Ok...

I agree with you that "Insurance is ONE of the largest purchase in a person's life. You EARN your money in the hard way. So, spend it WISELY".


We must understand that the problems faced by AIG in US don't have anything to do with its insurance businesses. AIG in USA is still earning money but it is not earning fast enough to cover the losses incurred by AIG's Financial Products Unit in London... If there is something wrong with its insurance businesses, do you think that other insurance companies or financial institutions will be interested in taking over them? I am just telling the truth...


Yes, you are right, dreamer... Every insurance business is still growing except for ILP and motor insurance...


This post has been edited by lcl832002: Mar 9 2009, 04:51 AM

Every insurance business is still growing except for ILP and motor insurance?

Interesting, please explain ?

For motor insurance, everyone with a vehicle has to buy it. However, many people have difficulty in renewing their vehicles especially lorries. Why? Please read my post titled WHY IS IT VERY HARD TO RENEW MOTOR INSURANCE (THIRD PARTY LIABILITY) IN 2009?.

For ILP, the world economy now is in crisis. This situation will affect the returns of investments. Most of us are not high risk takers especially during the time world economy is in trouble.. People who can't take high risk will not consider buying it. As a result, this group of people will prefer traditional life insurance plans which offer guaranteed features. Therefore, ILP will be affected significantly. But, for life insurance plans other than ILP are generally growing in terms of new cases.

Please correct me if I am wrong...

Motor vehicle insurance is the best selling product in any of the GI company, just that its not a profitable
to the company because of the high claim ratio. 3rd party is hard to renew?? I doubt that, just go to Kurnia
they will insured any cars & lorries.


ILP is an Insurance Plan with Investment features.

1)Your client are paying the premium monthly, therefore they are doin dollar cost average which the current
economic condition will not effect. For my point of view it's even better because they are buying the units at a cheaper rate

2)There are multiple fund which are provided by most of them company, if most of them are conservetive why dont go for Bond fund.
They can choose the fund option according to their own risk tolerence.

High risk: Equity Fund
Medium risk: Manage / Money Market Fund
Low Risk: Bond Fund

Please read PERAKAN VOICE. Hope you know Mandarin.

For ILP, from what I know, ILP is a good plan provided that no riders are attached to it as the premiums of the riders are not fixed. They will affect the investment value of the ILP in the long run. If we attach a lot of riders to it, the ILP may lapse in the future if the cash value is not enough to cover the increase in premiums of the riders and the insurance charges as they increase as we get older. To avoid this situation, policyholders have to pay extra premium. How I know this? I heard a lot of complaints about their ILPs from many policyholders not only from AIA and Prudential...

Please correct me if I am worng.

This post has been edited by lcl832002: Mar 9 2009, 09:04 PM

any1 knows about PRUmultiple crisi cover?

One of my client's mother says that all the brochures distributed by Great Eastern to its agents are not free.

Can anyone tell me whether it is true?

Thanks

sorry . . . cant understand mandarin lolz
well actually it's very subjective regarding ILP easy to lapse
all depends on the agent how they quote the policy in the 1st hand

You can ask your friends who know Mandarin to read for you...

Yes you have to buy the printed brochures.

However you can d/l for free from GE's agent website and print it yourself at your own cost.

Thanks for your info...

Folks,

I have NO IDEA what this meant:

http://www.marketwatch.com/news/story/aig-...8-4D09011DDDFD}


http://www.menafn.com/qn_news_story.asp?St...5-F07B5A7F5BC2}

Dreamer

This post has been edited by dreamer101: Mar 11 2009, 07:08 PM

I've read someone asking this before but can't find it now...anyway, just would like to ask, which is more important:- the agent OR the insurance company?

I'm asking this because I prefer GE as it has been around for more than 100 yrs. However, the agent was so so only coz he didn't really tell me wat the pros and cons of the plans that he proposed to me. I am the one who had to ask him after I found out from other agents. Example (This, I found out from an AIA agent):- for ILP, the amount that I pay now may not be enough when I'm old and I may have to fork out more if my savings is not enough to cover my premium. This GE agent just tell me that I have the choice to decide when I wanna stop paying. If I stop paying, then the money will be able to cover for my premium. Although wat he said is true, I just feel the info that he gave is not ample and have to wait for me to ask...I know that as a customer I have the right to ask but as I'm new in insurance, sometimes, I don't know wat to ask.

On the other hand, this AIA agent explained to me the pros and cons coz he don't want me to have the shock of my life when I reach the age of 55 and find out that I still have to go on paying for my insurance and maybe at a higher cost. He really tried to understand my needs and tried to match it as close as possible. The problem is that, I'm still abit worried about the AIA and AIG issue thingy altho I've been told by the agent that there's nothing to worry about as AIA is a separate company from AIG.

Anyone from a neutral party who can help me out? I need to make up my mind by this week from who I should buy the insurance from

Thank you very much

The company, the agent & the product. This 3 are important.
-GE, biggest & longest life insurance company in Malaysia. Life fund is more than AIA & Prudential totaled up together.
- AIA, 2nd biggest life insurance company in Malaysia. Parent company AIG is in hot soup, but AIA Malaysia should be only minimally affected by it.
- GE agent so so nia... don't feel confident
- AIA agent very professional, confident with him.

What a bout the product? Which one suit you the best?

Both products is around the same. Just that AIA's plan takes care of my needs now while GE's plan takes care of my needs in later life so they can't give me as much coverage as AIA for now. Eg:-

Hospitalization
GE - RM 720k lifetime limit (RM 90k limit annually)
AIA - RM 300k lifetime limit (RM 90k limit annually)

CI, Death & TPD
AIA - RM 100k
GE - CI - RM 100k, Death & TPD ard RM 50k-100k (sum assured to grow 5%/yr up to 20yrs)

Premium for both plans is RM 200/mth. And I feel the AIA plan suits me better NOW cz if in future I wanna increase my coverage, I can just top up. Of course, the catch is that I must be healthy.

Can you tell me the name of the plan from AIA?

Please feel free to read my blog if you are still not confident with AIA. Just click here.

This post has been edited by lcl832002: Mar 11 2009, 10:50 PM

Ok. I'm GE agent.
Your GE agent has introduced to you our GE's newest plan.
Advantage Plus + Smart Medic (150 plan). I'll just add on to what you didn't describe, maybe the agent didn't tell you bout it.

For Hospitalization
your annual limit with increase 10% every 5 policy years, provided that you didn't make any claim in that 5 yrs.

For 3D coverage.
Death & TPD should be 100k, your CI cannot be more than Death & TPD.

What makes you think GE plan cannot top up as AIA? Furthermore with Advantage Plus, you don't even have to top up, your coverage have already increased 100% in 20 yrs time.

If you're looking at product point of view. GE is better here.
So now you'll have to consider the agent lor.
Why not approach another GE agent?

Erm...the AIA agent just told me that it's an ILP. The plan covers lady cancers as well. For disability, it will pay RM 10k/yr after 2nd year till age 65.

Life insurance - RM 300,000
36 critical illnesses - RM 50,000
Personal accicent - RM 200,000 to RM 300,000
Medical card - RM 60,000 annual limit, RM 200,000 lifetime limit

Monthly premium around around RM 310.

Pick the one that you are more comfortable with....
Life insurance is for long term....make sure to get someone who is able to give u services after u purchase the product....
U shud do some researches on the products...so that u know what to ask the agents....
Use ur knowledge to qualify them...then u shud know who and wat company to choose from...