oso useless la... not u enjoy the money

insurance...

student: insurans tu apa cikgu?
teacher: insurans tu bagus. kalau kamu mati, kamu dapat duit
student: ???!!!???

simpan di bank, bila2 boleh keluar, cepat
simpan di insurans, bila sakit perlu duit, mau claim pun susah, lambat, kadang2 langsung tak dapat.
ada medical card pun tarak guna, normal uncomplicated delivery masuk hospital pun takbleh claim, jadi yg dah terpergi private hospital utk delivery mau claim pergi mampus la

then ada agent yg gila prihatin, orang masuk hospital mau mati tengah cpr pun datang mau urus claim, tapi medical record by right cuma boleh keluar after 2 weeks, masa tu pun masih confidential, so datang pun tak guna, lepas 2 minggu baru boleh claim, lulus tak lulus belum cakap lagi.

orang duit banyak tak kesah la bayar itu ini, bil itu bil ini, bayar insurans.
sebijik macam bulan2 guna duit beli loteri. bila kena loteri (ada mati ka, sakit ka) kamu dapat duit

ILP got many hidden charges i know

How about retirement plans that does not have any insurance coverage that goes along with it? You can only take it out after 10 or 20 years, ensure a decent return.

Thats the point of going for those so that one does not take out money just becoz its human nature that we want to spend it. So it works like another alternative to epf. Pls advise!!

Start by reading books on Economics. Find easy reading materials which explains the concept of value. Learn the terms. Through economics, you'll learn how the world works. You'll learn the concept of money, trade, currency etc.

Then start to pick up finance. Learn the concept of price and value. Understand the financial world of stocks, investments, derivatives, insurance, bonds etc.

Meanwhile, look at every day businesses and brands. Think to yourself, can this world function without this business? What makes this business thrive? What are its competitors? How easy is it for a new player to come in and disrupt the current business? Is this a totally new field that will disrupt the way we live?

After that, armed with the knowledge of pricing and value, you can then know how to value the business and get a price. If the price you have is higher than its current price to buy, then invest the shit out of it (I mean, taking into account your own risk appetite of course). You'll be amazed at how many overvalued companies there are in the world when markets are optimistic. On the contrary, in a downturn, there are so many bargains to be had.

As an added bonus, you'll know how to value things and you'll soon realise that investment linked insurance plans have very low value. I'm not saying its useless or a scam, it's just that you'll get better value not buying them.

I started relatively late in 2009, due to lack of capital. However, it was a good time as many were pessimistic. Now, I focus on growth companies and starting to dabble in derivatives.

I made some bad decisions along the way like selling too soon or buying too high, but you live and learn. My portfolio since 2009 is now up 69%. I'm happy with it considering I did not pay anyone for advice and I'm not from a financial background.

So to stick to the topic. Let insurance be just like what its name is, "insurance". Insure yourself against risks that may hamper your ability to continue to live your life, and your dependent's life due to your inability to provide for them. E.g. Health, life (if you have dependents) and disability (if the disability will cause you to lose your ability to earn). Insure against potential costs which may cause financial ruin, such as fire, 3rd party liability and to a certain extent legal insurance. Anything else, is useless to insure against, such as electronic gadget extended warranty. Also, don't mix the investment part into insurance. If you really need someone to manage your money for some reason, get a fee-only financial advisor and avoid compensation based ones like the plague.

This post has been edited by kelvinlym: Nov 20 2013, 11:03 PM

Insurance for unemployed
U bankrupt then take the money then reinvest in insurance again

If the plans are from insurance company, surely there is insurance elements involve, although it may be minimal cover. Insurance company are not authorised to sell pure savings plans, otherwise it may clash with mutual funds like Public Mutual.

AFAIK, there is no pay 10 years, withdraw and still get decent returns. Reason being agent commission, admin fee, insurance charges, bla2 already eat into the capital for 6 years (or lesser) hence it needs more time for the funds to grow.

For a 20 year, chances are it only break even. Keyword: BREAK EVEN

Lets not forget inflation, whereby Rm100k now is not the value of RM100k, 20 years later

Most people who do the PRS for retirement savings do it to get tax exemption of Rm3k as announce in 2012 Budget...

This post has been edited by roystevenung: Nov 20 2013, 11:47 PM

Uncomplicated delivery? You mean pregnancy?

So do you think going for PRS for the next 10 years is a good idea? Alternative EPF, 3k tax exemption, at worse-lose money, at best- 16% gain according to the latest results.

i got one insurance from xxx， need to pay until im 70+only get back money. i was being cheated by insurance agent.now i only 24. i was like.wth.

great advice. btw r u financial expert？

what are the best investment currently in market？ how can i start research and reading from where？ i have zero knowledge in this.field.thanks

If you do it solely for the returns, then no, but if you do it for tax reduction, yes :-)

Sudah gaharu cendana pula, sudah tahu bertanya pula

Just by reading this post of ur I get a clearer pic.learn many from it ...more pls

No, I don't know, cos if done the proposal correctly during inception, there is no reason whatsoever for the declination. This is why I intend to find out. Please do not simply discredit our work because of a few agents who is only out for the commission.

This is why I am asking why you had problems with the claims and should you need help with the claims, do let me know and I will guide you. I will even help you do the claim if you are a Prudential client.

Secondly the claims are paid from the insurance company to the hospital directly.

Roy is right to ask you know...
Medical insurance usually do not cover pregnancy and delivery. There is a different product for that.
And your previous statements on insurance make it sound like people in developed countries are complete idiots for buying insurance.

There is really no reason for your claims to be denied if you are claiming from the right policies.

I hope this helps

Insurance is meant to protect ur life.... Mao saving go asb/public mutual/etc??

Insurance is definitely meant for protection. For investments, savings, etc... Go to their channels.
The "investment linked" life insurance is not meant to be taken as an investment channel.

buy insurance, get the long term investment.

in return, you get free insurance lah.