do you think I made a mistake by committing to that? I only earn 2.6k per month

This post has been edited by BacktoBasics: Nov 27 2015, 11:47 AM

It is never a mistake, in fact you can talk to your agent and see how and where you can reduce the premium commitment.

Ask your agent to
1. lay out what exactly is covered.
2. explain thoroughly
3. And the tell him/her your situation on affordability.

I do regular reviews with my customers too.

so even if the plan is signed for 200k life insurance. I already commit to it for one year. I can still change the coverage? and installements?

If it is an investment-linked life insurance policy, yes, you can.

But at the same time, it has to make sense. Otherwise, your agent will advice you against it, simply because it doesn't make sense.

Be transparent with your agent, be truthful and give accurate information.
Because like all the other agents, our work can only be as accurate as the information that you provide to us.

Frankly we are humans too, we have moms too just like everyone else.
We want to do our level best and deliver for our customers a good and relevant portfolio as well.

_________________________________________________________________________
But human nature of distrust gets in the way, afraid that the agent will earn our money.
Well, the agent, me, will earn your money from our commissions. Our commissions is fixed on a percentage and that percentage doesn't change.

Certain forumers here like to say "don't buy insurance, it is only making the agents rich and travel overseas."
I want to say that is true. We do qualify for convention trips upon hitting certain sales targets.
But let's consider the situation that you don't buy insurance. At all.
How much would an unfavorable situation set you back?

Is it really worth the effort to prevent me, the insurance agent, from taking 20% commissions of RM40-60?
Who has more at stake here? The agent, me? Or the person, you?

2.6k buy 300 insurance... really 'over-buy'

why yes, you may be getting more...

but at this point, more insurance isn't what you need... more money to channel to savings seems more right.

likely your policy is an investment-linked, so can try to adjust to a more comfortable level, in the range of 150 - 200...

noted with thanks. WIll talk to my agent

Thank you to all the advice. Will try to upgrade and see what is the result

Any great eastern agent here???

then when you want to claim you won't be able to claim
because upon signing policy you did not disclose it. don't cheat inorder get cheaper premium .

They have took out the other risk and only cover the 4 types of critical illness with 25% from the sum assured. It's okay in view of the price. If you are looking for comprehensive critical illness coverage, you might have to look for alternative.

On the critical illness...

Long story short:
Would you buy a car with any missing parts?
If yes, what are the parts would you go without? Airbags? Wheels? The engine?

All insurance company also can get insurance, have you bought insurance? I can be of assist.

1 no0b question;
Prudential & PrudentialBSN, it is the same company, right?

Then what are the difference ?

Prudential is conventional insurance, PrudentialBSN is Takaful.

It's similar to Maybank vs Maybank Islamic in banking industry.

Alright, here the deal.

I have an insurance policy years ago. Been diligently paying, except that I have lapsed payment for months. Did not apply for 'holiday' (or what ever it is that they termed it).

Intended to surrender the policy, as it no longer fit my requirements.

My query is, how much money will I get back?

Will the insurance return what ever it is in my policy, or will the insurance deduct the months that I have not paid, before returning any balance available ?

I assumed the cash value is based on where you stopped paying the premium but it would be better just to directly call them and get the proper information.

Why don't you go to your agent?
If your agent is no longer around, bring your policy booklet to the servicing branch and the customer service rep will be able to help you.

If it no longer fit your requirements, perhaps it is time to do a review instead of surrendering it for the sake of surrendering it.
Find out exactly what that policy is, what is needed in your current finances, and make things clear.

After gathering the information, then from there you'll have a better direction and more confidence to either surrender, or buy more coverage.

Most probably your cash value had been eaten up if the policy is less than 3 years old.

If you would like to continue your policy you will need to pay up the premium you didn't pay previously and let it br reinstated but it will be pending approval on any change in health condition.

This post has been edited by lifebalance: Dec 17 2015, 09:35 PM

Medical card tax relief is rm3000 yearly depending on your proportion for life and medical.
For life and epf max is rm6000 yearly

Outpatient Cancer Treatment
Outpatient Kidney Dialysis Treatment

PRUValue Med
As Charged (Up to 1.5 times of the chosen Med Value Point per lifetime. MVP option 1.0/1.5/2.0 Million)

Great Eastern Smart Extender
As Charged (No mention of per lifetime)

AIA A-Plus MedBooster
RM750,000 (Plan 150: Lifetime limit of RM250,000 from A-Plus Med + RM500,000 from A-Plus MedBooster)

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Hope insurance sifu here can help to answer some of my questions below:

1. Is there a per lifetime limit for Smart Extender for Outpatient Cancer/Kidney treatment?
2. If there no per lifetime limit for Smart Extender, does the limit follow the Annual Limit and resets at each policy year?
3. It seems like, AIA A-Plus MedBooster Outpatient Cancer/Kidney treatment is less attractive compared to Prudential and GE. Is my observation correct?


Thanks for the help.