u sure US insurance will cover malaysian?

It is a Policy offered by local Insurance Company but in US$.
You pay in US$ and return value is in US$.

This policy is issued locally and will covered you locally as well, according to Contract.

Also, I am not an Insurance Agent. Please consult with AIA Agent, shall this policy is still available.
I just share, what I had been told and listed in Sales Illustration.

Dear Weirdguy,

Wow, this 'A' company is very creative it seems when it comes to all types of plans.

Let me tell you one experience I had with this company. It's a true event. This was abt 5 years ago when company A was in turmoil. Nearly collapsed and Pru almost bought it for USD650M. Check the past news.

My client bought 3 endowment policies with company A. Each policy abt rm10k, paid yearly. The agent told her just pay 10 years and reap sky high returns, collect back money from company A on the 10th year. This agent also works in a bank, so he has the data of customers who have a lot RM in FD. He targets those aunties typically.

So this client, one day asked me " chris, since I bought medical investment link from you, your savings plan how ah? As good as company A ah? Short term and very high return ah? More than 30% ah?. I bought these savings policy for my 3 children for education. Can withdraw on the 10th year. Pru got meh?"

So I told her, impossible returns, impossible term of maturity only 10 years ( I know my competitors plans well). True enough, she has to pay 10 years, but she can only take out the monies when the children reach age 80 if I remember well (maturity). So I patiently showed her all the fingerprints and show her the date of maturity etc etc. She was shocked, couldn't believe me. So I told her, I will bring her to A HQ the next day. So we went.

We met the Cust Service Manager together, introducing myself as her nephew. The manager called the agent via tel. Showed the manager the scribble wat the agent wrote on a piece of paper the returns and no of years to pay ( that's his presentation, tats all). And the client even said the agent told her, this savings plan must be paid only on a yearly basis 10k x 3 policies= Rm30k. Not other options.

The managers spoke briefly with the agent, asked us to go back, the policy cannot be cancelled unless surrendered at a big loss (incepted for 3 months). Told her (my client) company A will revert soonest possible should the higher mgt will consider returning all her premiums in full. So guess what, no reply after that, nothing.

On the way back, my client called the agent. He picked up and said " aunty, If you say I cheat you, is also for your own good. I cheat your right pocket, the money also enter your left pocket mah..you continue lah please don't surrender and if company call you say you don't want lose your money"

Nothing. Nothing after a week, nothing after a year. She's still paying for it today on yearly, her husband was furious but so what.

* after this incident she told me she has lost trust in all insurance type of savings plan. And she actually pity the agent who sold her this plan because the agent told her he's getting married at the point of signing up the policies. She says let it be.
* I know her husband first only a few months before she took up these policies with company A. That time, her husband was looking for a med plan for himself.

Company A can sell you wonders, dreams and I remember. Their med card was like buying huge limit but something that the policy holders can't actually use. Too many sub-limits ie cancer kidney dialysis can use only rm15k lifetime. The med card limit=big. Short term paid up policies, they were selling it like hot cakes. They have the traditional agents with them because this company was a giant back then. Agents that do not move with times, ancient.

Today it's a different story of course. I am sure they have learned and improved. Even the newer plans are so much better. But it's the culture of their agents, or set-up, mindset. Something that trainings or newer facilities can't change.

I am sorry I am here not to put down my competitors or be long winded. Buts it's something that we all have heard of or come across. Just to share so that ppl here are aware of not being too greedy.

This post has been edited by ChrisGood: May 15 2014, 10:16 AM

What are you trying to say?
Are this statement pointing to my offered Policy?

I am not offended. This is a Discussion Forum and are not directly sponsored or legally abide to any Insurance Company.

ChrisGood, I admire your active presence and others in this Forum to educate our Malaysian Consumer about Insurance.
I understand that this is not a proper Education, as it is purely based** on Forumer's intention to seek quick answers or brief answers, whether what they had been told by their Agent are somehow alike.

I had learned a lot from the past few days, from 30% Somewhat Understand about Insurance, to now, I can label myself as "Annoyance to typical Insurance Agent".

You are correct that the landscape of current Policies industry-wide are different now, as us the Consumers are better educated - tend to read the causes and also research competitors offer, compare to past time - where a Customer buy an Insurance, not because entirely on the product, but because of Agent.

You are also correct that it is due to Culture of Agents or their Mindsets.
However, if it is to be in Class Action Suit, it is the Company's negligence of not identify such early warning of its Agents' widespread misconduct. The Company has the right to dismiss the Agent or re-train them, to let them know they are wrong. But they did not do such. The Company continue to flourish under this corrupt Culture of its Agents. They turning a blind eyes over ever increasing Profit/Revenue.

**Correction made.

This post has been edited by weirdguy: May 15 2014, 03:07 PM

Weirdguy,
Thank you.

Once, I came across this bright young lady selling ING. Since it's no longer in existence, I will mention it. She was cold canvassing for clients and approached me. So I told her I'm an agent, and offered her to sit with me and chatted.

She was selling only 'savings plan' for the business owners. Min of rm5k per year. It's written on her leaflet. So I asked her what was the response like. She said not bad beacuse it's savings and short term (10 years plus 20 years maturity) endowment plan. Then I asked her, what abt medical plan? She answered " no need sell medical plan, it's troublesome and commission is lower. Servicing during claims, not worth it. My manager and seniors all sell only savings. Unless asked by clients, no choice then just sell standalone and ask them buy savings" then she asked me " you Pru, like to sell medical plan, easy meh? It's little commission but am ma fan", so I told her yes, but that's the correct way to build customers, if they don't have medical, it's not right to sell savings first. It's the foundation. We are insurance agents first, savings come no 2.

But I admired her courage, persistence. She did well in fact after probing more. She's fresh, a 2nd year agent. She's also truthful to another fellow competitor like me. But I cannot agree with her mentors. They are taught that way to achieve their goals, not to achieve their clients' goals.

So you see, it's all about culture, the believe, the mentoring. Of course pru also have such mindset agents.

Back to the earlier story, The company A agent was a top producer too. He works at front desk under loans, but secretly selling insurance to banks customers (BAFIA ACT, cannot. It's not bankassurance). Any suprise? Tats the type of plans he sold to unsuspecting aunties.

Agreed. I am not surprise that such people exist.
We are human and exposed to attitude and emotion. Logic may not play a big role in our lifestyle and decision making.

Such people, cold people are everywhere, not just in Insurance industry. I just wish stress this. I am not trying to bring hatred in this discussion.

You know what, ChrisGood

I remember that during my University time, I had to do a comprehensive Report for my English Unit. The topic can be anything but it had to be Argumentative with real fact support each of my opinion. For an example, Nuclear Energy versus Renewable Energy, or Desktop versus Laptop. Or Why being Vegetarian is recommended? Something like that.

I did a topic on "Financial Literacy is mandatory to all students during their Secondary School". The reason I did such topic because I see the importance of it during that time. How we are starting to get expose to many Financial Products and Services, and with this Literacy, it is a way for us to at least understand some sort of basic in the real world. Not easily being cheated.

I didn't do good on that topic, though deep in my heart, I utmost understand the importance of it. Even my English lecturer was surprise for my persistence with such topic.

If I have the chance to revisit time, I will like to do "Financial Literacy is critical non-optional unit in Malaysia University. Haha.

This post has been edited by weirdguy: May 15 2014, 03:22 PM

Good names or bad names of a life insurance company really depends very much on the conduct and professionalism of the insurance agents. All life insurance companies have both good and not so good insurance agents. As consumers, we have to have some basic understanding of what we are buying be it insurance or a car or a house. Never rely 100% on the person who sell you a product because it is their interest to make the sale successful.

you may request to change to your preferred agent to avoid communication barrier. Please provide us a request letter signed by the policy holder stating on the reason for this request. You may send us the duly signed letter via email or fax at 03-2264 8499.

Hahah Allianz very funny.
If you complaint your Allianz agent, they will ask you change agent to resolve the problem.

If there is Allianz agent that earn the commission from policy holder but did not provide services to customer, then Allianz will advise the customer to change agent in the name of "change to your preferred agent to avoid communication barrier" ?
This solution is totally a joke. I'm not satisfied at all.

- Unsatisfied Allianz Life customer

Would you mind share your dissatisfaction with the Allianz Agent with censorship?

I also just has a bad experience with one of the Agent in Lowyat. I'm not sure such matter is recommended to be disclose here since the matter occur here.

I find myself sad and not sure what to do to meet such Agent who twist the reality and promise big. What could I and the rest do?

This post has been edited by weirdguy: May 19 2014, 08:26 PM

Request conqu3ror to assist MNet?

Thanks @roystevenung

MNet, probably you should do as Allianz customer service advise and allow Allianz to further investigate.

As we discussed before, you can always come to me for any further enquire or consultation of insurance/financial planning for free.

Hope you understand, Insurance companies are govern by BNM & LIAM. To stop the agent commission must with valid reason and investigation.

This post has been edited by conqu3ror: May 20 2014, 07:50 PM

agent in lowyat?
PM me the name.

i help u do him kaw kaw

There will always be a bad egg but don't let this discourage you as there are genuine good agents out there. It's just depends on your luck ...

It's like buying a Proton car but you wouldn't know if it's a lemon unit until you ride on it.

not luck issue.

if the agent problem, then we as policy holder must do something.
for example make the agent life harder complain to HQ ask agent to write letter of apology ask agent to re-imburse the inconvenient fee etc

if not the the problematic agent will happy coz he think he will earn free comisen without need servicing.

Such agent is short sighted and do not look at the broader picture of the potential business of referral. I am sure you will not want to recommend anyone to him, would you?

Anyway, my offer still stands, if you are a Prudential client. All I ask is not cancel the policy after the transfer, otherwise I pula kena persistency issue...

And for crying out loud, I dont sell savings/investment plans, but insurance

i will recommend many people to him then within cooling period all cancel due to misleading promised from agent complaint to HQ see how he handle

I like this tried once to help a friend to cancel within cooling period and the agent straight call and talk (in a bad manner) and force him to continue the policy. Too bad I lose to the agent , coz he dunwan any trouble from that agent

It will be good if more agent like roy is around and Msia insurance association do something to fix these problematic agents

This post has been edited by morning06: May 23 2014, 01:30 AM

Hello all,

I am trying to google for correct information about Government Tax 6% on Hospital Bills.

Is all the Charges such as Day Surgery, Surgery, Diagnostic Test, Outpatient Treatment, Hospital Supplies and Services are chargeable with Government Tax 6%?

Or only Room & Board?

Didn't know that we can threaten the client to continue the policy...

hihi actually i got frens and family who are busy to renew their car road tax, insurance and fire/building insurance(general insurance) so can i renew for them? i dont have any insurance license or took any tests before.. plz advise tq.