That's a good basic overall plan lah. Cuz it touches on your life, med, pa, and critical illness as well. Your agent is a good agent that thinks from your perspective and get you covered.
If I were to do anything to it, I would up your PA by about 300k-500k, up your life by at least 150k, and your critical illness cover by at least 100k. << instead of just increasing your premium lah.

Can see your agent thinks for you wan. Give him or her a call lah

Discuss with your agent on your PA and Life. I definitely will say increase it now if you can afford it because for Life, should you increase it later in life, the rates will increase and so will your premiums. So if you can afford it now, why not get it now when your age is low and you are healthy and insurable?
For PA, the price is fixed and you should consider getting between 300k to 500k because your future unearned income is so much and there's no telling where your potential to earn ends. So at the least, peg it at 10 times your current annual income. God knows which crazy accident will cost us literally an arm and a leg right?

As far as your existing plan, I will ask you to not cancel anything because we won't know when we will need it. And when we do need it, no company will be so generous to take our premiums knowing it is a sure loss.

I'm from AIA but I will tell you to go with what your agent has arranged for you and continue with him/her because he/she jaga you very well.
Of course, if you would like to look around, you can engage me as well

Entry age 30 vs entry age 35 has a big difference in rates lah. Yes charges will still increase but what I am trying to get across is to fix the premiums at a lower figure vs getting it later and fixing it at a higher figure.

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.)

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.

I am from AIA

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?

Investment linked life insurance is a life insurance.

In short,
Life insurance covers you on your life no matter what the cause, except suicide and participating in terrorism/war/illegal activities.

PA covers your life and/or Disability due to accidental causes, which is defined by
1. Sudden
2. Violent
3. External impact
PA usually comes with some medical reimbursement benefits for accidental injuries as well up to a few thousand ringgit.

Travel insurance usually have very high medical reimbursement that covers you from the day you leave KLIA. It comes with the standard loss of luggage, loss of cash, luggage damage, etc. The annual ones do cover all your travels within one year from the policy date. Price range between 300-400/year.

Example:
John Doe has a Life insurance, PA, and travel PA coverage. He travels very frequently due to the nature of his job. One day he travels to Hong Kong and met with an accident that so unfortunately took his life. John passed away on scene.

This is what follows:
1. Travel PA pays for the repatriation of his remains, and 100% of sum assured.
2. His personal PA also pays 100%.
3. His life insurance also pays 100%.
These payments will be directed to the names that appear as nominees in each respective policy, in the percentage as dictated by John when he first incepted the policies.
If there are no nominees, these payments will go under his assets and be distributed according to his will.
If John Doe doesn't have a will, it will be handed over to the gov to be distributed to his family members according to the law regarding inheritance (can be quite a hassle).

Please don't use insurance as a channel for investment.
Take insurance as it is, and it is to insure yourself against accidents, critical illness, hospitalization, and lastly leaving a legacy for your loved ones.

It is usual that people do this:
1. Claim the bill with employer's medical insurance.
2. Claim the balance on extra r&b charges with personal medical insurance.

Hope this helps! =)

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

Happy to be helpful

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

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.

If cash value enough to cover COI?

Aiseh... I'm not saying definitely can lah bro.
I am saying "if" because you are trying to sound like it will definitely not be enough
What if accidentally it is enough?

Well, if you are willing to put in a little bit more now, it will be enough for longer period mah

Everyone want cheap cheap, then later on come and complain
Money is money lah. How much you put into it and how long it works for you is all in black and white.
Then you want to say "of course insurance agent say this lah, more commissions mah"

Same comparison i give to you lah
Why buy Mercedes A-class when Kancil is also a compact car?

What can I say... cheap things never good, good things never cheap.

If cheap is what you're looking for, cheap is what you will get lah.

I mean... is it realistic to expect 200+ hp from a 600-800cc car?

When agent recommend you, you say we try to squeeze you rm50 extra a month.
When your sustainability run out you say agent promise the moon and the stars but give you "sai".

Now I am just saying put a little bit more in, to increase your policy's sustainability, you also not happy.

How?

Engage your friends around you, ask them about their insurance agent.
If they are very keen in recommending their insurance agent to you, get from that agent.

To be frank, it is such a competitive industry. Everyone is providing the same things at the same rates.
Lower premiums would have lesser or more limited in its coverage.
Higher premiums would have greater scope of coverage.

As a guide:
1. What age limit do you want? 80? 100?
2. How much annual limit? 100k? 150k? More?
3. What is the lifetime limit? 2mil? 3mil? No limit?
4. How is your friends' reactions when recommending their agent to you? But I believe nobody here will recommend a lousy agent to their friends, right?

Hope this helps

AIA Life Planners
This is part of the Company's rebranding exercise to build planners instead of agents who just sell.

We are equiped with financial health checks application which is a tool to put our financial situation in a clearer, easy to understand picture. So a Life Planner should be able to meet your
1. Life insurance
2. General Insurance (Motor, PA, Fire, etc)
3. PRS
4. Takaful
5. Mortgage
...needs.

This post has been edited by JIUHWEI: Sep 17 2014, 01:20 PM