Please advice.

I am 27 this year. Only hospitalize once for denggi when i was in uni. I wish to take an insurance that covers critical illness and also hospitalization, accidents or surgery. For small amount like go clinic i dont need because i seldom have any sickness so bad that i requires a doc visit. Maybe about once or twice a year, that one also for MC purpose. No need of life insurance as well. No need saving or investment linked plan. I more interested on maximum coverage and also dont want a company that cut you off your policy or significantly screw you after 1st year of CI or hospitalization.

So any suggestion where and what i should look for? I kindda new at this thing.... thanks

This post has been edited by WhitE LighteR: Mar 23 2012, 11:07 AM

just go for pure medical card and CI protection since you have made up your mind of not having investment linked/life insurance/saving.
remember to check whether the CI covers early stages. Most companies not offering that.

Hi Jerry, I'm Roy - a Prudential Agent at KWSP Penang. It is good to know that you've made the first start on getting your insurance in place.

Please do correct me if I'm wrong, as you seem to be paying very much attention to the CASH value instead of the more important element of insurance which is the COVERAGE/Protection. One day you may want to choose to retire. By that time = no income = how to pay for insurance premium? It'll be from the cash value or the policy that you are paying for 25 years may risk lapse.

I always tells my client life+medical+savings insurance is like a car insurance (except it don't generate cash value). One day if you do not want to pay the car insurance, it'll lapse. That means no more cover. LIFE INSURANCE MEANS FOR LIFE, not 10 years, not 20 years, ie TILL DEATH DO US PART.

Looking at what you have is RM95K (or add another Rm50K if it was accidental) cover for life & RM65K Critical illness. My question to you is why RM 95K or the RM65K?

Should a person be down with a LIFE THREATENING 36 critical illness, he / she may not be able to generate an income for at least 6 mths-1 year. The question is will your company still be employing you if you need to take off for 6 mths to 1 year? Sadly most company needs someone to fill the gap should we are ill.

Your income is approx RM50K/year. This means you'd depleted the RM95k in less than 2 years or worse, deplete it in 6 mths due to no medical cover.

Also, when you are down with any of the 36 critical illness, RM65K will be paid out BUT WHO WILL TAKE CARE of your medical bills? Do note that medical card can only be bought when you are healthy. When one is diagnosed with any of the 36 critical illness, NO INSURANCE will come near you.

Feel free to drop me a PM or give me your contact number. Thanks

Roy Steven Ung - 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 26, 2012, 4:27 pmHi. It's fortunate that you survived denggi. I've met people who lost their loved ones due to denggi because they thought that it was just a normal fever! The normal clinic that he went to just gave him antibiotics. When he brought the baby to the private hospital, blood test reveals that its a confirmed denggi and it was too late. Don't play with denggi. It can be a life threatening thing and sadly the baby did not make it.

Coming back, declaration of your health condition when doing the policy is utmost important. Declare EVERYTHING and make sure the agent writes it down on the proposal form. How many times you've been hospitalized etc, or even having a minor chest pain. If need, the insurance company will ask you to undergo the medical checkup to determine if you're still insurable.

For your information, there is always a 4 month waiting period for any specified illness (cancer, tumor to name a few). This is why you need to get it before your health changes.

Yes that is the hassle that we insurance agent must go, ie to get the report etc to ensure that in future the claims will be smooth.

If you want, we can chat over the phone or best to meet face to face with NO OBLIGATION. You decide whether you want to go for it or wait.

Roy Steven Ung, 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 26, 2012, 4:59 pmYou can always add on or increase it when the need arises or add on another policy if your policy is not the investment linked policy.

The beauty of the Investment linked policy is that it is a flexible plan that allows you to increase the coverage when you need it (ie when your responsibility increases as you become a dad)

You can also decrease it when your responsibility has lessen (ie, when children all grown up and you don't need that much of cover). Your medical card covers you up to age 70 (the minimum), if that's not enough for life insurance, I dont know what is.

Most of the time Prudential agents are trained to package some form of life cover into the policy as it is vital. CI pays a lump sum and can be very handy for anyone down with a CI.

Whenever someone is down with CI, for example cancer, the treatment is done OUTPATIENT. Outpatient means PAY AND CLAIM, which means you'd have to pay RM8-12k /mth upfront for chemotherapy and claim later. The claim cheques after the bills are submitted will normally arrive within 2-3 weeks.

Regards,

Roy Steven Ung, 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 26, 2012, 5:29 pmI will have to be honest to you. Yes you are right about protection is cheaper when you're young and should've bought it earlier. However do note that insurance charge goes up by age IRRESPECTIVE of when you buy it.

The only difference is that when you start at a younger age, you got more time to build up your cash value. One day when you decide to retire ie no more paying for the premium, that cash value will definitely comes in handy TO PAY FOR INSURANCE CHARGE till your medical / insurance expires.

Once the cash value is no longer able to sustain your policy, the policy may lapse. That is as honest I can be on how insurance works. HTH

BTW, if you don't mind my asking, how old are you now? We do have PruSenior medical which picks up huge bills and covers up to age 80. Premium is reasonable.

Roy Steven Ung 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 26, 2012, 7:51 pm

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Added on March 26, 2012, 8:00 pmJerry, there are many types of medical card in the market. Some are non-guaranteed renewal but port folio renewal. This means that as long as they are in this business, they will still provide cover.

It is also depend on what is being attached to the insurance policy. The insurance policy is a legal contract that binds the insurer & assured and can be quite technical and not easily understood by layman.

I would suggest that he gets a second opinion from another agent if he is still unaware of what he had done.

HTH,

Roy Steven Ung, 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 27, 2012, 10:50 amHi there. To be honest, it is a very general question. Some people say investing in property/stocks will give you good returns, and yet many get burned.

As for Prudential Investment Linked policies - it is divided into 3 sections. The Basic Unit Account (life/disability/accidents/ci), The Protection Unit Account (medical,waiver,income during disability etc) & The Investment Unit Account.

The premium paid for BUA & PUA, the 1st year, 40% will be allocated into buying you units. As for IUA, 95% will be allocated. That is why the first few years the cash value will not build up that fast unless you put in into more saver. The BUA & PUA premium will only be 100% allocation after the 7th year the policy is in force.

As for the IUA, one can do a REGULAR investment (paying as low as RM 10/mth) or a lump sum top up (min 1K). Most parents would prefer to do regular investment for their children as to ensure that in the event of their sudden demise, or being critically ill, Prudential will take over and pay the saver portion. This saver (along with the medical benefits) will continue until the child is 25 and be independent.

This is to realize the dreams of the parent to have an education fund NO MATTER what happens to them. This is the most important element about ILP - PROTECTION for savings. This method of investing is commonly known as dollar cost averaging. Of course you can also invest in stocks/bonds/properties or any other form of investment, but if something where to happen to the parent, THE INVESTMENT STOPS! The dreams to ensure the child have an education fund may be lost.

Another method of buying into the saver is a lump sum top up as you aim for the lowest and hope that it goes up later.

A very simple example is buying an apple at RM 1.00, to make a profit, you need to sell higher than RM 1.00. Irrespective of whether you invest in Prudential or not, if you do a lump sump top up, always see if when you're buying is it at the lowest possible.

However, with that said, putting money into the saver as a prudent investment, the investor is always advised to study the portfolio of the company, market trends before investing.

If you need to withdraw when your child has grown up, you're able to with ILP but you need to maintain at least RM2K cash value in the ILP. Constant monitoring of your cash value vs the inflation rate is always necessary vs where you want to send your children for education and/or to which field.

Hope with the above it will help you better to decide where to put your hard earn money to.

HTH

Roy Steven Ung, H/P: 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 27, 2012, 10:56 amHi, If you're referring to Prudential, the medical covers up to RM75K A YEAR, or RM 750K LIFETIME. Don't forget that the medical inflation will go up, it is also to cater for future.

HTH,

Roy Steven Ung H/P: 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

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Added on March 27, 2012, 10:56 amHi, If you're referring to Prudential, the medical covers up to RM75K A YEAR, or RM 750K LIFETIME. Don't forget that the medical inflation will go up, it is also to cater for future.

HTH,

Roy Steven Ung H/P: 016-451 5957
Prudential Assurance (M) Bhd
KWSP Penang

This post has been edited by roystevenung: Mar 27 2012, 10:56 AM

Hi everyone,

Recently I am planning to go for Great Eastern Elite Builder as my friend keep selling me this.
How good is that plan? What do you think about that saving plan? The contract is 20 years as I have to save the amount around 4k every year for 20 years. Is it worth to get?
As I calculated the IRR (if I am not mistaken), it should be 4%, it's quite low for a 20 years plan, right?
Thanks.

This post has been edited by rockccf: Apr 12 2012, 07:40 PM

Before sign up, make sure you have adequote insurance.
Next set apart 3-6 months income as emergency fund.
Later on you can start saving for retirement and start some business or investment.

Endownment plan just ensure you have an amount after xyz years. Will not make you rich

hi
im 26 yo.
ive ilp ge
80000 life / ci(RM150 mthly)
and life from ge
30000(RM1200 yearly)
looking for pa.
anyone can recommend? look good at axa and chartis?

hi , i am 30,
want some recommendations too.

3.5k,4k next year

want life protection, critical illness, accident, medical card, if can without partial premium return (we all have EPF, taking this out should lowers the premium, i think....correct me if i am wrong?)

if too expensive, can also ditch life protection (my dependants epf can take care of themselves, my epf also can take care of them, I dont want to feel like my kids thinking i am a gold mine, waiting me to die.... seen a lot of these case)

but illness, accident, medical card is a need, I dont want to be a burden.

Since you already have a ILP, why don't you add in P.A into it by doing a top up.Unless you are looking for a annually renewable family P.A plan that cover your spouse & children.

To all the people here that I call senior ~

Please at least assist me in that. I need some light as I also not sure now as I holding 2 policy now.

I am 24 years old this year and I bought the GE 6 years ago. The policy is going to be 6 years.

Below Supreme and Accident is in 1 policy number
SUPREME LIVINGCARE PLUS
Term : 68
Sum Assured : 15,000.00 * The sum assured is increasing by every year , I think now more than 15,000 *
Std Installment Premium : 37.10
Cover Start Date : 14/11/2006
Cover End Date : 13/11/2074


ACCIDENTCARE BENEFIT
Term : 41
Sum Assured : 25,000.00
Std Installment Premium : 12.70
Cover Start Date : 14/11/2006
Cover End Date : 13/11/2047

Total amount to pay is RM 49.80

Below is the Medical Card and is in 1 policy number
NOMINAL TERM ASSURANCE - GREAT MEDICARE
Term : 51
Sum Assured : 1.00
Std Installment Premium : 0.05
Cover Start Date : 13/12/2006
Cover End Date : 12/12/2057

GREAT MEDICARE
Term : 51
Sum Assured : 100.00
Std Installment Premium : 31.35
Cover Start Date : 13/12/2006
Cover End Date : 12/12/2057

Total amount to pay is RM 31.40

Total to pay every month is RM 81.20.

Someone told me I have to increase my coverage since now the medical fee is increasing day by day.

I can pay RM 100 every month but I was thinking what to choose now,this afternoon meet an agent and she told me to buy her Allianz PowerLInk all in 1 plan from here which is offer higher coverage than my current policy and ask me to surrender my policy.

Anyone can give me some comments?

I'm no expert but from what I do know, surrendering a policy, especially one that is already 6 yrs old like yours is extremely bad. You should ditch that agent for another one, her advice is terrible! It is obvious she only cares for her comission and is not professional, good agents will not ask potential clients to surrender existing plans.

+100

Supreme Living Care Plus is one of the best policies Great Eastern offered, now u want to buy also no more already. Surrender??? Send that agent to Geylang pl0x

This post has been edited by Pink Spider: May 8 2012, 11:43 PM

It is always not advisable to surrender your plan.As from now, you can't but back the protection you have with the current premium you pay.
One of the good point is you have separate the medical protection & Death/TPD.what you can do is to do a total policy review and upgrade you Great Medicare to SmartMedic.
Upgrade will allow you to immediate continue you medical cover without 4 months waiting period (Note: all new medical plan will have a waiting period for all insurance companies)
Beside, you can enjoy first premium discount by using premium cash voucher for existing GE customer (Terms & Conditions apply).

PM me if you are interested to know more.

Thank you.

Case 1: If you have not claimed before, your agent will have a list of clients who is eligible for upgrade. The upgrade is able to cover up to age 80 or 100. The upgrading exercise is until end of June.

This upgrade is by invitation only and the good thing about being invited is that the superior terms in your old policy will be upheld!

For example long term medication take home drugs are not covered under the new policy, but your old policy does cover.

I'll pm you with details on how to get this done.

Case 2: PruSenior med is a standalone plan that offers your mum coverage of RM 225k until age 80. Declare the health condition and if it is accepted, then lucky you.

If not, well its better to know now by declaring rather than having the policy without proper declaration, paying the premium and 5 years later found that its a pre-existing condition and insurance no cover. The premium is not cheap for elderly people, so it is important to declare

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Added on May 9, 2012, 7:53 amIf you don't have enough $ to pay for insurance, pray for your health remains healthy and accident free. Because if those were to be adversely affected, not only one will not have enough $ to put food on the table, he/she might have to resort to borrowing from friends, family.

Depending on your age setting aside RM 5 a day is able to get you a decent medical cover, even though basic.

To answer your query on TB. If you don't have any medical cover, then sorry, nothing is claimable.

But if you already had TB, it is best to provide declaration (during inception) on the existing condition, ie, whether you're still on medication, which hospital you go to etc.

The point here is that irrespective of the medical condition, proper health declaration will ensure that the claims is not rejected due to pre-existing illness.

HTH

This post has been edited by roystevenung: May 9 2012, 07:53 AM

I would like to endownment plan .?
Got any good one ..

Endownment plan? What the requirement?

There is no such thing of good or bad one when taking up insurance.
It is about whether the insurance is suit to one's own personal needs and preference.

Agreed with you .
I am looking to get one . If you know anybody please pm me .

<wrong section>

This post has been edited by wwl86: Jul 23 2012, 05:31 PM

Need some opinion, anyone here have more than 2 endowment plan? When I was still in college, my dad sign me up for a few(he thought it was a good investment but after reading about investment, I prefer unit trust over them) and since I'm currently working... I am paying those policy premium (3 of them that cost me rm450/month, haven't add in my life n medical card premium yet)

From what I know, 10% of our annual income should be on insurance premium. I'm basically paying more than I should, these policy only mature in 15 years time. Anyone here facing the same situation?

Have you calculated the ROI as of todate vs the projected cash valu when your dad got that policy? How much is the coverage and the term? Pls give details if you want second opinion.

Alternatively you can scan the plan with the projected cash values to my email for calculations.

Have you got a medical & life & critical illnes plan?