Hi, I was offered by an Allianz Insurance agent for an insurance package with same amount of money I'm paying for my Prudential insurance. I'm considering cancel the Prudential and switch to Allianz. Anyone has any opinion on this? The offers seems too good to be true...

Total yearly commitment: <RM 5K

..........................................Prudential..................................... Allianz
Death:.....................................RM 80K.........................................RM 500K
Critical Illness:..........................RM 80K........................................ RM 200K (inclusive)
TPD:.........................................RM 80K........................................RM 200K (inclusive)
PA: ......................................... 0 ..............................................RM 250K
Medical (R&B):..........................RM 400..........................................RM 250
Medical (AL): ............................RM 75K.........................................RM 85K
Medical (LTL):............................RM 375K ......................................RM 825K

Can someone advice me what are the items I have to take note?
Thanks ya...

p/s: reason why I look for other insurance agent? My Prudential Insurance agent too sucks!

This post has been edited by billie bonka: Jun 1 2010, 02:12 PM

Hi there,

I'm from Allianz. There is something not right here with the Prudential's R&B coz for 75k AL and 225k LTL (Prudential's old med card) the R&B is RM200.

You may give me your age and smoking status and gender to see if the Allianz Plan quoted by your Allianz agent is feasible or not.

My questions before you change:
Have you claim anything before with your Pru policy?
Are there any health changes since you buy your Pru policy ie. highblood pressure, diabetes or other illnesses?
If the answer are NO's then you may consider, however you still need to keep you Pru policy for another 4 months before the Allianz policy is fully inforced.

Thanks

Hi, thanks for pointing out the error . The prudential R&B is AL 75K & LTL 375K (this is the best I can recall).
I'm 29 female non-smoker. No health issue. Nvr claim for this matter.

Do you advice me to consider other aspect, i.e the investment value? Although I'm a bit concern I might lost from Prudential side (my policy started in 2006) but I do not know how to calculate for my lost. I think if I start new policy I need another 4 yrs to accumulate wealth from Allianz and Allianz return is lesser than Prudential, is it true?

Thanks for your advice!

Hi,

Prudential from what i know:
AL 75k
LTL 225k
R&B RM200

If you stop your Pru you will definitely loose out, but for your Pru to break even, you might need to pay on for another 20 yrs.

So let's put it this way, does your Pru coverage now sufficient for you if you ever fall sick or accident? IMHO its too little because 80K is peanuts nowadays. Furthermore investment returns in Investment Linked Policies are just a supplement to your coverage (so dun emphasize on that). Get yourself covered 1st only you consider investments or whatever savings you want.

So if this can help you make up your mind, let me ask u this.
If one day you fall sick, which policy can help you go thru the difficult stage?
And if fall sick or accidents happen, which will give you more cash and which will be more hassle free? Considering the Panel hospitals are larger for Allianz compared to Pru.

So the decision is up to you but just remember not to terminate you PRU straighaway after you sign up Allianz. Wait another 4 months for the Allianz coverage to take charge ok. This will secure you. (I dunno whether your agent tells u this - pls be aware ok)

PM me for more advice as I can teach you everything you need to know when buying Investment Linked Products. Thanks.

thanks ronnie for your advice! I'll PM u again if i need help!

Are these two policies investment-linked product? If yes, then it's no point comparing the premium.
Surrender of policy is not recommended. Why not keep the existing policy and buy the new one as a top up?
Remember that when you're buying an investment-linked policy, not full amount of premium will be allocated into your investment for the first few years. In the first 6 years, certain percentages of your premium is used to meet the direct distributions cost and etc.

Before you surrender your existing policy, I will suggest you to consult a few insurance agents for their opinion first.

If you want to discuss further with me, you can send an e-mail to cheahyang_0@hotmail.com for inquiry.



Regards,
Gavin Lim
ING Insurance Berhad

I also have same situation as billie...
Mine is AIA switch to allianz powerlink
But I have few question here...
If allianz become not existed, the powerlink tat we bought still valid??
The cost of insurans have guaranteed??? The cash value will become less after few more year???
Thank you for reply

This post has been edited by sochanmichael: Jun 1 2010, 05:13 PM

Hi Gavin, I can't keep both insurance at same time, too much $$$ lock in insurance... BTW, why you says should not compare the premium ler?

I agree as it depends on how the product is packaged by the respective agent using available budget. Generally the higher the protection elements then the lower the returns. It's basically a trade off between these 2 elements based on your risk appetite.

For investment-linked product, the premium you paid is being used to buy units. The fees and charges of your protection are deducted via cancellation of units from your investment funds. The insurance charge of an investment-linked product is calculated according to a rising rate and the more protection you take, the more units will be deducted monthly. If your selected fund don't perform, soon you will run out of units in your investment funds and you will need to top up your monthly premium, buying more units to cover the fees and charges. Don't expect low premium high protection will last forever.

For your Prudential policy, is it traditional or investment-linked? I need to know more details of the policy so that I can give you a better suggestion.




Regards,
Gavin Lim from ING
cheahyang_0@hotmail.com

---

Added on June 3, 2010, 12:31 pmFor an investment-linked product, the insurance charge is calculated based on a rising rate. Therefore, it's not guaranteed.
As the fees and charges are deducted via cancellation of units, so you may not realize the increment of charges, until the time you have run out of units and your agent ask you to top up your premium.

In your investment-linked policy, there's no cash value inside. What you have is units of the investment funds you have selected.
Your surrender value is depends on the number of units you have and the unit price of the funds at the time.

This post has been edited by gavin_lim: Jun 3 2010, 12:31 PM

Gavin,

You should be asking whether its a PRULink or other name because a layman or non-insurance related person does not know how to differentiate whether it's ILP or traditional.

So Billie Bonka, if you see this, do check whehter your policy is PRULink or PRU whatever it is ok. THanks

Hi there, im also switching from Prudential to Allianz powerlink for reasons below:

1. Same amount of money paid but higher coverage (It's not too good to be true, it is true)
2. You pay nothing when admitted to hospital and exit hospital, just show the medical card (eg. Prudential requires you to pay 10% upfront urself, not claimable)
3. My gf is admitted to hospital last month all of sudden without any medical history for operation. She is using Allianz powerlink. It is the first time experience and luckily the insurance agent helpful enough to guide us all the way from admitting to hospital and doing all the claims for us. We don't have to pay any upfront 10% money, just provide the medical card. Overall cost include specialist checkup is almost 20k.
4. Branded is always more expensive. Besides, they are in the market longer than Allianz hence they must have much higher claims of insurance, When claims are too high, the cost will bear by new consumers, premium is getting higher. Allianz premium will get higher n higher too i believe in the near future.

Just imagine how long it takes to save 20k and gone in 2 days, so pay RM100-200 monthly to insured yourself is a must. A lot of ppl like me didnt see a value in insurance at first but those who get the right insurance will appreciate. All my 2 cents

This post has been edited by KiliKulu: Jun 15 2010, 01:54 PM

Good review!

You have a good agent out there and Allianz's card is really hassle free when it comes to claims, just be reminded that Do NOT stay at a room and board which is higher than eligible. Thats it.

nice explanation by ronnie.
nowadays i see alot of allianz agent keep proposed new policy to customer and call them surrender the old policy.. and for me this is not ethical manner..

Thanks Crazyallen.

Let's put it this way, Allianz as an insurance company do not encourage it's agents to twist policies. This however happens may be due to many factors i.e.
1. If the client have insufficient money to buy another 1 but need that coverage, how? Whether surrender or not, it's totally up to the clients, not the agents.
2. Many policyholder buys insurance without knowing what the heck they buy, what if buying something that is overlapping and paying too much?
3. Some agents are taught to do whatever to get the sale thru (depending on their leaders), does this only happen to Allianz, are you sure that other insurance companies doesn't do this. I've seen some other agents twisting my policies from other companies!

This is a biz world and regardless of which company you are representing, dirty tricks exists!

Just my 2 cents and hope you wont pin point!

Guys, I have a medical card with GE. Planning to get a top-up on top of my GE. My range is RM100-RM150. What can i get from these range? The coverage, etc?

Top up with GE or with other insurance companies?

PReferable other insurance agent.

Meaning other insurance agents for GE or other insurance companies. Friend ur statement not clear la.

Other insurance co

need take care some agent from allianz My mom and sis get some trick from it =.= , havent sign the contract straigh take the money away ... and put in other insurans policy we now like wtf

So i presume you are not looking for medical card anymore. So your budget will cater for Critical Illness, Life and Personal Accident.

You can get some quotes from forummers cum agent here and you can compare.

So the 1st thing is the following:

Age
Sex
Smoking status

Then u compare and c which suits you. Thanks

There's nothing wrong switching insurance policies. At the end of the day, we want to maximize our money and buy what has more value.

For example, I'm paying RM200 a month for a Honda, now, I'm telling you, MAINTAIN paying RM200 a month but you get a BMW. Which would you go for? Of course the BMW. However, at the end of the day, there is some depreciation cost when you sell your Honda, right? But your upgraded coverage makes up for it.

So if Powerlink does give more coverage. Why not?

How long have u been taking up the Pru policy? If it's quite some years den i would suggest not to switch and just maybe top up on the coverage that u want to. U can always discuss with ur previous agent on how to increase. I'm from GE and i had been dealing with quite some Pru policies, we usually think the coverage is quite low because Pru policies includes a lot of smaller benefits inside the policy. For example, their medical card they include daily reimbursement and so cost more on ur premium. Normally other company will not include it except when client ask for it as its not really that important. U can always ask ur agent to arrange it for you. From what i know, Bank Negara regulates all the investment linked policies in the market, therefore it's not possible that one company will have a big different for another company. Then it would had caused a lot of problems. Investment linked policies is very flexible and you can always play around with it.

Above was just my opinion and no offend to anyone. I'm only 20 so i wanted to learn also. Do correct me if i have write anything incorrect. THX all sifu

After reading through this thread, I have a few points that I disagree with. My replies are in bold.

[quote=gavin_lim,Jun 1 2010, 04:54 PM]
Are these two policies investment-linked product? If yes, then it's no point comparing the premium.
Surrender of policy is not recommended. Why not keep the existing policy and buy the new one as a top up?
Remember that when you're buying an investment-linked policy, not full amount of premium will be allocated into your investment for the first few years. In the first 6 years, certain percentages of your premium is used to meet the direct distributions cost and etc.

Why isn't it a point to compare premiums? If budget is a concern. I believe comparing premiums is one of the most important criteria. Why? Because we want to buy as much coverage as we can for the least cost. Maximizing the value of our money.

[quote=gavin_lim,Jun 3 2010, 10:14 AM]
For investment-linked product, the premium you paid is being used to buy units. The fees and charges of your protection are deducted via cancellation of units from your investment funds. The insurance charge of an investment-linked product is calculated according to a rising rate and the more protection you take, the more units will be deducted monthly. If your selected fund don't perform, soon you will run out of units in your investment funds and you will need to top up your monthly premium, buying more units to cover the fees and charges. Don't expect low premium high protection will last forever.

Bond funds are guaranteed. If your agent leaves a buffer in your cash value your account will probably last for a long period of time without having one to top-up.

---

Added on June 3, 2010, 12:31 pm
For an investment-linked product, the insurance charge is calculated based on a rising rate. Therefore, it's not guaranteed.
As the fees and charges are deducted via cancellation of units, so you may not realize the increment of charges, until the time you have run out of units and your agent ask you to top up your premium.

In your investment-linked policy, there's no cash value inside. What you have is units of the investment funds you have selected.
Your surrender value is depends on the number of units you have and the unit price of the funds at the time.

[/quote]

In lay man terms, Units = Cash.


...Sorry for the format...I suck at this quoting / unquote thing.

This post has been edited by Phonzy: Jul 2 2010, 04:48 AM

i am with also with prudential, but my agent is so irritating, he will only get in touch with me when he wanted to push me to buy new plan or ask me to increase my premium... but whenever i call him for some fact finding, he will never pick up my call, if pickup also, said will call back and then just disappeared.

so fed up with him, i gone to the pru's headquarter, but one of their representatives said something like bla bla bla u cannot change agent or something... another said u can, but when ask more details, she is said not sure.

this really confuses me, so can i maintain the policy but change the agent?

anyway, at 1st thinking surrendering pru, and change to allianz, but decided to keep pru and get allianz as top up. a better and wiser option than lose out all the premium that i have paid all these years to pru.

Have you wonder why the same cost can get different thing? BMW costs the same price as Honda? Not really man.
In fact it is Honda installment vs BMW rental. Which one you think is better? It depends on your needs lor.

Actually the person can increase the sum insured of the existing policy, so it may not necessary to buy a new policy. However, since the TS doesn't satisfy with the service of the existing agent, so buying from another agent can still consider, as long as he/she knows what are the advantages and disadvantages of doing so.


Who tells you bond funds are guaranteed?
When you need high protection but you only can pay low premium, you have to get prepared that you may need to top-up premium in future.

i also thinking to change my existing agent in Allianz. Any successful case on change agent?

No issues with changing agent. Just write to Allianz stating ur reason to change.

U want my assistance on this?

I m quite curious with the benefit stated above. Although I m the holder of pru medical but I have no intention to change. My opinion is u need to study their policy thoroughly to see the hidden benefit for both. Do bear in mind, in this competitive insurance biz, if the difference is differ by too much, Pru might close it biz to it competitors. Good things never cheap, Cheap thing never good, this is my experience. No offence to Allianz agent, I m independence for both side.

Always remember buying a new policy & surrender your current policy does not benefit you. Regardless company A => B or C => A.

Well you are posible to change the service to another agent . . . but have to write in the reason to change & also appoint a new servicing agent.
You have made a wise choice by not surrender your previous policy


A very good statement, i'm always believe there is reason behind why there is so much of different in insurance charges from Pru vs Allianz. There are several things to consider when buying a policy.
1st - The company reputation, progress & support in Malaysia
2nd - The servicing agent, is she/he Fulltime & able to service you in the future
3rd - What kinda of policy you are actually buying. . . does it fits into what you are actually looking for

This post has been edited by Colaboy: Jun 21 2011, 08:13 PM

Hi Insurance Community,

Need some help. I'm in a predicament as well. My agent has recommended that i move to Allianze PowerLink from PruLink Insurance that i have been investing in since 2005, 7 years or so already. My current investment is RM550 or so.

With similar investment of RM500, RM350 into Insurance & RM150 into WCR(Savings), i get to enjoy better coverage overall. Seems like a good deal.

My qualm is that i'll need to surrender my PruLink Insurance and go into Allianz. I still need to continue paying the PruLink fr a further 6 months according to my agent & that premium including the new one will be too much to handle for just insurance premiums. What do you think? Any help is much appreciated.

Let me get this straight. Your agent that sold you the Pru policy is now asking you to get Allianz? Do read my blog on why it is never beneficial to the client whenever you need to surrender a policy. Sorry but that agent who is asking you to surrender your policy is giving you a std 3 solution, and is only thinking on his or her behalf. I apologise if this sounded a little harsh but any agent that ask you to surrender a policy is totally unetical (irrespective of whether the policy is from pru or not)

Instead of surrendering the pru policy you should ask whether it is possible to upgrade the pru policy to be inline with the current medical inflation.

Let me ask you this, suppose that you decided to change to Allianz, six year down the road ABC insurance company is formed and their product is designed for the current market, will you surrender the Allianz plan?

If your current Pru agent is no longer in this business you may ask to transfer the servicing agent. Do note that the new agent will not earn a single cent from the transfer but I had always believe that business is for long term.

If you do not have anyone to service you, you may PM me to transfer the policy to me.

EDIT: If you want higher coverage, you can move the RM150 from saver to buy you protection instead. That will definitely give you higher cover.

Your initial agent has done you justice by putting RM150 into saver in order to build up the cash values. Perhaps it was based on your discussion with him/her 7 years ago? If you were to buy more into protection, the cash values accumulated throughout the years may not be as much as today.

HTH

This post has been edited by roystevenung: Dec 8 2012, 09:25 AM

any agent out there?

I think if you logged in...you can see some forummers' signage (end of post)...it did show where they are from....

[quote=billie bonka,Jun 1 2010, 12:25 PM]Hi, I was offered by an Allianz Insurance agent for an insurance package with same amount of money I'm paying for my Prudential insurance. I'm considering cancel the Prudential and switch to Allianz. Anyone has any opinion on this? The offers seems too good to be true...

Total yearly commitment: <RM 5K

..........................................Prudential..................................... Allianz
Death:.....................................RM 80K.........................................RM 500K
Critical Illness:..........................RM 80K........................................ RM 200K (inclusive)
TPD:.........................................RM 80K........................................RM 200K (inclusive)
PA: .........................................  0  ..............................................RM 250K
Medical (R&B):..........................RM 400..........................................RM 250
Medical (AL): ............................RM 75K.........................................RM 85K
Medical (LTL):............................RM 375K ......................................RM 825K

Can someone advice me what are the items I have to take note?
Thanks ya...

p/s: reason why I look for other insurance agent? My Prudential Insurance agent too sucks!

[/quote

This post has been edited by may99: Mar 31 2017, 11:33 PM

In the future, if anybody requires any assistance with Allianz Life do post your questions here and I'll do my best to assist.

Best,
Holocene @ Jiansheng

[quote=may99,Mar 31 2017, 11:31 PM]
[quote=billie bonka,Jun 1 2010, 12:25 PM]Hi, I was offered by an Allianz Insurance agent for an insurance package with same amount of money I'm paying for my Prudential insurance. I'm considering cancel the Prudential and switch to Allianz. Anyone has any opinion on this? The offers seems too good to be true...

Total yearly commitment: <RM 5K

..........................................Prudential..................................... Allianz
Death:.....................................RM 80K.........................................RM 500K
Critical Illness:..........................RM 80K........................................ RM 200K (inclusive)
TPD:.........................................RM 80K........................................RM 200K (inclusive)
PA: .........................................  0  ..............................................RM 250K
Medical (R&B):..........................RM 400..........................................RM 250
Medical (AL): ............................RM 75K.........................................RM 85K
Medical (LTL):............................RM 375K ......................................RM 825K

Can someone advice me what are the items I have to take note?
Thanks ya...

p/s: reason why I look for other insurance agent? My Prudential Insurance agent too sucks!

[/quote

[/quote]

Depending on your age, occupation and health condition, the above is easily doable for Allianz.

Best,
Jiansheng