AIA is offering up to3k or 5k basic for the first year if you pass our interview.

A reasonable coverage for a person in mid 30s and healthy is probably around 200k annual limits.
Because you are healthy and insurable now.
It is when we need it that we cannot buy it, this insurance thing.
So why not get it now while you are healthy, insurable and can afford it?

After all, the best person to take care of yourself in the future, is the young and healthy you now.
Always plan forward.

I just handled a final death claim cheque to a family friend this week. Previous cheques amounted up to 500k for her cancer claims were all used up for her treatments.
So friends, please, while you still can, insure yourself. The emotional toll on people who love you is difficult enough to bear.

What you want to look into is the clauses for that.
Here are some examples:

Example 1
If you do engage in extreme sports regularly, ie: a hobby, you have to declare that because this would be held against you as a non-disclosure and hence a breach of "utmost good faith".
Depending on the sport, a surcharge or an exclusion may be imposed.

Example 2
If you are a paid athlete in that extreme sport (product endorsement, sponsored, etc) in any mean, shape or form,
you would be considered a professional athlete, and you will not be covered at all. Not even in a Personal Accident policy.

Example 3
If you are like me, a working guy, lead a very stable life... and then the gf wants to climb mt kinabalu.
No worries, just go and climb.

I hope this helps answer your question.
And if I have mentioned anything wrongly, sifus here please correct me and we can all learn.

Ya, like what adele123 said, declare your past illnesses upon application.

What happens AFTER you have purchased your medical insurance policy is covered by the insurance company, based on the terms and conditions stated in the policy.

To be extra sure, ask your agent about these:
1. Waiting period
2. Specified illnesses.
3. Involvement in armed forces
4. Professional/hazardous sports
5. Incontestability period
6. Flexibility to upgrade

Hope this helps.

Glad to help. All the best to you and speedy recovery!

Would like to resonate from cherroy

Insurance is a financial tool available in the market for those who want it and can afford it.

If a person has to choose one between food and insurance... please take care of your survival needs first.

So when you have your survival needs satisfied and you aspire to move up further, maybe you want to think about doing some planning so in the case of a hospitalization, you won't have to forego your savings, cripple your finances just so you can get better and start over.
Medical insurance would be a tool available to you at a nominal price.

Of course you can argue with the option to go to government hospitals.
In fact, gov hospitals are not all that bad. They know what they are doing and they are doing it well.
The problem lies in the quality of care you get.
For example:
Myvi is a car, Latio is a car, Beetle is a car, A250 is a car.
All come with different prices and all of them are very popular on the road.
So if Myvi at 50k is a car, our country must be filled with very dumb guys for paying extra for a car isn't it?

This post has been edited by JIUHWEI: Feb 24 2015, 04:06 PM

Your old policy won't kena exclusion. Cuz they already accepted and charged you for that risk.

The waiver would be an optional item to take out/add in. It will not affect your medical policy.

Should you upgrade your medical policy, you will need to fill-in a health cert on your current health condition to be submitted before they accept your upgrade.

Waiting period means the waiting period before you can file for a claim. This measure is included to prevent fraudulent cases whereby people only decide to buy when they know they need it. Insurance company is not a charity organization, and this is bad business.

DO NOT CANCEL YOUR OLD POLICY.

Who was the person that asked you to cancel your new medical policy?
That person should be held responsible if your hospital bill exceeds the covered amount of your current annual limit.

It's always good to get your own medical insurance aside from your employee benefit.

I'm guessing all those are medical insurance?
If so, you're on the right track.

For now, it is cheaper. But in the long run, medical insurance only will cost more.

If you can afford it, get your children medical insurance while they are still young with a clean bill of health.

It is always good to get their own personal medical insurance.
The bottom line is, while they are young and healthy, there's no exclusions, no medical loading.

Short term: yes, it will be a liability as the premiums will have to be paid. If you can afford it (without having to affect your investment/expansionary horizons) why not?

Long term: This will a very solid foundation that you have laid for them.
Should they want to get their own plans in the future, it'll be up to them to upgrade in the future.

What do you want to ask about motor insurance?

Here's something to point out:

1. Agreed Value
Sum Insured is usually slightly higher than what your car is worth. You pay a little bit more in premium too.
But here's the good part:
Let's say today your car is worth 100,000. Agreed Value is at 105,000.
At the end of the year, total loss. Company pays 105,000.

2. Market Value
Sum Insured is at the current market value of your car, at 100,000.
At the end of the year, total loss. At the end of the year, your car is worth 75,000 in the market.
Company pays 75,000.

That's about right.

The good thing about investment-linked policy is that you can add-on more coverage at any time in the future.

Besides, your company medical insurance only covers up to a certain limit. Anything extra you can claim from your personal medical insurance.

Go for it, buddy.

Should this person meet with an accident or an illness that require long term treatment such as kidney dialysis, before having his own personal insurance, the company will still absorb it.
But
How long will the company keep him/her?
Who is going to take up the dialysis bill? You?
Company employee benefit hospitalization at 30k, who is going to pay the rest if needed? You?
Are you willing to take that financial responsibility to discourage him/her from taking up some basic personal insurance coverage while he/she is young and insurable?

Saving capital to enable one to invest as priority... with the amount of dengue patients who followed your advise, none of them will be buying any property any time soon with a RM2,800 salary and an increment of 10% every year.

It's 200/month. Sincerely, at 2,800 salary, should a person put his money into investing?
A medical insurance is crucial in retirement planning and in savings. And I agree, disease, death is inevitable.

Dengue was brought up for illustration purposes.
There are too many ifs and buts for this argument to be any fruitful.
But to discourage someone from getting a personal hospital insurance, i think the person giving the advise should be held accountable.

It's 200 out from 2800. It's 7% of the person's salary.
"The chance of likehood burden himself financially with buying multiple insurance is greater that kidney dialysis especially TS is a fresh graduate." - Don't quite understand this sentence. But if I did understand you correctly, this I believe would be his first insurance policy. Putting his DSR at 200 for insurance due to his young age, I think, is what we all want but can only wish for.

The relative mother that you mentioned, what policies did she purchase?

If there is so much money with 2.8k, what's using 200 out of 2.8k for something as important as a personal hospital insurance? Your second job pays you RM200?

Life is so much more than supporting a hospital and its doctors too.

Don't get me wrong, saving up is also important. But telling people to save up until being able to invest in a property is quite irresponsible on your part. No offence as well.

I currently have a client at 56 and she is now declined medical insurance due to diabetes.
Their strategy was exactly the same as what you described.

I believe all insurance companies function the same way with pricing.

Just don't compare general insurance and life insurance bc they function differently.

Anyways, almost all insurers will prorate 6% on the coverage beginning April 1.

Note: Life & TPD premiums will not be subjected to GST. All others subject to GST.

Statement 1
Life and TPD coverage are not subjected to GST.

Statement 2
All other coverage on H&S, CI, Education Plans, Hospital Income, etc, are subject to GST.
For the above statement, here is a breakdown between Traditional plans (standalone) and ILP & Takaful:

Traditional
GST will be charged on the premiums payable.
For example:

Total Premium: RM3160.00
GST @ 6%: RM189.60
Total to Pay: RM3160.00 + RM189.60 = RM3349.60

*Traditional Life & CI policies not subject to GST.

ILP & Takaful
GST will be charged on the Cost of Insurance (COI)/Tabarru, and Monthly Service Charge/Certificate Fee.
For what kinds of COI/Tabarru applicable, refer to Statement 1 and Statement 2.

Your premiums payable will remain the same.
However, due to a 6% GST charged on COI and Monthly Service Charge, the sustainability of your ILP policy will be slightly affected. In due time, you may or may not have to do a top-up, depending on the amount of funds in your account to sustain your account.

***********************************

Now, to answer your question:

You are partially right.
However, my understanding is parallel to what adele123 mentioned.
All non-life policies are subject to GST.

http://www.liam.org.my/index.php/newsmedia...at-are-gst-free

Basically, CI that comes with a traditional policy is not subject to GST due to the fact that the product covers natural death as well.

I hope this clears the air for everyone. =)

Correction:

With the explanation on the LIAM statement, I should be right to say this specifically for Education Plans.

The policy premiums and cost of insurance for education plans is not subject to GST due to the fact that it covers Life.
However, the policy service charges will be subject to GST.

I believe this should be a more accurate statement.

Err... thanks for the compliment.
But there is no such thing as "the best" among insurers in terms of products.

Like what others have said, the major life companies in Malaysia are GE, Prudential, and AIA.
All 3 are equally popular in terms of brand presence,
all 3 have a substantial market share in terms of policy holders,
and all 3 offer very comprehensive range of products.

It's like asking BMW, Audi, and Mercedes Benz, which is better?
There's really no way to tell because all 3 have their own strengths, features, and unique selling points that appeal to a certain crowd much like how GE, Prudential and AIA have their own strengths, features, and USPs that appeal to people with certain concerns, or weigh some aspects more and some aspects less.

Take for example:
AIA does offer PRS as well!
But what does PRS got to do with you? If it doesn't strengthen your portfolio, then it's useless for you?
With that said, does catering for PRS makes AIA any better than GE and Prudential?
Absolutely not.

The numbers don't run and the contract doesn't change.
The only difference is in the agents that you are dealing with.
Are they part-timers? Are they full-timers? Are they touch-n-go agents?
How relevant are our suggestions to your portfolio?
And as a take-away note, our work can only be as accurate as the amount of information that you provide to us.
Insurance is not an investment. What kind, how much or how little to buy really just depends on you.

A good plan for you, may not be a very good fit for another person.
But a good agent to you can very well be a good agent to everyone.