Recently someone claim she's from OCBC group offering me a EPF for director scheme. When I look at the plan, I found out that's already from Great Eastern and it sound almost like an insurance plan. The only different is that, I can deposit and withdraw money like a flexi loan.

May I know does anyone heard of a plan like that?

i got a PR in a country, my doubt is do i need to cancel my life/ci policies if:

1. if i just the PR there and still holding malaysia citizenship
2. if i give up malaysian citizenship, and take that country citizenship (means i no longer have malaysia i/c i assume)

p/s i understand that medical card will be given up as will use the new country's medical card.

1. Do a comparison between the country you are in PR with for the life/CI and decide whether you need to cancel your Malaysian class policy. Some countries, you can buy high life/CI cover cheaper than Malaysia. Seems like the mortality rate for Malaysia is high.

2. As I understand it Malaysia does not allow dual citizenship. If you surrender your Malaysian citizenship you might as well cash out your policy and buy the insurance in that PR country.

Moreso if the PR country is an A list country since the medical will be very costly.

For a Malaysian class policy medical card, if you travel outside of Malaysia (except for Sg and Brunei) for more than 90 days, you need to fly back to Malaysia to get treated. If it was below the 90 days, you will be reimbursed with a customary rate as charged by the Malaysian hospital.

For example if the heart bypass were to cost USD 100k in the US, you will only be reimbursed with Rm80k (subjected to your annual limit, if any), which is the averagely charged amount in most hospitals in Malaysia.

Lets not forget that the premium that you pay is in RM, and it is only fair that ypu are reimbursed in RM.

thanks! and replying ur comments above:
1. my intention is to save some money on the existing policy, if i surrender the policy it is not worth as the cash value not much compare to what i have contributed.
2. i did call up insurance customer care, they mentioned if can prove you were existing malaysian, then should be fine to claim/surrender/cash-out. is that true?

1. You buy policy for protection, not for savings. In order for it to break even (the premium paid), it will take at least 20 years for the policy to be in-force. Even so, there is no guarantee it will break even.

2. If you are referring to the Life & CI, then yes, as long as you can proof that you were still a Malaysian (IC needed), then the claims for Life & CI will be honored.

Medical claims on the other hand is subjected to the travel and residence clause as stated earlier.

1. yes, protection.. but if anything happen there will be some savings..
2. but if malaysia citizenship has already been given-up, i think IC as well already returned back to government, so how to claim without IC? maybe other supporting document? do u have client having similar situation?

For Life and CI, when you bought the policies you were a Malaysian and later on migrated elsewhere, as long as you maintain the policy and keep them in force by continuously paying the premiums, then you are covered.

The longer the policies were kept in force, the better. Before you surrender your IC for change of your citizenship, make some copies and get them certified by the insurance company counter officers and keep them for future use. You still keep your birth certificate which can be another alternative supporting evidence about your identity.

Depending which country you are migrating, if too far you may have some inconveniences of submitting the claim and sometimes ding-dong of requirements are very frustrating and time consuming.

Also depending on your policy duration and sum assured, if you are moving to certain countries where death certificates or medical reports can easily been forged, the Claims Assessor will be very wary about such claims, hence also be troublesome during claims processing. Cannot blame the Claims Assessor because they are not sure whether such claims are genuine or not because there were past experience of fraudulent claims from such places.

This post has been edited by zest168: Jul 7 2014, 12:39 PM

If it's Great Eastern, obviously it's insurance.

And with investment-linked plan (ILP), it works that way. 'So-Called' pay premium whenever you like (t&c applies) and withdrawal when you need it.

so if it's what i think it is (which is i'm 99% sure it's ILP), nothing special. Just know what you are getting into. it's insurance, not investment.

anyone was approached for A-Health Maximiser by AIA ? its a top up insurance medical card thing, I dont understand the self insured deductible amount thing, why is there option A and B? which is better?

Any advice for someone who / has:

1) poor health record (not really big issue actually, just insurance underwriters kinda exaggerate things) until having medical card etc rejected, and only death insurance permitted with big loading.

And

2) having a class 4 occupation.

Advice pls.

Underwriter always exaggerate when come to health issue. Now Malaysia cancer rate are 1 in 12 and getting higher by time. They always more pre-caution then doctor, even a mild hypertension, high cholesterol, slightly overweight, high blood sugar, family medical history & etc, underwriter take it very seriously as potential illness in future.

My dad have mild diabetes, insurance company exclude any of the related illness. And we can't do a thing due to pre-existing illness.

I always afraid to heard my client said they have any pre-existing illness, even is common and mild. 100% underwriter will defer and require medical examination (although cost on Insurance company).

Medical Insurance is not like shopping, when we have money, we can buy as much as we want. We only can get it while we still strong and healthy, not the time we need it/diagnose with any illness which are too late.

Occupation class mostly just affect the COI (cost of insurance) only. Unless the job expose to high health risk, then underwriter may require exclusion/loading. Even police can get insurance.

So what do you recommend me to insure myself then?
Should I buy insurance from bank such as maybank that are not so stringent on medical? Or do not require medical declaration at all?

Or don't buy insurance at all and save money for myself?

My illness is since young I have no control of it...

Sorry to hear that, since a insurance company totally reject for medical, mean is a very serious case. Those Bank are not really specialise in Medical Insurance and their plan are not attractive and not competitive.

Most life and medical insurance will need medical declaration. PA will no need declare medical record.

If you have family and dependent, it will be good to have life/TPD & Personal Accident insurance then totally no protection.

If your company have Group medical insurance, just stick with it and don't resign until retire. Of cause it will only cover as long you with the company.

I had a friend 25 yr old, with SLE (critical illness). She can't upgrade or change her medical insurance any more although the annual limit only RM50k and life limit RM150k.
She only can stick with it, take care her health and hope the limit won't burst so fast.

Take care my friend

This post has been edited by conqu3ror: Jul 10 2014, 10:32 PM

Err... I am 110% sure that even if it was for savings plans you need to fully declare the health condition, or risk having the policy nullified for non-declaration.

Otherwise people who has cancer will buy insurance savings plans with waiver on the saver?

he to new bro

he say COI mean is co-insurance

As mentioned in my PM, the insurer will need to know exactly what they are up against.

Any insurance product will have a medical declaration and it is the duty of the agent to ask and at times observe the client response. They are the eyes and ears of the Underwriters.

If you have mention the material fact to the agent, make sure it is written properly in the proposal form. Failure to declare material facts that may impact how the policy is underwritten may cause the policy to be considered null and void.

Anyway, if local insurer is not able to take up the risk of insuring, and if you are still keen on getting medical insurance, you may want to look for International Insurer.

Loading and/or exclusion may be imposed (due to the congenital illness) and Medical Exam is required irregardless of age.

The premium is ~USD 2500 pa for USD 1m cover. However, at older age > 75, the premium may be as high as USD 7K pa (with deductible of USD 6K). Worldwide coverage, including dental. Interested?

Why so stupid people want to buy saving plan?? See the projection need to wait 10-20 years only see the result... by 10-20 years no one guarantee the company still around or being take over. Let see ING, MAA and the current MBSB, RHB and CIMB merger...

So so stupid saving also need to declare health condition?? I really don't understand what is the reason behind of insurance doing??

err... seem old lady talking over here

No sure what you want to tell and your "motive"

Some said better don't piss off elephant as they will revenge even after 10-20 years...

fyi

Even if you buy from maybank, the result is still the same. They ask the same question. You can try your luck again with other companies but dont get your hopes up.

One of the standard insurance question is, "has your insurance application been rejected, denied,... by other insurance company?"

Maybank is an intermediary of selling insurance. That's it.

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

I am planning to get a medical insurance for my 1 year old daughter.
Confuse with education fund/life+medical/medical card alone.
Need help

Thanks