Why not consider other insurers offering zero co-insurance?

Currently, GE and AIA H&S plans are among the most attractive in the market. Especially with features such as:
1. No co-insurance
2. Zero deductible
3. No Lifetime Limit
4. Very very high annual limits

Check it out!

I am from AIA myself. So my opinion may be biased without me realizing it.

All the insurance agents here can help you.
But which one would you engage in meeting with?

It differs from one person to another.
When you dig down into reasons why people buy personal insurance, there's only two reasons:
1. Planning for the future.
2. Fear.

More often than not, fear is the reason people buy. Fear about the unknown future.
Not saying that by purchasing insurance we can change the course of future events,
but we can definitely change the financial impact of these future events, especially the less favorable ones.

Those who know exactly when they will experience an accident and/or significant medical condition will say wait first.
Those who don't know will buy first.

This would be my comment on your employee benefits (bc it is your only source of insurance coverage):
Medical Card at 25k p.a. is 25k p.a. It's not a lot but it's 25k.
PA at 150k, no comments. But chances are, a fatal accident will cost you more than 150k in the monies that you are supposed to earn if not because of the accident.
Life at 30X monthly salary is where someone at 24 usually buys (or less)
Critical Illness ?

This is a pretty decent employees benefit. Your company is definitely doing its part in taking care of its employees.


Keeping in mind that nobody plans to fail, yet our lovely Dato Michael Chong has helped countless individuals and families look for donations on newspapers. They simply failed to plan or their plans were short.

Yourself being an employee of a financial institution, what do you think?

There is no right or wrong answer to this. It just comes down to the individual.
Due to these reasons:
1. nobody here knows you
2. nobody here knows your lifestyle
3. nobody here knows your family background (if your family is very wealthy, why bother with insurance?)

I know I didn't answer your question, but I wish my questions to you would be helpful to you.

I am from AIA as well.

This post has been edited by JIUHWEI: Apr 29 2015, 01:47 PM

It's an ILP. You can do the upgrade. Why not just do the upgrade and fill in some simple health questionnaire, instead of filling in a fresh application form?

Just do the upgrade.

For traditional policies, the chargeable rates (per RM1000 sum assured) are all listed in the product disclosure sheets.

For investment-linked policies, the same applies.
The only difference would be the premium amount.
In ILP, you're free to pay more. The extra premium will go into your ILP account fund value as savings.

Like what others here have said before, the insurance industry in Malaysia is heavily regulated by BNM and LIAM.
Our government has done a pretty good job at protecting us in this way.

Other ways... you know i know everyone knows lah.

If I am not wrong, Prudential has decided to withdraw this product from their product portfolio.
Can't buy it even if we want it now. What a shame that it couldn't sustain.

The bad news is, insurance that covers outpatient GP visits are no longer available for personal consumption.

The good news is, this coverage is available to employers, business owners to purchase to cover their employees.
In fact, it has become a major strength for employers to attract and retain good employees!

So when you are looking for a job, and the interviewer asks if you have any questions for the company, ask about the employee benefits, and specifically for GP visits.

Some business owners self-insure for clinical visits, some purchase it with insurance companies.
For those of you who are employed, talk to your HR admin about your employee benefits program!

Most of the time it is covered by AIA, and you should receive a red card.
If you don't have one, for any reasons at all, you can simply ask for a new card.

That's even better! Your boss is a boss that really takes care of the employees.

It is always cheaper to get group insurance for the company employees.
And it is more expensive to cover each employee individually.

For the employees:
If covered under group insurance, the employee will lose the coverage upon leaving the company.
If covered individually, the employee has the option to continue the policy on his/her own.

This is actually a win situation for the employee because should there be a major claim during the course of working with the company, upon leaving, your coverage continues as long as you pay for the premiums. No need to buy new policy and get excluded for this and that... if you're lucky. If not, can't buy insurance at all due to health condition.

If you leave the company with a clean bill of health, congratulations! Your coverage continues and you won't have to hunt for an agent, scared kena tipu here and there, etc. Just go back to the same agent, and talk to him about your plan. Since your boss has been dealing with this agent, you also know for sure this guy is legit.

Of course, some here may want to argue on the situation what if you can't find a job upon leaving the company?
I'm pretty sure we're progressive people here, civilized and with a clear head above our shoulders.
Everybody has their reasons to work hard and the loved ones to provide for, if not just for ourselves.
Is there any incentive to refuse to work?
Insurance is a financial tool available for us to use, just like banks.
You can store your money in safe boxes at home. Nobody says you have to put it in a bank.
But banks come with so many other features and financial products.

Same with insurance. You can go to gov hospitals. Nobody says you definitely have to go to private hospitals in order to get well. Everyone here can wait, but can our illness, physical condition allow us to wait? Maybe sometimes but not all the time.
For the premium you pay, you get many folds of sum-insured back should you depart prematurely. If not, you get some form of savings while you're healthy (depending on the products you buy).
Some may want to argue on the basis of moral hazard, putting a monetary value on human life.
Sure, we respect your beliefs and your values. But when you come to your senses, insurance will always be an option available to you (provided you're in good health).

They would have to buy separate lah...
Cuz child cannot buy on the life of the parent.

Meaning to say they can include you into their plan (if you're full time student under age of 23), but they can't come into your plan.

PA comes with a high sum assured for minimal premiums, due claims only payable for injuries from accidents.
Well, if we're only considering on minor injuries, sure we might as well put more emphasis on H&S coverage.

However, for a person who works primarily using his hands, like a surgeon or an engineer or an office clerk,
losing some fingers or an arm is basically losing his/her earning ability.

A PA can act as an income replacement with such high sum assured.

AIA can offer these PA packages for individuals:

RM200,000 PA for 220 x 1.06 (GST) + 10 (Stamp Duty) = 243.20/year

RM300,000 PA for 321 x 1.06 (GST) + 10 (Stamp Duty) = 350.26/year

RM500,000 PA for 493 x 1.06 (GST) + 10 (Stamp Duty) = 532.58/year

RM1,000,000 PA for 986 x 1.06 (GST) + 10 (Stamp Duty) = 1055.16/year

More info here: http://aia.com.my/en/individuals/products-...ntalprotection/

Maxis is basically insuring themselves. (settlement of phone bill... really bro?)
But then they transfer the cost over to us, their loyal customers.
Maybe i'm biased but that's how the plan appears to me lah, as a business owner.

Again, as mentioned by others, you have to patah tangan & kaki or mati only it pays.

Loss of working ability in a person's field of expertise by training or qualification due to injuries suffered in an accident, AIA will consider the person Totally and Permanently Disabled. 100% paid.

Keep your limbs and just look for another job.

Different products, different clauses, different coverage, definitely different price.

You might want to look into Allianz PA too! They have a range of very very comprehensive PA coverage (perhaps the most comprehensive in the market. EVER.). At a price lah.

So it really boils down to how much protection you want, and then we try to fit it with your budget.

Every insurance company would have slightly different approach in terms of products.

But if price the only factor for you and you refuse to listen to our advise, probably just go with the Maxis PA cuz its cheap lah. I have prospects who die also want to buy AIA PA but die also want me to give 40% discount, as if I am the one setting the price. How lah?
My life continues, insurance companies continue to operate, the world continue to revolve, who is really at the losing end?

Let's be frank and honest with our personal financial portfolio here.
Rarely anybody on the legal side of things ever benefited from hiding facts, non-disclosure, or cheating ourselves.

Sorry if what I say is not sweet to the ear. But at the same time, let's be objective and serious with our financial matters.
It's your money, your life, and the lifestyle you have created or will create for your loved ones that we're talking about.
I don't know about others here, but I take my Life Sum Assured as my last gift to my parents, sisters, and wife & kids in the future should I depart prematurely. Others may have their own reasons but this is mine, above and beyond my current liabilities.

Cuz you are probably asking the wrong questions...
For study purpose, why not buy overseas student insurance?
It starts at 6 months and it is between RM 800-RM1k, including H&S in country of study.

I think you have answered your own question there.
Your goal is to get the minimum premium regardless of coverage, then go for the $50/mo plan in US.
If you want to buy in Malaysia, then buy overseas student insurance.
I do provide the plan if you would like. I used the same plan when I was studying in US.
Claimed for a sports related injury when i came back. No issue

Hope this helps.

we've learned to ignore him.

The objective towards buying personal insurance is to buy a form of financial security for yourself, and your family.

Diseases, disabilities and deaths are sure to wipe out our savings, should any of it happen, depending on the severity when it happens.

Just like how we insure our cars and our liabilities when operating a vehicle and transfer the risk to insurance companies, why not do the same and insure ourselves too?

I'm not saying you have to buy, but I'm revealing to you what insurance can do for you as a financial product available in the market, just like how banks are available everywere, just that they serve different functions.

As a take-away point:
Insurance is not a channel for investment. Otherwise, the word "insurance" would never be coined.

Can you include flood cover for your car? You can, if you choose to.

You won't be able to buy a same new car, but at the least your remaining car loan can be settled.
Come on, we are not fools here.
Car depreciates year by year. I don't think you need me to tell you that.
You basically know that insurance is a risk sharing tool to cushion the loss. Until you start an insurance company, I think the framework will pretty much stay the same even in the detariff environment next year. Nobody will compensate you a new unregistered 2008 toyota camry when your 2008 toyota camry is kaput. So they pay you what your car with its age and mileage is worth in the market. The appropriate premiums apply too.
But the difference between car insurance and life insurance is that in life insurance, you can insure yourself above and beyond your current liabilities, in a sense creating wealth.

What I meant by financial security is that you know for sure that your remaining family members can continue the lifestyle that you have created for them. This is what I meant by financial security, and not to be confused with financial freedom.
Now financial freedom is a myth. Unless people are willing to take your hugs as payment, otherwise you will never be financially free. So please be clear on the differences between financial security and financial freedom.

Insurance comes with a premium. It's not a tool to solve all your problems, though we all hope that it can solve all of our problems by just paying a premium. How nice would that be right? And I am also sure that you know the specific risks that each insurance product covers.

I agree insurance products do not cover fundamental risks. However, some of these clauses can be extended to cater for specific needs, for a certain amount of premium. Also for people who would actually afford it.

Yes, you have defined insurance rather well. However, you cannot deny that insurance strengthens your financial portfolio, and in its own way strengthens your financial portfolio, and ultimately provide you with financial security.

Of course, I'm not trying to convert you over to my perspective. There are always alternative ways each with their own reasons to justify one against the other. If your method works better for you, there's no reason for you to kowtow to my perspective and my methods.

Each insurance products has its limitations. Until we accept that monkeys are not very good with swimming, we will continue living in a shitty world and feel stuck.

I think the policy wording is very clear.
And I think I have also been very clear about the insured risk being covered.
Whatever that is not covered, is listed very clearly in the policy.

Yes, there are limitations to what the insurance products can do for us.
Let's say you buy a car insurance but never add the flood cover. When flood hits and your car kaput due to flood, would anyone in their sound mind reimburse you the damage to your car due to flood?

You cannot deny that by insuring yourself, you are strengthening your financial security.

Family mother MIA for how long? These are measures put in place to prevent against fraud cases.
Why don't you shout about families of MH370 victims receiving life insurance payouts after the government declared them lost? Must have a legal evidence to support the claims payout mah. You and I both were not born yesterday. Let's be objective about this.

I am not here to debate on specific matters and how insurance is not helping in the areas where the risk is not covered.
Until you learn about the real world around you, sorry, I cannot help you.

This post has been edited by JIUHWEI: May 10 2015, 11:03 PM

I believe you have got for yourself an investment-linked policy, with a medical rider.

You can find out more here:
http://www.insuranceinfo.com.my/choose_you...intPrefLangID=1

Let me know if this answers some questions that you and your friend may have.

Yes, medical policy covers gov hospitals as well for H&S treatment as per your policy schedule (up to the annual limits, the inner limits if any, etc).

Some policies also offer you some compensation (RM100/day or so) for seeking treatment in gov hospitals.

One of my clients was admitted into Hospital Ampuan Tengku Rahimah in Klang.
Bill was RM40 for 4 days that she was there, she paid it first.
Upon claim, it was a RM440 cheque.
Though it's not a lot of money, but for a hotel housekeeping staff, it's something to smile for.

So the Life insurance payout will be paid in 7 years.
That's a good addition to have isn't it? Otherwise, a "Disappearance" insurance policy would be something you would have to add in order to have. Just like the flood cover for car insurance that we talked about.
So wouldn't it be nice to have flood cover included into our car insurance as standard product? But many want to save on the premiums and only take third party cover. What can we do? We ask you to add, you say we are only interested to earn your money.. say this also wrong, say that also wrong. How lah?

Well, you keep saying and you do show that you know about the insurance industry well.
However, let's not confuse insurance and your savings here. Nobody is trying to make you put all your monthly savings into insurance. I am sure you are well aware it's a silly thing to do.

Again, there are different levels of financial security.
Generally, those who earn more feel more secure and have better access to financial tools to safeguard their wealth. Like home alarm systems.
I have a pretty comprehensive home alarm system from SECOM (I kind of endorse this company cuz their service is seriously good). But yesterday, my neighbor came and discussed with me on how I would feel if they installed live wires around their fence. No joke at all, it's the wildest thing I've heard in my neighborhood so far.
With the added security measures, who do you think is the one feeling more secure in their own home with different levels of security measures?
Me, or my neighbor with his live wires around the fence?

We can have different perspectives on the term "financial security". I'm not saying absolute security with insurance vs no security without, but rather where are we on the spectrum of financial security?
But then again, you're choosing to focus on the products limitations instead of what it can do for you. Like I said, if you're assessing a mighty gorilla on its ability to swim, you'll never see the gorilla's feats of strength and the amazing feats of strength that it can perform.

I have already mentioned, this is a measure to curb fraudulent claims.
I have already said what needs to be said, and gave the relevant explanations.

You want to discount all other benefits based on one clause, that's your choice too.
I cannot force you to look at the bigger picture.

And please, in no way have I said that life insurance provides a complete and absolute financial security. That's all in your mind.

It is a form of financial security. Not absolute financial security as you perceive that I have said.