cherroy I believe he is commenting on Critical Illness coverage and not medical coverage

I have received a call from AXA affin for the above proposal as well.

Below attached the cancer definition for 36 Critical Illness (not early critical illness), I don't see the exclusion of male/female organ part.


Furthermore, Early critical illness coverage specifically mentioned to cover female illnesses.

Every company have different strategic and marketing, there is no right or wrong.

Pricing are not only including annual limit, lifetime limit. It's including number of panel hospital and underwriting guideline(which affect pretty much the claim experience from the pool fund).

Great Eastern may not be the cheapest for initial premium but when we reviewed back Smart Medic which launched about 6 years ago, the pricing is remain until today. I can't guaranteed that the pricing will remain thought out our life, but at least we don't increase the pricing every few years according to the past experience. The fundamental ideology of the company is very important to provide sustainability of pool fund and premium price.

One of the reason is our strict underwriting, I just lost a case to another insurance company where the client had a cyst in ovary, removed on 2012, and Great Eastern insist to impose an exclusion on ovary but one of the insurance company accepted the client as standard. If you are healthy and you are sharing the same pool fund with "higher health risk" person, definitely the claim experience will be higher due to higher risk of relapse. You should expecting an increase of premium when the pool fund depleted.

This post has been edited by ExpZero: Jun 26 2014, 01:27 PM

Bank's insurance is underwritten by insurance company, insurance company are outsourcing the product to bank. Example: AIA -> Public bank, Great Eastern ->OCBC, Prudential ->UOB, Maybank ->Maybank Etiqa. (The Bancassurance are changing from time to time)

You may not declaring your medical history to banks but they will refuse the payout when they found out upon investigation.

I'm advising you to attend your health history with a doctor, get yourself treated and you will have the chance to get yourself insured

This is the scenario should be:
The premium you paid RM400 is for July and August and the subsequent premium will be on September for RM200.

I'm sure you are talking about sum assured of RM140k and no premium RM140k ain't it?

Below is my recommendation:
I'd advise you to reduce your medical card to Smart Medic Xtra 150 and take Smart Extender 90k instead of Smart Medic Enhancer and then increase your sum assured as your wish, RM140k.

The reason is because the the annual limit for Smart Medic Xtra 200 + Smart Extender is RM1,320,000 whereas Smart Medix Xtra 150 + Smart Extender is RM990,000. The question you would need to ask yourself, do you need 1.3million annual limit? I'd say that 990k annual limit would be sufficient for the next 30 years and you may increase your other benefit..

Furthermore, there will be no penalty if you live in higher room&board for Smart Medic Xtra + Smart Extender, just top up the different Room&Board will do and you will have no further worry since Great Eastern have covered your
medical bill up to RM990,000 annually.

Figuring the number you should insured yourself requires a bit of thought. A rule of thumb suggest you get 5 to 10 times your annual salary. But if you want to be more precise about the number you should get yourself insured, think about how much money your family would need to cover the lack of your income.

Getting a life insurance isn't for everyone especially for one that have no dependent. If you have no parent, no sibling, no spouse and no children. What's the point of getting insurance right? However, most of the time, that's not the case as we will definitely have someone who we care when we are leaving the world.

Shall you are a married person, you need to know how much is your total debts as well as your mortgage so that your family doesn't have to worry about these obligations. If you have a spouse that doesn't work or are incompetent to find a job that could easily replace your position as breadwinner, you should take this into account seriously.

Furthermore, we need to take into account that how long does my partner will able to support the family without you as the source of income. You need to calculate the cost to raise your youngest son to age 18, a term or investment link would probably suits this situation.

Obviously there are other people in your life who are important to you and you may wonder if you should insure them. As a rule, you should only insure people whose death would mean a financial loss to you. The death of a child, while emotionally devastating, does not constitute a financial loss because children cost money to raise. The death of an income-earning spouse, however, does create a situation with both emotional and financial losses. This also goes for any business partners with which you have a financial relationship (for example, shared responsibility for mortgage payments on a co-owned property).

Medical card covers accident(in and outpatient), sickness(inpatient) whereas 36 Critical Illness as your income replacement and cover your living expenses, housing loan, car loan etc...

I'm not sure your current situation, I can't generate a quotation to you. However, I recommend as a thumb of rule from your reply, you should insure yourself 36 Critical Illness with Early Payout Critical Illness up to 5 times of your annual income and a medical card with a million annual limit and unlimited lifetime limit. It should be sufficient up to 30 years from now.

You can search online and I have found multiple result.
http://www.legalandgeneral.com/advisercent...ation_class.pdf
http://www.onepath.com.au/public/pdfs/m015...fe_occuguid.pdf

If you have doubt when submitting case, you may refer to your underwriting department too. They will make the right decision for you shall you fully disclose about your job nature.

Do you received the policy yet?

You do have 15 days to cancel the policy with full refund. However, the key point before cancelling the insurance is you must know the reason you purchase and protecting yourself earlier.

Oic, you may called to the Great Eastern hotline and ask for the freelook step 03-42598888.

Financial underwriting is important to know that the life assured is not over-insured himself.

Financial underwriting requirement for more than one million is only required a Financial Questionnaire Part 1, this questionnaire is to be completed by agent

These questions are the standard questions asking in the financial questionnaire. Insurance is about utmost good faith, you have the obligation to disclose every of your personal information in full and faithfully.

However, do you really need the protection? What's the purpose of purchasing this insurance? Please identify your financial obligation shall you are looking for a large sum assured.

On Side Note: Great Eastern today is launching a new plan called Smart Protect Max which cover a minimum of life protection RM500k to unlimited(subject to underwriting). The plan will enjoy up to 30% discount on Cost of insurance due to Large Sum Assured Discount. It's a good replacement for Traditional MLTA, the payment term is limited to 20 years too.

Hi,

We would need your gender, occupation and date of birth to advise further.

I believe your agent would like to focus your protection in medical instead of Life protection, you can always amend your protection through your same agent in the same policy instead of cancel and re-purchase from same or different company.

If the purpose of purchase is not in-line with your purpose now, you may exercise the 15 days free look period.

It's always recommended to directly call Prudential at
Call Centre : 03 - 2116 0228
Operating Hours : Mondays to Fridays, 8.30am - 5.15pm (excluding Public Holidays)
https://www2.prudential.com.my/corp/prudent...ader/ContactUs/


Dear morning 06 and activexxx,

There is none in the market that are providing such coverage of unlimited annual and lifetime limit. However, Great Eastern do have a medical card which the premium can be RM175/month for a 20years old, non smoker, male, occupation class 1 covering annual limit of RM990,000 and unlimited lifetime limit.

We should actually look into annual limit instead of lifetime limit as we are purchasing insurance to hedge for unexpected large risk.

Insurance is one of the financial planning as well as purchasing property, purchasing unit trust etc. All of the financial tool are having different purpose and limitation be it the risk, liquidity and penalty for early withdrawal.

Insurance is always for protection. However you can't compare endowment with ILP and saving plan as all of them having very different financial risk and liquidity.

Don't fall into the trap to maximize your protection in ILP and you might need to top up in the future shall the fund depleted.

I can't provide you such low annual limit with unlimited lifetime limit.

With your age and occupation, it's RM175/month for a medical card with RM990,000 annual limit, unlimited lifetime limit with no-coinsurance, attaching with waiver of premium for both 36 Critical Illness and TPD.

This simply means that shall TPD or 36 Critical Illness unexpectedly happens and Great Eastern will pay the premium of RM175/month on behalf of you.

The importance of high annual limit is to hedge for large unexpected health risk and also to make sure that our medical card can sustain to pay for the bill even after 30 years without the need of upgrading it. Please take note that we can only upgrade the medical card provided that we remain healthy.

For most of the insurance company, the waiting period is standardize.

The standard waiting period are attached below. The below booklet is created by ourself and I will give a copy to my clients so that they knew insurance policy they have bought in detail.



This post has been edited by ExpZero: Aug 18 2014, 07:05 PM

Dear Junnie,

Basically I'm very against the above suggestions based on below points.
1)Basic Sum assured
Based on the given premium and age, the sum assured is utterly too low at RM30k. I believe at the age of 25, the responsibility is getting higher as a child of someone and he might be purchased a property/car. Your parent might not fully dependent on your brother's income, however the family's financial might affected shall unexpected event strike. I'm suggesting to increase it to minimum RM100k.

2)36 Critical Illness and Early Payout Critical Care
36 Critical Illness and Early Payout Critical Illness is vital in view of among the claims I've done to my clients, about 80% of them are in early stages of cancer and other Critical Illness. Not to mention that he have to take rest of about a few months to get recovered. I'm suggesting it to minimum RM100k,

3)Personal Accident
I'm always against to take Personal Accident from ILP in view of high insurance charges and the premium is too high. You may look at Allianz Shield which cost RM208/year for a sum assured as high as RM120,000 including other accidental benefit.
https://www.allianz.com.my/web/ctb/10444/10...A2DBB59D2ED817C
*Side note*: I'm holding Allianz general insurance license as well

4)Medical card
I'm not sure what's the annual limit for your medical card. However, shall you permitted, why not consider a annual limit of RM990,000, unlimited lifetime limit and without co-insurance medical card? Annual limit is one the most important feature when we are getting ourself insured as

5)Hospitalization Benefit
This is not vital features but more like a supplementary to hedge for non-covered hospitalization bill or as a income replacement shall we hospitalize.

With the same premium, what do you think of the following plan?
Life Coverage: RM100,000
36 Critical Illness: RM100,000
Early 36 Critical Illness: RM100,000
Medical card Room: RM150
Medical card annual limit: RM990,000
Medical card lifetime limit: unlimited
Waiver of premium on TPD/36 Critical Illness

Ceria Malaysia is a non-participate yearly guaranteed reneable term critical illness insurance.

Basically it's a good cheap protection which is very suitable for people who looking for buy term and invest the rest strategic. I'll make a simple Pro and Con listing for you.

Pro:
Affordable
Insurance chargers is fixed as per inception

Con:
No Cash Value
No option to include Early 36 Critical Illness protection.
Have to follow up the claim shall needed
HIB cover days is less and lifetime coverage is less too.
Renewable up to age 69.

Shall the list in Con is not your main priority, I think this is a good plan for you as it's really affordable with the protection given.
Source: http://www.cimbbank.com.my/index.php?ch=cb...4&tpt=cimb_bank

Both are different however they do have some overlapping such as accidental death either in oversea or locally.

I'm not sure whether your PA cover you from ATM robbery, accidental medical reimbursement, Sinseh/Traditional Treatment, Daily Hospital Cash, Weekly Benefits, Dental Correction and Corrective Cosmetic Surgery, Kidnap Benefit and Snatch Theft in local etc.... If it does, by dumping your PA, you will lost these features in your PA.

Room & Board expenses will be consolidated into the claim receipt. Although you are not able to claim the Room & Board from two insurance companies, you are able to claim the leftover bill which is over the limit from your first medical card, be it from company medical card or personal medical card.

This rider is up to 60 years old and not 15 years in Great Eastern. Bumping your post so that it will be seen by AIA agent.

For your information, changing of servicing agent are unable to transfer the future commission payable. You can call to Prudential hotline and request them to recommend you someone living at PJ.

Zurich standalone medical card is called Life MedicaLife 210. According to Zurich website, it's without co-insurance but with annual limit and lifetime limit.
http://www.zurich.com.my/products/Life/Hea...icalife210.aspx

The MRTA you bought it covering your life. Shall Death or TPD occur, insurance company will pay a lump sum into your loan and if the payout is sufficient, the house will be debt free. This coverage is not related to Thief and Fire insurance, you will have to separately get your house insured from fire and thief from general insurance company.

+1, Great Advise

1)Most of the company have the plan standardize, meaning to say that you can only choose from the a few given plans and you can't customize it.
2)Nope, almost all the companies provide Hospitalization Cash Allowance as a separate rider including Private hospital. However, most of the companies integrate government cash allowance in the medical card itself.
3)Nope, life insurance and will writing is two separate things. You don't need a will to execute Life insurance, Will do not supersede Life Insurance unless the Life insurance is without a nomination. If you would like to write a Will, you may engage a lawyer or some Will writer like me to write a Will on behalf of you or else you can get template online and write yourself too.
4)There is no best package but the package that suits your budget and needs well. Great Eastern are having great Investment Linked plan with medical card up to RM990,000 annual limit, unlimited lifetime limit and no co-insurance for RM170/month including Payor waiver for the parent.

Figuring the number you should insured yourself requires a bit of thought. A rule of thumb suggest you get 5 to 10 times your annual salary. But if you want to be more precise about the number you should get yourself insured, think about how much money your family would need to cover the lack of your income.

Getting a life insurance isn't for everyone especially for one that have no dependent. If you have no parent, no sibling, no spouse and no children. What's the point of getting insurance right? However, most of the time, that's not the case as we will definitely have someone who we care when we are leaving the world.

Shall you are a married person, you need to know how much is your total debts as well as your mortgage so that your family doesn't have to worry about these obligations. If you have a spouse that doesn't work or are incompetent to find a job that could easily replace your position as breadwinner, you should take this into account seriously.

Furthermore, we need to take into account that how long does my partner will able to support the family without you as the source of income. You need to calculate the cost to raise your youngest son to age 18, a term or investment link would probably suits this situation.

Obviously there are other people in your life who are important to you and you may wonder if you should insure them. As a rule, you should only insure people whose death would mean a financial loss to you. The death of a child, while emotionally devastating, does not constitute a financial loss because children cost money to raise. The death of an income-earning spouse, however, does create a situation with both emotional and financial losses. This also goes for any business partners with which you have a financial relationship (for example, shared responsibility for mortgage payments on a co-owned property).

Summary (TLDR)
Life coverage = Total liabilities - asset + Family obligation(Parent/Wife/Child)
Critical Illness coverage = 5 times annual income + a medical card preferably half a million annual limit.
Premium = 10% from your income.