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Are You Paying Too Much For Insurance?

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Are You Paying Too Much For Insurance?

It's always a good idea to review your insurance coverage annually to make sure it still meets your needs and you're not paying for coverage you no longer need.

It's important to find the right balance between affordability and the level of protection you need.

How much are you paying for your insurance?
MYR MthYr
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About FinancialRuler

FinancialRuler can help individuals and families make the most of their money and reach their financial goals. It involves creating a comprehensive plan that takes into account a person's current financial situation and future goals.

 

Edu-Fun Net 25%

Essential Net 55%

Safety Net 20%

Fun Money (10%)
Education Funds (10%)
Charity (5%)
Necessity Expenses (55%)
Serviceable Debts (35%)
Insurance
(10%)
Purpose Fund
(10%)
Financial Freedom Funds
(10%)

Emergency Funds ( 3 ~ 6 Months Expenses )

About FinancialRuler
Step 1 Essential Net (55%)
  • Spend within the zone.
  • Limit your expenditure to 55% on needs and not wants.
  • For expenses that we incur in our every day lives which supports individual as well as family's health, welfare and facilitate the generation of income.
Necessity Expenses
  • Up to 55% for necessity expenses incurred in our every day lives such as housing, household, insurance, food, transport and serviceable debt.
Serviceable Debts
  • Up to 35% in serviceable debt, ie. property loans, vehicle loans, student loans.
Insurance
  • Up to 10% income goes into insurance.
  • Insurance that covers H&S, disability, major illness, death, personal accident
Step 2 Safety Net (20%)
  • Do not utilize funds until objectives are met.
  • Comprises of Emergency Fund, Purpose Fund, Financial Freedom Fund.
  • Contractual saving & accumulation for purposes such as purchasing property, cars, wedding.
Emergency Funds
  • Never use these funds unless emergency happens.
  • Equivalent to 3 ~ 6 months of your monthly expenses.
  • Sum of money set aside for sudden injury, accidents, or an unexpected loss of income.
  • Why based on expense and not income?

    A: For efficiency and attainability, we use expenses and not income to help you set aside minimum amount of money you need in an emergency fund which gives you the buffer you need to pay out-of-pocket expenses

Purpose Fund
  • 10% of income for milestone, ie. property, wedding.
Financial Freedom Funds
  • 10% of income for contractual saving & wealth accumulation.
  • Build passive income.
Step 3 Edu-Fun Net (25%)
  • The edu-fun is for having fun. 25% is to regulate the spenders and the saver.
Fun Money
  • To regulate spending habits between the spender and saver.
  • 10% to be spent in 3 months time else transfer to charity.
  • To enjoy money and be able to spend it guilt free.
Education Funds
  • 10% is for education for your future, family education, children education, experiential learning and life long learning.
Charity
  • 5% charity is for spreading the joy and love. Use this to give and love; to build relationships. You can't be financially successful without the ability to give.
  • Not limited to gifts such as wedding, charity, relief missionary. Birthdays, sponsorships, charity organizations are also part of charity.

Edu-Fun Net 25%

Essential Net 55%

Safety Net 20%

Fun
Money (10%)
Education
Funds (10%)
Charity (5%)
Necessity Expenses
(55%)
Serviceable Debts (35%)
Insurance
(10%)
Purpose
Fund (10%)
Financial Freedom
Funds (10%)

Emergency Funds ( 3 ~ 6 Months Expenses )

About FinancialRuler

Step 1 Essential Net ( 55% )
  • Spend within the zone.
  • Limit your expenditure to 55% on needs and not wants.
  • For expenses that we incur in our every day lives which supports individual as well as family's health, welfare and facilitate the generation of income.
Necessity Expenses
  • Up to 55% for necessity expenses incurred in our every day lives such as housing, household, insurance, food, transport and serviceable debt.
Serviceable Debts
  • Up to 35% in serviceable debt, ie. property loans, vehicle loans, student loans.
Insurance
  • Up to 10% income goes into insurance.
  • Insurance that covers H&S, disability, major illness, death, personal accident
Step 2 Safety Net ( 20% )
  • Do not utilize funds until objectives are met.
  • Comprises of Emergency Fund, Purpose Fund, Financial Freedom Fund.
  • Contractual saving & accumulation for purposes such as purchasing property, cars, wedding.
Emergency Funds
  • Never use these funds unless emergency happens.
  • Equivalent to 3 ~ 6 months of your monthly expenses.
  • Sum of money set aside for sudden injury, accidents, or an unexpected loss of income.
  • Why based on expense and not income?

    A: For efficiency and attainability, we use expenses and not income to help you set aside minimum amount of money you need in an emergency fund which gives you the buffer you need to pay out-of-pocket expenses

Purpose Fund
  • 10% of income for milestone, ie. property, wedding.
Financial Freedom Funds
  • 10% of income for contractual saving & wealth accumulation.
  • Build passive income.
Step 3 Edu-Fun Net ( 25% )
  • The edu-fun is for having fun. 25% is to regulate the spenders and the saver.
Fun Money
  • To regulate spending habits between the spender and saver.
  • 10% to be spent in 3 months time else transfer to charity.
  • To enjoy money and be able to spend it guilt free.
Education Funds
  • 10% is for education for your future, family education, children education, experiential learning and life long learning.
Charity
  • 5% charity is for spreading the joy and love. Use this to give and love; to build relationships. You can't be financially successful without the ability to give.
  • Not limited to gifts such as wedding, charity, relief missionary. Birthdays, sponsorships, charity organizations are also part of charity.

Your Income Allocation In 1 Glance

Enter your monthly income and see some interesting results
MYR
Education Funds

MYR0

Necessity Expenses
  • Food Expenses
  • Household Expenses
  • Home Monthly Expenses
  • Transport Expenses

MYR0

Purpose Fund

MYR0

Edu-Fun Net 25%

Essential Net 55%

Safety Net 20%

Fun Money (10%)
Education Funds
(10%)
Charity (5%)
Necessity Expenses (55%)
Serviceable Debts
(35%)
Insurance
(10%)
Purpose Fund
(10%)
Financial Freedom Funds
(10%)

Emergency Funds ( 3 ~ 6 Months Expenses )

Fun Money

MYR0

Charity

MYR0

Serviceable Debts

MYR0

Insurance

MYR0

Financial Freedom Fund

MYR0

Education Funds 111

MYR0

Necessity Expenses
  • Food Expenses
  • Household Expenses
  • Home Monthly Expenses
  • Transport Expenses

MYR0

Purpose Fund

MYR0

Edu-Fun Net 25%

Essential Net 55%

Safety Net 20%

Fun Money
(10%)
Education
Funds (10%)
Charity (5%)
Necessity Expenses
(55%)
Serviceable Debts (35%)
Insurance
(10%)
Purpose
Fund (10%)
Financial Freedom
Funds (10%)

Emergency Funds ( 3 ~ 6 Months Expenses )

Fun Money

MYR0

Charity

MYR0

Serviceable Debts

MYR0

Insurance

MYR0

Financial Freedom Fund

MYR0

My Expenses My Score

Your Insurance Score

Your Monthly Income:
Ideal Monthly Insurance Expenses:
Your Curr. Monthly Insurance Expenses:

Make sure you have the right amount of coverage for your needs. Having more coverage than you need can increase your premium.

On the other hand, having less coverage than you need could leave you underinsured.

The amount you pay for insurance depends on many factors such as your coverage limits, the type of insurance, your age and gender.

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