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> INSURANCE TALK, ok let start

roystevenung
post May 14 2012, 08:41 AM


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QUOTE(adrien @ May 13 2012, 10:10 PM)
hi guys,is 15 day cooling off period applies to GE?can i get full refund if i decided nt to continue?
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Yes, but if you don't mind my asking, why would you want to do that?
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amerz
post May 15 2012, 07:29 PM


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Guys need some opinion,

I have GE ILP 100k and the premium is RM1200/p.a . Dana Restu fund. 3 years already.

Now I want to top up a medical card and ci, I want to take prudential medical card but need to attach with ILP as well.

Should I terminate GE ILP then subscribe to Prudential ?

or

take both ? is it worth it ?
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MNet
post May 15 2012, 08:07 PM


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QUOTE(amerz @ May 15 2012, 07:29 PM)
Guys need some opinion,

I have GE ILP 100k and the premium is RM1200/p.a . Dana Restu fund. 3 years already.

Now I want to top up a medical card and ci, I want to take prudential medical card but need to attach with ILP as well.

Should I terminate GE ILP then subscribe to Prudential ?

or

take both ? is it worth it ?
*
Last time ur ILP with GE include wat rider?
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amerz
post May 15 2012, 08:10 PM


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QUOTE(MNet @ May 15 2012, 08:07 PM)
Last time ur ILP with GE include wat rider?
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with 44 years IL Waiver of Premium Plus.
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roystevenung
post May 15 2012, 08:32 PM


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QUOTE(amerz @ May 15 2012, 07:29 PM)
Guys need some opinion,

I have GE ILP 100k and the premium is RM1200/p.a . Dana Restu fund. 3 years already.

Now I want to top up a medical card and ci, I want to take prudential medical card but need to attach with ILP as well.

Should I terminate GE ILP then subscribe to Prudential ?

or

take both ? is it worth it ?
*
Don't cancel the GE ILP as you'll never able to buy the 100K ILP again since it has been 3 years.

However, on the medical card & CI, the choice is yours if you want to get one from Prudential or upgrade it into your existing GE plan.

If you were to cancel your existing plan you're subjected to the 'pre-existing illness' and/or the 120 days waiting period. The premium variance is nominal since the policy is only been in-force for 3 years.

Keyword: GE Plan - Upgrade into the same plan, not give you another plan.
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amerz
post May 22 2012, 03:50 PM


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QUOTE(roystevenung @ May 15 2012, 08:32 PM)
Don't cancel the GE ILP as you'll never able to buy the 100K ILP again since it has been 3 years.

However, on the medical card & CI, the choice is yours if you want to get one from Prudential or upgrade it into your existing GE plan.

If you were to cancel your existing plan you're subjected to the 'pre-existing illness' and/or the 120 days waiting period. The premium variance is nominal since the policy is only been in-force for 3 years.

Keyword: GE Plan - Upgrade into the same plan, not give you another plan.
*
Thanks,

I already have

1. Prubsn Takaful
Plan 250. Deductible 10k. Auto Upgrade and Retirement.
Life 10k

2. GE Life: 100k

3. ING Company Medical Card.


Now I'm looking for my main Medical card, just in case I don't work with my employee any more.
And surveying for early stage cancer or early stage ci.

Budget RM 100 for medical card with lowest sum assured.
Budget RM 150 for medical card with lowest sum assured and CIS or early CI or male CI.

Already surveying Allianz(got a lot of early cancer rider) and Axa affin (like the no lifetime limit and high annual limit). Any other suggestion ?

Age 29, male , smoker, class 1 worker

This post has been edited by amerz: May 22 2012, 03:54 PM
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barca96
post May 22 2012, 04:28 PM


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Somebody should make a sticky on how to choose an insurance policy
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RA78
post May 22 2012, 04:53 PM


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QUOTE(amerz @ May 22 2012, 03:50 PM)
Thanks,

I already have

1. Prubsn Takaful
Plan 250. Deductible 10k. Auto Upgrade and Retirement.
Life 10k

2. GE Life: 100k

3. ING Company Medical Card.
Now I'm looking for my main Medical card, just in case I don't work with my employee any more.
And surveying for early stage cancer or early stage ci.

Budget RM 100 for medical card with lowest sum assured.
Budget RM 150 for medical card with lowest sum assured and CIS or early CI or male CI.

Already surveying Allianz(got a lot of early cancer rider) and Axa affin (like the no lifetime limit and high annual limit). Any other suggestion ?

Age 29, male , smoker, class 1 worker
*
To match your budget, the best way is :

1. add-on the medical card into your current GE plan (Should be within RM50)
2. Get a new plan with lowest sum assured and with Early Payout Critical Illness for C.I (Plan should be between RM 100-120 depends the waiver rider term years)


If you interested to know more PM me for detail

Good day.
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amerz
post May 22 2012, 06:55 PM


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QUOTE(barca96 @ May 22 2012, 04:28 PM)
Somebody should make a sticky on how to choose an insurance policy
*
agreed. No need to open a new thread about insurance anymore.

QUOTE(RA78 @ May 22 2012, 04:53 PM)
To match your budget, the best way is :

1. add-on the medical card into your current GE plan (Should be within RM50)
2. Get a new plan with lowest sum assured and with Early Payout Critical Illness for C.I (Plan should be between RM 100-120 depends the waiver rider term years) 
If you interested to know more PM me for detail

Good day.
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Can you please share the plan brochure here. At least it will benefit others as well.
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RA78
post May 23 2012, 12:15 AM


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QUOTE(amerz @ May 22 2012, 06:55 PM)
Can you please share the plan brochure here. At least it will benefit others as well.
*
Start from 1 Jan 2012, the GE C.I Plan will provide Angioplasty & Other Invasive Treatments for Major Coronary Artery Disease
(Note: 1. Only 10% of sum assured is payable, subject to a max of RM25,000 per life across all distribution channel )


Last time this will normally available at Early payout C.I Plan(please refer to attach brochure).

the new guideline also revised the waiting period of certain Covered Events from 60 days to 30 days.

You can find the detail on the attachment.

Hope this help. smile.gif Good day.

Attached Image Attached File  Smart_Early_Payout_CriticalCare__Eng_.pdf ( 984.29k ) Number of downloads: 34

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kok_pun
post May 23 2012, 01:58 AM


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thank you. great sharing!
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puiwen
post May 23 2012, 05:04 PM


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Insurance gurus,

Can someone enlighten me what's the difference between endowment plan and whole life insurance ( participating and non-participating)?
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roystevenung
post May 23 2012, 06:00 PM


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QUOTE(puiwen @ May 23 2012, 05:04 PM)
Insurance gurus,

Can someone enlighten me what's the difference between endowment plan and whole life insurance ( participating and non-participating)?
*
According to the insurance gurus in WIKIPEDIA ...

Endowment Plan
"An endowment policy is a life insurance contract designed to pay a lump sum after a specified term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
Policies are typically traditional with-profits or unit-linked (including those with unitised with-profits funds).
Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid in to it."


Whole Life Insurance
Whole life insurance, or whole of life assurance (in the Commonwealth), is a life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy.

Non-participating
All values related to the policy (death benefits, cash surrender values, premiums) are usually determined at policy issue, for the life of the contract, and usually cannot be altered after issue.
This means that the insurance company assumes all risk of future performance versus the actuaries' estimates. If future claims are underestimated, the insurance company makes up the difference. On the other hand, if the actuaries' estimates on future death claims are high, the insurance company will retain the difference.

Participating
In a participating policy (also par in the USA, and known as a with-profits policy in the Commonwealth), the insurance company shares the excess profits (variously called dividends or refunds in the USA, bonus in the Commonwealth) with the policyholder. Typically these refunds are not taxable because they are considered an overcharge of premium. The greater the overcharge by the company, the greater the refund/dividend. For a mutual life insurance company, participation also implies a degree of ownership of the mutuality.

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puiwen
post May 23 2012, 06:44 PM


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Hi Roystevenung,

Thanks for the info. So is it correct to say Endowment plan = ILP?
And Whole life insurance = Term insurance?

There's too many insurance jargons, so i have to make sure i use the right words when i speak to my agent.

Thanks again!

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roystevenung
post May 23 2012, 07:12 PM


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QUOTE(puiwen @ May 23 2012, 06:44 PM)
Hi Roystevenung,

Thanks for the info.  So is it correct to say Endowment plan = ILP?
And Whole life insurance = Term insurance?

There's too many insurance jargons, so i have to make sure i use the right words when i speak to my agent. 

Thanks again!
*
Endowment is not ILP. ILP stands for Investment Linked Policy. Generally most of the Endowment policy when matured will pay you the sum assured whereas ILP it is based on the funds it is investing in.

Whole life is whole life (ie until we die, normally up to age 100) but term insurance is for a specific term, like 10 or 20 years term. The coverage remains until the end of the term.

By the way, why don't you ask those questions here. I'm sure that there are many agents here that are more than willing to help.
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eclectice
post May 24 2012, 09:13 AM


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Can someone in here with Maybank insurance (not takaful) policy from the insurance arm of Maybank (probably from its subsidiary Maybank Etiqa Insurance & Takaful) to provide me the detailed full address of the company as stated in his/her policy since I need to exercise the free-period of 14 days to cancel the policy via a registered letter since I don't believe in Maybank will send the policy within the stipulated time after learning the predicament of a few people in some online forums.

I got difficulty in finding the correct address after searching for such information as a few addresses are found and I don't know which one: a few are from Jalan Maarof, Bangsar and a few from Menara Maybank, Jalan Perak.

**Updated**

Thank you to amirsubhi, I've got it:

For General Insurance Products:

QUOTE
Etiqa Insurance Berhad
Dataran Maybank
1, Jalan Maarof
59000 Kuala Lumpur
Attn: Claims Dept, 12th Floor


For Life Insurance Products - LifeStyle Security Plan Tele-marketing falls under Individual Life Products of Mayban Life Assurance Bhd:

QUOTE
Mayban Life Assurance Berhad (235175-H)
Claims Department
19th Floor, MaybanLife Tower, Dataran Maybank,
No. 1, Jalan Maarof, 59200 Kuala Lumpur, Malaysia.
Attn: Individual Life Products Claims Dept


https://forum.lowyat.net/index.php?act=ST&f...0#entry51627427

This post has been edited by eclectice: May 24 2012, 10:27 AM
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puiwen
post May 24 2012, 09:25 AM


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QUOTE(roystevenung @ May 23 2012, 07:12 PM)
Endowment is not ILP. ILP stands for Investment Linked Policy. Generally most of the Endowment policy when matured will pay you the sum assured whereas ILP it is based on the funds it is investing in.

Whole life is whole life (ie until we die, normally up to age 100) but term insurance is for a specific term, like 10 or 20 years term. The coverage remains until the end of the term.

By the way, why don't you ask those questions here. I'm sure that there are many agents here that are more than willing to help.
*
Thanks for the info. Does that mean for a RM200 monthly premium, coverage provided by endowment policy, whole life policy and term insurance will be different?

And i'm from S'wak and am thinking of getting a new policy. I dont feel it's right for me to get quotes from agents here then not buying from them since we are separated by the sea, if you get what i mean. sweat.gif

Of course i'll be happy if agents here don't mind quoting me while i pick and choose. tongue.gif
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roystevenung
post May 24 2012, 09:59 AM


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QUOTE(puiwen @ May 24 2012, 09:25 AM)
Thanks for the info. Does that mean for a RM200 monthly premium, coverage provided by endowment policy, whole life  policy and term insurance will be different? 

And i'm from S'wak and am thinking of getting a new policy.  I dont feel it's right for me to get quotes from agents here then not buying from them since we are separated by the sea, if you get what i mean.    sweat.gif 

Of course i'll be happy if agents here don't mind quoting me while i pick and choose.  tongue.gif
*
Yes, the coverage may vary, endowment is more towards savings with protection, WL & term are more on coverage.

With due respect, take note that your policy with the insurance company and not the agent. The agent is definitely not the one who will reimburse or provide coverage for you, but its the insurance company that stands behind the agent.

Agents may also fall sick, worse case scenario, death. Will you cancel your policy because your agent married a Penang girl and move to Penang? notworthy.gif


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puiwen
post May 24 2012, 05:34 PM


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QUOTE(roystevenung @ May 24 2012, 09:59 AM)
Yes, the coverage may vary, endowment is more towards savings with protection, WL & term are more on coverage.

With due respect, take note that your policy with the insurance company and not the agent. The agent is definitely not the one who will reimburse or provide coverage for you, but its the insurance company that stands behind the agent.

Agents may also fall sick, worse case scenario, death. Will you cancel your policy because your agent married a Penang girl and move to Penang?  notworthy.gif
*
Ahh... you got me there. Then i have to make sure the first thing i ask my agent if she/he plans to move away.. brows.gif

And yes, the insurance company matters. But wont it be better to buy from someone around the neighborhood rather than someone across the sea? Isn't face-to-face meetings to discuss the policy or queries the requirement of services provided by a good agent?

Just a thought...


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roystevenung
post May 24 2012, 06:22 PM


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QUOTE(puiwen @ May 24 2012, 05:34 PM)
Ahh... you got me there.  Then i have to make sure the first thing i ask my agent if she/he plans to move away..  brows.gif

And yes, the insurance company matters.  But wont it be better to buy from someone around the neighborhood rather than someone across the sea?  Isn't face-to-face meetings to discuss the policy or queries the requirement of services provided by a good agent?

Just a thought...
*
Sorry, its not my intention to put you in that 'spot', but it's just to highlight to you that even though the agent that services you is no longer around, the cover is backed by the insurance company. The policy document is a legal binding document/contract which is recognized by law.

I've sold policies to clients who then moved to other states, but they still keep the policy because they know the importance of the policy and I'm just a phone call away.

We can Skype if you need to have face-to-face discussion, at the convenience of your home. Technology had made it possible for us to discuss things openly albeit efficiently.

I have to be honest that in the event of claim, having me to fly there is something that I can't do. Post laju is what I do for my outstation clients and not really a hassle.

Anyway, its a matter of preference. No worries if you prefer a local agent. If you need help (no obligation) or second opinion, do PM me.

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