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 Insurance Talk V2, Anything and everything about insurance

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SUSMNet
post May 24 2014, 11:59 AM

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QUOTE(Cubalagi @ May 24 2014, 11:56 AM)
I am a DINK. No children. I save and invest only for myself and spouse.

I guess what I am looking for is extra "income protection" (new term learned while researching this topic rclxub.gif ) in case of a critical illness which could severly impact my future income.
*
why u dont wan have child?
TSroystevenung
post May 24 2014, 12:23 PM

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QUOTE(Cubalagi @ May 24 2014, 11:56 AM)
I am a DINK. No children. I save and invest only for myself and spouse.

I guess what I am looking for is extra "income protection" (new term learned while researching this topic rclxub.gif ) in case of a critical illness which could severly impact my future income.
*
Err, what is DINK? rclxub.gif

Insurance is for protection, not for investment. There are far more better investment vehicle than putting your hard earn money into insurance for investments.

Property is one of them. Alma in Penang mainland, 5 years ago, the double story costs RM180K. Today with the second Penang bridge, upcoming Tesco, Aeon, it is RM400K.

ahchun is orang Alma tongue.gif

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This post has been edited by roystevenung: May 24 2014, 12:25 PM
TSroystevenung
post May 24 2014, 12:37 PM

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SureshG
post May 24 2014, 02:45 PM

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Are there any medical card plans that become effective after 55? Manulife used to have a plan, but I can't find it anymore. Basically, you pay for medical cover from now till 55, and the policy get inforce from 55.
TSroystevenung
post May 24 2014, 02:57 PM

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QUOTE(SureshG @ May 24 2014, 02:45 PM)
Are there any medical card plans that become effective after 55? Manulife used to have a plan, but I can't find it anymore. Basically, you pay for medical cover from now till 55, and the policy get inforce from 55.
*
Interesting, I would think its purpose is to sell to those people whom are covered by their company medical card, and upon retirement activate the personal medical card.

However, there is no such plan from Prudential. The most that we have are high deductible options (to keep the insurance charges low) and with the option to convert the plan to co insurance once we are retired so as not to burden the client with high deductible amount.

What happens if the insurance company bows out before you turn 55, like what happen to ING? Is it stated in the contract?
lilsunflower
post May 24 2014, 03:08 PM

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QUOTE(wongmunkeong @ May 24 2014, 06:39 AM)
From experience & talks with insurance advisers like Roy (lurking somewhere here tongue.gif) - i'd suggest go only for medical & hospitalization.
Wow. I came to this forum at the right time!! smile.gif Super detailed response to a question I was going to ask. Apologies if the post below reveals how ignorant I am about insurance.

I just gave birth 8 weeks ago to a healthy baby girl. My colleague's parents are insurance agents and I had a talk with them about baby insurance. I ended up buying a "package" for RM3,200 pa, for Life (RM50k I think), Early Critical Care (92 diseases??), and Medical (150 room). Very fuzzy about the details as I haven't received the policy document yet and I was so confused about the various components of the package. I thought that RM3,200pa seemed quite high for a baby, but I was told it was a "good investment" and "you can never buy too much insurance". Now that I've read the post from wongmunkeong, and some previous posts from Roy, I'm starting to question whether I made the right decision!!!

I understand that I have 14 days from receipt of the policy document to cancel. Once I get the policy document, is there anyone who can help me dissect it and see if makes sense for my baby, or if I've been duped? As a first time mum, I want the best for my baby and insurance seems like an obvious choice. However, with loads of other financial commitments kicking in, I can't afford to spend on things that are unnecessary or unsuitable for my needs.

Thanks in advance for any guidance you can provide.
Cubalagi
post May 24 2014, 03:59 PM

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QUOTE(roystevenung @ May 24 2014, 12:23 PM)
Err, what is DINK? rclxub.gif

Insurance is for protection, not for investment. There are far more better investment vehicle than putting your hard earn money into insurance for investments.

Property is one of them. Alma in Penang mainland, 5 years ago, the double story costs RM180K. Today with the second Penang bridge, upcoming Tesco, Aeon, it is RM400K.
DINK = Dual Income No Kids

http://www.investopedia.com/terms/d/dinks.asp

I agree with you on the purpose of insurance which should be protection. I am invested in the stockmarket, unit trust, properties and my further education (MBA). Currently, I am reviewing my overall financial situation and I think there are some gaps when it comes to insurance.




Cubalagi
post May 24 2014, 04:01 PM

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QUOTE(MNet @ May 24 2014, 11:59 AM)
why u dont wan have child?
*
U sound like my mother icon_question.gif


win44
post May 24 2014, 04:20 PM

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Hello Insurance agents!

I need insurance.
Im looking for the type where i pay money either monthly or yearly, and i get insured from illness/accident.
I am not interested in Savings type.
I want to pay the minimal amount i can for insurance. and at the end, the money is burnt. no savings involved.

Can anyone suggest me something? Thanks!
PM me.
adele123
post May 24 2014, 06:11 PM

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QUOTE(Cubalagi @ May 24 2014, 08:42 AM)
I am looking for a stand alone critical illness plan. Not a medical card.

I dont mind paying a little more if the plan is "good", but I am not sure what "good" is when it comes to critical illness insurance. And most of the insurance companies seem to be "reputable solid company".
*
if you are looking for standalone CI plan, i know of some options...

1. Ceria Malaysia
This is offered through banks (of course still underwritten by life insurance company) in malaysia, but i'm not sure the average bank staff even knows about this.

few things to take note:
a) premium increases every year, and coverage is only up to age 70.
b) most life insurance company can offer flat premium, though contractually they can increase the premium (if you buy as a rider). also the coverage can be up to age 88, not sure if higher is possible but mine is up to age 88.

2. purchase from general insurance company

sample 1

this is just one example. take note that it doesn't cover up to certain age. so... depends...
_________________________________________________________________________________________
WHEN it comes to CI there's really not much difference in terms of feature. they all cover the same 36 CI. The difference that matters is something called 'early' pay and 'advanced'.

Early means like early stage of the disease. the usual CI insurance actually doesn't pay the Sum Assured unless it's advanced stage of the disease. This probably can check with AIA agent or the other few bigger ones. They will have both.

A. aia early critical care
B. aia critical care

Can ask some of the agents here to introduce it to you. basically all of them out there selling the things that are quite similar to one another. don't get trick by whatever 90-100 illnesses cover. it's pretty much covering those similar diseases. the major obvious difference is either the type A or type B

PS: i didn't read everything, i'm just throwing the links out here to make it easier.

adele123
post May 24 2014, 06:23 PM

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QUOTE(lilsunflower @ May 24 2014, 03:08 PM)
Wow. I came to this forum at the right time!! smile.gif Super detailed response to a question I was going to ask. Apologies if the post below reveals how ignorant I am about insurance.

I just gave birth 8 weeks ago to a healthy baby girl. My colleague's parents are insurance agents and I had a talk with them about baby insurance. I ended up buying a "package" for RM3,200 pa, for Life (RM50k I think), Early Critical Care (92 diseases??), and Medical (150 room). Very fuzzy about the details as I haven't received the policy document yet and I was so confused about the various components of the package. I thought that RM3,200pa seemed quite high for a baby, but I was told it was a "good investment" and "you can never buy too much insurance". Now that I've read the post from wongmunkeong, and some previous posts from Roy, I'm starting to question whether I made the right decision!!!

I understand that I have 14 days from receipt of the policy document to cancel. Once I get the policy document, is there anyone who can help me dissect it and see if makes sense for my baby, or if I've been duped? As a first time mum, I want the best for my baby and insurance seems like an obvious choice. However, with loads of other financial commitments kicking in, I can't afford to spend on things that are unnecessary or unsuitable for my needs.

Thanks in advance for any guidance you can provide.
*
Psst... you know... before you receive the policy document, your agents supposed to give you something called
1. Sales Illustration
2. Product Disclosure Sheet

those are documents that should give you plenty of info as well. if you don't have those... hmmm

Medical 150 is very little considering you are paying alot... 92 diseases? like i said, tipu orang. like saying... seedless and with-seed watermelon are two different types of fruits.
conqu3ror
post May 25 2014, 03:36 PM

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QUOTE(win44 @ May 24 2014, 04:20 PM)
Hello Insurance agents!

I need insurance.
Im looking for the type where i pay money either monthly or yearly, and i get insured from illness/accident.
I am not interested in Savings type.
I want to pay the minimal amount i can for insurance. and at the end, the money is burnt. no savings involved.

Can anyone suggest me something? Thanks!
PM me.
*
For age below 30, a very basic Investment Link Plan, comprehensive insurance plan (inclusive of Life, Medical, 36CI, PA, Premium Wavier) only as low as RM5 per day. And it will be fixed every year.

For standalone medical plan although is cheaper, but there will lot of hidden clauses and limitation compare to ILP. In the event of claiming, and renewing, lot of issue will arise, such as exclusion, limit of claim or withdrawal of whole plan.

Do let me know for more info.
cherroy
post May 25 2014, 03:48 PM

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QUOTE(lilsunflower @ May 24 2014, 03:08 PM)
Wow. I came to this forum at the right time!! smile.gif Super detailed response to a question I was going to ask. Apologies if the post below reveals how ignorant I am about insurance.

I just gave birth 8 weeks ago to a healthy baby girl. My colleague's parents are insurance agents and I had a talk with them about baby insurance. I ended up buying a "package" for RM3,200 pa, for Life (RM50k I think), Early Critical Care (92 diseases??), and Medical (150 room). Very fuzzy about the details as I haven't received the policy document yet and I was so confused about the various components of the package. I thought that RM3,200pa seemed quite high for a baby, but I was told it was a "good investment" and "you can never buy too much insurance". Now that I've read the post from wongmunkeong, and some previous posts from Roy, I'm starting to question whether I made the right decision!!!

I understand that I have 14 days from receipt of the policy document to cancel. Once I get the policy document, is there anyone who can help me dissect it and see if makes sense for my baby, or if I've been duped? As a first time mum, I want the best for my baby and insurance seems like an obvious choice. However, with loads of other financial commitments kicking in, I can't afford to spend on things that are unnecessary or unsuitable for my needs.

Thanks in advance for any guidance you can provide.
*
RM3200 pa insurance for a baby? blink.gif

Why baby need a life insurance is beyond my comprehension.

How nice to be insurance agent... whistling.gif

Insurance is not an investment, it is a risk transferring tool.
That's reason why insurance is not sold by investment bank, but insurance company.

Can never buy too much insurance?
Ya, for one has unlimited budget then.

You bought 2 similar insurance coverage, for eg, one has 2 medical insurance, but come to claim time, only can claim 1 unless the claim exceeded the claimable amount, so how can it be "can never buy too much insurance? whistling.gif

This post has been edited by cherroy: May 25 2014, 03:52 PM
win44
post May 25 2014, 04:06 PM

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QUOTE(cherroy @ May 25 2014, 03:48 PM)

You bought 2 similar insurance coverage, for eg, one has 2 medical insurance,  but come to claim time, only can claim 1 unless the claim exceeded the claimable amount, so how can it be "can never buy too much insurance?  whistling.gif
*
Wow. is that true?
I heard that you can claim twice, once from each company.

So those with Company insurance might not need personal insurance if the amount does not exceed.
adele123
post May 25 2014, 05:15 PM

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QUOTE(conqu3ror @ May 25 2014, 03:36 PM)
For age below 30, a very basic Investment Link Plan, comprehensive insurance plan (inclusive of Life, Medical, 36CI, PA, Premium Wavier) only as low as RM5 per day. And it will be fixed every year.

ILP Lesson 101. your premium is fixed. your insurance charge that the company deduct every month is not fixed, not guaranteed level, and subject to increase according to your age. something that all agents never say to their customer, maybe cause for some of them, they themselves do not understand it.

For standalone medical plan although is cheaper, but there will lot of hidden clauses and limitation compare to ILP. In the event of claiming, and renewing, lot of issue will arise, such as exclusion, limit of claim or withdrawal of whole plan.

THERE should be no hidden clause in terms of claiming, renewing.

EXCLUSIONS are all the SAME. limit of claim is subject to the medical product itself. Different product, different benefit amount.


Do let me know for more info.
*
Replies in red...

QUOTE(win44 @ May 25 2014, 04:06 PM)
Wow. is that true?
I heard that you can claim twice, once from each company.

So those with Company insurance might not need personal insurance if the amount does not exceed.
*
The idea of Medical Card is to indemnify your loss, NOT to make you better off than before. So is car insurance, and many other general insurance.

if anybody tells you they claim twice...
1. they BS-ing
2. they overused the limit
3. fraud???

EXAMPLE...
Company A annual limit is RM100k
Company B annual limit is RM80k

You have medical card from both companies, but you hospital bill is RM150k, then YES, can claim. but procedure may be a bit ma fan cause spread across two companies...

More likely why you need personal medical card is because when you get older, chances are, it gets harder to get approved for medical card when you are 50-ish, 60. my aunt's case, got rejected, but no choice, once you have either high bp, diabetic or whatever... chances are, it will be rejected. sad.gif
cherroy
post May 25 2014, 05:15 PM

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QUOTE(win44 @ May 25 2014, 04:06 PM)
Wow. is that true?
I heard that you can claim twice, once from each company.

So those with Company insurance might not need personal insurance if the amount does not exceed.
*
If can, then can become rich person by buying 10 insurance. brows.gif laugh.gif

Imagine buy 10x car insurance on your 100K car, then car accident bang it, claim 100k x 10 = 1 million. laugh.gif
TSroystevenung
post May 25 2014, 06:37 PM

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QUOTE(win44 @ May 25 2014, 04:06 PM)
Wow. is that true?
I heard that you can claim twice, once from each company.

So those with Company insurance might not need personal insurance if the amount does not exceed.
*
For medical, you can only claim up to the maximum of the bill.

For life & CI / accident you can claim from all
ExpZero
post May 25 2014, 07:06 PM

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QUOTE(win44 @ May 25 2014, 04:06 PM)
Wow. is that true?
I heard that you can claim twice, once from each company.

So those with Company insurance might not need personal insurance if the amount does not exceed.
*
You are right, if the bill doesn't exceed the limit by the company medical card, the personal medical card will not be utilize.

However, it's crucial to have personal medical card due to the following reasons.
1)Will your company continue your service if you are un-fit for work?
2)If the answer is no, you will lose your medical coverage. So how do you protect yourself from future medical bill?
3)Most of the company do not provide medical coverage during probation period. How you going to hedge the risk shall unexpected event happens during the period while you are job hopping?

Choice is always on you smile.gif
ChrisGood
post May 25 2014, 11:06 PM

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QUOTE(roystevenung @ May 25 2014, 06:37 PM)
For medical, you can only claim up to the maximum of the bill.

For life & CI / accident you can claim from all
*
So many people think that insurance is a waste of money.

Company coverage is good, so no need own personal insurance? The company insurance is free, company don't have to pay for the premium for the staff and it's guaranteed forever?. Even in the event the worker has critical illness or cannot work?.

Too many sifus and chefs here. All have magic formula regarding insurance, how to save the premium and invest make more money yourself etc. What is needed and what insurance is not needed as if we play God.

Malaysians generally still see insurance as not a critical part of their financial planning. As if all insurance companies are here to cheat and make profit from your medical premium.

By the way, even if the company offers excellent medical compensation for staff, can the staff guarantee he will work with the company forever? No need change job? New company also so good? Or will you demand the new company to pay you good salary and also must give you good medical benefit? All also want free..
wongmunkeong
post May 26 2014, 11:38 AM

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QUOTE(cherroy @ May 25 2014, 03:48 PM)
RM3200 pa insurance for a baby?  blink.gif

Why baby need a life insurance is beyond my comprehension.

How nice to be insurance agent...  whistling.gif

Insurance is not an investment, it is a risk transferring tool.
That's reason why insurance is not sold by investment bank, but insurance company.

Can never buy too much insurance?
Ya, for one has unlimited budget then.

You bought 2 similar insurance coverage, for eg, one has 2 medical insurance,  but come to claim time, only can claim 1 unless the claim exceeded the claimable amount, so how can it be "can never buy too much insurance?  whistling.gif
*
hehe - yup yup.
IF one has unlimited budget, can more than self-insurer liao.
Usage of insurance then is not risk transference liao.
I guess it's to ensure love ones get $ that are protected against creditors only as cash flow planning would have been done for multi-millionaire's estate planning.

Just thinking notworthy.gif

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