thank you for the info, I must go check it out and see worthwhile to convert for two of my older children medical policy to GE and save some money

thanks [f]ireZz[kf] for sharing the medical charges link.

also, as I've mentioned early. It's so crucial to identify the insurance company actual performance. always refer to the bank negara report and the report will tell you the company performance that the company actually perform.

If you refer to the bank negara report, Great Eastern has the largest asset, the company performance is the highest compare to others. In order word, the cash value or return will be higher compare to others.

If you guys are not aware, Great Eastern are actually belongs to OCBC, hence the performance is more stable and better investment return. thanks

Hi all,

Thanks for the very good discussion... so in the end, there is no policy out there that can meet my specific requirements, right?

1. Education insurance for child
2. 3k premium per year, either payable monthly, quarterly or yearly not a problem.
3. Minimum protection of life/TPD of child - RM10k? RM5k even if possible?
4. Cash value upon maturity
5. 100% tax relief claimable (of the 3k)

There is no such policy? The idea is to take advantage of the income tax relief, say at 26% - the 'effective' payment is RM2220 for the 3k premiums. Assuming Great Eduplanner can fit this for the 15  yr policy, that means total premiums paid RM22,220 over 10yrs and upon maturity at 15 yrs, cash value will be paid out.

I appreciate all the PMs and info, but I am very specific in what I'm looking for - if this does not exist, that's fine - I'm not looking for any other insurance/medical/CI/savings/etc...... Thank you!!

Just to put in my comments - not to offend ANY agents or insurance companies here. But ALWAYS ALWAYS remember past performance does not indicate future performance. Even if a company is doing well now, anything can happen. Would anyone have predicted what happened to AIG? All companies exist to earn profit. Give value to shareholders. Board and management can change. Policies can change which might affect one company over another. No one can predict the future.

So that is why I personally don't like being too tied down to a certain insurance company. Those policies which mention coverage till 80/90/100 yrs especially, personally I would avoid those. But that's only me. I prefer shorter term coverage, e.g. 1 year PA renewed yearly for coverage against accidents, e.g. for education I want the coverage to mature when child turns 18 or 20 latest. At that time, I can look at my financial position (can I dream and possibly be the next Robert Kuok?) and then re-evaluate my needs (if I have billions, do I even need any more insurance? ).

---

Added on March 12, 2011, 8:55 amThanks Nepo, I am of the opinion any insurance policy for children should cover the life of parent not child. I have seen few proposals where the insured is the child, to me, what for? I get proposals for RM150k coverage on child. If anything happens to my child, I don't want a single sen. It should be the other way round, anything happens to ME, then the child is the beneficiary (to support his future education needs).

I would be very grateful, if anyone can let me know which education insurance fits my requirements and also these below (insured = parent)

Thanks!

Rich particularly those hundred millionaire, billionaire doesn't need any insurance product.
The word is "need", but it doesn't mean they cannot have it nor don't want to have it or not suit to them.

For them, insurance is just merely part of asset allocation, diversification, in the meantimes, still can get tax benefit, credit risk proof, tax exempted income/return etc.

Unlike middle class people, insurance is essential and serve as an important tool (aka the primary function of insurance) to protect them from loss of income which could affect their family. 
Rich one doesn't need to worry this already aka they don't need the primary function of insurance, but more on secondary part function of insurance (as mentioned above).

Hi,

Good stuff... I think someone posted this before then deleted it for some reason.

So which policy is available which meets all these requirement?

1. If the life assured of the life policy is the parent, to qualify for tax relief, the beneficiary must be the child.
4. For both Takaful and conventional education policies, the maturity benefits/cash values must be paid to the child when they attain the age of between 13 to 25 years of age.

Which education policy will insure life of parent, and mature when child is 16 years old?
Thanks!

Hi,

Good stuff... I think someone posted this before then deleted it for some reason.

So which policy is available which meets all these requirement?

1. If the life assured of the life policy is the parent, to qualify for tax relief, the beneficiary must be the child.
4. For both Takaful and conventional education policies, the maturity benefits/cash values must be paid to the child when they attain the age of between 13 to 25 years of age.

Which education policy will insure life of parent, and mature when child is 16 years old?
Thanks!

Hi,

Good stuff... I think someone posted this before then deleted it for some reason.

So which policy is available which meets all these requirement?

1. If the life assured of the life policy is the parent, to qualify for tax relief, the beneficiary must be the child.4. For both Takaful and conventional education policies, the maturity benefits/cash values must be paid to the child when they attain the age of between 13 to 25 years of age.

Which education policy will insure life of parent, and mature when child is 16 years old?
Thanks!