cherroy,

From his posts, vilim sounds like an insurance agent

This post has been edited by Veda: Nov 2 2010, 04:17 PM

Hi cherroy,
I'll try to share some my point of view:)


1) Correct, the main purpose is.

To be frank nowadays seldom people buy "pure life insurance" already, but i will still try to explain:

i)Life Ins can be use as debt cancellation, eg :car

ii)Life Ins can be a "replacement" for "responsibility as a son/daughter"
"Single" not equal no responsibility, we still have our lovely parents.
They may not need/want the $ if something happen to us, but should we give & leaving them something as a child?
Or totally nothing if we gone earlier,gone just like that?

iii) As asset : Life insurance give better yields in long run VS bank saving

and many more... you may check from your agent, or take LPA course

to be continue...

This post has been edited by JerryTeh: Nov 3 2010, 01:07 AM

TOO MUCH THINGS TO SHARE FOR cherroy opinion....

TRUTH!! Insurance is a financial tools,
but WHY insurance was created, only 2 reasons
LOVE & RESPONSIBILITY
Besides "worth it?" or "how insurance can strengthen my finance?" or "profitable?" or ....
Please think of the REAL PURPOSE behind it..

INSURANCE, is a GIFT for our loved one.
"I"M SINGLE" OR "NO DEPENDENT", "TOO YOUNG, NO NEED"
If you still love and care somebody on Earth, you'll buy. Except you never care.

FOR THIS PARAGRAPH... answered in (i), (ii), (iii)


FOR (i) & (ii)
DUDE!! PURPOSE IS NOT FOR THE BUYER/PARENT, NOR FOR FAMILY FINANCIAL!
Only ONE reason for a parent to buy insurance for their own children-----LOVE!
I guess you are NOT a parent yet.
If your parent did bought "life insurance" for you when you are child(I guess some of you here got), please ask them why!
Parents always CARE of their children, from baby till old, until themselves gone, agree?
Life Ins for parents : Protection in family financial
(normally only can tahan short term)
Life Ins for child(for long term by PBR) : Long Term Saving and Protection, They'll need life insurance when they're adult too! They will have their own family.

>>We not start saving when retire. And we should not wait till got dependent, then only start "Life Protection"

Please think : how much life insurance sum assured need for a young couple with 2 children?
AS MUCH AS POSSIBLE! but,
How much "Life Insurance Premium" do you think a young husband can afford?
(RM100k Life Protection? Can tahan how many year oh..?)

AGAIN : We not start saving when retire. And we should not wait till got dependent, then only start "Life Protection"

(ii) LOL
You are taking risk, "unlikely" then no need insurance for kids..
The kids are in RISK because of that assumption...
Please get yourself "insurance claim report" and MOH report before giving this STUPID opinion please!

Congrats that you are the first person that I use "STUPID" to describe, sorry

This post has been edited by JerryTeh: Nov 3 2010, 01:58 AM

GenY

sorry no standalone CI

there are income plan that adds a CI rider or without a CI rider.

What income plan are you looking for?

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Added on November 3, 2010, 3:03 pmWhat Jerry is saying here is true. it's no longer like last time 'WHEN U DIE only ur left behinds gets something' those are days gone by. the here and now v r saying again n again n will keep on saying. insurance is an assurance to: -

1. ur left behinds
2. well use it to ur benefit...like wat jerry mentioned...clear car loan...ILP has that cash value mechanism to get that. yes ur policy longevity might be affected yet it's already monies u earned so y not let u money work for u again. just make sure that soon after u pump in some cash into the policy to get more 'units' (units is something like shares...u can buy and sell, just need 5k left in the 'account' n u r cool)
3. look at the actual illustration regulated by bank negara it's same all across the board, look at the actual performance then it's those financial magazine or newspaper; ie personal money. u will know the actual 'interest rate' u r getting...compare that with the bank's fd...wat's the highest? 5%? well u need to put in 50k 1st and lock it in for 3 years. with life insurance's ILP or endowment the returns r higher then that n the entry level is lower.

back to cherroy...it takes a cold blooded agent to even state that, the life protection is the core to any life insurance policy. no life means no insurance. so yes v still need to put some amount in there and the rest for watever reason the parents wants it for; ie medical card, savings etc. it's for the child's benefit for later, i for 1 dun wanna give tat cheque to the parents if their child dies...i'd kill myself 1st...too sad a day n i always pray that never happens on my watch.


This post has been edited by coolpajames: Nov 3 2010, 03:03 PM

Insurance is about financial issue only.

There is no such thing I buy insurance for you, means I love you.
or
I buy life insurance for my kids, mean I love them.

Love your kids, then take god care of your kids, give then good education, give them good guidance, work hard and prudent in spending so that can save enough for kids education.

You can buy 100 million life insurance for your kids, or you can give 100 million cash to your kids, but one never take care of your kids, guidance to them, it is not a love.
End of story.

If one want to associate insurance with love, it is individual view.
But I will never buy this view, as I am stupid that and cannot understand money/insurance = love.
You buy insurance for your family or dependant is because of financial responsibility only.
Ya, may be I am too stupid that I don't buy too many insurance.

This is my first time hear that life insurance better than bank return.
Life insurance is not endowment plan, it is for protection not for saving.

As I reiterated before, if one has too much money to burn, that's fine.
But for those need to work in budget one, which most middle class people, and for single with no dependant (financially), life insurance (pure life protection) is not the priority at all. CI, Medical are more priority and important.

This post has been edited by cherroy: Nov 3 2010, 04:21 PM

cherroy
agree with u on the love issue.

to give guidance, support, attention is of PARAMOUNT IMPORTANCE never cash.

just stating the ILP has that function to buy n sell ur nits (liken to shares)

look at pesonal money. the ILP is linked the performance so it's still more rite?

yeah it is true that life is not 100% CI.. that's why I don't just buy life. if i buy 100K Life, it will have to come with 100K CI.
so misunderstanding.. my life=CI
i am not married yet. some ppl do buy coverage for death only.. i don't understand why.. but i guess every person has their own opinion and perception.

Exactly My view of insurance!

This post has been edited by newbie99: Nov 3 2010, 07:53 PM

i agree with cherroy and kudos for reading the post too. its as hard to read as a geocities page 15 years ago. it's ok to promote one's business interest to some degree but the statements given by JerryTeh are just plain sales pitches that look very little under the hood. also once again: you never replied to my inquiries. are you sure you really want to have a discussion here?

PJusa

I share ur sentiments, i tot it was an informative and educational thread to share with our frens about insurance. not push a product.
anyways...thanks for ur comments n feedback i've learn that i need more to learn

My view for insurance is mainly for investment. If you cant get good return for insurance, you can consider REITs stocks. Insurance with high death coverage normally give very low to no return.

I always think that, getting good returns is better then anything else. Why?

People keep on getting insurance for safety reason, but a lot of them never think that what if they survive and they cant afford to pay and have to surrender for lower cash value. The probability of defaulting payment is much higher then the mortality rate which is about 0.001% per year.

If you get good return investment, those assets can also be given to your love one next time. And they continue to enjoy the high return. People don't necessary need to buy death coverage insurance so their love one can get one lump sum of money, and after that what they gonna do with the money?

What I am trying to say that, getting good returns investment is the best of both world (aim for survival). Buy too much insurance then if cannot die also no point (sry just jk).

fatw3apon

thanks for sharing that...this is the reason why i suggest ILP or endowment...cos v all know that v can die or even if v do it mostly is after the maturity.

having better cash value amount (aka paying more premium) is also good in the long run for n ILP rojak plan.
endowment has a better savings returns compared to fd n it's easier to enter.

life insurance is about being aLIVE that's y it's life insurance not death. n dun smart mouth me here about history. this is the current time n the current plans. life long n prosper is the focus here.

Agree with you, I also bought endowment insurance for its return and tax rebate. Win Win situation. Btw FYI, Additional 1000 tax rebate for this 2010 onwards

Premium on new annuity scheme or additional premium paid on existing annuity scheme commencing payment from 01/01/2010 (amount exceeding RM1,000 can be claimed together with life insurance premium)

It is in IRB website link here http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

Not so sure about others insurance, but Prudential ILP and whole life mature at age 100. Most likely we will never meet our maturity and our beneficiary will get the death benefit. Again, depending on everybody needs. Some may want to leave some money behind (like harta pusaka to our son/daughter), some may don't need that.

Good things abt ILP, you can adjust your death benefit as and when needed. Maybe when you are still having younger child, so we want them to have better future, go to university even if we die early, so we may want to put high sum assured. When we are old, all of child are working and rich, they don't need our money anymore, we can reduce or terminate our policy. If you need some money, you can withdraw some from your ILP without any interest.

Everybody needs is different.

phew more savings...lucky...nanti i tot more cost again..sigh

thanks loads for the sharing

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Added on November 4, 2010, 4:04 pmajau,

that's the way ILP works...it's rojak yet u got loads of flexibility. thanks

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Added on December 8, 2010, 2:58 pmguys...manulife shud b launching their own standalone CI next year. i'll update u guys when i get more info

This post has been edited by coolpajames: Dec 8 2010, 02:58 PM

anyone working for manulife as agent or anything?

Maxshield policy:
17 years to mature
2400/year,17years will be around 40K
amount to get back after maturity period will be around 32k

i am wondering the difference between the 2 figure
(ie,40k and 32k) is arise from the unallocated premium and the direct distribution cost or it is from the insurance charge.

Halo ! Jerry Teh you already get brainwash by your leader , insurance is all about love ? Then why you still getting commission ? You should return commission to your customer if that is love ! love is for unprofitable group not for insurance company which is listed at KLCI ~ You work as an insurance agent is also about money ok , be realistic , will you survive with just sell love ? You need commission also . So don't said that you/ insurance are spreading love .. Is bull shit ! I'm also insurance agent but I know you won't success through this kind of thinking ...

haha... love is beginner's way of selling insurance?

By the way, I'm using Great Eastern's investment + life + medical card.

Hi,

Will endowment consider as annuity? I got confused about this annuity.
How about investment-linked plan with monthly retirement income?

Thanks

@Snoopy_Brenda

expensive laa

i buy

200k Life
100k 36CI
RM150/day hospital benefit
Premium waiver if kene 36CI
RM300 medical card

RM200/month