this is not a good summary...

Life related insurance (and applies to TPD), can claim however much you bought... Why? because we can't exactly value a human's life.

Non-life insurance, such as car, fire, medical... all these is on REIMBURSEMENT basis. insurance company is to compensate such that you were no better or worse off than before the event happen (barring any exclusions, t&c). We can value the damage to a car/house/hospital bill/lorry/motorcycle.

what you mean by multiple claims is what? claims from multiple policies? can't claim multiple death right?

Life related insurance (and applies to TPD), can claim however much you bought... 100 or 1000 policies. Why? because we can't exactly value a human's life. THIS applies to Personal Accident (which include your missing finger and missing hand and missing toe and etc.). so yes, claim from all policies is do-able... reason as explained.

Non-life insurance, such as car, fire, medical... all these is on REIMBURSEMENT basis. insurance company is to compensate such that you were no better or worse off than before the event happen (barring any exclusions, t&c). We can value the damage to a car/house/hospital bill/lorry/motorcycle. so yes, claim once in simple language.

actually i did summarize just i didn't make it easier to understand..

Actually although i don't know the actual cost of insurance, a friend was agent actually told me about it... it's not exactly something dirt cheap. everything comes with a cost.

the fact that this policy is attached to an investment-linked gives the illusion that you pay the same amount every year. your cash value will be depleted later on.

Note that if you read a few post up someone posted some explanation on GE’s Medical Card that you are wondering about the 990k annual limit. It is 990k, no joke there but like I said, it comes with a cost. It seems low for those in their 20s or 30s but it will increase exponentially, like every medical card out there.

Maybe for normal Tom and Harry, who doesn’t really know how investment-linked insurance really work will wonder why I can pay the same premium get much better benefit. To cut to the chase, the premium you pay isn’t the actual cost of insurance. The cost of insurance will be deducted from your investment. And when your investment is not sufficient, you will need to top up on top of your premium. (I hope this answer why same premium can buy different things) If not, other forummers especially the agents can try.

As long as you did not hide any health information with the intention to lie, insurance company will pay. After all, there are bodies like LIAM or even BNM who monitors all these life insurance company. One shouldn’t paranoid about claim approval. It’s a heavily regulated industry.

ALSO the address your first statement, keep in mind that insurance companies do come up with new products, then obviously the old products will be shelved. Now, I’m not sure if you are confused, but say if the company withdraw the basic plan (your investment-linked plan), there’s no reason why you can’t change your medical… unless they want to withdraw their medical.

Er... What are you trying to ask?

there won't be a price hike because of GST... insurance price hike isn't as easy as increasing the price of your nasi lemak.

life insurance is exempted from that 6%. on the other hand, medical is subject to GST.

if there is a price hike most likely due to bad claims experience or other reasons.

it doesn't get GST-ed because it's a rider. it's GST-ed because it's non-life. there are riders that are not PA or health related.

most CI out there in the form of rider. even standalone CI policies should rightfully incur GST.

it's like asking whether which stall/restaurant has better nasi lemak.

they are all same same but different. no doubt the top 3 (and in order) are GE, prudential and AIA. doesn't mean the rest of the 11 sucks.

find out what you want, talk to agents, ask questions here (cause here is good place for 2nd opinion) and decide some on yourself.

spotted by uncle looi.

Good question. Not easy to answer. I haven’t hear enough yet, over my short working years. But I try to spot if they use words like interest, savings, etc. or stupid concept like buy younger is cheaper, especially when they are selling ILP, etc… or the worst part is mis-sell savings plan like investment tool, etc… no doubt savings plan is a financial planning tool but often misguided by agents.

The worst I’ve heard is… this is not insurance plan. This was cold calling to my family members.

No doubt, I have to admit, insurance companies seem to think that the tom and harry out there seems to understand those languages used in the marketing material and be able to understand fully what they are buying. So I understand, as a normal consumer is really hard to get a good grasp but at least get a basic idea. Never buy things because people say you should. If one should not invest in what one doesn’t know, then one should also not buy insurance that one doesn’t have at least some basic understanding.

quick glance nothing looks irrelevant because the content is relatively generic. but a bit too bland and technical in my opinion.

i mean, it's dry and technical for layman. to me, it is normal... my view of other person reading is technical lo. haha

IT IS still UNDERWRITTEN by insurance companies. LOL. obviously maxis doesn't and can't sell insurance.

maxis PA is underwritten by ace jerneh, a general insurance company. for RM60 covering RM180k is relatively quite cheap, but as pointed out, very little coverage. it's the same for insurance as well, pay more get more. the question is, do you need the more?

even if your quotation said it won't lapse, doesn't mean it won't in real life. quotation is an estimation.

if for whatever reason anybody needs money, investment-linked insurance cash value can be withdrawn. doesn't have to be a full surrender. but given someone who buys at 54... the cash value won't accumulate to much. Charges will be too high.

yes it is convenient. however i like to ask... why??? it is usually not to your advantage to cancel and purchase another new one.

actually there are few options. if it's the same company...
a) you can request medical card upgrade. because medical is a 'rider' so you can add and delete anytime
b) cancel your old medical, buy new medical with minimum 'life insurance' portion.

FYI
1. different companies have different coverage range. out there could be up to 80, 88, 90 or 100
2. by cancelling old and buying new, you are essentially paying commission for the 2nd time. and 9 or 10 years down the road you cannot repeat such actions again and cancel old and pay commission AGAIN. agents the winner here, not you not the insurance company.

actually if you can a life + early CI + advanced CI + medical... that's about quite comprehensive.

you can go for lower amounts of coverage to avoid overpaying for it. but the combination above is what i see most agents recommend anyway.

Edit: should be doable with 150-200 a month. need agents to quote for you.

This post has been edited by adele123: Jun 23 2015, 09:16 AM

for what you need
1) https://uforlife.com.my/ they sell what is commonly available overseas. yearly renewable term. so... premium increases and no surrender value. can terminate anytime.
2) medical coverage you can go for standalone medical card. you need not specify 'term only' for medical products cause they are on a yearly renewable basis as well. i bought standalone medical for my mum. the trick here is probably finding the right insurance company giving standalone medical card that fits your budget and your intended coverage.

you sure? not really interested in returns?

i think you need to sit down and think about it. there are investment-linked plan. there are endowment par plans. endowment par plans are what the people traditionally called as savings product, your force saving.

The 5 years guarantee is provided you keep paying premium, but say the fund value not enough to support the insurance charge then your policy will not lapse.

Quite many companies are offering this feature though may not be as long as 5 years.

only Angioplasty is limited to 10% subject to Max RM25k. It's standard industry practice.

Yes and no.

the advert says RM100 for 1M medical coverage extension. the word here being extension.

I don’t know explain in simple language… it gives you additional coverage hence the word extension but not really 1mil coverage per se.

This post has been edited by adele123: Jul 9 2015, 02:29 PM