QUOTE(WintersuN @ Jul 23 2011, 04:38 AM)
Is really insurance agent can earn 5k every month?
5k only mana cukup :-)
Added on August 20, 2012, 7:43 pmQUOTE(WintersuN @ Jul 23 2011, 08:08 PM)
Hi,
If my company already buy insurance for me then its the same as I get my own personal insurance aready right?
It much depends on whether the company is able to continue to provide the coverage, even if we are bed-ridden (due to an accident, or dread disease like Stroke) and does not turn up for work for 6 mths to a year or for life. If the company can guarantee to cover you even if we are not able to work, then no need to buy personal insurance.
However, one day you'll retire at old age, that's when you lose all company benefits
QUOTE(WintersuN @ Jul 23 2011, 09:35 PM)
If age 55 only start buy insurance the premium will cost how much per month?
If buy early around age 28-30 then cost how much?
Provided that you're still healthy at 55 and the insurance company can still cover you without any extra premium. It is advisable to get one while you're still young and healthy so as to build up the cash value. The cash value is savings towards taking care of the medical insurance charges (which will go up in older age) in order to maintain the policy.
QUOTE(WintersuN @ Jul 23 2011, 11:19 PM)
so if i buy the plan at age 28-30 i will pay rm150 for whole life? wont increase?
Insurance charge will go up by age irrespective of when you get it. It is like an old car over 10 years with 100% loading. The insurance charge hike is mostly evident above the age of 65.
For example when you are age 30, and paying RM 150/mth is sufficient to cover the insurance charges of RM 1500/year. However at age 65, you may still be paying RM 150/mth (if you don't upgrade the policy, but realistically please review the policy every 5 years to curb medical inflation) but the insurance charges had gone up to RM 5K/annum.
The variance of the premium will be deducted from the cash value that you've accumulated throughout the 35 years. How long the policy can last depends on how the funds perform.
Do note that some agents will say that ILP have 'savings' and you can withdraw at anytime. This is just sales talk. It is true that you can withdraw the cash values, but who is going to pay for the insurance premium at older age when we are retired with no income and especially when the insurance charges goes up exponentially?
If there is a major market crash THERE IS A RISK that the policy may lapse and lose all the coverage if there is insufficient funds in the policy unless you do a TOP UP.
This post has been edited by roystevenung: Aug 20 2012, 07:51 PM