insurance is very important.

imagine if you broken one leg, or have some major accident which make you could not work.

a married man especially need to buy life or accident insurance.

however, for others type of insurance, my opinion is to invest to a house. you can rent it out, and sell it when you need the money.

the most important, buy a house which can get good return.

1) Great!! I am actually helping someone.

2) So, there are more people out there that can save money.

Dreamer

supreme living care from GE. covers death,permanent disability (hand/legs cannot work also claim - permanent liao wut) and CI (critical illness). not only disability is important.... CI is also very very important.... we used to think that ppl aged 50-60 will kena cancer... now we find younger generation kena cancer ade. so? its also important issue here for CI. and medical card is as much as an importance also. if u cant afford insurance, get a medical card.

my insurance used to be RM100k coverage. but now that i own a house (loan is RM200++k) so i just up my coverage to RM200k just in case anything happen to me i dont need to burden my family or loved ones. thay can just clear the house sum at one go. insurance is not for untung wan... its for u to feel secure u dont need to burden ppl after ur gone or while ur still here u kena CI/disable u still can survive. if u looking for untung, invest in stocks better....

Quite agree insurance is risk management, it is not total protection from unforseen circumstances.

Everyone has different life and environment. Some household may earn more than 10K/month, still find trouble to pay the debt and loan, not to say saving. While some may earn only 1-2K still can manage to save more than 30% of their income every month. One can't judge others based on your own life-sytle and environment. Everyone is different, there is no magic number for financial planning (5% for insurance, 10% for saving, blar, blar so on). But one thing for sure, saving is the top priority. How much is the saving and allocation for others like insurance etc is needed is largely depended on individual case and environement.

Young people actually has less (financial) risk of death than disability. Since when you are young, not married, no dependants, parents don't depends on your income to live, in financially (since insurance is about financial protection), your death doesn't have much effect. But for disability, you need money to live on.

This post has been edited by cherroy: Jan 19 2007, 02:07 PM

<but now that i own a house (loan is RM200++k) so i just up my coverage to RM200k just in case anything happen to me i dont need to burden my family or loved ones>

chloelew,

Do your housing loan come with MRTA or MLTA aka insurance to pay off the loan in case that you die? Normally, you are forced to buy that if your down payment is 10% or less?? If you do, you may be double covered by insurance.

How much do you pay for insurance every month?

Dreamer

Banks are smarter now. They will indirectly 'force' customers to buy MRTA before the loan being approved. So if one is dead, the MRTA insurance will pay off the loan so that banks don't need to chase after the loan from his/her family.

Regarding, the overbought insurance previous forumer mentioned. The insurance company will 'value' your based on some methods of calculation so even you bought RM10 million of coverage of life insurance but they won't pay Rm10 million when you are dead, they will only pay you the value that justify your worth. So overbought insurance serves no purpose.

the valuation given during the application process or when the person die?

RM200k coverage RM300+ a month only. its not only the house it can cover. lets say u die young... u have kids... the MRTA will cover the house... ur kids? let ur wife work hard to feed them is it? come on... u dont have to calculate so much rite? LOL.... i trust insurance agency better than bank anytime but have no choice buy MRTA only. my mrta also is RM200k (full coverage) pay more little bit ok la... cut off the lanslide thingy off. my house not on a hill also....

lets just say IF U ARE PREPARED NOW... if u die young, ur family,wife at least have some money to roll. RM200k in the coming days is not much my dear frens....so think about it...

just my 2 cents

Hi all

i am new bie here and interested in this thread
am i welcomed to join here ?

not welcome

Chloelew,

1) Statistically, young people are more likely to be disabled than die.

Insurance companies could help people if they publish the probability of each risk for a particular age profile.

2) Check your MRTA. Does it pay out 200K or only paying oof the remainder of the loan? This is a major difference since your principal will be reduced as time goes by. Do you premium goes down as your principal is reduced??

3) In general, MRTA is a bad deal. If you could, you should save the money from MRTA and buy more life insurance.

Dreamer

i got some silly question needs help:

i found the defination in my PA stated 'death' means death cause by accident.

Does it mean insurance will only compensate for death cause by accident whereas not death because of sick?

The PA insurance won't pay you a single cent if you die not because of accident.
That's why PA insurance premium is quite cheap since it covered limited scope only.

For MRTA, if not mistaken, it just paid the balance of unpaid loan if you die, not the initial amount of the loan.

even not welcomed but still wanna join

say hi to all big brother and big sister here~

i am from GE and looking around here to see there is anything i can learn or help

jhan_ong,

Ask questions instead of posting this kind of message. What is GE?

Dreamer

din get u leh....

GE = Great Eastern.....

u from GE? meaning? Insurance Agents? or GE staff? or GE customer care? or....... ???????

each of the catagory is big different leh...

dreamer is not insurance agents......

so u r from great eastern? usually how long does it take for medical card application?

dreamer....i dont think there is a choice by not buying MRTA. u have to get it from the bank.... no choice unless u get loan from insurance company.... if from bank, they will get it for u... compulsary rite? i dont really know the payout scheme.... but how also.... i better get my own insurance topped up... u know how banking works... SLOW...

Hi, wanna ask a question. How much to pay for a RM200,000 insured amount.(buying from GE, AI or what soever company. Basically like disable or death, age is 25 and for how many years do we need to pay(20years/30 years)? Thanks!