So good???

because you did not answer truthfully on his question!!!!

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Added on March 26, 2009, 3:11 amivanswk,

it will goto your wife's estate.

for the nomination part, yes, your policy is a trusted policy, this doesn't mean that she is the trustee. you can revoke her name out from the nomination list as long as the trustee sign, which most of the case, it'll be only you yourself.

This post has been edited by richnet: Mar 26 2009, 03:11 AM

I'd like to point out that insurance proceeds are creditor proof. In the scenarios where both parents are not around, yes the proceeds will be frozen and given according to the distribution act, but should i remember correctly, at least for the insurance 'estate', it is creditor proof.

This is why insurance is a great tool to quickly settle debts, funeral fees, lawyer fees, stamp duties and other things that pop up upon a person's demise.

Dying is expensive!

actually all insurance company are governed by Bank Negara Malaysia (BNM)
even free gifts are prohibited by BNM since July last year except for leftovers (heheh)
giving discounts also discouraged by ethical means but because of the stiff competition, some agent still give discounts
BNM does this to ensure the agents are professional enuff to do the job. not just selling but educating people towards insurance.

to ensure that u have the right sum insure, u can look around in newspapers for estimated market value of your car to ensure u are not over insured. this is because insurance company will pay claims according to market value or sum insured (whichever is lower)

for car market value u can try this site

http://www.ambank.com.my/personal/financia...refinancing.asp

then use this site to calculate the premium to be paid

http://www.autoworld.com.my/partner/hla/ca...rs/pcmi_cal.asp

* note that for cases such as old cars or under age limit drivers loading might be included

yes Tatsumaki, it's creditor proof. It was not me who mentioned about clearing off debts... the part of clearing debts are only be done after all lumpsum have been paid out to the nominated/beneficiary.

Please show me which part I didn't answer truthfully... I never sell something to the person. What is the point I cheat him???

at post #407, ivanswk asked about his situation, where his money will gone to...
and you replied at post #408, which the info given are nothing really answer his queries, you keep talking about how this works and that works, making like how expert that you are.....


and at post #411, you are just merely PROMOTING how good and how good your AIA insurance company are... is it really that good?

since you know so much, tell me about "Critical years"...

I never say that AIA's products are very good. I just tell the facts and figures. Some of the basic principles are applicable to other insurance companies' products, not only AIA. I can't judge for him. He should judge himself whether they are good or not.

If you find that the info I provide here is wrong and misleading because I want to increase my sales here, please sue me without hesitation... Thanks...

sigh.... well, firstly, you skipped what i said about ivanswk's query.
2nd thing, why would I wanted to sue you? You should be more aware of what you're talking/sharing here.
3rd thing, I didn't say that you say AIA's products are very good as you claimed of what I said. I said you were merely PROMOTING your products.

like how? these are the stuff you wrote... and I bold up some parts to make you realise it.

inside this topic, at post #411, you wrote these:
======================================
"The sum assured for whole life insurance is fixed unless you add premium. Whereas, the sum assured for endowment plans will increase depending on the performance of AIA Berhad. If AIA Berhad performs very badly, a dividend of 4 % is payable to its policyholders. If AIA Berhad performs very well, a dividend of 7 % is payable to its policyholders. The premium for endowment plans is guaranteed to be fixed.

The return for endowment plans is not guaranteed but it must be at least 4 % for AIA Berhad no matter how bad AIA Berhad performs. For Investment Linked Plans, the return can be zero or negative if the funds you choose perform very badly."
======================================

just want to share my thots on this...
to those buying insurance...always remember, insurance is insurance ie its for protection, for rainy days, for when you meet with accident, for when you kena heart attack etc.....therefore u must PAY for that protection...if never kena anything, then GOOD for u...dont think about the premium u already paid...thats the cost of the protection. if u wanna invest...go somewhere else. insurance for investment = lousy returns. cash back are just goodies and gimmicks to lure buyers in. and its the cash back that pushes up the premium you pay every month. go ask any agent how much it cost if NO cash back at all. how much is TERM LIFE. dirt cheap, friend !

to those selling....i know that you guys also cari makan, but pls educate your clients on ALL your products and not just the ones that pay the highest comm. tell them how to lower the premium, the pros and the cons.....THEN let them decide.

People asked me for info. Then I shared. Then you said I was promoting my products. I never sell something to them. I just tell the facts and figures so that they have more choices. If they are interested to know more, they can try to ask in details and buy it from an agent nearby his area, not from me...

I explained by refering to AIA only here because I spend most of my time studying AIA products. So, I don't dare to say something about other products from other insurance companies. However, most of the basic principles I mentioned can be applied to most of the products offered by Prudential, ING, Great Eastern and others. So, I am not just talking about AIA. I just use AIA products as an example...

Agree... Educating clients are very important...

This post has been edited by lcl832002: Mar 27 2009, 12:35 PM

yeah... agree too.
and noted as well.
ING adviser here. ^^

Welcome to lowyat forum, ING adviser...

thank you.
hope to have some feedback from you guys to improve my service too ^^

i'm from Prudential

welcome to u too. haha.

I am totally new to this so I hope some of you vets can shed some light into my distorted point of view.

I am planning to get an insurance and never had one before. A friend who works for Prudential full time approached me and drafted two options for me. One is called the PruLink and the other is the PruCash.

After drafting these 2 simplified diagrams for me, she asked me to sign up. Well, I would love to because I know for a fact that, for insurance, the earlier you buy, the better.

Problem here is, while persuading me to sign up, I have had no terms and conditions, projected growth table, list of covered illness and etc. I have a measly piece of A4 paper, drafted with pen and words spoken by mouth. I asked for a proposal and what I was told is that, there is no proposal until I sign up. So, here I start having doubts.

I've known her for a decade, and I trust her but this isnt supposed to be the way it works, is it? I mean, how could you ask someone to sign up for something for 30 years, paying something like RM150 - RM300 per month for 30 years and not given a proposal? Would that have worked if the customer she approached is not me but a professional business man?

She approached another friend of ours and gave him a proposal in A4 converted to PDF. A mere 4 line piece of art with limited information and I just dont believe that's how it is. My friend spoke to me about the way she worked and said that even his dad's insurance agent who has poor english gave a better proposal than the one he received from our friend here.

So, I postponed my purchase and then told her that I would only buy after she answered a list of my questions. At that point of time, I didnt have much time to research on this Prudential product, so I left this behind with my To-Do-List until she recently text me and asked my decision.

What should I know when buying an insurance?

In insurance, we have a term called 'COOLING OFF PERIOD' or 'FREE-LOOK PERIOD'. For details, please read WHAT IS A 'COOLING OFF PERIOD' OR 'FREE-LOOK PERIOD'?.

I hope it does help you.

Pennywise,

<<Well, I would love to because I know for a fact that, for insurance, the earlier you buy, the better. >>

Wrong!! If you have NO NEED for protection, why do you throw money away on Insurance. And, dependent on what kind of NEED that you have, you buy certain kind of insurance. Each insurance ONLY protect against certain thing and event.

<<I've known her for a decade, and I trust her but this isnt supposed to be the way it works, is it? I mean, how could you ask someone to sign up for something for 30 years, paying something like RM150 - RM300 per month for 30 years and not given a proposal? Would that have worked if the customer she approached is not me but a professional business man?>>

Bingo. This is A LOT of money. Do not buy until you KNOW exactly what you are buying. There is NO NEED to rush. A WRONG decision is a VERY EXPENSIVE mistake.

Will you rush out and buy a 200K car?? Ditto on this. You NEED to do some shopping.

Dreamer

Hey there,

Thank you for your tip. I read about cooling off period. It says:


Every consumer is entitled to a 'cooling off period' or 'free-look period' of 15 days from receipt of his policy contract to review the suitability of the newly purchased Medical and Health Insurance product. If he returns the policy contract to the insurance company during this period, the full premiums would be refunded to him after deducting all the expenses incurred by the insurance company for the medical examination in relation to his application for a Medical and Health Insurance product.

In other words, if a consumer thinks that the newly purchased Medical and Health Insurance product is not relevant to him, he still has 15 days from the date he receives his policy contract to get back his money after deducting all the expenses incurred by the insurance company.


The thing is, I know not of any other insurance policy, therefore I will not be able to tell if this is the relevant one for me. By the way, wouldnt it seem more normal if I was presented the policy contract by the insurance agent prior to purchasing? I'd like to read through the details to know what I'm offered, rather than a hand-drawn piece of art on a A4 paper.

Hihi,

Is there a man who has no need for protection? I mean, is that even possible? Or have I been brainwashed by these insurance gimmick that everyone needs to own one? So what kind of a NEED is there for a single guy who works on a shift job, drives 100km a day to and back from work, with family to help out? Sorry, I am totally green in this area.

I am trying my best not to rush and I need to do some shopping, yet I know not many insurance agent. At the same time, I do not want to be pestered into buying them. The day I picked up my friend from her appointment place, she got up the car complaining about the customer whom she had just met, spoke so much and didnt buy from her. I ended up being like that too! Not like I'm obligated to buy but just dont feel right since she just complaint about the other guy and I happened to do the same.