somebody need to go and read the T & C of their insurance i dont blame anyone though, i also didnt do much research but was also persuaded to get one.

absolutely
PA = Personal Accident
if the death is caused by something else (other than an accident), habis lah!

You mean if someone has PA and gets hit by a car but doesn't die, he doesn't get paid? Are you sure?

That's why you need a Life Insurance apart from PA.

[quote=dreamer101,Jan 4 2007, 10:30 PM]
1) If you ONLY have insurance and NO other savings, you are saving too little money and buying too much insurance.

2) ) Are you living with your parent?
yes

3) Are you paying your parent every month?
yes

4) Do you have any dependent? Aka someone besides yourself that you supported financially?
Paying for car

5) In general, you DO NOT buy life insurance if you have NO dependent

Dreamer

i know this plan can be claim only if the person KO

[quote=feralee,Jan 5 2007, 03:43 PM]
[quote=dreamer101,Jan 4 2007, 10:30 PM]
1) If you ONLY have insurance and NO other savings, you are saving too little money and buying too much insurance.

2) ) Are you living with your parent?
yes

3) Are you paying your parent every month?
yes

4) Do you have any dependent? Aka someone besides yourself that you supported financially?
Paying for car

5) In general, you DO NOT buy life insurance if you have NO dependent

Dreamer

i know this plan can be claim only if the person KO



[/quote]

Frelaee,

Life insurance is used to protect the dependent from financial ruin. When a person has NO dependent, his/her death affected NO one. So, there is NO point in having life insurance.

In your case, if you die, will your parent suffer financially to the point that you need insurance pay out? If NOT, why buy life insurance? You should save the money or give the money to your parent.

Car is NOT a dependent aka human being.

You MAY need some other kind of insurance like medical insurance or disability insurance.

Dreamer

A) Most people would get confuse in this area. Normally for a investment link product, most companies would package it together with a medical card coverage. Hence some would deem life insurance is inclusive of medical insurance as well. However, it is true that they are both separate products that can be purchase separately. Again, the convenience factor comes in, when the client wants a plan with some investment and medical coverage put together.

B) Suprisingly, many people do not have savings except for thier insurance savings. Why? Because its money that they cannot see easily. Even if they don't buy insurance, they wouldn't have any savings anyhow and probably just spend it on unnecessary things. However, from my personal experience, many people start to save after purchasing insurance. Why? because someone is there to guide and help them monitor thier finances, someone manage to convince you to save first instead of spend first, someone that tells you to save 3 months salary for emergency uses, etc. etc.

So should you buy insurance first before some savings? or savings first and later insurance? Should you start your car engine first before wearing the seatbelt? or wear seatbelt first before starting your car engine? What if your car lunge forward when starting and you didnt wear your seatbelt and you hit your head on the windscreen? Its up to you to decide which way you wanna do things, maybe you wanted to buy an airbag the day before or just wanna save up enough first for the stereo and airbag then only buy both. Its up to you. Which is more important? Your Life? or the 3 months savings that you can probably still take your time to save up at your own pace because you do not expect any big changes to your career. You can decide to take your time on the things you can control, but can you afford to be slow on the things that might happen anytime and is out of your control?

C) Withdrawing cash from an investment-linked insurance account is similar to that of withdrawing from a unit trust account and is subjected to a minimal withdrawal and not exceeding the maximum cash value. Any huge penalty? 0% Charges. Takes too long? 3-5 working days. How the hell to do it? A phonecall to your agent and a signed form.

Let me give you some examples of what are the cash needs involved when someone with No Dependent Dies. Cash needs simply means extra cost incurred in which you normally would not have to bear.

Medical & Hospital Expenses - If you are hospitalized a few days before you die, How much will it cost? 1k? 2k? 3k? Who will pay the bills? Your gf? Your parents? Your savings? If you have medical insurance coverage, great, if Not would the payout from life insurance be able to help you cover the cost?

Funeral expenses - I dont know about the paper BMW and paper maids but, do you know a coffin could cost up to 8k nowadays? Would it be fair for me to say maybe you need around 10k? 15k? 20k? Who pays the cost? Since there isnt a funeral insurance, would the payout from life insurance be able to help you cover the cost?

Debts - Car is not a dependent? Very true, but still need to pay off the car loan after you die? Of course! Independent Young Exec, just bought new Honda Civic, and took up 100k loan? Can settle easy, just sell it la. Great! you try to sell, can get back how much? 70k? 80k? Enough to cover the loan? Great! if not short 10k? 20k? 30k? who pays for it? Parents take out retirement fund, settle the loan.

Home Loan?
Young executive whom is single succesful and just bought a new apartment, took a 300k home loan? Who was the guarantor? Parents? Did you get an mrta with the home loan? If yes, Congrats. If no? What happens? Help to pay loan? Try to sell? Can sell it fast enough? Get good price? Bank take back? Auction it? Managed to cover half the loan, the other half still need pay? Parents take out retirement fund, settle the loan.

I can go on with more examples..Education Loan? Credit Card Bills? Phone Bills? Utility Bills? Saman Bills? Personal Loans, Ah Long Loans, etc. etc.

Will his/her death affect anyone? No one? Think before deciding. Is there a point in having some life insurance? No? Yes? Assess your own situation and decide.

For example, say you have RM300 to spare and we compare a situation with life insurance and one without.

Case 1: RM150 goes into Life Insurance with medical coverage and disabilty income, You still give RM100 to your parents and RM50 you save monthly.

Case 2: RM50 you only buy disability and medical insurance, RM150 you save yourself, and you give RM100 to your parents.

Situation 1: After 1 year you met an accident and died 2 days later at the hospital.

Case 1: You would have RM600 in your savings, gave RM1200 to your parents and the medical card covers hospital expenses while the Life Insurance policy gives your parents 100k of which 50k is used to settle all the cash needs with 50k extra so supplement thier retirement and help ease the emotional lost of thier beloved child.

Case 2: You would have RM1800 in your savings, gave RM1200 to your parents and the medical card covers the medical cost incurred. Your parents forked out a negative 50k from retirement fund to settle all the cash needs with additional burden and nothing to ease the emotional lost of thier beloved child. Sure they'll still survive.

One might not have immediate dependents, but do not forget that everyone in this world has a family be it a father, mother, brother, sister, grandma, grandpa, etc. You might not need to take care of them financially when you are alive, but do you think they would need to take care of your financials when you are no longer around? Even though it might not affect the financials of a family drastically, but a study has shown that life insurance payout will always help ease the emotional lost of someone you love. Some do it out of love, some do it out of responsibility, some is just for peace of mind. No matter the reason, I truly believe that there is no one person in this world that would not benefit from purchasing life insurance.

My ex-supervisor told me that it's important to purchase a life insurance once you started to work. He said if anything happened to you (accident, TPD, death), you have the insurance policy to ease your parents' mind and emotion.

dreamer101- thanks
nvm since already bought
yeap looking foward for medical & those 36 critcal illness

any insurance to intro?

Those investment-linked policies have everything except PA.

you can always buy standalone PA which is renewable on annual basis. very cheap premium.

PA is good if you're travelling here and there. Otherwise, if you're spending majority of your time in the office, it's kind of waste. PA premium will burn and it's not the same as your life insurance.

Let me list down the PA Benefits here for you to understand more about the policy. Most of the company offer almost the same benefits, but the premium might be differ.

Accidental Death Benefit
Pays the capital sum in the event of accidental death

Partial and Permanent Disability
Pays up to the capital sum as per schedule

Medical Reimbursement
Reimburse medical expenses up to the sum insured inclusive of hospital room and board,clinical,outpatient andsurgical treatment

Weekly Indemnity
Pays up to 104 weeks if the insured is totally unable to attend to his work as certifiedby a registered medical practitioner

Broken bones/Burns
Pays up to RM20k as per schedule

Physician Benefit
An additional medical benefit up to RM500 to cover treatments by acupuncturist, bonesetter,chiropractor, osteopath & pysiotherapist. ( Provided the first consultation is by registered medical practitioner).

Daily Hospital Income'
A daily hospital income up to RM130 per accident ( max.180 days)

Renewal Bonus
10% renewal bonus on accidental sum asured a year up to 50% maximum

Ambulance Fees

Pays ambulance fees incurred consequent upon accident up to rm200 per accident

Death Benefit ( Any Cause )
Death benefit up to RM60k is payable in the event of death

EXCLUSIONS
War, civil war, terrorism, AIDS and diseases including dengue fever, Japanese Encephalitis, childbirth, miscarriage, provoke murder or assault, travelling as an aircratf crew, aerial activities, martial arts, racing, radiation, nuclear weapons material and intoxication by alcohol and drugs

This post has been edited by Civil: Jan 7 2007, 12:23 PM

can somebody advise whether got retrenchment insurance to be sell at malaysia?

Hmm.. Dreamers, just a question... Were you an insurance agent? I found out that you are quite familiar with Insurance kind of thing. And are you still an insurance agent now? I wonder if you have been cheated by insurance company or so? no offense seriously.. Just wanna know. Cheers... And for you guys info.. I am not prudential agent.

1) I am NOT an insurance agent. I am NOT interested in selling you insurance. So, I can give you a counter/neutral point of view.

<I wonder if you have been cheated by insurance company or so?>

2) No. But, I have experience of trying to buy insurance in Malaysia and found that the insurance agents that I dealt with has no idea what they are are selling. One of the insurance agent has been in business for 20+ years.

Dreamer

I also have few question for dreamer

1. Have you bought any life insurance in Malaysia?

2. If yes, what type of policy you have?
If no, why?

This post has been edited by Civil: Jan 8 2007, 11:24 PM

is there any pure disability insurance which onli cover disablity and not others?

i think he onli have CI insurance

done

1) I am self-insured. In Malaysia, life insurance with payout above 200K costs too much. Payout less than 200K is NOT worth my effort.

2) I am still looking for CI insurance.

Dreamer