guys, would like to ask how long does it takes for agent to actually pass the hardcopy policy to the insured party for acknowledgement? my agent hasnt come back to me since the last two weeks whn the paper doc was signed by me. i was told the policy of mine has been enforced, in fact the insurance company has debited the first month premium a week ago.

i was also gt told that 1st two months' premium i will be paying 400 ringgits per month respectively as it is a standard practice from all insurance company in order for the policy to be enforced. i would like to know if there is a such practice practised by the insurance company? fyi my premium per month is 200rm. was it mainly due to commission the agent deducted two months premium in advance to secure his commision or what?

Once the policy has been approved, it will take 2-3 weeks to get the policy document as it needs to be printed.

Are you paying by cash or by autodebit? If by autodebit then most agents will collect 2 mths upfront (but it is not mandatory). This is because of the bank approval which takes time.

That said, it would be better to pay using a credit card or debit card instead of handing someone you had met the 1st time cash.

Edit: I am a bit confused on the mode of payment. Why is it that the insurance company has debitted but you still need to pay Rm400?

This post has been edited by roystevenung: Jul 14 2014, 11:10 AM

Questions:-

1. Are you salaried-employed or self-employed? If salaried-employed, normally they have group medical cover for you.

2. Depends what your poor health record is all about - is it reversible with lifestyle change? or will it get worse with age in general?

If you stated that it is not really a big issue, perhaps there is something that could be done to get you a medical card or a critical illness - with exclusion and/or loading. Unless in the eyes of the underwriter, there is something more.

As you already know that you want to get a medical insurance for your girl, then a medical insurance that is.

So depending on what you want for your girl:-

1. A plan that covers her medical needs from now as well as a fund for her education 20 years later?
2. A plan just to cover fund for her education 20 years later?
3. A plan just to cover for her medical needs from now onwards?

Hi Roy, thanks for the detailed explanation, highly appreciated !

sorry a lil confusing in my post, actually the monthly premium is paid through my credit card, deduction for the first two months will be 2 months' premium, RM400.00 ( july & aug) then the following months after august will be as per policy premium, RM200 / month.

now its like i m paying additional rm 200 for july n aug (TOTAL RM400 EXTRA wil be paid ) i feel something doesnt make sense here. if it was just an adv payment for the 2 months, i should be fine, but i was told i have to pay for the enforcement and its like dumping the money for nothing. really not happy now.

Not sure how other insurance company works, but for Prudential if it was monthly payment via credit card, you will only be debited Rm200 only, and not 2mths.

For Allianz new policy application will also require 2 months premium (current month & next month) as well regardless mode of payment.

Just chill, I believe quite standard across the insurance companies. Now everything online, once your policy in-force you can sign up to insurance company portal to check your policy detail.

This post has been edited by conqu3ror: Jul 14 2014, 02:53 PM

Usually when agents propose sales idea, they will propose a 'package'. Thus you get all these fancy things... and are the results of people who work in marketing. Whether it's an education plan/fund or not, it's essentially life insurance plus medical.

You are looking for a medical insurance. Next step is...

1) Do you need a life insurance as well for your daughter?
2) If yes to Q1, are you going for whole life or short term? (whole life being up to age 100, short term i mean, up to about 20 years later)
3) If Short term to Q2, then that's what they called 'education plan'.

Personal opinion
1) i don't think a child needs life insurance. strictly speaking life insurance (as in only receive payment upon death).
although the disability payment seems reasonable.

2) some insurance plans have term about 20 to 25 years. which will coincide perfectly as 'education' plan, assuming when it started, your child is less than 5. essentially it's insurance with savings/investment element. returns are going to be poorer than that of unit trust. Bear in mind, some cost will be incurred due to the insurance charges, etc. insurance company cannot provide insurance for free. certain insurance plan has some guaranteed elements, unlike normal unit trust plans. so... pros and cons.

buy aia family insurance
u have 10 child also can cover in 1 policy
parent+child in 1 policy cheaper

hello, recently i would to have my 1st life insurance. where my fren from great eastern provide a plan , the name call smart protect essential insurance 2 la. First of all i am 25 years old just pass my birth this year. I ask my agent to raise the premium to 140k

u100Il cibr- 120k
u86 sepcc- 120k
u120 smx200-200
u110 sme200-200
u102il pwe 3000

so is it ok?

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.

can you enlighten more pls..lets say like wat benefit should i increase? cause above premium is around Rm250 per month. Actually what i am focusing is in medical where if lets say i have accident, sickness or others that the insurance cover all my expenses in hospital and life insurance which protect me.

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.

Can anyone share with me the list of occupations and which class it falls under?

e.g
Doctor - Class 1
Labor - Class 2
Cabinet Ministers - NO Class

it's a very very very long list... i'm not even sure if it's right to share it. agents probably won't have such a list. this is underwriting's job

carpenter - class 4
helicopter pilot - class 3 (with loading)
minor - class 2?
student - class 1
housewife - class 2?

random examples... LOL

10 child? one medical card or 10 medical cards?

I don't work for AIA but i'm pretty sure the standard is 2 child + parents.

anyway... yes it is cheaper... but there's a point to take note... limits are shared... there's a reason why it's cheaper. though how often everyone ends up in the hospital in the same policy year... well, not very often i hope

This post has been edited by adele123: Jul 16 2014, 02:48 PM

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.

^ LOL actually am just curious, as to the different classes.
it seems that Class 1 would have lower COI, as compared to Class 4.

The general rule for occupation classes is:

Class 1 - Fully indoors, no/very seldom require physical work (Eg: Accountants, Doctors, Lawyers, Office Admin, etc.)

Class 2 - Indoors with physical activities OR outdoors but with supervisory/admin duties (Eg: Nurses, Retail Execs, Indoor Sales, Insurance agents, etc.)

Class 3 - Indoors with intensive physical work or outdoors requiring average/light physical work (Eg. Hawkers, Cooks, Factory workers (Light industry), Taxi Drivers, etc.)

Class 4 - Hazardous work (Eg. Heavy factory workers, Welders, Construction workers, etc.)



And not forgetting some jobs have extra loading imposed on them on top of the occupation class, like Military related jobs, Oil & gas related, shipbuilding, etc.

Occupational class normally will only have an impact on Personal Accident and/or Hospitalization coverage, i.e the higher the job class, the higher the premium charges are, due to the increased risk of accidents/hospitalizations.

Life/TPD/Critical Illness coverage are normally not affected by job class, with the exception for certain jobs that obviously presents an increased risk. (Eg. Workers involved in handling of toxic materials, like Lynas, may not be offered CI coverage, etc.)

Each company has their own occupational guidelines. Certain jobs that fit between the boundaries of the job class, for example a supervisor in a heavy machinery plant, may be rated class 3 or class 4 depending on the company. For jobs with an additional applied loading, the loading may be different between companies too, so be sure to try out different insurance companies and compare their premiums before choosing.

Allianz medical card COI will increase again this year

http://www.orientaldaily.com.my/index.php?...%26Itemid%3D198


（吉隆坡1日讯）隨著医疗收费调涨最多14.4%，安联保险（ALLIANZ，1163，主板金融股）表示，或许会在下半年上调其寿险及医疗保险的保费，涨幅至少是14%。

政府早前宣布允许医疗收费上调平均14%，这项行动预计將相应的增加医药保险赔偿金，安联保险表示，目前正在研究有关调涨的影响，並在下半年才会对保费的调整有所决定。

涨幅或达14%

大马安联保险首席执行员简雷斯（Jens Reisch）表示，提高寿险和医疗险保费的提议尚未有定案，一切得看公司进行中的研究分析结果，才能下最后的定论。然而，他不排除保费涨价14%的可能性。

他也透露，以上敘述的研究分析是从全方位的角度出发，包括私人医疗收费调涨和最近各区骨痛热症案例飆升的问题等。

简雷斯透露，今年的骨痛热症保险索赔比去年有明显的增加，因此也会把此项课题放在调整保险配套的考虑因素內。

前景乐观

无论如何，他也指出，虽然上述原因和其他的因素，或导致保费增加，但同时，该公司也会加强原有保险配套，通过增加保单优惠，確保顾客所买的保险是物有所值的。

简雷斯是在出席安联保险的健康生活概念智能手机应用程序的推介活动之后，对媒体发表谈话。

简雷斯也表示，对大马安联保险2014年的前景抱持乐观的態度，更透露今年看好人寿保险和普通保险营业额都有双位数的增长率。

不过，简雷斯也透露，普通保险营业额的增长率多数会与大马生產总值的增长同步，也就是5%左右。

纵然如此，他还是认为增长率达两位数的可能性相当高。目前，安联人寿保险和普通保险各佔营业额的45%和55%。

安联保险现有280万顾客，每年大约增加10万名顾客，隨著营业额的增长今年也不例外。

他认为大马人对健康课题和人寿保险日渐注重，再加上汽车销售增高，从而带动汽车保险需求都是该公司在接下来出击的好时机。

最后，针对消费税对保险领域的影响，简雷斯觉得目前要预测这影响还言之过早。

他们会在获得政府確认消费税是否会施行在保险业之后，才能开始规划和准备应对策略。

Never mind. Google translated

This post has been edited by roystevenung: Jul 17 2014, 10:31 PM