Is it the time to move the fund from equity to bond? considering uncertainty in the market?

Your plan is covering Life/TPD/36Critical Illness and your critical illness coverage will be increasing over the years. The tenure is 69 because the policy will mature at age 87, which means that you parent bought you this when at the age of 18.

What so special about this plan?
1)High Surrender value - You have paid RM1k/year and by 20th year, you should have paid a total of RM20k. Your policy surrender value should be around RM30k. Please be minded that by maturity, you should have paid a total of RM1k/year x 69 = RM69,000 and your surrender value should be at the range of RM300,000-RM500,000, please refer back to your benefit table.

2)Increasing 36 Critical Illness coverage - You have paid RM1k/year for Critical Illness coverage and the coverage starts with RM50k and by the time of 20 years later, it should be RM150k and by the end of maturity, your Critical Illness coverage will be about RM300k-RM500k, this is due to the Cash bonus, Additional Sum Assured and Terminal Bonus. This should be the only type of plan that the Critical Illness coverage will increase over time.

3)Fixed Insurance chargers - Why would this policy is having high surrender value and coverage at later year unlike investment link plan? Because traditional plan's insurance chargers are fixed at inception. Unlike investment linked's insurance chargers will increase over the time, it will eat up all your cash value at later age, traditional policy is a good plan for long term planning.

This is one of a very good policy and you should keep it for long term Some term or investment linked plan are giving as high as a million life coverage for only RM5k/year, however, most of it will have limitation of low cash value at later age.

Investment linked gives good protection at inception, cheap but the cash value might not enough to cover at later age.
Traditional policies might give lower protection at inception, however, the protection will increase over the time.

I'm providing well rounded insurance plan to my client depending on their needs from Term to investment linked to traditional policy.

Hi expro,

Has go through some comments and notice that you might be in insurance line. If you get help me on this, i thought want to get my parents a life insurance. Age 55-60. Assume that in middle 58, female. How much would the premium to be paid at yearly? If need more info i could provide, as im not familiar what its needed.

Just to get rough idea before i going further, then only to look for the right plans and person.

Thank you.

Hi expro,

Has go through some comments and notice that you might be in insurance line. If you get help me on this, i thought want to get my parents a life insurance. Age 55-60. Assume that in middle 58, female. How much would the premium to be paid at yearly? If need more info i could provide, as im not familiar what its needed.

Just to get rough idea before i going further, then only to look for the right plans and person.

Thank you.

I was listening to BFM and heard an ad on a new standalone life insurance policy which anyone can buy online. The insurer is Tokio Marine Life, the premium is very affordable and it seem such a hassle free. Choose your age, declare your health, etc and get a quotation prepared for you at that instance.

I am just wondering who would need such a life coverage unless you have dependants or specific beneficiary?

Actually I would say, who would need any life coverage unless you have dependents?

This that you heard from BFM which I also saw on BFM website. It is just another life insurance. The obvious difference being buying online.

A few corrections:
1) Anyone can buy online
While true, anyone can try to buy online but the questions that they will ask before purchase (also known as underwriting) will filter out the real unhealthy ones, who really cannot buy.

2) Such a life coverage...
Is not very different than other life insurance that you buy through agents. The difference is you can't add other things like your medical card or your 36 critical illness benefit, etc. Which serves its purpose depending on what you need for. Example pointed out by another forummer, he opt for this term life instead of going for MRTA, etc… because the money given can be used by the family either to offset the housing loan, or for them to use it anyway they deem suitable.

3) New standalone life insurance policy
Life insurance has always been ‘standalone’. What most people has is this ‘standalone’ and then add in medical and/or other health-related benefits

hope this clarifies something.

1. What might be interesting here is about self-declaration method (which is perhaps no different from the traditional insurance from buying through an agent) i.e. what happens if the insurer finds out about a certain discrepancy regarding the earlier disclosure would render the policy void. I can say that I am a non-smoker although the real definition of a non-smoker is someone who hasn't smoked a cigarette for the last twelve months! I mean, how could anyone verify this?

2. Perhaps buying the insurance online without the need of an agent reduces the transaction costs i.e. commission to the agent. This is something Bank Negara wanted to do a year ago but was shot down by the strong insurance agent lobby group.

3. It's just a bit amusing how insurance company insists you in buying Investment Linked Products which includes a minimum life coverage on the pretext of a "comprehensive" policy.

Not sure whether does it happens to other? Does it normal for agent either insurance, general, salesman snap your IC and credit card for application purpose? I personally find it really uncomfortable......how about the rest?

I am scouting for good / latest medical insurance for myself and maybe + spouse. Among key "benefits" I am interested in are :

1. Medical card accepted by major hospitals in Subang / Sunway
2. High annual limits
3. No lifetime limit or high amount up to RM2mil
4. No co-insurance or low amount
5. Cover post-hospitalization follow-up treatment

I don't need info from Prudential as already have it. Would like to see what are the good alternatives out in the market... thanks

Hi All.. I need help..
My parents bought me AIA insurance in year 1994. It's called VisionLife Plan. I guess it is some kind of life insurance which included some cash value, death, TPD and critical illness (as per written in supplementary contract). My parents bought this because their friends recommended, but they actually have no ideas what have they bought. Just keep paying annually whatever stated in insurance letter.
I'm newbie in insurance knowledge. Would like to understand more on this insurance contract. Would like to find someone can seriously help to interpret the contract personally. Any pro can help? Is it a good idea if drop by insurance branch office to ask?

I'm one of their new agents. I knew of this VisionLife product. It's best you go to their branch office and ask about how to use  the dividends benefit (only for old policies) without paying annually as you said.

You need the signature of your parents in order to transfer into dividend payments thus you don't have to pay as it reached maturity state. Just ask for the specific form to signup with! That's what I have absorbed from working here and to share with you.

Hope it helps!

Hi All.. I need help..
My parents bought me AIA insurance in year 1994. It's called VisionLife Plan. I guess it is some kind of life insurance which included some cash value, death, TPD and critical illness (as per written in supplementary contract). My parents bought this because their friends recommended, but they actually have no ideas what have they bought. Just keep paying annually whatever stated in insurance letter.
I'm newbie in insurance knowledge. Would like to understand more on this insurance contract. Would like to find someone can seriously help to interpret the contract personally. Any pro can help? Is it a good idea if drop by insurance branch office to ask?

if one were to do that,...will it in any way affects the final outcome of the cash value/total coverage value in the end?
is that a "Good" option for him, when he is NOT stating of no monies to pay the annual premium?   

if one were to do that,...will it in any way affects the final outcome of the cash value/total coverage value in the end?
is that a "Good" option for him, when he is NOT stating of no monies to pay the annual premium?   

General rule of thumb is usually the return is best when one pays the premium every year, until you no longer have to pay, as determined your insurance plan. so, i usually discourage using cash dividend/bonus to pay off the premium, unless one really has problem paying for it.

you can go to branch office, and ask what is the policy all about. but even customer service personnel was still in school when the plan was launched then. they will try their best to answer you, else you need to get someone financial savvy to explain the t&c to you.     

Disclaimer: this is ignoring opportunity cost, whereby you have better places for your money to grow.

As I'm concerned, this is the advise from the seniors. I think it will not affect it as it is the coverage that still matters let's say 20K or vice versa. Also, think in that circumstances, your policy has matured and it is a benefit ONLY for the old policies.