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Hello guys,

I have a life insurance 21 years which matured not too long ago with AIA. Does anybody know how long does it typically take insurance companies to pay the bonus entitled back to me? How long the processing time they need?

Best you bring the policy to AIA and inquire or ask your agent for help. You may also call AIA Customer with the policy number ready.

http://www.aia.com.my/en/customer-support/...contact_us.html
"Call us at 1300 88 1899. For overseas customers, call us at 603 2056 1111"

Unfortunately, my AIA is not based in Malaysia. I called and enquired with AIA SG and it's been a month since I last heard from them. Thinking of making a trip to SG and ask what's going on but I don't know if it's fruitful or not.

Please advise.

Not sure how long AIA takes to process the cheque. Best if you call to inquire before spending a trip to SG.

Even if you stand in front of the AIA office, if the cheque is not ready, it is not ready.

Ps. For Prudential, once the necessary documents are submitted, 3 weeks for the check to arrive.

I see. Thanks for the info.

Over the years you may have moved or changed your correspondence address, hence upon policy maturity, the Maturity Letter could have sent to an old address.

If you like, you can PM me your policy number, date of maturity and full name, let me check for you with AIA SG as I have friends working there.

This post has been edited by zest168: Jun 16 2014, 01:26 PM

My friend is an actuary with one of the companies promoted here. He advised me to go find agent to buy some specific products with specific lengths. Most worth for me with leanest commission for agent. I was told its an inverse relationship for insurance- either i benefit more or agent benefit more.

I wonder if Malaysian service (the type of aftersales service Msians are notorious about) will be given if I were to do so. Sked to be the fat man at the low cost buffet- let the waiter and boss curse.

Side note, he has no problems as he buy internally to get himself and family covered.

Any thoughts from insurance ppl?

I believe your friend is advising you to buy term. If you are looking for cheapest initial startup premium for life protection, in Great Eastern, Investment link can provide higher protection than term with same premium.

An insurance agent that only looking at commission will not last long in this industry as this industry required a person with passion and love toward what he is doing by helping others. I've been seeing a lot of agent who only prioritize commission left the industry after a year or so.

If you think your agent is good, try to refer some of your friend to him. He will appreciate you

The Life/CI/Accident coverage you may buy term up until retirement age or up till age 70. Most term insurance are only up to age 70, which is suffice since most of our dependents are mostly over.

Not to mention that the coverage for life/CI beyond age 70 is expensive.

Medical on the other hand may need to cover till age 80/90 or some people even get covered till age 100.

At the moment, only plans that are attached to an Investment Linked Policy (as per my understanding) is able to provide coverage till age 100.

My friend is an actuary la. Not agent. He no sell, but he calc for the company. Very good salary oh...

Life and ILP are highest comm percentage. Term percentage also high but the premium lower, so overall agent earn less. Apparently for his company, ILP lower percentage than term.

Specifically during our coffee time, I am advised to buy term for short duration AFTER my kid is out. I.e. have a dependent.

I also only need to insure till I am 45 apparently. He says by that time I am a rich man with passive income (based on my job). Also say review and top up separate insurance if needed at age 40.

He never allow his family buy ILP as its rugi business for client. But he is not against it as his salary still coming from the company la. Still need to feed his family.

I won't say more cos I think I will be disturbing some rice bowl de.

Just want to understand something... your friend is a senior person, or junior staff? like fresh grad or already working for at least 5 years?

insure until 45 only? maybe you really can la. I'm thinking that if say... after 45, you do have those passive income, then maybe even if your kids are still young, somehow it's ok. so i'm thinking about what if you are not around and those passive income disappears as well. anyway, if you know what are you doing then i shouldn't butt in too much. i'm guessing you are missing out on certain details. maybe it makes sense in your case. it really doesn't make sense to me say especially most people at 45 later on, their kids are still in school or very likely approaching uni

assuming a salaried employee with reasonable amount of increment each year, us normal people probably won't have those passive income later.

you won't disturb any rice bowl here la. You won't be the only person who has a friend working for some insurance company as an actuary or something. at the end of the day, those big insurance companies like GE, Pru, AIA are selling more ILP than not. it's like their core business...

commission is pretty much goes according to a scale (after all, bank negara provides guidelines on the max comm the companies can pay). if you really want to pay less commission, buying through bank it's better, cause bank sales staff gets less commission than agent staff... supposedly less la.

This post has been edited by adele123: Jun 17 2014, 03:35 PM

bnm 3 years then pru sg hq 8 yrs quit then back to kl 4 years de... ok thanks. so all ricebowl normal... Was worried. cos it open up my eye truly. Yes he say same like u about ilp being big moneymaker for the company.

Ok time to take it offline. Any 1 interested to cont conversation can pm me. Cheers.

Haha.. Thanks for the information. Good for you to have a chat with someone so experienced in the industry.

Yeah, term commission is higher than ILP and term's premium is higher than ILP. I wonder why agents like to sell ILP nowadays

ILP initial premium can be lower than term in Great Eastern, I'm not sure for other company.
For example, 30/male/nonsmoker/class 1/RM500,000 Life+TPD coverage.
Term cost RM3075/year for 30 years while ILP is RM1600/year. It's almost double the premium.

So if one is looking forward for buy term and invest the rest, he should really consider a plan that gives lowest initial startup premium. Well, some agents might throw me stones as I'm flipping their rice bowl by advising clients a way to save premium hence there goes their commission

+1

Many people are too concern about the premium until they forget the long term & whether the plan can really help when they need the most.

Money in the bank and insurance all are your money, only bank is current money, insurance is future money.
Currently you are rich, doesn't mean future you will rich also.
Risk or Tomorrow only God can tell. Financial Planing is very important, for yourself and your family.

A person who really know investment should also good in risk management. The first risk to manage our own risk (life/medical) then only go invest.
We always take for granted for our good health, without it, all the wealth just nothing and just give it to doctor and hospital.

As old said, "Man at heaven, money in the bank" “人在天堂，钱在银行。”

Yes, wealth is nothing without health.

But, insurance doesn't guarantee you healthy actually, a medical insurance will save you the medical cost by risk sharing between insurance buyer only, but it doesn't guarantee a person that has a healthy body as well.
So don't take for granted for good health.

Man at heaven, millions worth of insurance, is as same as in the bank.

Insurance is not my money nor my future money, if next year cannot pay the premium, no more coverage.

Sorry bro, please don't disregard the cash value/investment value in insurance are all your money which can paid for the premium as well (as long have enough).

We all know, the main purpose of Insurance is risk management and protection. And also for wealth planning for family, especially those own a business. When a person decease, all his/her asset will frozen, the only liquid asset will give to family is insurance (maybe you can also argue those cash under the pillow).

Can anyone compare AIG 36 CI vs HLA 36 CI?

Aig gives immediate cash once diagnose

Thanks

How much cash do you need when you are already liquid with insurance payout?

The premium should be minimized and an extra cash that can be used to pay the premium should be invested in other schemes that focus on investments like the unit trust.

I am quite disgusted with some of my fellow agents who go about selling expensive premium insurance by increasing the cash value.

This post has been edited by wild_card_my: Jun 18 2014, 07:01 PM