Insurance main purpose is for coverage. No doubt about it.

For lorry drivers, you may need to check with HLA whether the policy is accepted with the same premium.

I would rather go for medical 1st rather than accident or TPD. The reason is because whenever someone meet with an accident, I am sure the first thing that comes to his wife's mind is how serious is it or can he be cured, rather than how much can I claim from insurance.

thank you sir.

I don't know he got medical or not.

I will inform him to get one if he don't have

I really like your advises.. Really make sense
I shall call u sifoo from now on

In most developed country, medical coverage is a must as malaysia medical is going up crazily every year but still cheap compare to lots of developed countries. Buying insurance must first thing in mind that anything happen must try to rescue or safe, and nobody will think of dead and wanta claim it. I feel that really funny when parents bought life insurance for their kids, indirectly sounds like they wish their kids die and to hit the jackpot for themselves. I thought most parents if anything happens to their kids will surely bring their kid(s) to the best doctor or better medication. If so then should get medical coverage for them and vice versa. Just my concern. =)

They are some insurance do provide medical coverage+PA in the market.

i was chit chatting with my fren last night....and my fren gf really make me

i myself is very supporting ppl to get insurance, and the this fren gf said something really amazing...
Quote : i have a medical card is good enough, life or CI i will buy for my kid when i have kid....she never wanted to buy for herself

is it only me or this kind of ppl really ignorant ?

er.. why label yr friend's GF as ignorant ar?
She may not have anyone who is economically dependent on her, thus she doesn't need death & disease insurance.
She's right if she meant to buy death insurance on herself to payout to her child's guardian(s) to care for her child - her child when she has one, is economically dependent on her.

Just a thought

This post has been edited by wongmunkeong: Aug 17 2013, 10:23 AM

U found a good sifu - especially if U are new to the insurance field.

Roy's the 2nd insurance advisor (i refuse to call him a consultant - the 99% others get the rights to that title ) i've met that called a spade, a spade AND has enough knowledge to advise on executable options.
The bad news is - in my "hobby/interest", i meet a lot of risk & wealth consultants AND i've been at it for 20 years - shows how many % boleh pakai

This post has been edited by wongmunkeong: Aug 17 2013, 10:28 AM

hmmm......how to say ar....

i mean as we chat on , she did realize tat at certain level if a person become TPD or get serious illness , no matter she have children or not ,will surely impact on the family either the husband have to take care on her or the parents. What i wanna say is she know the importance and she know how insurance can help....but she just say she would not need it (wat , she think she is superman/superwoman )

Just to share - since i've gone through several hospitalization insurances for my new born recently.

Findings (based on $200K/yr in-patient coverage + $200K/life out-patient coverage, with total life time limit of $1.25M):
1. holy cow.. if i keep paying the yearly premium, i'd have paid $750K+ to $780K+ for age 0 to 99 years old.

2. Premiums jump HUGE at age 64-66 onwards

3. Age 0 to 5 is the most expensive,
then it goes down
and up again till 40s+ when the premium goes back up to similar to 0 to 5 years old cost.
Cost here is in simple terms, not inflated pa%.

Thus, bottom line - whoever that says insurance is a MUST, U may want to think again on achieving enough or more than enough to self insure. Insurance is just risk transference AT A COST
Think lar - insurance companies are profit oriented - U transfer risk to them, U think they dont add admin cost + profits before charging back to U?

Mind U - IMHO, insurance is needed to manage risk until one can manage / self insure. I'm not saying insurance is a bad thing or not needed at all.
Ahem.. to arguers stating we need insurance to drive a car, alo use brain lar - i'm talking about optional insurance lar, not Gov required ones.
Yes yes - i can read your minds <U know who U are>

This post has been edited by wongmunkeong: Aug 17 2013, 10:42 AM

1. High cover means you transfer more risk to the insurer.

2. Been preaching on the insurance jump since I started LYN. This is why I said even if the plan is called ILP, never look at it as investment. Whatever cash value accumulated will eventually be used at older age to maintain the policy.

The average Malaysian, not many have money stashed in order to take care of their insurance charges hike.

The insurance hike is not only 64-66. Look at the brochure on the estimated insurance costs especially at older age.

Having said that, more important is that whenever there is a claim, it wont be rejected

3. Yup, due to higher probability of a claim as kids immune system is weaker at that age.

That's the exact graph used by insurance company to manage every risk at age range. Another guideline is based on their customers age group in hands. The most the clients on certain age group, the risk will be sharing or calculated with cheaper premium including the agents' commission.

Foreigners most don't buy life insurance. They mostly invest in property or have nothing at all due to their citizenship benefits almost covers everything for them including retirement and jobless. Let say if anything happens to them, they don't worry much as the government will take care of their family. Maybe that's the main reason they hardly buy insurance for themselves.

In Malaysia, government hardly encourage nation to invest or wealth control but encourage them to loan and spend. Foreign countries (Singapore, Hkg, Taiwan, US, Europe, Aus, NZ n etc) force their nations to get medical protection as risk manage and control especially at old age.

Of course car insurance is a must in our country, that's why anything happen on the road will be taking care by insurance. Since government have been voiced up on government hospital cost and budget are arising rapidly each year. Government now implementing deduction of 10% from your saving for medical coverage and medication cost together with all medicines and drugs will only can get from pharmacy especially cosway farmasi. Surely this is just the preliminary stages to cut down cost of drugs and surgical bills. As drugs being monopoly by DRM. Only him can supply to the GH.
This is not the issue a must, but the necessity of it. I agreed with you for self insure but not on every aspect. Example like you mentioned. I am paying rm50k to age of 80 to cover my medical coverage of rm450k annual limits. Which means when i pay rm50k and anything happens i will have rm450k to save myself better than my hard earned money of rm450k (1 house).

Hello sifus, I'm 23 years old, male, and non-smoker. Recently I've been quoted with the following insurance coverage:

Life: 100k
36CI: 100k
Early care 36CI: 50k
Monthly premium waiver: 2400/p.a.
Medical room: 150
Medical card: 100k annual limit, increase every 2 years if not used much
PA: 50k
Monthly premium: RM 200
Coverage until age of 80

Are all the above suitable for the age of mine? Is there any rider that I should increase or decrease?

P/S: If I increase the PA to 100k, the monthly premium becomes RM260.

Please advice~ Thank you very much..this is my first insurance btw.

For your budget I can get your medical card annual limit of rm120k and rm200 daily room and board. critical illness and early payout both 100k. can increase basic sum assured as well as ci protection. pm me ur email for a quote

GE?

what does 20 pay 25 year endowment means?

Should increase the early care 36 CI to 100K.

It means 20 years of PREMIUM PAYMENT and MATURITY PERIOD of 25 years.

You pay for 20 years and then get to withdraw maturity full amount on the 25th year.

does that mean after 20yrs no need to pay premium and after 25yrs i get back full amount i insured?
if something happen on 21yrs then what?

guys, may i know is investment-linked insurance products, such as those savings plans, can those products help us to save our money and gain higher interest as compared to commercial banks?

Yes, no need to pay after 20 years and you will get the full maturity amount on the 25th year. Savings (or endowment) plan only covers death and disability (no medical) during the 25 years. If 21st year claim for the 2D's, your nominee will get the cash savings accumulated at that year, plus any bonuses and also the basic sum assured (which is much less than medical, ILP and traditional plans). Usually the full amount insured will be around or less than RM50k.

Savings or endowment plan as we call it is completely different from investment linked (or ILP) products and for a different purpose. One is for long term savings while the other is for risk management in terms of death, disability, disease and medical.

What you are looking for is a savings plan that can help you achieve higher returns than FD (6-7% or higher annual returns) and commercial bank returns but with a much longer and fixed term which more or less means that you are able to really save rather just to save it and take out for use after a short period of time which defeats the purpose of long term savings. If you start saving in your 20s and 30s, this savings plan can be called your second retirement plan to complement the EPF which is compulsory long term savings mandated by the Govt

This post has been edited by SithBuster: Aug 18 2013, 11:40 PM