Always is a BIG NO if you plan to cancel your existing plan to buy a new 1
I believe most of the insurer company when in terms of claims is about the same,
when you have the proper documents, it will be very smooth & fast. The agent play an important role
in following up the claims for you.

are you having the standalone medical plan or the PRUlink account? if it's the linked account, always check back with your agent to see how to perform the upgrade. i believe the one that you're having now is pretty dated and you haven't done any update for quite some time. the latest medical cover by Prudential is very much comprehensive so do check back with your agent and don't lose whatever benefits that you're currently enjoying now.

There is nothing wrong with GE nor Prudential nor any other insurer in terms of claim. What is important is disclosure at the point of signing up, and if non disclosure appears, then god also can't help u.

Whether it's worth or not it's up to how u see and since u have already signed up, then just keep it. Medical plan 10 yrs ago is different from now, and if u think it's worth for u to stay on GE, then just continue else u may always cancel it.

Every agent will tell u their company is the best, and the ultimate decision is still up to u and how u wanna see it. U wanna trust then trust all the way, else if u are ambiguous of him or her then just get out of him or her.

I am 25 yrs old, already have medical card (ILP), but already forgot the actual benefit, need to check back...

Recently approach by an agent, endowment plan as below:
death/TPD - 100K
36 CDI - 100K
premium waiver
cash value after 20yrs - 70k
monthly premium - RM200

Is it a good plan? worth and in good planning? If I purchase this endowment plan, then plus my current medical card, i have to pay about RM400 per month, which is about 15% of my salary. (heard that not advise to pay insurance that >10% of income??)

Need advise please

It is not an endownment plan if not mistaken..

then what is this plan?

I think is another ILP. Because most endownment doesnt not pay for 36 CI. Mostly waived future premium only

NO.1 in Malaysia in term of what? Total assets?

Insurance is one area that really have more fine print than anything else and then to play on your psychological needs too. Then again I only start buying them when above 35, so you can imagine on my premium. Buying them 10 years earlier would have given me MUCH larger coverage for same or lesser premiums...

Buy it for predominately for medical and CI coverage and a small part with investment related.

Hello, Iam new to this lowyat website.

Age 40
Single
I have no insurance policy for the following reasons
1) Plan to stay single, ie no dependent
2) I have around RM1.4 mil net wealth, around 50% in liquid form ( able to meet any liability like medical bill. No family ( mother can be taking cae by brother/ sister)and plan to stay single forever therefore PA is out, Being healthy like eating right food and being active-not foresee needed critical illness $$)
3) Company cover my insurance - Chartis Malaysia Insurance Bhd medical illness / accident200K, Accident 300K

I would like to ask many teacher here.

1) I plan to work with this company for the next 15 years ( ie until 55YO) only them I start to buy my own insurance ( long term care & Medical). Am I plan the right thing?

2) If 1 above a wrong plan, Can you suggest what should I do? how much should I cover for each?

Thank you very much

1) U can guaranteed ur health condition when after 55 yrs old? And the second is the premium will be cost u alot than u buying now. Since u got so much money, so premium issues wont be affect you but health condition is the main problem. Insurance company wont take risk to insured you if your health condition doesnt meet the company underwriting.

2) So, get cover by now. U only need to sacrified ur 1% of ur net wealth to protect 100% of ur wealth. If u're smart enough, u'll definately know which is ur right choice. Now or Then? The risk is on ur decision.

Hope this help you

exactly! are you absolutely sure that you will stay healthy from now until you retire? actually insurance is about risk transfer. the question is, are you willing to take the risk on your own (your $1.5mil will be at stake should you require medical treatment) or transfer it to an insurance company? for now you could say that you're being covered by Chartis but what if you are strike with critical illness and then being sacked by your company due to your illness, i.e. non-performance of job duty, and no personal insurance cover? what do you think will happen then? i'm sure you could figure this out yourself. good luck.

Thank you for the reply,

1) I am a very stingy person. Which provided financial savy to me over the year. I am trying to stay healthy as I don't want to contribute wealth to doctor/ hospital. In my opinion, I am sure can't guarantee good health.

Yes the insurance premiun cost very less. But the problem is I don't foresee using it anyway during my salary man period. ( Company have cover ssuffiently already) Therefore it is a kind of waste. ( for example, u don't buy life insurance on children. Becuase child don't generate income. But you need to ensure the day the bring in $$ get cover for life/ PA and etc)

So, to ensure insurance company willing to take me after beyond 55 yo. I should buy an medical insurance policy. I am ok of getting one. Which go to your 2 reply

2) My strategy now is . should i get a very low medical insurance from now until age 55? and after age 55 yo (i.e no longer insure under employer insurance) increase this medical to like 500K?

I also would like to ask. We can buy insurance via website/ online. Just fill in the requirer field and get quote instantly. Why should one need to go to agent to get cover? My six sence is, I think there is some benefits on the agent services but not very sure what it is.

Sorry, my english is not very good.

Thank you very much

---

Added on November 12, 2011, 4:55 pmThank you for your valueable input.

Yes, I am very sure my heath will get worst over time.

I don't understand why my wealth will be at stake sgould i need medical treatment? I place 50% liquid which if i fall sick. I can get my mother to cash out the FD/unit trust for medical bills. (Aren't the medical card purpose is also ensure i can get the medical treatment i need?)

with the cash ( substitute for the medical card) I still can get well and go back to work so the non-performance of job duty might not happend,

Thank you very much





This post has been edited by tikaram: Nov 12 2011, 04:55 PM

my opinion is, get medical card, 36 illness and life now, but not after 55yo. Please do not purchase any other insurance such as investment link, saving+protection. Insurance is insurance, not for saving or for invest.

first, you agreed that you can't guarantee your health, which is true. next, since you can't guarantee it, will you know what kind of illness it is? let me just quote a classic example, mr A is working in a well established company for many years and the company provides comprehensive insurance cover. therefore mr A doesn't think it's necessary to have one on its own. Let say yesterday mr A was diagnosed with cancer (which is very common these days) and required treatment, of cos the existing insurance could be used to cover the treatment cost. What do you think will happen to mr A when he is suffering from cancer and require long treatment period? Do you think he can still work like he used to be? How long can he sustain in the company? What happen if the company decide to lay him off? He will no longer be covered by the insurance anymore and he cannot get any insurance cover from other companies. So he will be using his savings, sell off his property, shares, borrow money to pay for his medical treatment. This is one very classic case that happened to a lot of people including my friend's father and trust me no matter how rich a person could be, this is going to cause a huge dent to his pocket. You are the only one who is accountable for whatever decision that you make today. Think wisely and act accordingly.

This post has been edited by venven81: Nov 12 2011, 10:24 PM

Don't u think if anything strikes, and u use ur own savings is a waste? Although I know that u have the liquidity to do so! Why no use that liquid money to go and do what u like rather than giving it to the hospitals.

Yes u may argue that ifu stay healthy and u don't claim, an insurance will be useless, but do bear in mind that if u get some form of insurance it will costs u peanuts, ie using less than 1percent of ur wealth to protect more than 100 percent of ur wealth. If u out this into an investment equation, u get more than 100percent returns. My point here is ur liquid cash shall be remained as ur retiremment fund NOT hospitalization bills.

Get a medical card with deductible now and if u wanna upgrade lat, just make sure that u r healthy without any prior claims which only god knows!

Sorry asi may be harsh here, but its just a fact of insurance = risk transfer, don't be ur own insurer.

Whether or not letting an agent serve u, its totally up to u and the product u r getting. No right or wrong.

Just my 2 cents

Sir, thank you very much for your valuable input.

You have gave me the answer that I am looking for.

I salute you.Allow me the honor

Glad to hear that!

Do some shopping around with agents u like, as u may find some here in LYN.

Get the right thing for urself!

hi,
age 26,non-smoker......
i need a tradisional Insurance plan which is more on protection......

so one of the AIA insurance egent suggest me
# Inflation Protector Plus (IPP)

this is what insurance agent told me.....
IPP consist of death,TPD,36CI..........total coverage is RM50K
the coverage will increase year by year until 20 year the coverage will become RM100K

total anual payment is RM1800 per year

Question
1. what the insurance agent said above izit correct?
2. any better tradisional insurance plan can suggest to me better IPP which from AIA.....(More on protection)
3. what is the dividend/interest rate for IPP pass few 10 year.......

ask yourself what can 50k today do for you? how long can it last?

ask yourself what can 100k in 20 years do for you? do you think its enough factoring inflation in 20 years?

on any insurance policy, look away from the interest or dividends.

IMHO, your agent still half bucket full.