Dear Junnie,

Basically I'm very against the above suggestions based on below points.
1)Basic Sum assured
Based on the given premium and age, the sum assured is utterly too low at RM30k. I believe at the age of 25, the responsibility is getting higher as a child of someone and he might be purchased a property/car. Your parent might not fully dependent on your brother's income, however the family's financial might affected shall unexpected event strike. I'm suggesting to increase it to minimum RM100k.

2)36 Critical Illness and Early Payout Critical Care
36 Critical Illness and Early Payout Critical Illness is vital in view of among the claims I've done to my clients, about 80% of them are in early stages of cancer and other Critical Illness. Not to mention that he have to take rest of about a few months to get recovered. I'm suggesting it to minimum RM100k,

3)Personal Accident
I'm always against to take Personal Accident from ILP in view of high insurance charges and the premium is too high. You may look at Allianz Shield which cost RM208/year for a sum assured as high as RM120,000 including other accidental benefit.
https://www.allianz.com.my/web/ctb/10444/10...A2DBB59D2ED817C
*Side note*: I'm holding Allianz general insurance license as well

4)Medical card
I'm not sure what's the annual limit for your medical card. However, shall you permitted, why not consider a annual limit of RM990,000, unlimited lifetime limit and without co-insurance medical card? Annual limit is one the most important feature when we are getting ourself insured as

5)Hospitalization Benefit
This is not vital features but more like a supplementary to hedge for non-covered hospitalization bill or as a income replacement shall we hospitalize.

With the same premium, what do you think of the following plan?
Life Coverage: RM100,000
36 Critical Illness: RM100,000
Early 36 Critical Illness: RM100,000
Medical card Room: RM150
Medical card annual limit: RM990,000
Medical card lifetime limit: unlimited
Waiver of premium on TPD/36 Critical Illness

you know very well insurance charge is the actual cost, and YET, you still want to say same premium.

this is what i mean, say one thing, never say another.

Did any1 sign up Ceria Malaysia which offers protection for CI, N/A Death n daily HIB @ competitive premium?

how many % of nett salary is recommended for insurance ?

This post has been edited by Pain4UrsinZ: Aug 25 2014, 08:08 PM

Curious, why you ask? Actually premium is not cheap, relatively speaking. But yearly renewable policies tend to be more expensive anyway.

the common range is between 8%-15%.

Some say it is crazy to have such a rule, but across my clientele, that's the range (at least from the income that they declare to me lah)

What does your coverage look like? Mind showing me in pm?
(You can share it here too if you don't mind putting it up in public.)

8 to 15 %? Isn't that too high? I rather spend that much money on housing installment. Currently I do not have any "own bought" insurance , i totally depend on my company medical and PA insurance. I do not even think that it is wise in my case to get an extra insurance, currently only thinking about the 36 critical illness insurance type. 8% of my current net is already above 1000 ringgit, I believe that is too much to spend on an insurance.

Was approached by SA from CIMB Bank n keen to take up
Appreciate yo kind input on tis product

i would say the rule of thumb shouldn't simply apply across the board. yes, 8 to 15% is hell a lot. but may need to consider some people actually don't have good company coverage. HOWEVER, insurance companies also work like airasia style, in a way. airasia want you to choose seats, buy food on board. cannot just depend on air ticket as revenue. same goes to insurance companies.

Example, say if you are JUST looking into CI insurance, it tends be more expensive that way (same concept as fruit pricing in a normal fruits stall). depending on the coverage amount and your age AND gender (guys pay more for CI). but not be the case until it will be exceed that much of your 8% nett salary, then really just buying things that you don't need.

like the other guy mentioned Ceria Malaysia, really not a too bad plan, straight forward, but yearly renewable, will turn out to be more expensive over the long run.

This post has been edited by adele123: Aug 26 2014, 09:18 AM

Yea. adele123 is right.

You will hear a lot about ILP and Takaful in the market, which are pretty much the same thing in general, only real difference is that Takaful products are syariah compliant.

Now I know a lot of people here are against ILP, but compared to buying Life, PA, Med, and CI individually, getting all 4 incorporated in an ILP policy is actually quite affordable compared to buying all 4 individually. And over the long term, just like adele123 said, ILP can be a pretty good arrangement to have. But of course, if you do prefer going for UT and generally having a clear difference between your UT investments and insurance, it's not "wrong" either. Either way, it is all your money anyways.
Instead of taking the investment portion in ILP too seriously, just take it as building a fund to prevent your policies and coverage from being terminated during some tighter times. Otherwise, let it roll in the policy just like you would on a UT product.

At your earning power, maybe start with a basic medical plan and a PA, for reasons being to safeguard yourself while insurance companies have no reasons to deny or reject your application now while you are still perfectly healthy.
These two should cost you well within 1000/year.

I would like to apply to be your agent and we can go through your finances and expenditure just so I can have an overall understanding of your financial situation. I am based in PJ, and I travel quite a bit from Balakong to KL to PJ and to Klang. In fact I will be heading to Klang tomorrow to pick up a medical record from Hospital Tengku Ampuan Rahimah.

Hi guys, i got myself into an accident. I hit a boulder face to face and my front car got totally flat and crumpled. Not much damages from the sides. And the airbag deployed.

I have zero knowledge on this. Plus that the pain of yesterday still swelling. Therefore, i really hope that all sifus here can guide me to a right readings of how to handle my situation.

My question generally on this:
1. What should i be wary on the insurance regarding car accident
2. My car still have 8 years of loan payback. I not sure if i need to pay the remaining amount
3. How long will this process took?

The car is myvi 1.3se and the price i bought at the time was rm41k. It was just 1 year old and i paid rm1k for the insurance

Thank you

What's the situation of the car? Total Loss? no hope of recovering? police report made?

i don't understand Q3. How long will what process take?

i dont know how to define total loss. the front end of the car is flat and took out all the crumple zone. but the lamp still functioning

yes police report made. sent to a workshop. thing left is to liase with my insurance they said, which is etiqa, their panel.

the process i mean is until we get the claim

total loss, as in total wreck. nothing can be done except sell it as metal. if it's just usual claim, as below

Etiqa Claim

i thought the insurance company will settle your claims with the workshop?

Seen you have done most of the thing, now just keep follow up with workshop & Etiqa claim department to expedite the process.

It may take around one month or more. Take care

u from which company?

I am from AIA

My company already provide medical and PA insurance coverage. Dont think i need another one as benefit provided by companies in my industry is generally good. Unless i want to become a consultant in the future under contract terms which will be void of any benefit.

Why wont u recommend a 36 CI insurance? 1000 per annum for medical and PA is really cheap however my company provide good enough insurance benefit with both medical and PA coverage. This is very contradicting with your earlier post saying 8-15% monthly salary for insurance. 1000 per annum is less thab 100 per month. This ia just 0.6% of my gross.

This post has been edited by backspace66: Aug 30 2014, 04:36 PM

Oh, I was being bombarded really hard by this other user by the username of Dreamer101, claiming that everyone is overpaying for insurance, overpaying for a house, overpaying for this and this and that and I don't even know what he buys, to be frank.
The point is, a medical and a PA is the bare minimum for a 20-something year old, just started working at his/her first job for less than a year, to cover any unexpected medical expenses and also some form of protection for all his/her unearned income. Because if the person has to choose between insurance and food, I would tell the person to eat first.

36 CI... yes if you can afford a little more, and if you know very well your family has some hereditary diseases. If not, then the person has a little bit more wiggle room to decide. The point is to have the peace of mind, knowing that should one thing or another happen, there is a fund that we can have access to instead of getting on the waiting list to a gov hospital, or look for Michael Cheng.

The point of getting our own individual insurance plans on top of what our employers are offering is to protect ourselves even after leaving the company. A person may be healthy now. But in the course of his employment with the company, should a person sustain any major injuries or contract any major illnesses, it will be on the medical records. Should he decide to purchase his medical insurance and/or PA only after leaving the company, there will be three outcomes:
1. If he is lucky, there will be a surcharge on top of the standard premiums
2. If he is not so lucky, it will be an exclusion on the past medical condition.
3. If he is unlucky, he is now uninsurable.
Would he be saving money by saving on insurance premiums? The way I see it, he didn't save on insurance premiums. He merely bought the policy from himself, because he will be paying out of pocket instead of the insurance company's reserves. And comparing our savings and the insurance company's reserves, I think the one with greater financial power to take care of our medical charges is the insurance companies. Anyone of them.
So why not transfer the risk over to the insurance company for a nominal fee?

As for the 8-15% monthly salary, the range is derived from my father's clientele portfolio. What they bought, how much they bought with reference to their income when they bought it. It's not an absolute answer or guideline to follow, but if that has worked for them over the course of 33 years, I think that can be a good guideline for all of us to refer to, but ultimately I will still come back to the questions:
1. What are your objectives?
2. How can I help you meet your objectives?
3. Is there anything that you would like to add or take out from my proposal?
4. Do you have my name card and contact details?
Because if what I do is of no value to you, maybe I am just wasting your time. Don't you think so?
But if I have been helpful and you think some of your friends can benefit from engaging me, why not recommend me to your friends?

Question from inexperienced: I bought annual worldwide travel insurance; is dumping my low cost PA ok?