declare BEFORE you buy insurance. what happens AFTER you have bought the insurance policy is not required to be declared.

age 50 is very much open to any insurance. barring any serious health condition, etc.

endowment - short term, force savings, not for protection purposes. and given the timeframe and the age of the person, i will say against it. usually at about 20/25 years term... not very practical as the person will be 70/75 then.

health related insurance are more relevant i would think, though life insurance may still be relevant if still have many dependents. again, depends on the situation.

i think touch wood anything happens, someone should have a will?

Yes...

but life company will bundle with life insurance... either lump together or the CI will be as a rider.

also would depend on whether it's early CI or the normal CI.

i don't know what happened but maybe can check if it's covered under socso? but socso is only due to work reasons eh? no harm finding out?

should be the latter. else insurance company will be very busy.

So... if i were you i will postpone getting it.

1) you ask why?

well, when i was 23, i only need to worry about myself, my parents not relying on me for income. so, the only thing i probably worry is if i get hospitalised. and that's covered by my company's medical card. Note: there's a limit on company's medical card coverage, which is usually lower than the limit provided by insurance companies.

2) but... some agents tell me it's better to buy younger, and cost less...

well, if you are healthy and buy now, insurance company will accept your case... if you are age 60 with diabetes/hypertension insurance company might think twice. this is an extreme example. i'm not saying you should get it at age 60. just you don't have to get it now.

cost of insurance (which is essentially the money that insurance company deduct from you) WILL increase as you grow older. nothing gonna stop that. so, buy now or later, not gonna cost less.

3) need to buy insurance?

i would really say no. as explain above

4) then what should i do with that 200?

invest, do financial planning.

ask la. just if nobody answer you then too bad.

This post has been edited by adele123: Mar 10 2015, 09:20 AM

this is so not true. please ignore this. thanks.

i'm only replying so other readers are aware. while i'm still not familiar on total loss payout, etc. (couldn't ask my colleague who knows better), keep in mind that what insurance company pay is based on market value, etc and does not correlate with loan amount.

HOWEVER, it is possible your insurance pay out is indeed less than the outstanding loan.

and pretty much the whole statement is bull. case close.

yes... there's always that 0.00001% that i might get some disease, resulting in kidney failure, i have to go for dialysis for the rest of my life, and i'm not even 30 yet. statistic is a number, it doesn't matter it's 10% or 0.00001% when i get it, i get it.

now i can live in fear that my insurance is not enough to cover all sorts of weird disease in this world, which nobody knows i might get it or i might not.

or i can live my life, spend that 200 on retirement planning, savings or even to buy iphone (assume enough money is available) or even some crazy expensive dinner. you can't have all the insurance in the world. disease, death is inevitable.

so you brought up dengue. might i comment that dengue not gonna cost 200k once i get admitted. most dengue case are probably normal, admitted few days, then out. even if i think one gets the worst strain, one gets admitted for 2 weeks? remember no surgery can cure dengue (i'm putting surgery as an example because surgeons charge a bomb). TS already commented he has company medical card. despite not knowing the coverage amount, i would like to point out it should be sufficient for most (if not all, i don't work in hospitals and i don't know how hospital charge, but i go by logic) dengue cases.

interesting question. the profit sharing part. well, supposedly there is this profit sharing in general takaful as well, i.e. your car insurance.

i'm not familiar, so bear with me.

based on what i know (and read) there will do whatever calculation, determine if there is surplus or not. i know another company (not etiqa) in their FAQ, they mention, they do give out if there is surplus. but if say the amount is less than RM10 per policy holder, it will be donated to a charity instead. or something like that. so it's NOT mandatory that there is an amount to be pay out to policy holder.

ALSO, i'm not even sure how the payout mechanism works. if they do pay out, do they give you a cheque, or just deduct next year's premium? but since out motor insurance profit margin is low, do they give out in the first place?

my understand is that the calculation of surplus and profit sharing should be based on your contribution amount. not exactly directly related to your NCB.

anyway... 45 to 55 is a good amount, much better than zero. (but then i don't know if you are driving a kancil or a mercedes )

in this particular case/scenario (whatever you call it), i would say it's still your fault. you forgot to pay, such the way things work. of course, insurance company can be nicer and maybe can treat it case by case... but ya, still you didn't pay.

now this, yes, they could have done it. you can comment to them.

MLTA...

i.e. buy term life insurance.

assuming those who invest also switch properties around.

Depends on the person. Simple example... I have spouse and a house. I have life insurance 200k which is enough for the spouse for very very long. I have mlta 300k which is enough to pay off the house. Or i can buy 500k life insurance enough for both.

From my simple example what i want to say is, it depends. If i believe what i have is enough, i dont need mlta. Vice versa.

Mlta is indeed basically life insurance. Mortgage level term assurance.

The joker really getting more interesting. Priority for warga emas and jabatan kebajikan...

You are not so right on reimbursement by 1 party only. Hypothetically, if i have 2 medical card... Medical card A has limit 10k. Medical card b pays anything above 10k up to 100k. If your bill is 80k, you get 10k from A, 70k from B.

Medical insurance claims pay you back as to put you in a no-loss situation, so will cover you that 80k, no more than that

In an ideal world, yes, one can get medical card when she does not have medical benefit. That will save you alot of premium. In the real world, when we get older, we get funny things like diabetes, high blood pressure and insurance company may not accept us.

Say i'm 23 right now and working with medical card. It's quite an extreme example if say i dont buy any medical insurance until i retire. One can either get it after 40 (maybe) or stay healthy or get a medical insurance with high deductible that has option to reduce deductible.

Lol. Not you. The guy who mentioned the priority for warga emas in hospital and jabatan kebajikan...

Please ignore the idiot above.

Yes, you can claim from ALL life insurance. and you can claim from PA too (if proven due to accident, etc...).

as for operational procedure one can always contact agent or CS directly.

if i remember correctly, just bring your policy and the original death cert will do.

told you to ignore him. he's a regular joker.

yes, you have to produce original death cert to all the insurance company.

my question to you is... are you really gonna give insurance company the original death cert? of course not. i don't even give EPF the original death cert. the purpose of original death cert is for verification purposes obviously (i didn't think i have to state this explicitly in my previous post). you always keep the original.

figure of speech. lol. usually agents are supposed to assist in all these also.

but anyhow, one can always walk-in and do it. it's straight forward. death is death, they will pay. nothing to dispute. to avoid going back again, call in ask about documents required. i'm not familiar with claims procedure, but afaik as i know the 2 important items would be death cert and policy.

and the stingyness of what i do is i always get the banks/EPF to photocopy it instead of me bringing it.