Yeah the loading makes it more "expensive". That's what I was trying to say.

I guess if you keep fit and stay healthy, and your company provides a medical card, you can probably delay getting one.

This post has been edited by watzisname: Apr 1 2015, 11:31 AM

I'm not an insurance agent

my apologies - wasn't saying U were.
there are several lar in LYN who on & off obviously advise "buy early = cheaper".
of course, there are some good ones that spell out what to watch out for too like roystevenung (so impressed, that i bought from him)

Ah ok, can you maybe share what he said? For myself, I only bought insurance at 30 yrs old

i spent a few days asking Qs, testing Qs & real Qs - drilling him leh.
can't recall all BUT the biggest impact to me was:

1. Life insurance with critical payout
The norm = 3rd or 4th stage (susah to save life liao) cancer or similar, baru payout
AND norm claims take >1 mth for critical illness payout
THUS don't rely on life insurance with critical illness payout to save life of love ones

I stupid - bought one for my daughter long time back, mainly for critical, not for death payout.
Now changed - beefed up her medical and bugger the life/death with critical (since i don't rely on her economically)


2. Medical insurances in MY
Generally all have a clause with something to the effect:
IF U have been overseas (over causeway too) for >XX days consecutively
U aint covered even if U are back in MY

I quickly changed my girl's medical to "overseas" insurer.. crazy..

The 2 above remember clearly coz gave me a good scare (worrier here) and made me run like mad to cover the "gaping holes"

Oh I opted for the early payout on the critical illness insurance, so stage 1 cancer can claim already. But premium is more expensive.

Didn't know about the overseas thing.. I need to ask my agent

Thanks man

Does that mean it's not a local insurance company??

Stage 1 can claim is not normal/general life critical illness
there are "speedup or something" type where customer can claim even if stage 1
and yes, U are spot on - premiums are HIGHer

Insurance is a no brainer
Insurance company isnt in it for charity or goodwill, it's PROFITs after paying admin + bonuses +sales commissions & the targets hit vacations

Thus, the risk they are covering for us is charged +premium for THEM, cost to us.
The higher the risk to them, the more blood they want from us
Insurance is needed to manage risk UNTIL one can manage with their own wealth (if ever) OR for estate planning (for that mistress or two when i die )

Just a thought

simple clarification: bought medical insurance in THAT country

ok... Mind if I ask which?? Time to check it out

so boss, the conclusion is that worth it to get an insurance for young children if your company does gives coverage but way minimal coverage?

and if we were to get one, to get oversea insurer?

so basically to get medical + critical illness which pays on stage 1 and ignore the life part as we does not depends on them

correct?

You buy now, it will self depreciate once every few years. You need to top up on the same policy to get protected.
At the end, it will be the same, paying for not getting 100% protected.

Wong sifu please teach. thank you

er.. buy medical insurance in the country she spend most time in lar.
If U buy in THAT country, sure U'll be covered here in MY but... sure U want the headache of Forex, payment, etc.?

er.. boss dalam bilik. i eKuli je
Anyhow - bottom line is "know what U need, know what U buy, buy what U need"

no 1 size fit all lar dei.
eg. 1
critical illness that pays on stage 1? if it's of value to U to manage that risk with EXTRA premium. Yes, it's higher premium than the norm critical illness coverage.

eg. 2
medical insurance - well, eventually - around 60 to 64, the premium jumps so high that.. if U count total premiums paid (if U live till 80 or 90), U already can finance several surgeries liao.

Thus, personally - i'm using insurances now to cover risks i can't cover myself yet.
However, part of my goals are to be able to afford to cover medical and death risks myself eventually. <fingers crossed, plans drawn-executing-tracking-tweaking>

"see food" <hungry> lar
if U or yr love ones spend like 90 to 120 days out of MY consecutively, best to buy specific medical insurances that covers such. from the sample run-of-the-mill PRU, AIA, GE, Manulife ones that i saw,
all has that xx days exclusion clause and doesn't cover insured if it happens,
even though insured is back in MY.

Note - this was about 2 to 3 years ago when i was reviewing my "everything" (Wills, trusts, insurances, etc).
Let me go poke RoyStevenUng to see if things have gotten better in the local insurance market - though i wont be holding my breath

Just to clarify on the days outside of Malaysia.
The industry standard is 90 days. Reason is because the person would be deemed to be working outside of Malaysia.
The local h&s plans were designed for local use.

Eg 1:
Should a person be hospitalized overseas within the 90-day period, the bill can be claimed, however up to the customary charges in Malaysia.

Eg 2:
Should a person be hospitalized overseas after the 90-day period, the bill cannot be claimed.

Eg 3:
Should the person be out of Malaysia for more than 90 days. The person can come back to Malaysia for treatment and the medical card will still work as if he/she never left Malaysia, provided that the policy is still in-force at the time of claim. (cousin brother came back from NZ to treat a shoulder injury. No issues with claim)

Hope this helps. =)

Wong sifu please teach. thank you

oops...sorry guess I read the thread too fast. Thanks so much for sharing..

Hi Sifus,

Here's my condition.

Net Income : RM 3,000
Car Loan: RM 550 until year 2019
Insurance : RM 200
House loan for parent : RM 250
Rental : RM 100
Balance Transfer : a) UOB - RM 300 until October 2015
b) OCBC - RM 280 until July 2015
Maxis : RM150
Petrol : RM200
Meal & Entertainment : RM 400
Saving : RM 500

I am planning to have a renovation for my new house, I have only 20k on hand which is not enough. I plan to apply for a personal loan of 15k for a period of 4 years. 2.5k from the personal loan is used to settled the balance transfer. I know the interest for personal loan is high, i want to know if I make an early settlement or pay more every month, will the interest reduce? For my salary & expenses, is it ok to apply for a personal loan?