can ask which insurance is the best?
interms of easy to claim and good cust service..
im 25 and still have no insurance lor

On this topic, can someone kindly explain to me the implication of the term : Critical Year in terms of payment of policy ?

It's something like when that year is reached, we do not need to pay the premium anymore, right ?

yes, it's stocks.

I have several plans, giving me a combined total of:

CI: RM200k-RM250k (I'm still tweaking the exact amount)
Medical Card: R&B up to RM500, RM250k annual limit, > 1 million lifetime limit, got deductible
PA: Quite limited. Might get a few free/cheap PA soon. Personally don't favour paying for PA.
Life: No need, I'm single.

And I'm paying only about RM90 a month. It pays to shop around

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Added on October 25, 2010, 3:12 pmYou are a good friend indeed

This post has been edited by Veda: Oct 25 2010, 03:12 PM

haha i guess you'll get a lot of pm,
anyway my loc at JB, may contact me if you want
0166882426

for us as agent, the best policy is always a policy that is in force!! means activated, not lapsed =.=

no best policy but most suitable policy, normally for my clients, what i do for first plan is always comprehensive plan, that means will be cover life, critical illness, medical, investment and accident.

age 25 roughly from RM150 - RM 200
and one important message, no "cheaper" insurance in market, lower premium mean lower Cash value in the end

so no case like "kena nombor tak kena wang" as in lotery, haha

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Added on October 25, 2010, 7:52 pmcritical years

in mathematics

annual bonus + compound interest of annual bonus > premium

REAL EXAMPLE FROM MY CLIENT

Life plan EconomicLife from Great Eastern
Sum assured RM60,000
premium 1635.90/Y

start year 1995

statement last year
total bonus in account = RM28694.83

new bonus declared = RM2,178.24
which is more than RM1635.90

so for this plan the policy holder may stop paying premium

noted: critical year normally is verbally stated by agent like me, but please noted that it is non guarantee
but currently in the market also got some policy that have short premium term, but still, please make sure from the contract it is GUARANTEED!!



and please allow me to do some advertising

I'm choose Great Eastern because one most important thing - reliable(insurance is talking about 20 30 yrs above!!)
as you all know, that's always a lot of non guaranteed bonuses and benefits in any policy, especially cash bonus,
see here official BNM report you'll know

http://www.bnm.gov.my/files/publication/dgi/en/2009/L.10.pdf



give me some time I'll try to put in a summarize one
here the sum
 bank_negara.pdf ( 79.14k ) Number of downloads: 167


Great Eastern = OLDest + Largest + Richest + most stable + most award winner + most Bonuses declared
almost every year, our bonus declared is almost HALF of TOTAL 17 insurance company bonuses declared in whole malaysia

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Added on October 25, 2010, 8:26 pmfor insurance, it is always still insurance

insurance at the end of the days = protection, either create emergency fund if unfortunated, or retirement fund


difference between endowment(insurance saving plan) VS any investment

endowment =
save money with low/no risk mid return >> main purpose >> CAPITAL APPRECIATION
so sorry to offense a lot of insurance agent here, especially who always claimt to be BANKER
NO SO CALLED HIGH RETURN IN INSURANCE
NO 8%, 10% 12% bla bla bla pls....
BUT IT IS THE BEST TOOL FOR SAVING, NO RISK BUT CAPITAL APPRECIATION,
MOST IMPORTANTLY = CREATE A HABIT!

ANY INVESTMENT
to earn $ with $
with different risk and return
need some knowledge for most

saving is the starting point, investment is the bonus round, protection bring you to the end

This post has been edited by JerryTeh: Oct 25 2010, 08:26 PM

Good job for your bro..dividend should be around 200k per year XD..
make sure you do a will since you have no insurance coverage...

Can you tell me the different between Great IncomeEnhancer and Elite Builder ?

wow:)
so pro, you should be an agent, haha

more or less the same to me, only some gimmick benefits different(not too much related to creating fund)

EB got term 8/12/20
GIE got 10/15 (actually is 15/20 but guaranteed survival benefits > premium)

If you comparing the return you might get yourself headache
For my client, if budget and term wasn't big problem, we'll go for GIE, as you can either to continue to save or not from year 11 to 15. Flexible.

Frankly speaking,
For me there's always a line between company 'marketing' & financial planning.
End of the days, it still how much you succeeded to save that matter, right?

Using too much time in comparing plans and companies sometime bring very bad incident,
like last week my colleague's ex course-mate just past away w/o any insurance, fresh grads with high income in Singapore, my colleague was so sad until today, due to feeling bad for keep giving chance for her friend to compare investment-linked product.

Of course you have your rights to compare as a consumer.

If really want to compare, just go BNM webpage, QUOTATION sometimes means NOTHING.
Sometime me myself as an agent(I'd think a lot of agent) fed up for some freaking small, new, insurance company.
Their fund like ShXX but their quotation can be so damn nice, but we as agent we know, the chance to get as what shown in quotation is nil

And we're glad that BNM took some action recently to one of the mismanagement company ExxQx
(I dunno can be shared here or not, but it is in the newspaper)

This post has been edited by JerryTeh: Oct 26 2010, 01:19 AM

hahaha jeff u asking the right question in the right place.

if u wan easy to claim insurance...take from us agents...cos u got us to provide you the service, if u read the earlier postings u wud have noticed something there about a Bank Negara SOP...all insurance company does it the same it's just the matter of ur agent.
customer service??? u wanna call an agent or call the customer service executive?

i'm pointing out all these it's cause of not wanting u to be misinformed about the life insurance industry.

after the grand father story....to asnwer ur 1st question...wat do u really want...? n wat is the best to u?

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Added on October 26, 2010, 3:33 amjeff y la u wanna start this comparison between company la....???

This post has been edited by coolpajames: Oct 26 2010, 03:33 AM

i would like to ask a question: why is that people like choose insurances that suggest earning potential when in actual fact this has nothing to do with the actual insurance. i.e. why would you want to buy a very expensive basket when you really only want to have a small portion of it (i.e. the insurance cover)? i can understand pension insurance as savings (heck i have one myself which pays a fixed amount when i retire until i die) but i really cannot understand why i would want to buy whole life or investment linked policies or life policies if all i want is protection. i believe a general insurance product would be more suitble as its less comitment (and most likely at least slightly lower average premiums do to the structure of the policy) and allows for easier switiching/upgrading across all products in younger years.

i think its most important to single our policies that serve solely for protection and buy accordingly (i.e. is it pure protection or pure savings purpose). there should be no mixing of both.

personally i hold this:

1. Medical cover from AXA (SCO, max plan, 500k annual, no additional life time limit)
2. Medical cover from TM (top up plan, max cover, 750k lifetime limit)
3. Company medical cover
4. MCIS supreme PA (1M)
5. Pension plan (pure investment linked, option of either lump sum payout or pension for life when i retire or cant work anymore) current contribution approx. 800 RM per month - its a citibank product i got from abroad and keep paying for.
6. Additionl pension would be EPF (noone mentioned it here, guaranteed minimum ROI)

Thinking of adding a CI plan to make up for loss of ability to work but not finalised yet.

Additional plans would be: house & householder insurance to cover potential losses and a personal liability cover of 1 M.

Thanks for the reminder. Dividend is not that much as most of them are growth stocks.

Jerry Tan, since your GE agent can I ask you something?

I found a credit card giving 2% and 3% rebate on GE insurance. Link here
http://www.ocbccards.com.my/gePlatinum.aspx

But in the faq it says by "You must sign up for the Great Eastern Easi-Pay Service for your Great Eastern Insurance in order to enjoy the Insurance Premium Rebate". So is it all GE insurance entitled to the rebate or only a portion?

I have critical illness of 75K and investment-link medical card room&board RM300. All with Great Eastern.

Investment-link also comes with 100K critical illness.

This post has been edited by vilim: Oct 26 2010, 03:07 PM

Am wondering here : if we feel that we have too many policies, and we terminate a policy, are there any problems or difficulties when we do this ?

I think any insurance company will not like us doing a surrender, right ?

Will they give us problems like not releasing the Cash back to us, or delaying the refund, etc ?

Normally how long will it be before they will refund us the Surrender Value ?

Thank you.

Hansel, I think you should always do a review of your policies to see the NEED in keeping which policy... don't simply cancel policies. Some are hard to come by.

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Added on October 26, 2010, 4:34 pmnow... this is CLASSIC!
I wish I have a friend like you.. but still, I wouldn't sell PA to you without selling critical illness & medical coverage first.

This post has been edited by vilim: Oct 26 2010, 04:34 PM

this I'm not very sure, I did for my client and not actually ask the outcome

but should apply to all GE insurance, but there is a limit, If i'm not wrong is capped with RM6000 premium/year

sign by Great Eastern Easi-Pay Service mean autodebit by this credit card. Just a normal easypay form thats all our agent should have.

vilim is right, do full policy review/analysis before take any action. I think most agent can do this well.

insurance company will be neutral for surrender
so they wont hold the cash value
It may take 2 weeks to 3 weeks for cheque

but why we always try our best to stop client from surrendering policy because of 1 important reason :
client suffer $ lost and lowering own protection

surrendering policy really a BIG LOSS.

1) You can't buy back the policy again. differ in age and premium
2) Lost in cash value. if less than 15 years, most likely TOTAL PREMIUM PAID > CASH VALUE
3) You may couldn't buy insurance anymore! (health condition)
4) Most insurance is not for our self, protection is for family, loved ones.

You should proud if you capable to have a lot.

Here give you a rough idea of cash value vs premium vs time


My advice, please don't surrender policy, except really really no other choices and need cash.
If got budget,pay premium even for policy that is already past critical year.
No harm to save. The compound interest in insurance is not bad.

This post has been edited by JerryTeh: Oct 26 2010, 06:41 PM

JerryTeh,

and the loss in life policies and their riders is another very good reason why one should consider general insurance huh? no issues, no losses, strictly pay as you go only (other factors equal, i.e. cant insure preexisting conditions etc.).

I understand, before I became agent I also think the same way.

Because I like clear cut
Investment = investment
saving = saving
protection = protection
right?

But if you spend some times to compare General insurance and life insurance, you'll know the difference.

Main different

1) Cash Value
Even though premature lapsed policy bring losses, but after 10 to 20 years, do you still need coverage?
YES! Even we may very rich in future, but richer means higher sum assured needed!!

2) Premium
General insurance Premium normally rise by age.
If you add it up until age 70 let say, then will know total amount paid without return.

3) Term of coverage
Maximum age that General insurance cover is always LOWER

4) Protection value
Life insurance(NOT investmentlinked) sum assured rise as years pass
General insurance offer Level Term sum assured
Eg : Life Insurance : Sum assured may doubled in 20years, General Insurance remain same, but premium may even risen up

5) Contract
There is a lot of different between policy's contract, please CHECK CAREFULLY(sorry I can't explain term by term)

Think again
Buying a traditional insurance(life,critical illness) like buying a house.
Sheltered your family,
Give us lump sum of cash, in case of unfortunate,
or as an asset for retirement.
ASSET value will RISE
After full installment, this house is yours! Don't need to pay, may keep, may sell, and value keep rising up!

OF COURSE, nothing wrong to buy general insurance
G.I is like renting a house, it sheltered your family too.
Renting means
1)Price will rise
2)NOT yours, may taken back anytime(depend on contract, please check carefully!)
3)NOT yours, can't sell it! NO cash inside
4)Lapsed easily(straight lapsed after 30days grace period)

LASTLY, insurance = responsibility.
When you take one of it, it's like a promised made. A promised that you'll take care of your family forever!
So shouldn't be policy lapsed, if we treat this responsibility seriously!
If policy not lapsing, no such thing as LOSS!
Normally traditional policy i.r.r more than FD if > 20 to 25 years!
Eg: 2 X total premium paid = cash value on year 30

This post has been edited by JerryTeh: Oct 26 2010, 08:51 PM

hansel...

SOP is about 2 week across the board. n u can take ur policy (original) n walk into any of the office n say u wanna surrender.

reason now is y u wanna surrender the policy?

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Added on October 26, 2010, 9:27 pmPJusa...Jerry has it right there...

in my own way I'd rather b proposing investment link s i see it s being the most flexible plan to create for any1.

ie...imagine the core items in an investment linked life insurance policy = Protection and Savings....both r balanced like a weighing scale...if u want more on 1 side the other will decrease.

on the other note...d cash value/savings is another feature of benefit. the 1st insurance i bought was from maybank n i was paying monthly of RM50 ( i think else take s sample k) if i dun claim anything it's just there ... me spending money each month for just in case...den i tot y not take an investment linked insurance where i pay for the just in case and still there is a savings there..aka force savings. yeah...cos i dun save money then.

now the other part of investment link...for those who like to play stocks...invest in the company's stocks n get free protection n earn money buying n selling the units (share)...ok also rite????

This post has been edited by coolpajames: Oct 26 2010, 09:27 PM