last time unker get how many mark?

Dapat credit for both PCE & CEILI mark forgot liao

thanks

what should i consider before i buy my first insurance? i'm just start my job not too long ago after graduate. currently cover under group policy of the company. hope sifus here can help.

Minimum returns for investment-linked products?
http://www.thestar.com.my/Business/Busines...inked-products/

some points that i can think of, maybe others can come up with more points, as i'm not a planner.
1. Understand the benefits provided by your company (term life, pa, medical if any).
2. Budget. You can buy the perfect insurance but, no point getting it if you can’t afford it over the long term. Insurance… you practically pay for it for the rest of your life.
3. Other factors should be if you have any dependents, financial obligation (loan), etc. but since you are fresh graduate should be no problem in that department IF your parents are not depending on your allowance. So, you don’t need to rush into getting life insurance yet. No rush, doesn’t mean not do anything about it la.
4. Is there additional need to top up on the medical insurance provided by your company?


I feel this is really ridiculous. If one would really want some guaranteed cash value feature, then go for traditional life insurance. Just agents don’t want to propose these kind of plans for their customers. Non-participating and non-endowment plans are good enough to provide SOME cash value.

Based on my understanding on basic investment, to have investments with minimum GUARANTEED return, this will indirectly increase the cost of managing such assets. Insurance companies, may find it difficult to provide such investment in-house, so will need to engage the services of investment banks.

Then, on top of that, by providing some form of minimum guarantee, it should result in a lower potential upside gain. Sigh, even the so called minimum GUARANTEED sum will eventually still be subject to some form of terms and conditions.

Instead of going to the trouble and incur more cost and definitely will be borne by consumers, just choose balanced or bond funds instead equity funds and make sure the fixed income manager is one hell of a good manager.

thank you for the reply. if i buy another insurance by my own, then i have 2 insurance including the insurance of the company, will i be cover under both insurance or i can only claim either 1 from both option. (Assuming both insurance provided same protection whatsoever)

I am an insurance agent.
For medical, you can claim your company's first, then claim the balance from your own medical insurance.
The balance you will have to pay first and then make a claim on your own policies. Your agent (you can engage me as well) should be able to assist you.

As for Life, PA, Critical Illness, you can claim both from your company (if they do cover) and your own.
Let's say a person has 5 PA policies, and he gets into an accident and loss a limb. This person can claim from all 5 PA policies, on top of whatever that is provided by the company as part of your employment benefit.
Same goes to Critical Illness and Life policies.

Hope this helps answer your queries.

This post has been edited by JIUHWEI: Sep 8 2014, 11:30 AM

thank you JIUHwei

Happy to be helpful

In my opinion insurance can come later. At least after you are more stabilized in your job.. aka confirmation.

Buying insurance is a long term commitment and you need to be financially stable prior to commit to a lifetime insurance plans.

Learn to save and invest first, unit trust, stocks, short term FD for parking emergency funds.

Once you got the investment portion in place, only look at insurance.

I may get flame by agents here but what else is new

You may ask wongmunkeong or pinkspider on various investments strategies

First thing to consider to buy insurance is you have the money to pay the premium or not.

Emergency fund (money in the bank) is the ultimate insurance one can have, not insurance A, B or C.

No money to pay insurance premium all coverage lapse.

How may I know if I am over insuring myself?

for me the most important is to maintain the payment, some people take the expensive plan and yet ended not paying the monthly commitment

The industry standard is 10 times your annual income on your life sum assured.
But that doesn't mean you have to hit that IMMEDIATELY.
Some start at 50k, some start at 100k.
I think the regional standard should be at 320k/life but sadly our domestic payout atm is at 30k-40k.
The recent MH17 payout by life insurers reflects this.

As for medical, just get one that is around 100k - 150k annual limit.
As a guide, go for those
1. With no co-insurance
2. No lifetime limit.
3. Covers till age 100 (otherwise very jialat if we live very long)

As for PA... see if your job requires you to travel around or be exposed to other risks such as machinery
If it is a desk job... something low around rm200/year should get you a nice 200k coverage with some medical reimbursement benefit for injuries due to accident.
Definition for accidental injuries across the industry is
1. Sudden
2. Violent
3. External impact
There are also some that considers loss of working ability in the field where you qualify to perform by training, and/or by experience, as a disability and pay 100% sum assured. Look into AIA PA products lah, might be something you find interesting.

CI.... unless your fam member, uncle aunty cousin brother cousin sister grandfather grandmother has any diabetes, cancer, heart-related illnesses or any hereditary diseases, can skip it for now if you are just starting out lah. But if you are looking, maybe consider those early critical illness products.

There are many ways where we can use insurance products. It is only the different individual perspectives towards it that makes the difference. After all, a kancil is a car, a Mercedes A-class is also a car.
Why would anyone get the A-class when a kancil is many times cheaper?

Hope this helps in your considerations

This post has been edited by JIUHWEI: Sep 9 2014, 08:05 PM

You are merely pointing out all the plus points of aia medical.

1. having co-insurance is NOT a bad thing. it usuall results in lower premium.
2. to be honest, you are seriously not gonna hit any lifetime limit of those companies that do offer them. take for example, the common multiple now is 10 times annual limit. seriously, by the time you start hitting 4-5 annual limits, i think one is the verge of death bed.

3. premium payable after age 80 is also very jialat. cover up to 100 or not, is merely a formality... i seriously see no point paying 10k, 20k premium. i like to think that if i live up to age80, chances are i probably either don't need the hospital or i need it too much that i rather not stay in hospital for too long. burdens the family.

life insurance sum assured should not blindly follow STANDARD. just because someone created the statistic behind 'AVERAGE' we start to think EVERYBODY needs an average life insurance coverage. quick check on necessity of life insurance... are you a breadwinner? do you have car loan, house loan? do you have someone who you want to give your house/car to in the event of your untimely demise?

another reason for LOW sum assured must be those agents la, sell endowment plan... sum assured low, premium. seriously, no rationale here, just want to complain about endowment plan.

if i seriously believe i'm alone in this world, i would only bneed disability insurance and medical insurance. because i don't need any death benefit.

another point to note, you pointed out MH17. if i really believe i would die due to an airplane crash, i think i don't need that extra money from my life insurance. cause the airline gonna pay 6-figure compensation anyway.

what about do a quick check

asset + insurance payout

vs

debt obligation + money for your spouse/children (if any) upon the untimely death

i don't know if this is right... but if it were me, i just want my family to be not burden by debt, have a roof over their head, and have sufficient money to live a considerable comfortable though not wealthy life or have the passive income to do so. etc...

Oh, what I meant was that those 30k to 40k payments do not reflect their current liabilities at all. By AVERAGE I meant the average working person. I believe your house loan itself is around 300k already right? What about car loan and just a 3-5 years household expenses just for the remaining family members to get back on their feet? No need to talk about education savings lah cuz I'm sure other investments (property, UT, business venture, 4ekor) have higher yields.

On paper, lower premium of course sounds good lah. But when paying the co-insurance amount, pain leh.

On lifetime limit, what you say is true as well lah. But why put a limit there when you can choose not to worry about that?
On statistics, not a lot of people in Malaysia live past 85 years old.
Then of course, why pay 10k 20k at old age when you can choose ILP now? Of course now we pay a bit more, but it covers us when we are old. So it's more like a younger you now taking care of the older you later in life.
But of course I am in no way saying this is the only way to go about it lah.

If you're alone in this world, maybe consider CI also lah.

ILP COI is not fixed, if COI rise, one may need to top up the premium of ILP at later stage (when cash value is not enough to support the COI). Premium of ILP is never guaranteed to be fixed at older age.

So if cannot top up at old age, policy lapse, no more protection as well...
It is not the like you bought ILP now, you don't worry about future COI, or automatically cover until you old/died.

ILP, the premium you paid at young age, high portion is used to invest in fund, which at later stage being utilised to cover COI. It doesn't guaranteed it must be enough to cover until a person. As it depends on how much the investment return as well as COI rising.