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 Insurance Talk V2, Anything and everything about insurance

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lifebalance
post Nov 23 2014, 07:59 PM

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QUOTE(henshin7 @ Nov 22 2014, 02:02 PM)
Hi,

I'm new to this topic. Please advise.
1. Medical Card; is it enough 100k annual limit or should I opt for a highest plan of 200k?
2. Is women specific illness is really needed? I'm thinking of taking a cancer rider which include CIS gender specific instead of taking women rider. Is this ok?
3. For life insurance, for a new graduate like me who's income will increase in future,  is it recommended to take term life compared to investment linked? What I understand, term life is cheaper, but in investment linked,  you could increase your BSA  in the future.
Thanks.
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1. Really depends on your monthly budget, afford the limit that goes with your monthly premium. Higher is always better but it's also much more expensive.
2. For women specific illness, normally it's much more advisable to take if you do have the additional cash flow as it's quite common nowadays women get breast cancer or cervical cancer.
3. Traditional policy is guaranteed whereas Investment Linked is not, however if you're young, you can always opt for Investment linked product as it's cheaper where as Traditional policy are much more expensive in the beginning.
lifebalance
post Nov 30 2014, 01:33 PM

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QUOTE(MiKE7LIM @ Nov 30 2014, 12:23 PM)
hi all sifu & tai kor here....

need some advise on my impulsive signing on a insurance plan.

received offer from AIA/Citibank on Essential LifeCare plan which cost me RM80/months...Coverage is 100K for Death/ Disable and etc. not a medical card i think...

shall i Keep this policy?  I got AIA medical card and GE insurance on my own ady...
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If you find that the plan is not what you want. You can always cancel the policy within the first 15 days of the free look period.

Best is you have an agent that can help you summarise your policies and see if you need any additional add on
lifebalance
post Dec 1 2014, 10:37 AM

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QUOTE(64bit @ Dec 1 2014, 01:15 AM)
Hi guys, an agent has proposed a medical card plan, highlighting the importance of annual claim limit for medical card, based on my existing plan, would appreciate your advice on this.

Based on previous posts, I noticed many mentioned about max 10% on total income for insurance. Should I be focusing more on medical card? Should I get a better medical card? Should I cancel my existing medical card?

28 yo, non smoker, mthly income ~ 3.3k, plan to get married in a year or 2

Proposed PRU Medical Card Plan:
Monthly Premium: RM160 (till 70 yo) or RM220 (till 80 yo)
Life: 15k
Hospital Room: 200
No Annual Limit, Lifetime limit: 750k

Existing GE All-in-1 Plan:
Monthly Premium: RM200
Life: 95k
CI: 80k
Accident: 30k
Hospital Room: 150
Medical Card Annual Limit: 90k, Lifetime Limit: 720k
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Since you've got a medical card with GE already, there is no need to get another medical card as you can't claim from 2 different medical card.

What I can see is that you can upgrade your medical slightly with your existing GE card and bump up some of the protection as 95k is not that much with your RM39.6k income annually. 95k is probably going to last only 2 years of expenses.
lifebalance
post Dec 4 2014, 05:23 PM

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QUOTE(maxwelx64 @ Dec 4 2014, 01:10 PM)
Hello all sifu, I'm really need advice from you all...
I'm 27 yrs old, income ~RM2.8K, non smoker...
About last week I had signed for a SmartProtect Essential Insurance 2 with monthly premium of RM300...

lump sum death and tpd = 360K
U100 IL Critical Illness Benefit Rider (IL CIBR) = 360K
U119 SmartMedic Xtra (SMX150) = 150 (room) + 90K (annual) + 900K (lifetime)
U75 IL Hospitalisation Benefits Rider (IL HB) = 50 per day
U102 IL Premium Waiver Extra Rider (IL PWE)
U133 Smart Extender (SE90K) = 900K (annual) + unlimited (life time)

My questions:
1. Is that the premium too much for my income?
2. If there is too much, any suggestion on the change of the plan? My 1st concern is medical card, follow by CI and lastly death and tpd...
3. Can I change/cancel the insurance now as I ady signed the insurance for 1 week++??

1 of my fren said the room and board RM150 is far not enough me...  doh.gif
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Actually the budget about RM250 should be right for you.

I would recommend to get a better medical card and cut down on protection if your main concern is on your medical card.

You can still change the insurance since it's just 1 week + by calling to GE and saying that you would like to cancel ur plan under free look period as you are not happy with the plan.

Otherwise, you may revise the plan with ur current agent.
lifebalance
post Dec 5 2014, 05:59 PM

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QUOTE(maxwelx64 @ Dec 5 2014, 02:01 PM)
I got another fren (agent) that try to persuade me to change to Allianz as they offer better medical coverage..
this make me confuse which 1 company is better in term of medical card... rclxub.gif
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well it's really up to your preference smile.gif if you need to do a comparison can request a quote from me so see the difference between GE and Allianz's medical card so that it's not biased.
lifebalance
post Jul 12 2015, 10:08 AM

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The new GE plan is to extend your current medical card limit e.g if your limit is 50k right now, with the extender max, it will extend your claim limit further.

It's a very worth while plan for those who has low limit at the moment.
lifebalance
post Jul 24 2015, 09:07 AM

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QUOTE(spreeeee @ Jul 23 2015, 05:33 PM)
which insurance company accept car insurance renewal for car more than 15 years?
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not that I can recall. Normally you will only get 3rd party coverage if the car is above 10 years old.

Try to call up the car insurance companies to check it up.
lifebalance
post Jul 25 2015, 11:35 AM

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QUOTE(varman1534 @ Jul 25 2015, 10:12 AM)
My GE agents such an asshole, only met the fisrt year when i sign in for policy..after that lubang hidung pun tak jumpa..diary tarak..apa pun tarak..bought investment work rm 400 permonth for 20 years..
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Sorry to hear that
lifebalance
post Aug 27 2015, 10:47 PM

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QUOTE(KenYoung @ Aug 27 2015, 04:39 PM)
is there any way i can continue use my sister's name on my car im driving (actually belongs to me) to make use of the NCD
BUT
at the side i draft a legal letter to say the car belongs to me? lololollll.... trust within family is not questionable, just being safe by having things black and white
icon_rolleyes.gif
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No ... you can't
lifebalance
post Aug 28 2015, 11:25 AM

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QUOTE(nujikabane @ Aug 28 2015, 10:30 AM)
Is it possible to have multiple ILP-linked insurance
from the same insurance provider ?
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Yeah, no problem.
lifebalance
post Sep 4 2015, 09:22 AM

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QUOTE(basSist @ Sep 4 2015, 12:53 AM)
yeah because TM's deductible is RM10k, and the AIA's is RM30k. once you passed age of 60, there won't be deductible option for you hence the premium increases.

TM deductible plan is fixed at RM10k for all plans,
and AIA's deductible plan is fixed at respective plan.

Try AXA SCO, you can adjust your deductible amount, from RM7.5k to RM20k for each plan. if you are concerned that
you can always look for AXA SCO because their deductible plan can be converted to non-deductible plan once in a life time by age of 59. the Insured Person
will not be required to provide health declaration to the Company.

and the last thing, i'm a consumer. i'm not a insurance salesman.
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The concept is still the same.

If you're on a budget and don't have a choice, get those with deductible, atleast part of the risk is covered.

However, if you can afford a full plan with no co-insurance today with a better benefit. Why not ?

Is it worth saving a few extra ringgit worth the long run ?
lifebalance
post Sep 14 2015, 10:45 AM

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QUOTE(prescott2006 @ Sep 13 2015, 08:40 PM)
My current gross salary is RM4200 and from Penang. Currently I'm using the medical card from Allianz with the following details:
1. Month premium: RM200
2. Annual limit: RM100k
3. Lifetime limit: RM1mil

Recently, someone from AXA Affin suggest me to change to their package with the following details:
1. Month premium: RM333
2. Annual limit: RM1.6mil
3. Lifetime limit: No limit

He told me that with the current annual limit of 100k is not sufficient for any dread disease. What do you guys think? Do you think it's necessary?
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100k might be sufficient for most lower end surgeries, but definitely not enough for more expensive and complicated surgeries.
lifebalance
post Sep 14 2015, 10:47 AM

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QUOTE(prescott2006 @ Sep 14 2015, 10:45 AM)
I 've gone through your blog post. Some of my replies:
1. For the waiting period, he said will help me settle the AXA policy before surrender the Allianz policy, so there is no gap between them.
2. Can you explain more about incontestability? Not very understand about this term.
3. I've never claim since I took the policy in 2011.

Based on my income, do you think RM333 is too much for an  ILP medical insurance?
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There is a minimum 4 months waiting period. Meaning you will need to in-force your new policy under AXA for 4 months before surrendering the Allianz policy. Else in between you can't perform any claim if you cancel Allianz.

The budget depends on your wallet. Do you need that RM1.6m coverage in the near future ? Are you willing to pay RM333/month now for the benefit ? If yes, then go ahead.
lifebalance
post Sep 28 2015, 10:51 AM

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QUOTE(Catoblepas @ Sep 27 2015, 09:02 AM)
I'm thinking switch my current great eastern medical card to prudential medical card with the concern of great eastern legally able to withdraw the medical card business in future compared to prudential which have public bank as trustee.  Any advice for this ?
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Doesn't really sound wise of you to do so.
lifebalance
post Sep 30 2015, 10:06 PM

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QUOTE(Catoblepas @ Sep 27 2015, 09:02 AM)
I'm thinking switch my current great eastern medical card to prudential medical card with the concern of great eastern legally able to withdraw the medical card business in future compared to prudential which have public bank as trustee.  Any advice for this ?
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Insurance policies are approved by bank negara, not so easy will withdraw, they also pass the risk to reinsurers in malaysia. Why so worried -.-
lifebalance
post Oct 2 2015, 10:07 AM

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QUOTE(prody @ Oct 2 2015, 09:44 AM)
I don't know how good prudential is compared to GE but it is no problem to switch.
You just sign up for the new policy first. Do the medical exam if required. Wait for the lock in period to expire and then only cancel your old insurance.

Where did you hear the news about GE?
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That is a mistake, you will need to wait 4 months for the waiting period, not 15 days.

I can't find any reason why you would want to cancel your medical card based on such condition which will unlikely happen unless your agent tried to convince you with this point and tried to get a new policy signed up and earn commission from it. You will have to restart all over again and possibly paying a higher premium than you were previously paying for the same benefit.
lifebalance
post Oct 4 2015, 12:10 PM

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QUOTE(T231H @ Oct 4 2015, 12:24 AM)
hmm.gif I think it will have be the one that are bought to cater for your needs and budget...
there is no one "BEST" plan that can suit everyone....
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Best insurance is where the agent provides sound financial advise and catered to your needs.
lifebalance
post Oct 7 2015, 12:13 AM

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QUOTE(OptimusStar @ Oct 6 2015, 06:04 PM)
I am currently on SM from GE and I been approached for Allianz Powerlink.  Both are ILP's.

I found that for 15 ringgit more, i am able to enjoy higher Death Benefits, Higher Critical Illness, Same accident benefits , same room and board and same amount of life time coverage .
The plus point i noticed from Allianz, is there
1)no co-insurance , GE has a 10% capped at 5000,
2)the Critical Illness payout is independent from the DB, in GE is it from the same pool as I understand.
3)They also cover for outpatient dialysis and cancer treatment meanwhile GE doesn't if i am not mistaken and
4)10 year more in coverage upto 90 years old , while GE is up to 80.
5) More panel hospitals compared to GE
6) No annual limit

The cons
1) No hospital daily cash allowance
2) No Smart Assist

I have been paying the GE policy for sometime, 5 years already , is there anything I should consider if i plan to switch to Allianz? Appreciate the help given.
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1. You can upgrade to no co insurance.
2. GE has the same benefit as well
3. GE does cover
4. You may add up to 90.
5. You sure ?
6. We have unlimited limit now

1. Yes we do
2. We have auto assist

It's not advisable to cancel your medical plan. Insurance is a long term investment. It's just silly to restart all over again and pay for a new policy. Just upgrade will do

This post has been edited by lifebalance: Oct 7 2015, 12:20 AM
lifebalance
post Oct 7 2015, 11:15 AM

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QUOTE(OptimusStar @ Oct 6 2015, 07:56 PM)
The agent that proposed to me mentioned the Allianz plan is at fix rate. Means i pay the same premium life time.
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All ILP plans from any insurance company are fixed, the premium are fixed based on projection. However, as others have mentioned, if the economy faces a downturn and the company is performing really bad for few consecutive years, then there is a risk for the policy to lapse due to reduced cash value.
lifebalance
post Oct 9 2015, 09:22 AM

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QUOTE(MUM @ Oct 8 2015, 11:08 PM)
just noticed this while surfing...
Admin executive paid yearly insurance premiums higher than annual pay
http://www.straitstimes.com/business/insur...er-than-her-pay

"Effect of Deduction" (EOD)  rclxub.gif
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Yeap, it's an endowment plan. Always make sure your agent explain the policy to you when they deliver your policy to re-confirm what you've purchase.
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