1. I sell ILP for its medical protection (medical card with return), not its investment feature. I advise ALL my clients about this.

2. Certain whole-life product offers higher return with minimal protection, and this gives higher return than FD. Too complicated to write here. PM me if wan to know, we meet face to face.

3. I'm not saying we should compare companies in Msia. All company has almost similar products because the products approval comes from Bank Negara Malaysia which regulates insurance in this country. We just need to live with the best of what we got.

Banks nowadays sells all kinds of insurace after they merge up with insurance companies. In fact, my company is a subsidiary of a large bank

So now bank 'pau kah liao' everything... ah long, savings, fd, investment, insurance, credit card, etc etc.. whatever that go anything to do with $$$, bank have their share on it.

Get insurance when young and healty. Premium increase as age increase. PA covers only accident. Howbout medical?

If u kena denggi, go hospital also need to spend RM3k.
Rm 200 cheaper or RM3k?

What if its other illness?


If RM200 is too much, you can probably ask ur aunty to reduce it to ur comfortable level at the moment. (If its ILP)

You sure every company got insurance coverage for their employess? Alot of companies i've work with never insures its employess. Even if they do, will the proceeds go to the employee or employer? How sure are u on that? Ditto for medical.

Yes i do ask my customer to do that because i don't intend to duplicate what they already have.

I don't find any conflict in my statement. So now u r saying everytime i talk/post i have to say 'Always check your company insurance coverage first' ?

Then mr Guru, tell me o what i should tell my customer. U r the great one in insurance knowledge. Bank Negara department who regulates insurance industry should listen and follow everything u said.

Well Civil, we also need to understand that there will be ppl who are hard-core non-believer no matter what we say or promise we do. I guess we met one here. So like the seasoned senior managers said, 'NEXT'.

In many cases i known, ppl say insurance 'cheat' money bcos when a claim happens they could not get the max benefit. It can be the agent's fault, or it can also be the customer's fault.

For example, a medical coverage of RM150 for room & board per night.

Then when a person is admitted, he want to stay in room of RM300 a night.

When bill come n insurance claim come, he will be blasting the agent 'HOWCOME I STILL NEED TO PAY? I GOT INSURANCE!!!"


Fault:

1.Agent fail to explain clearly to customer its features and limitations.

2.Customer choose to ignore its limitation.

Even some of my customers, after explaining them many many times, after a week pass they will forget everything.
I also know that many times after showing n giving prospects brocures and presentations, they go back home and put it aside and forget about it.

For those who want to test my statement, try asking your friends and family, "What does your insurance cover? What does it do? How much it covers?"

i guarantee MOST of the time, ppl don't know what they have.

This post has been edited by ZiyiIsmyIdol: Dec 10 2006, 04:24 PM

Insurance is not a good investment option, however its a good savings option. Furthermore there are plenty of different products to cater different needs. Not juz 2-3 products, but the right mixture can create hundreds of different solutions. I'm not asking everybody to put all their FD into insurance. I only ask a fraction of that total portion.

Btw dreamer, i was living in USA for good few years. I know about their insurance. Their medical insurance are top notch. But now I'm living in Malaysia. So i tried to make the best out of it even though our system is not as up to mark with them.

Also i have quite a number of clients who moved back from oversea.

Please explain the defination of EMERGENCY FUND. TQ.

Halo i cannot afford to pay my insurance in USD la brother. I earn RM ask me to buy USD? U know how expensive their medical insurance is? If convert back, total to beribu-ribu....

Also there are terms and condition on how a person can buy insurance in certain countries.. e.g msia, u need to be a citizen, PR, or working in Msia.

I am neither 3 of them in USA.

Its different than ur Public Mutual i guess....

I focus on domestic more than international... Go Democrats!! ops off-topic...

I don't know much about other countries' insurance.. but I do know that money will be lost in exchange rate...

Let's compare....
My company's term life for my age 200k coverage (including TPD) is RM766 a year. RM 608 (excluding TPD).

So that's 766/3.8 = USD201
608/3.8 = USD160

Anyone knows USA Term assurance premium?

Funny most of the people i know spend 10-15% of their salary on insurance and they r still living a very comfortable life.

U like thumb rule i give u another. It is best to save 30% of one's income as a SMART consumer. Save before Spend. Not Spend then save what's leftover.

So saving 10% in insurance is definately not going to take ur life away. U still have 20% to save and invest in other things.

PS- All opinion shared are individual opinion, does not reflect GENERAL.
Want an answer? Ask 25-50 ppl... then maybe it may hold as rule of THUMB.

Oh before i forget, there are many ppl who spend much much more on ciggies n booz.

This post has been edited by ZiyiIsmyIdol: Dec 12 2006, 12:58 PM