Vulnerable Client Guide’
This comprehensive Q&A is designed to provide clear actionable guides to addressing complex or unexpected situations. It covers the possible scenarios that our customers with Bancassurance, Share Margin Financing and Investments may face. We hope that this piece of writing may be able to help dispel situational doubts and provide you with comfort as to how you could approach a situation with relevant contact points within the Bank.
Bancassurance
Insurance plays a vital role in securing your financial future, but unexpected life events can sometimes complicate your ability to manage your policy effectively. Whether you’re dealing with a personal crisis, a change in financial circumstances, or simply need assistance understanding your coverage, it’s essential to know what steps to take to protect your interests.
FAQ |
What customers can do |
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1. What should I do if the policyholder or a joint insured person passes away? |
In the event of a customer’s passing, the immediate family members should notify our bank staff. We will then verify if the customer held any insurance policies with the bank. If yes, the Bank will guide the beneficiaries through the claims process, providing clear steps and support with all necessary documentations to ensure a smooth settlement.
Please email to hlbbrwmbanca@hlbb.hongleong.com.my for further assistance. |
2. What steps should I take if I’m diagnosed with a critical |
You or your family members may inform the bank about the critical illness diagnosis, and we will connect with the relevant team to assist the customer with the claims process and provide guidance on the required documentation.
Please email to hlbbrwmbanca@hlbb.hongleong.com.my for further assistance. |
3. What steps should I take if I have: ● Permanent disability which may trigger disability benefits under the policy, but the policyholder could face challenges maintaining premium payments due to loss of income. ● Premiums which cannot be maintained, lapsed policies, cutting off long-term benefits or reducing overall coverage. ● Lose my job and I am unable to pay my monthly insurance premiums? ● Have sudden large medical expenses? |
This may depend on the type of insurance policy the customer holds, as the customer be eligible for options such as premium holiday or the ability to restructure their policy.
You may reach to branch staff or email to us: hlbbrwmbanca@hlbb.hongleong.com.my |
4. What can I do if I: ● Am experiencing major financial losses?
● Have insufficient cash flow to afford the desired insurance plan? |
The bank will assist in reviewing the customer's policies to identify which policy should be surrendered and which should be maintained with minimal financial burden.
The goal is to protect the customer's financial needs as much as possible during this challenging time.
Please email to hlbbrwmbanca@hlbb.hongleong.com.my for further assistance. |
| 5. How can I ensure that my insurance plan is up-to-date? | The bank will conduct a review the premium according to the customer needs and affordability based on current customer’s objective. |
Investment Products
Investing offers significant opportunities for wealth growth, but it also involves risks that may be impacted by unforeseen circumstances. Whether you're facing market fluctuations, changes in personal circumstances, or need assistance managing your investment portfolio, it's important to understand how to protect your financial goals.
FAQ |
What customers can do |
|---|---|
1. What should I do if I or the joint account holder pass away? |
For individual investment accounts, the transfer of investment assets to the beneficiary or executor will be in accordance to a Will or Grant of Probate. For joint investment accounts, the survivorship clause outlined in the Bank’s Investment Services Agreement, will apply. If a Grant of Probate is issued, the bank will follow the court's instructions for transferring the investment assets to the designated beneficiary or executor. |
2. What should I do if I become permanently disabled? |
Please visit any of our Hong Leong Bank branches or contact your Relationship Manager for assistance. Our team is here to provide the necessary support and guidance. Here is a list of Branches and Priority Banking Centres for your convenience. |
3. What steps should I take if I am diagnosed with severe illness or a critical health condition? |
Please visit any of our Hong Leong Bank branches or contact your Relationship Manager for assistance. Our team is here to provide the necessary support and guidance. Here is a list of Branches and Priority Banking Centres for your convenience. |
4. What should I do if I lose my job or experience a sudden loss of steady income? |
Should such situation occur, theBank would recommend the following measures: ● Early withdrawals for NIDs (Negotiable Instruments of Deposit), CINIDs (Fixed Rate Negotiable Instruments of Deposit), and ACEL (Auto Callable Equity Linked Investments) is permitted, subject to an unwinding cost. ● Unit trust redemptions can be processed on business days. ● Bond redemptions are permitted on business days, subject to buyer availability.
For more information or assistance, please contact your Relationship Manager or visit your nearest branch. |
5. How should I manage my investments during a stock market downturn, especially during a personal crisis? |
Please contact your dedicated Relationship Manager or visit any Hong Leong Bank Branches for assistance. Additionally, you can conduct a portfolio review to assess and rebalance investments, ensuring they continue to align with your financial needs. |
6. What should I do if I face unexpected legal or tax liabilities? |
Please visit any of our Hong Leong Bank branches or contact your Relationship Manager for assistance. Our team is here to provide the necessary support and guidance. Here is a list of Branches and Priority Banking Centres for your convenience. |
7. What steps should I take if I experience a natural disaster or loss of property? |
Please visit any of our Hong Leong Bank branches or contact your Relationship Manager for assistance. Our team is here to provide the necessary support and guidance. Here is a list of Branches and Priority Banking Centres for your convenience. |
8. How should I approach investment decisions if I am considered vulnerable due to reaching the age of 60 and above? |
Please visit any of our Hong Leong Bank Branches or contact your Relationship Manager for personalized assistance. Additionally, you can conduct a portfolio review to assess and rebalance investments, ensuring they continue to align with your financial goals. |
9. How would I invest if I am a retiree or financial consumers with little financial knowledge? |
We are committed to ensuring all our customers receive the support they need during our interactions. Particularly if you require further guidance, we could: 1. Allow sufficient time for our customers to process complex information provided. 2. Clarify if the customer is comfortable with the method of communication and offer alternative formats, such as post or email, for clarity. 3. Ask if the customer would like a second opinion from our experienced Investment Consultants / attending sales staff. |
Share Margin Financing
Share margin financing is a strategic tool that can amplify your investment opportunities. However, it requires prudent management, especially during unforeseen circumstances that may impact your financial stability or investment strategy.
FAQ |
What customers can do |
|---|---|
1. What should I do if there is a market crash leading to margin calls? |
Customers may notify the SMF Operations team if you wish to request for an extension of time to rectify your margin call/force selling position for bank decision. Contact our Share Margin Financing Operations Centre at: E-mail : SMF_KLM@hlbb.hongleong.com.my Address: Hong Leong Bank Berhad, Level 12 Hong Leong Tower, No. 6, Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur.
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2. What should I do if I face permanent disability and cannot manage my share margin account? |
All products under Wealth Asset Financing are collateralised and operate on a revolving credit structure, meaning there are no fixed monthly repayments. If you anticipate a loss of income due to disability, please inform our Share Margin Financing Sales Centre at: HLBBSMFDept@hlbb.hongleong.com.my for a review ; We will conduct an immediate review to assess the impact on affordability. In the event that forced liquidation is required, the value of the collateral is designed to cover the outstanding loan, ensuring that no additional financial burden is placed on the customer. We are here to support and guide customers through these situations. |
3. What steps should I take if I lose my job or experience a loss of income? |
All products offered under Wealth Asset Financing are collateralized and based on revolving credit structure, there is no fixed monthly repayment. You will need to inform our Share Margin Financing’s Sales Centre on any potential loss of employment or a sharp reduction in income for the Bank to access the impact on affordability.
In the event that forced liquidation is required, the value of the collateral is designed to cover the outstanding loan, ensuring that no additional financial burden is placed on the customer.
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4. How can I handle a medical emergency or severe illness like cancer while managing a margin account? |
All products offered under Wealth Asset Financing are collateralised and based on revolving credit structure, there is no fixed monthly repayment. In the event that forced liquidation is required, the value of the collateral is designed to cover the outstanding loan, ensuring that no additional financial burden is placed on the customer. |
5. How should I proceed if I am facing bankruptcy or insolvency? |
Please contact Share Margin Financing Sales Centre at: HLBBSMFDept@hlbb.hongleong.com.my for discussion. |
6. What should I do if I have insufficient funds to meet margin requirements? |
As part of the SMF application process, the bank will request for our customer’s proof of net worth which includes Bank statements, Fixed Deposit and share portfolio. The bank will then evaluate and decide on the appropriate facility limit to be approved based on credit assessment.[NSECBNC(1]
For customers without a previous track record, we propose to start with a smaller facility limit. This limit will be closely monitored for a period of 6 to 12 months before a request for an increase facility limit. |