Terrorism not covered by policy (Travel Insurance)

http://www.thestar.com.my/News/Nation/2014...ade-to-premium/

A better understanding, Travel insurance is a subset of PA insurance.

And in most instances, PA excludes terrorism and war/rebellion/civil war

Say after I sign up with GE for an investment link and one week later regret my decision, can I cancel the plan? If I cancel the plan, is there any penalty fine? If there is, may I know how much is it?

If within a week, most probably the case is still under review by the Underwriters or in the midst of getting approved.

You may call the agent to cancel and get full refund of the premiums paid.

You may also call the Customer Service if the agent is being uncorporative about it.

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.

Thank you unker for the clarification


Currently I have enough protection. Just that couple weeks ago I was approach by an agent with misleading information. I was told it was an EPF saving and she's reluctant to provide me with the proper sell sheet to read through until today when the doctor conducting the interview I took a peek at the policy number and call up the hotline and I was told it is an investment link policy, which is not what I wanted in the first place.

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

Also, I would like to know does GE having a rules whereby if one's protection exceed a million, they will need the person to declare their asset?

It's normal for insurance companies to ask for financial information if the customer buys a very high sum assured.

It's not really declaring asset but rather just additional questions understanding the financial position/income of the customer. it's not the same as bank asking for financial documents for loan/cc application.

Cause they can't have clerks buying RM1mil life insurance policy or something like that.

EVEN higher sum assured, requires even more financial information.

So... i don't know what's the threshold for GE, just FYI.

This post has been edited by adele123: Jul 23 2014, 02:34 PM

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

Okay, thank you for the clarification.
I think the agent seem bit desperate for the sales.
She ask whether I'm holding property, collecting rental, etc. I told her I have none of those.
She then said chances of getting the case approve is low because I have non of those and ask is it alright she just tell the GE company that I have some.
I thought, isn't it cheating?

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, I was recently quoted for an insurance policy for RM200/mth. It's a SmartProtect Essential Insurance 2 from GE.

details below :
death benefit : 12k
life/tpd : 12k
accidental death : 10k Medical reimbursement 3k/yr
medical : 150 R&B limit initial overall limit : 90k

mmm, at first glance it seems the coverage is very low. For a 200/mth policy are the above standard? this is also an investment linked policy.

Appreciate your advice.

Hi,

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

sure, am a male, IT job and 30 yrs old come august. thanks.

I have enough protection. My mom is an agent before she retire and I have commit enough insurance with her before she retire.

Just that couple weeks back I was approach by this agent who claim that she is from the EPF division under OCBC group, offering and alternative plan for company director. She does provide a side by side comparison between the financial return between her plan and what's currency offering by the EPF. Base on what's given, her plan could provide a projected yearly return of around 15% on average for past few years and on top of that, whoever sign up the plan will be given life protection of up to a certain limit. She also claim that this plan is only open for company director and also only their team is allow to sell/market this plan.
Only until yesterday I discovered what I really signing up for is not any EPF product but an investment link by GE.

Please Please COMPLAIN... there's so much loophole in whatever crap she fed you with...

I believe RM200/mth or RM2400/year premium for a 30 yo male can buy you a much bigger sum assured than just RM12K.

As this is an investment linked policy as mentioned, that means a larger chunk of the RM2400 yearly premium goes into investment.

So question comes back to you whether you are seeking insurance coverage more or investment for the RM200 savings that you paid into the monthly premium?

Thanks for your input. To be honest I'm not interested in the investment portion as I have a few other investments at hand (UT). I would like my insurance to be fully medical coverage + savings. Do you know if that is at all possible? It's my first policy so please excuse my ignorance. Do you have the range of coverage for a 2400 p.a. premium?

To be honest, you can just ask the agent show you in the computer screen to check range you can go for the rider with the premium. The quotation is generate by the system, is hard to tell the precise range.

As others mention, for your age and occupation with RM200/mth, the coverage is really low.

You should able to get better protection with same premium.