Jul 6 2012, 07:46 PM
QUOTE(leonard73 @ Jul 6 2012, 07:11 PM)
Before you buy any of medical cards from any insurance agent, make sure you know the room rates or board charged by selective private hospital..co-insurance is something which d patient have to share the bill with the insurance company based on percentage or max charged. Another thing is make sure is renewalable after been claimed. And Annual limits is important, make sure your annual limits r big enough for your own needs as that only allow to claims for each year. If you just need a medical card, I suggested you get a term medical card instead of investment or endowment plan. Strongly advise do not bond it with other insurance as most of the agent will give you the cheapest medical protection.
For the sake of discussion, (bear in mind I'm not saying that your post is right or wrong) but lets discuss this openly so that readers have a better understanding. The reason why I am mentioning this is because of experiences I had while talking to people who got term insurance.1st Scenario
Suppose at age 30, an agent ask you to sign a term policy (that does not accumulate cash value or one that does but the cash values generates very slowly and is not enough to cover for the insurance charges at later years) and it'll cost you RM 100/mth. 10 years later the premium is increased by RM 125/mth and you thought, well its alright cos my agent did mentioned that insurance charges will go up by age.
However, at age 60, the premium shot to RM 200/mth, you'll start cursing the agent for selling you a plan that increases almost 100% from the original amount. Bear in mind at 60 those who is working for people has already retired and have to live with whatever investment/savings that they had accumulated during their working life.
At age 65, the same agent still have to bear the swearing + cursing because the premium now is at RM 300/mth.
2nd Scenario
Term insurance are not as flexible as the ILP product, to the extreme that if you want to increase the medical coverage 10 years later, you're not able to do so. When you want to review, the agent will have to propose another medical plan for you.
I'm not sure if you're aware but older traditional with medical are far more superior in terms of the terms and conditions. For example older plans do cover implants, (implanted pacemaker costs ~RM 43K at a private hospital at Penang) while newer plans as stated by LIAM is to be excluded.
If you get the new plan, you're not covered for implants.
3rd Scenario
Most term insurance have limited riders, the utmost being the waiver of premium if Totally & Permanently Disabled or Critical Illness happens.
As an agent, and most importantly as a human being, wouldn't it be hard if not impossible to go tell the friend that is bedridden due to stroke, with no income that he'll lose his medical cover because he had bought a plan that does not waive if CI!
Please do note that I'm just trying to view your posts in another perspective, no pun intended. If I do say anything wrong, please do forgive me as it is not my intention to do so.
This post has been edited by roystevenung: Jul 6 2012, 08:08 PM
Quote
0.0284sec
0.40
6 queries
GZIP Disabled