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Contrary to popular belief, assets that you own are not automatically transferred to your loved ones upon your death. No, the assets are actually frozen and transferring those assets to the next of kin could take a long time as it can only be fulfilled until all debts are paid off - tax, legal fees, business debts, personal debts, etc – and by then, any balance of asset might have shrunk, ill-affording your loved ones to enjoy the full benefit.

 

Scary as it may sound, Allianz Life Insurance Malaysia Berhad's (Allianz Life) Trust Concept, which advocates trust insurance can change that.

 

Allianz Life is proud to be the first life insurance company in Malaysia to introduce an insurance trust concept to its customers.

 

The initiative, which Allianz Life began in 2014 is now bolstered by the signing of the collaboration agreement with MU Advisory and family trust consultant Million Lo today in rolling out Allianz Life's initiative in raising awareness on asset protection.

 

Million is a well-known corporate adviser with more than 20 years of experience in estate planning. His credentials include working for some of China's top 500 riches companies, as well as public listed, local and foreign small and medium enterprises (SMEs).

 

While Trust Concept is currently supported by various existing Allianz products, the collaboration agreement will coincide with the launch of a new product to further support the concept.

 

"When people hear the word trust. They automatically think it's only for the wealthy. Allianz is here to tell you it's not. At Allianz, we are constantly on the lookout for ways to serve our customers better because our customers matter the most to us. And Trust Concept is just another way of us serving them better," said Ong Pin Hean, Allianz Life Insurance Company (Malaysia) Berhad Chief Sales Officer.  

 

"Having Million on board to drive our Trust Concept is a coup for us. Not only will be able to advise and equip our agent customers with knowledge on insurance trust and the importance of having it to better serve our customers in helping them achieve a comprehensive coverage with Allianz Life," he continued.

 

In fact, Allianz Life has been a serious campaigner for trust insurance, having also signed a MoU with RHB Trustees Berhad in 2012.

 

“Allianz is a firm believer in Trust Concept and we are very focused in driving and supporting it, just as we did in 2012 with RHB Trustees Berhad. We believe it is the best practice in which we can help our customers and non-customers to learn and realise that trust insurance is a viable option for all and something we all should consider as well look to take care of not just ourselves but our loved ones as well through insurance,” added Ong.

 

As part of the agreement, Million will conduct trainings and seminars for agents customers to lead them through Trust Concept. On top of advising on the benefits of Trust Concept, part of the training for agents and seminars for customers will include Million imparting knowledge on the trust market in Malaysia, the mechanics of wills and testaments, as well as the various forms of trust - will, testamentary trust, living trust, statutory trust and insurance trust.