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 Anyone has experience with Allianz, opinion plz?, Switch from Prudential to Allianz

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gavin_lim
post Jun 1 2010, 04:54 PM

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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!
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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
gavin_lim
post Jun 3 2010, 10:14 AM

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From: KL, PJ
QUOTE(billie bonka @ Jun 1 2010, 09:58 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?
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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 pm
QUOTE(sochanmichael @ Jun 1 2010, 05:12 PM)
The cost of insurans have guaranteed??? The cash value will become less after few more year???
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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.

This post has been edited by gavin_lim: Jun 3 2010, 12:31 PM
gavin_lim
post Jul 2 2010, 05:17 PM

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QUOTE(Phonzy @ Jul 1 2010, 05:16 AM)
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?
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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.

QUOTE(Phonzy @ Jul 1 2010, 05:16 AM)
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.
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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.


QUOTE(Phonzy @ Jul 1 2010, 05:16 AM)
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.
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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.
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