2. Bad advice if it is for pure investment. Even though the product is investment linked (ILP) insurance, INSURANCE is INSURANCE, it is for PROTECTION, and not for investment. Please don't get brain washed by unscrupulous insurance agents.

The main purpose of the ILP is to generate more cash values than the traditional plans. Since insurance charges goes up by age, the cash values are needed to support the policy in older years. Lets not forget that the medical card/cover needs to be taking care of us till age 70/80 and by then, when we are retired, the cash values accumulated throughout the paying term may be able to sustain the policy.

Keep it in pocket. No need bank.

always have multiple bank accounts.

One for savings, another for use.

Always split half whenever you get your paycheck. Save half, use the other half.

Just treat it as if you're only earning less than half of your real paycheck.

use something like premier value saver from maybank.. fix m400 as part of your saving, investment and insurance...

1) Keep in fixed deposit, time hasn't come, you can't take out money;

2) buy genneva gold. And Bank Negara will keep it for you!!

This post has been edited by TSOM: Oct 30 2012, 09:01 AM

Insurance is for long term and it is for protection. TS can't liquidate it as fast when he needs the money to finance his education. Same goes to investments. Investments are subjected to investment risks, and of course high risk high returns but high losses as well.

Best at the moment is savings account, and snowball it to FD.

2. it's a good thing to pay on this stuff. as many think it's a waste like buying things and money gone. it's basically buying protection.



well.. i read the above.. and he might be true too..
i'm no expert in this field.. so i dunno the in and out..
so untill u urself feels that insurance is a "saving" to you
then it's kind of worth it

it's not about insurance here.. it's about saving
and yes.. i was -ve on this before and now i know that paying for protection is kind of saving to me.
if not the extra money i will go spend on more wasteful manner like on things that is not needed.

This post has been edited by ungka: Oct 30 2012, 09:07 AM

ask ur friend to keep, this way u won't be able to use any money

i open 2 acc in one bank..one for salary one for saving..when salary come in..quick transfer to saving then pretend its never exist

Most banks now has online fixed deposit facilities.

What I did is I open a new cert each month for few ks at a time once I get my salary.

Since those in fd can't be withdraw, it gives you an incentive to spend your remaining money wisely.

very very sound advice brah...

I am not trying to promote my blog or anything but do visit my blog if you want to know what insurance is all about. There is a write up on ILP.

Have a nice day

this.. true story.. and it work.. dont do internet bank in as well..
works for me..

another things...endowment..

This post has been edited by yahiko: Oct 30 2012, 09:14 AM

more on self discipline. just put the money in FD

Get married, ask your wife to keep the money (but later she use to but cincin emas lol)

I got two account..

1 for saving purpose without atm or ebanking..
1 for making easy transaction with atm and ebanking..

can pm me the link.
coz if the link is in siggy then i cant see it.
TQ

*my setting is to disable siggy and avatar and so on that might be an eyesore
so i dont recognize/hav favoritism to any forumers here.
it helps me being neutral. and dont waste my screen view

i have 2 account, 1 to save 1 to spend, try set a limit each time you withdraw from your savings and deposit into your account which you use to spend, I've tried that and it helps me save

Not really. My premier value saver before mature i took all the money out for my house downpayment. 5 years to mature and you can get 100% out of it.. But i took the money out on the 4th year. Which pretty much aided me pretty well. rm200k from death and quite a good sum of interest rate. You need to be flexible enough to evaluate your situation. xx% for saving. x% for insurance and xx% for investment.

For someone who doesn't even have any savings yet.. It's best to opt for a plan which has it all and from there continue to FORCE SAVING.

Most insurance agent are... taken from the internet. Haha

INSURANCE AGENT = An individual that do not have your interest in his mind and will push you to invest a "disproportional" of your income to a scheme, not considering the cost of opportunities.

Most insurance agents will assume that the single purpose for people to work is for retirement planning. They fail to understand people's needs for starting a business, taking courses, investment, marriage
, repaying your old parents, and experiencing life.

They commonly use OUTDATED sales approach by comparing bank interest rate and insurance interest rate. They assume that people put money in the bank just because of the interest. Most if not all of the insurance agents fail to ask for the reason why people put their money in the bank.
...
An insurance agent represent an insurance company in getting sales, but NONE of the insurance agent represent an insurance company when there is a problem.

Most insurance agents do not aware that they are being a cannon folder.

Sometimes, an insurance agent will disguise himself as an investment agent, bank employee, etc..

This will give an instant bad image when they start to presenting their obvious insurance products.

Some insurance agents will push you to give them referral rather than advertising themselves as experts.

Most insurance agents are pushy salesman rather than PR or marketer. They fail to brand themselves.

People won't thinking of contacting a pushy insurance agent when they need information about insurance and investment.

Many insurance agents giving remarkable hard work and persistence but fail. Instead of evaluating their strategies, they put even more hard work and persistence ti fail harder.

Dear insurance agents, it's time for re-branding.