Yes but not all. What i know is a very general overview.

Life insurance is an exempt supply or whatever you call it, so no GST. However, non-life like your PA, Medical is subject to GST.

General insurance is subject to GST.

actually i haven't heard of insurance companies declaring dividend. i think you should go to FSM thread and understand dividend declaration.

it really should not be the biggest concern...

read the part about misconception of dividend/distribution...

The concept isn’t so right.

But to answer your question which coincides with your intention, yes, you can reduce premium and still keep alive your protection, of course subject to certain t&c which usually shouldn’t really be a big problem.

best to consult agent, CS. though there's conflict of interest between you wanting to reduce your premium since agent earns your commission. LOL.

that's the top 3 + allianz

semua lebih kurang sahaja... i guess you just need to see how's the servicing agent, whether good at following up, etc...

Life insurance is exempted...

Non-life is not... General such as car, fire, pa, medical...

it all depends...

remember as an agent when you sell something, it's based on commission... you sell, you get commission... you don't sell, you get zero.

This agent who recommends this plan really...

to add on to what has already been mentioned, lower premium does not justify the reason why one should get this insurance earlier. Makes no sense. then one is paying for something that is not necessary... instead of paying for the premium... might as well give it to parents or just enjoy it.

Yes, the premium is indeed lower when one is younger, cause after all, the younger folks do have a lower probability of death... but in terms of one should or should not buy when there's not a need at all, it's a different story.

PS: yes, iphone or any smartphones without data is kinda pointless.

This post has been edited by adele123: Jan 2 2015, 09:24 AM

Let's go back to the iphone metaphor... iphone is smartphone... i use it for browsing, reading, messaging, calling, sms-ing, email, etc... there's no wrong way to use it... but if i buy iphone mainly for calling and sms-ing, then what's the point of paying so much to get a overpriced smartphone? true, i still have a iphone... but i did pay excessively for something i thought i should have, but really i don't need it.

Now go back to insurance. You are young, you want to make forward planning, good... cause many don't but i think the forward planning must have some logic and common sense as well, like many things in this world... and i don't recommend buying insurance NOW because you have more needs in the FUTURE.

life insurance works by transfering of risk... from consumers to insurance companies... you can buy any insurance and serve as a protection for your mortgage, the money for your loved ones, etc. MLTA/MRTA is a life insurance... it's just the people come up with a very specific (in a way) design to fulfill one's needs which is to cover loan liabilities.

the MLTA plan 2 by this HLA guy, is actually another life insurance... just not investment-linked and no bonuses/dividends, etc... i am 95% sure, it's a whole life insurance actually (how i know, well, i just know from educated guess).

That GE-SPM is a investment-linked plan but goes up to 30 years, instead of the usual whole life...

to answer your question... ignoring other factors... if i want to leave behind something for my loved ones, i choose term life... cheaper... and... it's only cover for as long as i need it to be... i don't need to leave behind 3million for my child when they are all independent and grown up... i only need to leave behind something when they are still dependent on me...

1) yes. but i think it's opened to those about 60 or 60+ actually... can't remember. minimum is usually 5 years, maximum up to the expiry age, usually around 80. varies slightly by company but that's about it

2) endowment can be whole life or short term. but definitely with cash value. and yes, there's savings element and protections.

3) term vs endowment, obvious point is... protection only vs savings and protection, cheap vs more expensive. no value at maturity vs cash value highest at maturity. you pay for what you get. simplistic comparison

if it's really direct marketing, agents probably know little or nothing about it...

BTW, would you happen to be citibank cc holder? wondering if this is the same plan my friend got called to talk about as well...

I dunno, i'm just guessing. Could be just a coincidence... After all, many ppl has citi cc. Maybe this has nothing to do with the thing my friend told me.

Anyway, just call CS like the other guy said.

I know you sincerely want to research and trying to ask valid questions but your questions are very confusing. Apa tu occupational suite?

Put it this way, aside from the obvious accident vs non-accident event for pa vs life, the way they define as tpd is different.

In life policy, the common definition of tpd is... loss of both eyes OR loss of two limbs OR unable to get a job... Regardless of whether it's the same job. That's how my contract defines it. One can argue but not the main point.

PA only pays upon accident... You lose one eye because of an accident, company will pay. Dont care what, how, why. Valid accident, pay. We have something called schedule of indemnity, lose one toe,will pay according to schedule, a few percent of sum assured. Depending on which toe.

And no, life insurance pays nothing if you lose your toe. Unless if you tell me losing your toe cause you unable to earn wages whether as a engineer or as a janitor. Which i doubt it.

the main ones are there, the minor ones i'm too lazy even to care to research, if any. LOL

these are the ones that will concern consumers the most.

scroll up a bit, a bit more... there we go... post #1111

This post has been edited by adele123: Jan 8 2015, 09:06 AM

Without having much info... answer in general...

1) there's no 'penalty'. But you wont get back what you have paid for that 2 years
2) yes. Too much.
3) yes. Too much. Why 2 when 1 can be enough.

If you have bought 2years ago, why are you buying AGAIN? Nobody knows what to keep or not because we know nothing thus cant comment further. And dunno what's suitable or not. Yes, but it's not advantageous to cancel one and buy another.

But i believe you are a confused consumer just got conned into buying more and more policies. Not that i hate GE but maybe best to think if you even need to get from GE. It's easier to get rid of GE because you get full refund. Best you take time to review your current policies and what you feel is not enough. I'm afraid by the time you figure it out, that cooling off period would be over.

You should sit down and think, what's the purpose of getting the 2 new policies from GE. Do you even know what you are getting? You need to have them?

You keep saying health and life insurance, feels like you have no idea what those are. Dont buy for the sake of buying, understand it.

Also savings plan is not useless. Just not flexible...

life and health insurance is very very general. my guess is the agent will definitely ask you to buy and 'oh, you need this, and you need that too'. so what do you need?

few points to note, brain working better in the morning.

1. GELC has life and CI components to it.
2. SPE being an investment-linked plan is in a way, a life insurance but with investment component. under SPE you can add riders, with CI.

which is why i think it's weird that the agents offer you to buy both. overlapping, ain't it?

it's good to freak out. you became aware.

It’s still two policies, however you look at it. You already have a savings plan which is already sort of with returns.

I don’t really like the benchmark on saying buying insurance at 10% of income. I mean, if I get paid 50k a month, do I pay 4k-5k alone for insurance? I really think it depends on other factors as well. 10% thing probably came up by some insurance agent. Cause if they came up with anything less, then normal people don’t buy so much.

I don’t mean to bad mouth a friend, but seems like the friend is also taking advantage.

Say you have a savings and medical already. Next the missing item is probably CI coverage. Life insurance portion, is up to you to think whether your dependents need that kind of money. Keep in mind upon untimely demise, savings plan will have also amount being paid out to next of kin.

This ‘semi-savings’ is also life insurance though amount may not be very high, but it should still be payable upon death.

Life insurance will get more expensive when you purchase later but doesn’t mean it is advantageous to buy now. A fictional example, a 30 year old pays RM200 yearly for 70 years, vs a 50 year old who pays RM300 for 50 years. Is it better to buy earlier because it seems cheaper now? Again, insurance agents will definitely say it’s better to buy earlier because they want your business earlier.

Whether to get or not, start on the affordability aspect. Life insurance is a long term commitment. Should ponder on the needs of life insurance, living behind money for dependents (if any), etc.

Also pay attention on other aspects of financial planning, savings and investment instead of just looking at insurance. Like instead of just asking do I need to get this insurance, what about ‘do I have enough savings/investment’?

I think the more you explain the more I feel something is not right.
1. When ING was taken over by AIA, contractually, your policy remains the same. There should be no changes. Change in prices, maybe, but not changes in benefit. I don’t work for AIA but I’m sure some common sense can be applied here. After all, insurance contract is legally binding.
2. One of the most unethical things an agent can do is ask the customer to drop current policies and buy new ones. Very bad.
3. Also, if one have some big illness, the insurance that helps is medical card. Even 36 CI is subject to if you kena one of the 36 AND fulfil the conditions as set out by the insurance companies.