (Jason) or herself passed away and need further money for
their children’s college fees. I suggest Annita should consider Endowment Life Insurance
due to the money is paid to policyholder if he or she alive or survive during the end period of
the endowment policy. I suggest Annita can consider to buy 12 years coverage policy term
with lower premium for RM10,245 per annum and the sum assured is RM10,000 until
RM40,000 annualized premium, therefore the suitable housewife insurance for Annita is
HDFC Life Smart Woman Plan (Appendix 5). The most important is Annita have to mention
her children become the beneficiary if she unfortunately dies within the 12 years period, her
children can claim the RM40,000 but Annita need to pay the premium for the next 12 years
and able to receive RM40,000 if she still alive after 12 years as well as no need worry about
her children’s college fees. In short, this is a good strategy for Jason’s family to transfer their
risk to the insurance company and plan for their future, they should start to buy insurance
now as soon as possible. The insurance company will charge higher premium for those who
are higher age and insurance company also smart to reduce their risk for the insurance policy
in order to reject selling the life insurance for those older people.
Group References
Allstate, 2021, What is whole life insurance, viewed on 15 December 2022,
<https://www.allstate.com/resources/life-insurance/whole-life-insurance>.

Andrew Marder, Georgia Rose, 2022, Universal Life Insurance: Pros, Cons and How it
Works – NerdWallet, viewed on 15 December 2022,
<https://www.nerdwallet.com/article/insurance/universal-life-insurance>.

Bajaj Finserv Limited 2021, “How to calculate your and your employer’s epf contribution”,
viewed 14 December 2022, <https://www.bajajfinserv.in/insights/how-to-calculate-your-and-
your-employers-epf-contribution#:~:text=Contribution%20by%20your%20employer
%201%20Your%20employer%20must,For%20female%20employees%2C%20the
%20government%20contribution%20doesn%E2%80%99t%20change.>.

EPF 2022, “About epf”, viewed 13 December 2022,

<https://www.kwsp.gov.my/about-epf/corporate-profile>.

Guardian 2019, “What is Term life insurance and how it works”, viewed on 14 December
2022,
<https://www.guardianlife.com/life-insurance/term-life/how-it-works>.
Gambhir, N 2022, “What Are the Advantages and Disadvantages of Life Insurance?”, viewed
on 14 December 2022, <https://www.policygenius.com/life-insurance/what-are-the-
advantagesand disadvantages-of-life-insurance/>.

iMoney 2022, “AXA emedic Plus”, viewed 11 December 2022, <

https://www.imoney.my/medical-insurance/axa/emedic-plus>.

Julia Kagan, 2022, What Is Universal Life Insurance (UL)? Benefits and Disadvantages,
viewed on 12 December 2022, <https://www.investopedia.com/terms/u/universallife.asp>.

JobStreet 2021, “What is socso here’s what malaysian employees must know”, viewed 12
December 2022, <https://www.jobstreet.com.my/career-resources/work-life-well-being/what-
is-socso-heres-what-malaysian-employees-must-know/.>.
Life Insurance Star, 2021, Benefits of Universal Life Insurance - Life Insurance Star, viewed
on 14 December 2022, <https://lifeinsurancestar.com/universal/benefits-of-universal-life-
insurance-2/>.

Murbach, K & Crowley, T 2022, “Term Life Insurance.”, viewed on 12 December 2022,

<https://www.policygenius.com/life-insurance/term-life-insurance/>.
Nupur Gambhir, 2022, Universal Life Insurance: What It Is & How It Works – Policygenius,
viewed on 12 December 2022, <https://www.policygenius.com/life-insurance/universal-life-
insurance/>.

Prudential 2020, “Is family life insurance worth it”, viewed 10 December 2022, <
https://www.prudential.com.my/en/we-do-pulse/all-stories/family-life-insurance/>.

Ringgit Plus 2019, “Best Term Life Insurance Policies in Malaysia”, viewed on 12 December
2022,
<https://ringgitplus.com/en/term-life-insurance/>.
Ringgit Plus 2022a, “Best term life insurance policies”, viewed 9 December 2022, <
https://ringgitplus.com/en/term-life-insurance/>.

Ringgit Plus 2022b, “Allianz i-essentialcover”, viewed 10 December 2022, <

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Group Appendices
Appendix 1: Comparison premium rate between term and whole life insurance

Source: https://ringgitplus.com/img/wysiwyg/differences-between-annuities-and-term-life-
insurance.746021953.png
Appendix 2: Benefits Plan

Source: https://www.imoney.my/medical-insurance/axa/emedic-plus
Appendix 3: Allianz i-EssentialCover

Source: https://ringgitplus.com/en/term-life-insurance/Allianz-i-EssentialCover.html?
minAmount=50000&amount=384000&income=38400&months=120&gender=M&dob=&sm
okesPerDay=0&filter=Allianz
Appendix 4: EPF sub-category

Source: https://www.bajajfinserv.in/insights/how-to-calculate-your-and-your-employers-epf-
contribution#:~:text=Contribution%20by%20your%20employer%201%20Your%20employer
%20must,For%20female%20employees%2C%20the%20government%20contribution
%20doesn%E2%80%99t%20change.
Appendix 5: Top 5 Best Life Insurance Plans for Housewife

Source: https://www.policybachat.com/articles/life-insurance-for-housewife#:~:text=A
%20housewife%20can%20get%20life%20insurance%20to%20provide,for%20both%20the
%20housewife%20and%20her%20family%20members.