Not within 2 days. I hope you're not being nit picky about this. Let's say the claims is done ASAP which is the quickest that I have known, 2 weeks (with all appropriate documents)

Even so, initial burial cost is taken care by the parents, but at the end of two weeks they are 'reimbursed' which means their retirement fund did not deplete.

Ok, I have a question.

I am in the middle of reviewing all my insurance policies for myself, wife and kid. The reason is I think I've overbought, and am paying too much currently.

For policies with are investment-linked, is it feasible to readjust the policy to cut out the investment portion? Or is my only choice to surrender the entire policy?

as a single person without dependent, i only need enough life insurance to payoff debts that can get transferred to next-of-kin and NOT the 3-4 year gross salary.

Tatsumaki,

If the rule of thumb is ONLY 3 to 4 years of gross salary, why do we care how much a person's life worth??  That is what bbjslee claim coverage amount should be based on.

Dreamer

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Added on May 5, 2009, 6:43 pm
Tatsumaki,

You are INSURANCE AGENT.  Your GENERALIZATION always BIAS towards buying insurance.  So, i have to point out situation that it does not make sense.

Dreamer

Hello people,

I have a question.

Let's say I calculate (by using Excel) by retirement age I would have RM 1.5M in EPF a/c.

This retirement nest egg is on prediction that I am able to work without interference until my retirement age.

I want to buy an insurance product that can guarantee/assure me that amount should I am unable to work due to death or infirmary.

What sort of product should I get?

It has to be at the lowest cost.

Insurance agent... help pls.

Xuzen

HLA.

Actually, i've just called to enquire, and it seems I can. However, the agent has told me that it is more or less like switching to a new policy.
- My Insurance premiums will be recalculated to start based on my current age (my previous policy was bought 3 years ago)

To give more details about the policy:
- Insurance component is made up of life coverage (up to 100yrs), TPD and PA
- The investment portion goes to about 3 different HLA UT funds.

Is what the agent said true? What else do I stand to lose by 'switching' to a new policy.

Also, does this mean that the premiums I've paid over the last 3 years are essentially wasted? (excluding the investment portion)

i'm surprised that you ranked CI below life and medical; because even if CI is low risk, if i do get it, it would be catastrophic.

but again, how much PA/TPD/Medical/CI is adequate?

300k/90k for medical? or less and top up in future?
100k CI/TPD? (3-4x annual income)
200k PA?
and maybe some annual income to round it up? 10-20k/yr in event of disability and another 10k/yr in event of CI?

i m a young grad with no dependent.  company have some group medial card/

I think the one that invented the idea of insurance is genius.  He just applied the concept of running a casino into insurance business.  "Banker" takes the most.  Everyone buying insurance just like playing in casino.  Do you know anyone can beat the casino?????  Playing in casino is 1000 times worse than playing in stock market.

Being a policy holder in life insurance, you can never benefit it in your life.  You are buying something that you are not use it, enjoy it, benefit from it in your few decades life.  This is violating the concept of consumption. 

Someone argue that you can leave some money to your love, your family.  If you can't earn for them when you exist, what's point to give them some after your death.  In fact, many of the life policy claims even less than the total amount of your premium paid.  All those MULTINATIONAL companies with Geniuses Have calculated how to put your money into their pockets, why do u think you would win them?! Why would they sell service by your door mat and buy you coffee and make time to meet you to make you buy their products/services?

Someone said insurance can help you to save money.  That's the most ridiculous thing in the world.  I've a guaranteed insurance policy that total premium about $300k but 10 years later i can only get back 350k.  Even apply some old fashioned compound interest rule, i can even have more than 350K in 10 years time + my money needed to be locked up.  What's the point to buy insurance????

The fact is insurance genius also knew only life product cannot fool the people forever.  “You may fool all the people some of the time, you can even fool some of the people all of the time, but you cannot fool all of the people all the time.” Quoted by Abraham Lincoln. Ppl would recall this quote in Mortgage Backed Security crisis. They included saving factor into the life products to continue to fool people.

The reason when the majority bought insurance is becos they think this:
I put my saving of A amount and gain 20% in 10 years while I KNEW i didnt need this money during this 10yrs and I didnt have some other better place to help me gain this at this low risk.

But if you think you deserve a little courage to try earning your own money in your own way, u shouldnt buy insurance.

**

My view on buying insurance are when you:
1) Unable/Lazy to save money
2) have extra money but zero investment skills

Find a decent insurance agent or read more on insurance before putting your flesh and blood money away, by going to -->Mtsen
Referring him doesnt mean I agree with him, but if u do need some insight and true picture, there you go.