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 Great Eastern investment linked insurance

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ReWeR
post Apr 16 2014, 12:44 AM

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QUOTE(TheSecRet @ Apr 14 2014, 12:05 AM)
Being approached by few imsurance agent lately as i thought i should start purchasing insurance in order to protect myslef.
Currently i am 23 years old.
The best quotation i get from one of the agent is Great Eastern
250 per month
150k 36Ci
150k early payout Critical care
Medical card rm300 per room
Annual limit 120k
LIfetime 1.2 million
Co insurance 10% (max500)
Rm100 per day claim if stay in hospital.
+ investlink.
Advice please. Anything i should take note ?
*
don't buy insurance that is too fancy.

just opt for 36Ci term insurance enough. '150k early payout Critical care' also can consider.

1. medical card usually can be provided by company, and most government hospital provided room at a reasonable price.

2. RM100 per day claim if stay in hospital is a very useless reason to buy insurance. You really wanna buy insurance so that when you lie in hospital you can get rm100 per day? Is that even a risk you wanna cover?

3. The investment rate will never get higher than 4%, I really think might as well just put it in FD for 3% but bank provided with a lot of flexibility on your money.
ReWeR
post Apr 16 2014, 01:04 AM

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QUOTE(bcpbeancounter @ Apr 15 2014, 12:24 PM)
i always discourage people to buy investment link policies. This consist of insurance + investment. Nobody is going to help you do investment for free. You need to pay greateastern a comm + fund manager fees. all this hidden cost insurance agent will never tell you.
If you have extra money, please learn how to invest. Why you need to pay fund manager to manage your kacang saving?
*
nod.gif

Actually even you dump all your salary into property, is still even better than insurance sometimes.

when times come and you need medical fee, you can sell off your property and you'll be surprise how much you've earned.
conqu3ror
post Apr 16 2014, 08:48 AM

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QUOTE(ReWeR @ Apr 16 2014, 01:04 AM)
nod.gif

Actually even you dump all your salary into property, is still even better than insurance sometimes.

when times come and you need medical fee, you can sell off your property and you'll be surprise how much you've earned.
*
Sorry to correct that, Insurance main purpose is for protection, not for investment. If investment, please opt for property, unit trust, share market, gold & etc. Hope everyone don't get it wrong.

Just sharing my experience.

When we have family and parents to take care and other commitment, sell off asset/property is the very last solution. Also selling property take months to settle. (don't tell me can sell off wife, kids, or parents sweat.gif joking)

Every day we just paid RM5-10, and we have a standby fund of RM1million. How many people in Malaysia can save up to RM1million cash in their life time? If you have, can I be your friend?

Yes, company may have medical card. But have we check what is the annual limit? I surprise to notice most only cover RM30k-RM50k (be lucky if they cover up to RM100k). I have friends which rely on company's medical card. Till one day she have cancer and force to resign, so her company medical card also gone... Insurance never accept her any more. She don't have property to sell, end up begging parents and relative for medical fees.

abhipraaya
post Apr 16 2014, 11:10 AM

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QUOTE(bcpbeancounter @ Apr 16 2014, 12:32 AM)
with this adjustment, the premium is lower than term insurance?
*
For the sake of argument, there definitely will be insurance products with lower premiums.

All boils down to the customer's needs.

ILP allows for very flexible 360 degree protection i.e. Death, Dreaded Disease, Disability, Medical, Waiver of Premium and more all at a competitive premium. To add on, to make the the ILP more geared towards'protection' you may opt for Acclerate Basic Sum Insured instead of Additional Sum insured, this means, when a CI strikes, it drawsdown from the pool allocated for Life/Death. The premium will be much lower and when the person passes away, but there's no amount left for his beneficiary since the pool has been used up to pay for his CI. The person may choose this if he does not intend to leave any large sum for his beneficiaries i.e he is single and no one depends on him or he already has other forms of investments with good returns to support his children/spuse and no outstanding loans to settle, properties no longer under loan, large amounts of cash reserve to support his family. Bottom line, don't get deceived by the word "Investment" in "Investment Link Plans". The mechanics of ILP work by, yes, investing in a fund of your choice and there are manger's fee and so on. But you can spend the units acculumated in your 'investment account' paying only for the cost of insurance for your protection elements and leaving nothing for savings, hence this becomes a protection plan.

If all you need is plain protection for death and nothing more, and with low premiums, by all means, choose term!

This post has been edited by abhipraaya: Apr 16 2014, 11:23 AM
skylinelover
post Apr 16 2014, 08:47 PM

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QUOTE(Azurika @ Apr 15 2014, 10:55 AM)
I think the calculation is 10% of your take home pay  sweat.gif
*
do you mean by including the other allowances and other gross salaries? ohmy.gif
SUSMNet
post Apr 16 2014, 09:36 PM

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yes

let say u basic rm5000 allowance rm1000 total rm6000

so u need buy rm600/month of insurance
bcpbeancounter
post Apr 17 2014, 06:41 AM

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QUOTE(MNet @ Apr 16 2014, 09:36 PM)
yes

let say u basic rm5000 allowance rm1000 total rm6000

so u need buy rm600/month of insurance
*
What kind of joke is this?
conqu3ror
post Apr 17 2014, 08:52 AM

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QUOTE(MNet @ Apr 16 2014, 09:36 PM)
yes

let say u basic rm5000 allowance rm1000 total rm6000

so u need buy rm600/month of insurance
*
QUOTE(bcpbeancounter @ Apr 17 2014, 06:41 AM)
What kind of joke is this?
*
They is no exact rule about how many portion of salary should go to insurance. These are just a very general guidance.

Of cause as an agent will be happy if everyone will follow the 10% rules. But every individual is unique and have different need and requirement. There is just don't have a one size fit all insurance plan.

This is the reason why agent/consultant exist, to consult and advise to each individual customers about the risk management.
SUSMNet
post Apr 17 2014, 12:48 PM

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rule of thum 10% of ur total montly salary to channel into insurance
bcpbeancounter
post Apr 17 2014, 01:51 PM

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My principal is buy thing you need. What you need with insurance? Nothing to do with 10% or 20% or 5%.
Azurika
post Apr 17 2014, 02:27 PM

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QUOTE(conqu3ror @ Apr 17 2014, 08:52 AM)
They is no exact rule about how many portion of salary should go to insurance. These are just a very general guidance.

Of cause as an agent will be happy if everyone will follow the 10% rules. But every individual is unique and have different need and requirement. There is just don't have a one size fit all insurance plan.

This is the reason why agent/consultant exist, to consult and advise to each individual customers about the risk management.
*
Is like finding a needle in a hay stack for these kind of consultants. Most will ask you direct for the top tier plans as they add in fancy words to attract, and create scenario's to scare.

IMO, no offence to the rest but Insurance is there for those who cannot afford the medical bill. wink.gif

QUOTE
rule of thum 10% of ur total montly salary to channel into insurance

Wow, Robert Kuok must be paying Millions for his insurance premium drool.gif The agent who service him do not need any case and can retire happily notworthy.gif

This post has been edited by Azurika: Apr 17 2014, 02:29 PM
conqu3ror
post Apr 17 2014, 03:11 PM

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QUOTE(Azurika @ Apr 17 2014, 02:27 PM)
Is like finding a needle in a hay stack for these kind of consultants. Most will ask you direct for the top tier plans as they add in fancy words to attract, and create scenario's to scare.

IMO, no offence to the rest but Insurance is there for those who cannot afford the medical bill.  wink.gif
Wow, Robert Kuok must be paying Millions for his insurance premium  drool.gif The agent who service him do not need any case and can retire happily  notworthy.gif
*
Probably you met some irresponsible or keep hard selling you. Just please don't criticise everyone like China boycott Malaysia due to MH370.

Anyway those millionaire not really interest about medical insurance, but they bought other insurance (trust insurance, key personnel insurance, life/TPD & etc) more then we can imaging. Insurance is a good risk management & wealth management tools for them. Just as what Li Ka-Shing said about insurance as link below

http://www.fsddd.com/en/displaynews.html?newsID=8852
Azurika
post Apr 17 2014, 03:19 PM

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QUOTE(conqu3ror @ Apr 17 2014, 03:11 PM)
Probably you met some irresponsible or keep hard selling you. Just please don't criticise everyone like China boycott Malaysia due to MH370.

Anyway those millionaire not really interest about medical insurance, but they bought other insurance (trust insurance, key personnel insurance, life/TPD & etc) more then we can imaging. Insurance is a good risk management & wealth management tools for them. Just as what Li Ka-Shing said about insurance as link below

http://www.fsddd.com/en/displaynews.html?newsID=8852
*
Haha, dont get me wrong bro. I myself have an Insurance License, and I also camouflage my Identity to test what the other agents are doing. I do not go out looking for sales, doesnt mean my old clients do not look for me. I normally refer them to my partners in the insurance line. You help me, I help you la ~
And is always very nice to lure in chicks whose trying their best to sell you something, knowing well your just trolling them tongue.gif

Maybe Im still young, but Id believe I can achieve much more with own investments and I know I have enough to sustain if anything happens to me. icon_rolleyes.gif That might change when I settle down with a Kid, but hey thats the future , and is still blank ! laugh.gif

PS: Its not hard to come by 1 irresponsible seller. Fine prints are often left out wink.gif

This post has been edited by Azurika: Apr 17 2014, 03:21 PM
Drian
post Apr 17 2014, 03:43 PM

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I think the most important thing is to be aware of the fine print that insurance provides, I was reading somewhere that you cannot claim insurance for early stages of cancer etc or something like that. Imagine you have 1 million coverage and then the insurance tells you you cannot claim because of some fine print that you are not aware of. Obviously your insurance agent will not educate you on this.
Azurika
post Apr 17 2014, 04:02 PM

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QUOTE(Drian @ Apr 17 2014, 03:43 PM)
I think the most important thing is to be aware of the fine print that insurance provides, I was reading somewhere that you cannot claim insurance for early stages of cancer etc or something like that. Imagine you have 1 million coverage and then the insurance tells you you cannot claim because of some fine print that you are not aware of. Obviously your insurance agent will not educate you on this.
*
And also certain types of cancer regardless of the stage
yonghong
post Apr 17 2014, 04:31 PM

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QUOTE(TheSecRet @ Apr 14 2014, 12:05 AM)
Being approached by few imsurance agent lately as i thought i should start purchasing insurance in order to protect myslef.
Currently i am 23 years old.
The best quotation i get from one of the agent is Great Eastern
250 per month
150k 36Ci
150k early payout Critical care
Medical card rm300 per room
Annual limit 120k
LIfetime 1.2 million
Co insurance 10% (max500)
Rm100 per day claim if stay in hospital.
+ investlink.
Advice please. Anything i should take note ?
*
woah. how come ur offer so good one? i get from my fren is rm250 bt only 100k 36Ci
100k early payout Critical care n only rm250 medical card only. cry.gif cry.gif
roystevenung
post Apr 18 2014, 12:09 AM

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QUOTE(MNet @ Apr 14 2014, 08:54 PM)
Better buy prudential more ok
*
hmm.gif

Insurance agents may hate me for this but,

Invest first before you buy insurance and use the investment profits to pay for the insurance. Kthks bye! wink.gif

This post has been edited by roystevenung: Apr 18 2014, 12:11 AM
frosteer
post Apr 1 2015, 10:19 PM

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QUOTE
=yonghong,Apr 17 2014, 04:31 PM]
woah. how come ur offer so good one? i get from my fren is rm250 bt only 100k 36Ci
100k early payout Critical care n only rm250 medical card only.  cry.gif  cry.gif
*
It's ILP mah
Simplified version:
Premium - insurance charge = cash value
more benefits = more insurance charge
So, same premium - more insurance charge (coz his benefits is higher)= lesser cash value

But when it comes to insurance, usually I do not mind much about the cash value coz protection is more important.
You can ask your agent to amend the protection for you if you want to.

by the way, I look at the first thread.... you so young, you can get much better medical card leh
with rm250 u can get annual limit 900k lifetime no limit lor, also remember to add the premium waiver ahhhh, very important ahhhhh, dun forget ahhhh

This post has been edited by frosteer: Apr 1 2015, 10:19 PM
TSTheSecRet
post Apr 4 2015, 11:04 AM

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What is premium waiver?
eternity4life
post Apr 4 2015, 02:00 PM

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QUOTE(TheSecRet @ Apr 4 2015, 11:04 AM)
What is premium waiver?
*
Premium waiver is a rider in which you allows you to stop paying the premium while still having the policy continue once you have TPD or one of the 36 Critical Ilness (depends on the waiver).

Investment link insurance policy waiver usually includes the insurance company paying for your premium (and do the savings for your policy) once you have TPD or 36 CI so it's a pretty good rider.

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