Do I need to declare when I start smoking, or so long as I declare that I am a smoker now is okay dy ?

Be specific as you can.

^ Noted with thanks!

How necessary is the Uforlife life insurance for a 25 years old?

Been seeing it heavily promoted latel.y

anyone heard of the great eastern smart extender max? it is a rider on top of your basic medical insurance. looks like a cheap option. anyone?

Best to check with your own agent first if you're looking for a top-up.
Most insurance companies do have such riders at a very comparable price too.

I just made a comparison between Uforlife and say Allianz... actually Uforlife turned out to be more exp... if u buy it for long term cause the premium keeps going up... anyway maybe someone more pro can shed some light on this.,

Recently I'm looking for some extra LIfe Insurance coverage... cause well.. I got extra dependent hence...

ANyway... I'm looking at pure life coverage.. no investment linked nonsense.. so I got an Allianz Agent to quote me RM500,000 Assured Sum... valid for 30 years.. @ RM350/month premium. It comes with some 30~90k cash value at the end of the 30 years.

So I trim that further, got a 23 yr plan (enuf to cover my children until graduation) and with a LOW cash value (like 40k? this is not important to me), the premium dropped to around RM250/mth.

Not bad... anyone here can give some advice if there is any good kosong punya Life Plan out there?

IMPORTANT

You do NOT need to declare. It is based on when the policy was bought. Please ignore the other idiot.

Keep in mind you do need to declare, obviously, for new policies you intend to buy

Can you produce the year-by-year premiums of Uforlife and Allianz for comparison?

as you have already mentioned, it's a 'top up'.

a) you can't directly claim from Smart Extender Max (SEM). you only claim from SEM if you have claimed from your basic medical insurance.

b) because of a), it will definitely cheap. as to whether it's necessary or not, i think this is too subjective. you just need to weigh out the cost and benefit.

it is a pure life insurance. meaning when one dies, the money goes to their beneficiary. these insurance are ideal for those who are looking for cheap, short-term life insurance who intends to leave a sum of money for their love ones.

*short-term in life insurance horizon is although undefined (and short is a relative term), but short still mean a few years la.

1) the premium for uforlife is indeed increasing based on age. but so is allianz... well, the insurance charges which they charge in investment-linked plan. i'm almost quite sure your allianz agent also quoted you some investment-linked crap, which is not what you want. that's why you can adjust your premium, got cash value, etc... the premium, true is fixed, but insurance charges increases with age.

2) traditional insurance plan has fixed premium. from day 1 until the last day. keep in mind that in a way you pay more in the beginning, to subsidize for 'later'. in the case of uforlife... they don't flatten it out, they let it to be charged accordingly based on your age. as the case for investment-linked insurance, the premium you pay, goes into an investment fund, then based on your age and sum assured you bought, the insurance charge will be deducted from the investment fund. if your investment fund does not have enough funds to deduct, then your policy will lapse.

it seems like premium is flat, but it's really not.

3) as you have mentioned, correct you have dependents, but you won't have a dependent forever. so, prior to choosing a plan, may i ask, how long do you need it for? i would not say uforlife is the best if you are looking term life insurance but it is a good place to start, at least you get to compare the rates with other quotations you get since uforlife just puts up the rates online.

uforlife is cheaper if you are say looking for some coverage before you retire, ie before your children is old enough. so yes, premium does increase exponentially, especially after 55? or 60? but you probably won't be needing them.



This post has been edited by adele123: Nov 16 2015, 09:15 PM

500k life term say for 25 yrs... age say 40 to 65... u can keyin on the website for Uforlife.. works out to be RM420+ per month on average... while Allianz I was quoted RM250~350 depending on how much "cash value" I get back.

First, would liek to thank you for your feedback.

You are right in saying the premium raises with age, and you are also right that allianz does have some investment linked crap which I dont want. But at the end of the day, I'm looking at a 25 yrs coverage (enuf for the little ones to graduate and kick them out of the house) and around 500~750k assured sum (yes this is not nearly enuf but its incase I croak, i have other plans in place for their education blah blah).

So for a comparison of 25 yrs term coverage @ 500k, I'm getting a monthly of 250/350 from Allianz and 420+ from Uforlife, hence at the end of the day for me as a buyer I'm only concern with the NETT premium I pay.

However, if you look at it from another angle... all things being equal, I do prefer to pay less NOW and pay MORE later as the cost will be more manageable taking into consideration my increase earning potential and inflation.

All my insurance premium is auto billed to my credit card.... so I can get some cashback as well as points... yeah I know i'm a cheapskate

420+? that's expensive... you should be less than 40 yes? should not be that expensive... smoker? or family history resulting in loading?

aside of allianz... you can look into Great Eastern, which has like a short term ilp. what i do like about GE is despite their Dai Kor status in the industry, their price is usually quite on the cheaper side. but since i haven't done any comparison, maybe allianz could be cheaper.

OR... you can go back to old school term life insurance, depending on which company still offers it. not too long ago, this AIA agent said AIA still sell term life.

some companies still sell a whole life traditional life insurance, which is more expensive than the term life, but still has cash value but no investment kind of factor.

Actually all companies still have a broad range of traditional life insurance including term life.

It's just that since Takaful has adopted the ILP model, the whole market is only teaching agents to sell investment-linked.
And you can see very clearly insurers are really gunning for ILP too, pli pla pli pla introduce so many riders exclusively as ILP riders, churning out a lot of ILP promoters.

Only some old-school agents still has knowledge on traditional life insurance including term life.

As for the technical details behind the product and how to utilize traditional life insurance... frankly will vomit blood. I vomit a lot already.

Yes, Uforlife's premium for the last few years runs into the 4 figures and pulls up the average cost quite abit. I was looking for 40 to 65 coverage, 25 yrs term. Non smoking, no medical condition, no loading, etc. I try to compare apple to apple as much as possible and not have some stuff skew the premiums.

As for GE, I'm getting a quote to take a look. I did have a quote from AIA from one of the forumer here... but it seems slightly more pricey (RM40+ extra) comapred to Allianz, but I need to query the agent more as to what's included.

As for reputation of companies, Allianz is not bad... being the top 5 biggest in the world counts for something as well I reckon.

This is the Term ILP as per what adele saying.
Age 40, non smoker, male.
Premium : RM4450/year for 20 years.
Protection Term: 30 years
Protection starts with RM500,000 and increasing RM5,000 yearly, by end of 30 years, you are expected to have a cash value of RM3,332-RM52,842, just take the cash value as a bonus
The total premium of RM89,000 if use to divided by 30 years, it will be RM2967/year.
Anyone who are interested to do research on this proposal can pm me to get the proposal in PDF form.

Like everything else... when they say from RM9.85, that's only the minimum... like any insurance it depends on your age, smoker status, gender, etc...

for the cost, i've been mentioning this many times, you can go to uforlife website, play around and the cost will be displayed. so, quite transparent.

basically what they are selling is just term life insurance... (to be technical, yearly renewable term) which pays an amount if one dies (or kena something the insurance industry call TPD, total and permanent disability).

if you are looking for say medical card or something, or coverage for 36 Critical illness, then this is not it la.

a previous sifu in this forum bought as a protection to cover his house loan or something.

anybody can help to advise?