If it's Great Eastern, obviously it's insurance.

And with investment-linked plan (ILP), it works that way. 'So-Called' pay premium whenever you like (t&c applies) and withdrawal when you need it.

so if it's what i think it is (which is i'm 99% sure it's ILP), nothing special. Just know what you are getting into. it's insurance, not investment.

fyi

Even if you buy from maybank, the result is still the same. They ask the same question. You can try your luck again with other companies but dont get your hopes up.

One of the standard insurance question is, "has your insurance application been rejected, denied,... by other insurance company?"

Maybank is an intermediary of selling insurance. That's it.

Usually when agents propose sales idea, they will propose a 'package'. Thus you get all these fancy things... and are the results of people who work in marketing. Whether it's an education plan/fund or not, it's essentially life insurance plus medical.

You are looking for a medical insurance. Next step is...

1) Do you need a life insurance as well for your daughter?
2) If yes to Q1, are you going for whole life or short term? (whole life being up to age 100, short term i mean, up to about 20 years later)
3) If Short term to Q2, then that's what they called 'education plan'.

Personal opinion
1) i don't think a child needs life insurance. strictly speaking life insurance (as in only receive payment upon death).
although the disability payment seems reasonable.

2) some insurance plans have term about 20 to 25 years. which will coincide perfectly as 'education' plan, assuming when it started, your child is less than 5. essentially it's insurance with savings/investment element. returns are going to be poorer than that of unit trust. Bear in mind, some cost will be incurred due to the insurance charges, etc. insurance company cannot provide insurance for free. certain insurance plan has some guaranteed elements, unlike normal unit trust plans. so... pros and cons.

it's a very very very long list... i'm not even sure if it's right to share it. agents probably won't have such a list. this is underwriting's job

carpenter - class 4
helicopter pilot - class 3 (with loading)
minor - class 2?
student - class 1
housewife - class 2?

random examples... LOL

10 child? one medical card or 10 medical cards?

I don't work for AIA but i'm pretty sure the standard is 2 child + parents.

anyway... yes it is cheaper... but there's a point to take note... limits are shared... there's a reason why it's cheaper. though how often everyone ends up in the hospital in the same policy year... well, not very often i hope

This post has been edited by adele123: Jul 16 2014, 02:48 PM

A better understanding, Travel insurance is a subset of PA insurance.

And in most instances, PA excludes terrorism and war/rebellion/civil war

It's normal for insurance companies to ask for financial information if the customer buys a very high sum assured.

It's not really declaring asset but rather just additional questions understanding the financial position/income of the customer. it's not the same as bank asking for financial documents for loan/cc application.

Cause they can't have clerks buying RM1mil life insurance policy or something like that.

EVEN higher sum assured, requires even more financial information.

So... i don't know what's the threshold for GE, just FYI.

This post has been edited by adele123: Jul 23 2014, 02:34 PM

Please Please COMPLAIN... there's so much loophole in whatever crap she fed you with...

what do you mean by unlimited? covers all over the world?

pays whatever sum???

do keep in mind.

insurance... do not do early termination or you lose a hell a lot. so you need to choose something that matches the timeline of college. i've seen some "savings" plan usually don't let you add medical insurance... simply because it's weird... policy ends in 20 years, medical can still go on.

AND... having a "savings" plan usually is expensive... and you pay more per year. investment return is not guaranteed. then again, so is every other thing is this world. just because you have a savings plan, doesn't mean you don't to scratch your head later

but anyway, there are plenty of options out there, just be careful and choose wisely

To me, insurance should just be insurance. But nowadays, agents just recommend investment-linked. they stop recommending the traditional insurance without investment element, despite the insurance companies do make them available on the shelf. This is not the fault of the agents as well because the insurance companies are gearing towards selling more investment-linked products.

If you are not lazy, you can get the brochures from a few companies and do comparison yourself. For Medical Card, premium and insurance charges are readily in the brochure, for all age bands.

Just look at a few criteria, like annual limit, lifetime limit, Room & Board.

But frankly... yes, when i thought about no lifetime limit, it is rather attractive but seriously, by the time someone claims 2-3 times annual limit, i think that person would probably be not in a good shape.

i'm not sure if it's possible for your existing health insurance, try to find out if you can ask for change of plan with AIA that offers better limits and r&b at a more value for money premium as well. cause really what you have now is rather low limits.

This post has been edited by adele123: Jul 25 2014, 02:16 PM

There WILL be such a thing.

This will be under Life Insurance and Family Takaful Framework

The idea is to have commission-free pure protection products sold via direct channel. Those are who are more financial savvy and can manage their own insurance without being serviced by an agent can go via this route in future. However, when this can really happen is still an unknown.

Here’s a piece of news by The Edge which will give a summary on this framework. Obviously the agents are not gonna be too please.

The Edge

actually, i forgot about your previous post.

Yes, purchasing general insurance is more straight forward, so going direct yes, do-able.

I haven't heard of anybody buying life insurance direct. Telemarketing is not direct channel. Online is direct channel if any online life insurance.

Not too sure how to help this out. Well, it's best that you go through the Product Disclosure Sheet and the Sales Illustration and understand as much as you can.

and most importantly try to understand what you get when this happen, and that happen... etc. Terms and conditions, read the fine prints.

the policy contract is usually harder to understand. so that goes later, although that's the actual binding t & c.

anyway, in short, the investment is managed like any investment fund (like unit trust, etc.)

I think it depends if you are doing a renewal, or totally get a new policy. And getting a new policy might end up losing some renewal benefit (such as increasing sum assured, which i know there is cause my mother has a PA with renewal bonus)

This post has been edited by adele123: Aug 2 2014, 11:44 PM

can't see image... i'm guessing whatever you intend to show is an ILP with LEVEL FACE or LEVEL COVER.

insurance charge is based on value at risk or sum at risk, which is the difference between sum assured and fund value, so COI will be different.

FMF is a percentage of the fund value... so naturally that differs

Like i said earlier...

i'm guessing the ILP type is LEVEL FACE or LEVEL COVER.

COI is based on value at risk or sum at risk, which is the difference between sum assured and fund value, so COI will be different.

Death benefit payable is HIGHER of fund value and Sum Assured.

The so-called 'normal' ILP that most are familiar with is the FACE PLUS or INCREASING COVER.

Death Benefit payable is fund value AND sum Assured

This post has been edited by adele123: Aug 5 2014, 05:27 PM

Hmm... Can you please check the Death Benefit from the PDS and see what's the amount payable?

I'm doing guessing work with one page of SI and i don't work Prudential so i don't know heads and tails.

The thing is this is best illustrated by an example.

Example: Sum Assured 100k
Fund Value Projected under X at time t: RM40k
Fund Value Projected under Y at time t: RM20k

FOR Level Cover or Level Face, Death Benefit payable is Higher of Fund Value or Sum Assured

The COI incurred under X is the COI for RM100k - RM40k. Because insurance company only insures the 60k.

The COI incurred under Y is the COI for RM100k - RM20k. Because insurance company only insures the 80k.

Why? because the fund value is policyholder's rightful asset. so the 'Sum At Risk' to the insurance company is the RM60k or the RM80k. Because that's how much the insurance company is ACTUALLY insuring.

Again, i'm only guessing. i could be wrong. it's may be not what i think it is. But if i'm right, then Death Benefit should be written like the higher of 100k or fund value...

PS: i noticed previously that most people are only familiar with face plus or increasing cover and not familiar with level cover or level face.

This post has been edited by adele123: Aug 5 2014, 08:01 PM

Level Cover or Level Face. Death Benefit payable is level across throughout the policy. (Fixed)

Increasing Cover or Face Plus. Death Benefit payable is sum assured plus fund value. (Not Fixed cause your investment may increase or decrease)

please read

it doesn't mean that exactly but it refers to those type of policies this is what i understand. I don't know if there's a standard 'term' for these type of covers, but this is what i know to be the terms used.

There is a term for it.

Sad to say, to the layman, choosing an insurance plan can be very confusing.

Well, whatever you saw, is really just some marketing gimmick. Whatever 3-in-1 or not. The easiest way is to decide… what do you need?

1) Life insurance
2) Health insurance
3) Do you want something with investment/savings element?

Like buying air tickets, sometimes you just need to get from one place to another. Don’t need the seats selection, ipad, meals on board, luggage. But obviously airasia wants you to buy everything because they need more revenue. Same goes to insurance companies. And agents.

ALSO to sort of make you understand better, most medical insurance out there, are very similar in terms of benefit… they all cover the necessary thing, but vary in terms of amount (but not that much anyway). But there might be some extra benefit, that some offer and others don’t.

You may want to understand that out of the 36 critical illness, a lot of them would require hospitalisation for treatment, which makes it that, you will be covered under company insurance. or there will be cases like parkinson and alzheimer, which would be too far gone. i'm sure it's not as straight forward to cover a foreigner especially health related insurance. so i guess the real question is really how much will that insurance will remotely beneficial to you, especially when you purchase in another country.

It is known to those in the industry that Allianz medical insurance is somewhat cheaper than their competitors, not sure if that applies to CI insurance as well as well

there are CI standalone plans, but one would need to get it from a General insurance company. or there's something known as Ceria Malaysia, easily purchasable through certain banks (i.e. CIMB, AmBank, HLB). You may google that.