Old policy is always better in term of waiting period and will be more claim-proof.

We can't comment about your policy because we don't know about your age, gender, occupation and medical history.


Nevertheless, for above policy, I recommend you to look into upgrading your medical card because room&board 100 will he challenging to get a suitable room in KL, Penang and Johore. And I will suggest you to upgrade with your existing agent to preserve your medical card waiting period. I suppose that upgrading in Prudential will not start over your waiting period.

Many thanks for the reply.

Alright, my background details:
Age 29, male, accountant, and no prior medical history (and has not claimed even once for insurance).
The insurance I took was in 2002, as still in force.

Alright, here’s the thing.
When I took up the insurance (way back in 2002), I was not yet smoking.
So I declared myself as a non-smoker.

But then, time passed, and I am now smoking.
Should I declare it to the insurance?

And if yes, will it impact in any way about my policy coverage?

hi guys,

im doing cost benefit analysis for an endowment plan. can I get your help to quote the premium of 15yrs term rm20k sum assured for 34yrs old female non smoker?

thanks much in advanced!

just to add, im looking for reasons to cancel an endownment plan. not mine. so any kind agent can help me generate the figures for 15yrs term would be much appreciated.

This post has been edited by cooldownguy86: Mar 11 2014, 08:44 AM

Hi Guys

Looking for good agent in KL, i'm in Ampang area. Planning to get either insurance or just stand alone medical card for the whole family of 5pax. I've already had a quotation from Prudential & AXA so maybe from others like AIA, Great Eastern etc.

Do PM me with your details and i will then share further info & details outside of the forum.


Thank you.

Hi

I've just received a phone call from AIA telemarketer selling insurance. It's called Premium PA in which they offer 50% refund of the premium after 1 yr ( annually ).
Sounds good? Should i? I'm always hesitant to buy anything through the phone.
Any advice is appreciated. Thanks.

Hello,

I'm looking for a quotation for investment-linked Takaful plan with the following benefit:

Death/TPD: RM 50k
CI: RM 50k
Accident: RM 50k
Room & Board: RM 300 or above
Waiver of premium if diagnosed with CI or TPD
No co-takaful

My details as follows:

Sex: Male
Age: 25
Smoking: Yes
Occupation class: Class 4

Appreciate any quotation from agents around here. Thanks

Insurance is about protection.

How much should a person insurance coverage? Medical, Critical illness, life......??? There are a lot of insurance or takaful product, how to choose for a newbie. monthly income 4K.

What is different between conventional and Investment link, some people ask not to take investment link as cost is high, but some ask to get investment link product... Confuse

Some of my friend (agent) introduce some product, i.e Pay for 6 years and get pay on 2nd year? This is good? premium damn high.
Or should I go for basic coverage and how much should I coverage?

Help me to advice.

Hi friend, sounds like you are muslim friend. These are my opinion:

1. Insurance coverage is to transfer your risk in life, or you can call it your commitment and lifestyle. (ie: if someone bring home 5k per month, he should have life insurance of x years, in case he pass away or lost job due to OKU or critical illness. This part need to sit down with agent to plan. A 10-20% of your income can give you an ideal plan.

2. There are many online topic of conventional (traditional) vs investment link. I personally prefer investment link as it give both coverage and potential return. I like to highlight yes investment link will have higher cost when age >50. However starting young and plan well with your agent, the saving can help to cover higher insurance cost in future.
Furthermore, investment link has lots benefit and riders which conventional can't offer.

3. Pay 6yrs get pay 2nd year? I believe these are saving plan or endowment plan. Beware some agent might package investment-link into saving plan. The 2nd year start pay might not as promise. Unless you looking for saving plan, else you can ignore this for time being.

Since you don't have any policy, I suggest you should get a basic protection plan first.
Also I suggest you should take takaful plan, as it serve your religion believe. Plus! Islamic product is growing and we can expect a higher return.

cheers

Hello. I was insured since 2010 and I'm thinking of terminating it. I don't know much about it cause my parents buy for me one. But, what's the point of buying insurance and getting the money back whenever u have emergencies l8r in life while u can just save up money in banks and use them for emergencies?

Hi Yuen, I totally agree with you saving money and use it for emergencies. Well, depends what emergencies we talk about.

Have you wonder why car insurance is compulsory? I can have hundreds of thousand in bank account however when car accident happen, how can 3rd party guarantee get their pay?

Insurance is to cover our financial lost, especially major event : Death, Critical illness and Total permanent disable. The person and family will suffer financially for medical bill, lost of income to support family daily life.

We can have many saving to cover the mention event yet again insurance deal the problem faster. ie: someone die and his money frozen, insurance money will pay to beneficiary so time being no $$ issue.
That is why richman buy more insurance!

Every insurance policy serve different needs, and I'm sure your parents love you and protect you with this insurance plan. I suggest you can meet your agent to understand better your plan. Then only you make decision.

Lastly, when something happen, someone cover your bill, and you can keep your money, why not?

This is a long long post and if you really interested to understand about all the questions you were asking, it's a good read as I type it all by myself instead of copy from other website.

Insurance is always used to hedge for the risk in life aka. protection when unfortunate event strike into your life.

However, question like how much the insurance coverage a person should have is always a problem strike in public mind.

There are four main parts of coverage should a person look into.
1)Life, this is the money that will go into your family member shall unfortunate event striked you. It is used for clearing the debt and protection your family member by giving them a continuous unchanged lifestyle from your Life protection.
2)Critical Illness coverage, this is the money that will be given to you shall you strike with some dangerous illness and you *might* loss your job or we called it power to generate income. It is used to help you go through the toughest period where you can use this money to pay for your debt, your family's living expenses and bought any non-medical life support like massage chair, trip to relaxation etc..
3)Medical coverage, this is the money that will pay for your bill when you hospitalize. It is used to hedge for the surge of hospitalization bill, the bill will be settle directly from Great Eastern. Please bear in mind that even the card have millions inside, only the doctor are authorize to claim the money
4)Saving, this is the money that will save up for you for retirement. It is used to hedge for the risk of over living, I'm sure you want to maintain a good lifestyle even after your retirement age ain't it?
*Of course there are still a lot of other insurance risk you should look into like Personal accident, Personal Indemnity, Hospitalization income, Lady Benefit etc, but let's focus in the 4 main parts currently.

*General rule* is one should use 10% from the income to get an insurance to hedge for the medical and physical risk.

Let's say your budget is RM400/month, age 25, male, non-smoker, getting a Traditional Whole Life Participant Plan with Life+TPD+36 Critical Illness + Early Payout Critical Illness will be RM80,672 of coverage, not to mention this plan are yet to include medical card. So we should ask ourself that does RM80k+ suits my needs to hedge for my medical risk?

If the answer is no, then you should look into investment link. With the same budget and detail, with RM400/month, the person can get
1)The Life coverage of RM250,000 to cancel debt and for family future life expenses shall any unforeseen situation happens.
2)Total&Permanent Disability cash of RM250,000
3)36 Critical Illness cash of RM250,000
4)36 Early Payout Critical Illness cash of RM250,000
5)A medical card with Room RM400 with annual limit RM200,000 and lifetime limit RM2,000,000. In order to fight for inflation, the medical card room&board and annual limit will increase 10% every 3 years, it will become Room&Board RM800 and annual limit RM400,000 at the end of 30 years.
6)Great Eastern will compensate you RM200/day for each day of hospitalization.
7)It has a waiver benefit where premium will be waived if 36 CI or TPD happens.

So, you should ask yourself, which one actually suits your protection needs? I'd say Investment link always a better choice to have high coverage at initial stage unless you are looking for a coverage that will increase in the future, which is traditional.

As you also asked about saving plan(the 6 years payment and you receive cash at 2nd year thingy), you should only look at saving plan when you have yourself fully covered. The reason is, what would happen if your having financial difficulty due to health reason and you are unable to save in the saving plan? Your plan might have the risk of getting lapse and all the money you save into the saving plan *might* vanished. Thus, a basic protection is always the first priority ahead of other financial need.

The same principal which happens to MH370, if MAS didn't bought insurance for the plan and passenger, MAS have to pay every of the passanger minimum USD150k or up to USD6million which *might* face the risk of bankruptcy. But currently MAS is hedging the risk via insurance company by paying a minimum premium for every flight.

Insurance is all about hedging the risk, whereas saving money in bank is increasing in linear. A very simple example which I temporary ignore the interest would be this. Saving RM200/month, a year would be RM2400, 10 years would be RM24,000, 30 years would be RM72,000.

But what if you need emergency medical fund up to RM30,000 at 3rd year?

Setting aside a minimum of money to hedge for risk is always a great choice in view that we can't ignore the existence of medical and physical risk.

Hi PuiWen,

Do you really understand the protection offered by the telemarketer? It is a Personal Accident Plan (PA), a plan that pays only for accidental injuries (reimbursement basis), Accidental Death or Total permanent Disability. Buying additional PA is always good but you have to first consider the following:

- do you already have an existing insurance policy
- what insurance policy is it (traditional term or Investment. Linked)
- are the benefits, protection sufficient in terms of RM based on your current lifestyle, income status, dependents etc
- how much PA do you have in your existing insurance plan, is it upgradable (investment link can)
- is your policy / or policies you bought perhaps years ago offer you a comprehensive coverage (life, med card, PA, critical illness, waiver etc etc)

While this. PA plan is inexpensive, I would suggest you doing a review of your current policies first.

It may be more beneficial to upgrade PA unto your existing policy than to purchase a yearly renewal PA plan. Your agent may be able to assist in this. The 50% rebate etc are to make the product attractive, but how much you need your. PA to be, your agent could review and advise accordingly.

Hope this tips help.

I am also a Wealth Planner with Prudential.

someone please help me

I dont know which one to choose. shud i go for ILP or medical card

28 yo until next birthday, class 1 occupation, smoke socially.
budget not more than 300

any recommendation?

Hi,

So you do not own a policy at all?

Is your budget yearly RM300 or monthly RM300? It's impossible to get a med card for rm300 premium yearly at your current age/ smoker.

If you do not have any insurance at all and if you can allocate rm 300 monthly, then go for ILP because it can offer comprehensive coverage and flexible to change the coverages according to your needs in future. It comes with a bit of investment for saving needs and offers good value for the premium you pay.

If you buy only a standalone med card, the premium will increase periodically according to the age band, and you may need to renew it after certain term of coverage ie 5/10/20 years. Premium may be cheap now, but very expensive in the long haul. And worse case is one is unable to buy med card once the term matures, maybe because of serious illness.

Seems like you have already spoken to your agent, but just need some assurance to commit on the right plan.

Just very curious, have anyone here tried buying insurance without going through an agent before?? ie just walk in to headquarter and buy it off the shelf?? is this possible in Malaysia? no offence to agents here btw I got bad experience being conned by agents who just want to get her commission. thx.

As a matter of fact, yes there is. Go study for the exam and be an agent yourself. However, you need to maintain a minimum quota. :-）

I am sorry that you felt that way about your agent. Out of curiousity, mind letting us know what happen with your agent?

If it's not convenient to say, then its okay.

Can understand your phobia about having agents because of your past experience:(

Yes you may, but the cust service officer will still insist you have an agent and refer you to one.

But please be aware off buying insurance directly or through telemarketers (or bankassurance)

1) you have to do the servicing yourself, for claims etc, and it is troublesome, especially when you really do need to do the claims, when all you want is just to be trouble and worry free (If one has serious illness or prolonged injury due to accident?)
2) you will never experience the benefits of having a financial advisor, a good agent

You should still look for a good agent. Ask for his experience in doing claims and when you listen to the way he/ she consults, clearly explaining the benefits and terms and understanding your needs, affordability, not being too pushy, then give him a chance to serve your financial protection needs.

Regards.

As above,

Do you believe your service agent will service you for life time?

What will happen after that?

We should always look for stable grow insurance company.
A company who is strong and does not merge with others and end up disappear in market.

We can direct refer to Insurance Company ourself.

Congratulation if you can meet one life time service agent.

This post has been edited by great.eastern: Mar 28 2014, 06:07 PM