Tatsumaki:
do u mean a normal medical card will never cover the medical fee which is subject to me on my visit to a skin specialist or any other specialist?
but a company medical insurance does cover it to a certain extent such as givin out prescribe medicine..?
i was with this understanding as well but a forumer in the health section suggest a guy who hav a skin disease to buy a insurance to cover the specialist cost.. i was like wth!! if one hav a disease the insurance wil still consider insure that person meh.. even so with a low payout lor..

This post has been edited by xavi5567: Apr 30 2009, 04:23 PM

There are standalone critical illness plans in the market. One of them is from AIA. Other insurance companies, I don't know.

For TPD benefit (accident), personal accident plan is good enough. Certain PA plans do provide disability income for several years like 15 years in addition to one lump sum of compensation. However, TPD due to a critical illness is not covered by PA and it will be covered by critical illness plans and life insurance.

Xavi: Yes. Medical Card doesn't cover outpatient treatment. Medical card is only for hospitalization. If you're not warded, any treatment is considered outpatient.

Yes, company packages are the ones that tackle outpatient treatment. AFAIK, there are no packages that 'solo' people can purchase for outpatient treatment.

Outpatient means also in this scenario:
I fall ill, and I seek a GP. GP says it is a serious disease and I need specialist help. He refers me to one.
I seek specialist assistance and it costs say, 750 bucks.
If my company has a medical plan - can claim, otherwise cry and count the 50 dollar bills coming out of my wallet.


I hope my explanation cleared up your confusion.

GENERALLY, medical card doesn't cover outpatient treatments except for:

i) Arthroscopy
ii) Colonoscopy
iii) Laparoscopy
iv) Extracorporeal Shock Wave Lithotripsy
v) Cataract Surgery...

but is there TPD/CI that is NOT investment-linked/endowment? meaning, term for 40-50 years or so?

yes, there are

Thx for recomfirming mine understanding.. I thought so dy.. Where got such stupid insurance company 1 ..totally imposible.. Hahha.. Cheer..

I need to buy insurance which has no investment component. I believe it is called term insurance. may I know what is the annual premium roughly for a 40 yo non-smoker male looking for a rm200,000 coverage? I have a quote from agent but I want to check whether it is too expensive. So as to be objective, I will not say the premium first.

How long the term you want it to be?
What coverage you are looking for? 2D, 3D, with or without medical card?

What is 2d 3d? It is without medical card. I have seperate coverage for hposiptalisation and surgical. Sorry, I am not sure of the term either! Generally, how many years do people go for?

2D means cover only Death & TPD
3D means cover Death, TPD & Dreaded Diseases (36 CI)

How many years depend on you, only you yourself knows.
Term insurance increases every year based on your age.

GE, Term Policy with TPD benefit (2D only)
Minimum coverage is 5 years.
40 yrs old, male, non smoking, class 1 occupation (office, non dangerous).
For 200k coverage, RM1238 p.a.

If you start the 5 years coverage at 41 yrs old, it is RM1304 p.a.

my offer RM 950 per year

http://safepay.com.my/ins101.asp

terms mean you go year by year, it could be 5, 10, 20 terms but carry not much weight.

This post has been edited by mtsen: May 2 2009, 02:17 AM

I am paying seperately for Critical illness so my term insurance must be 2d. Anyway, I am offered rm3100 for it. I am not sure how long the term is because I do not want to call the agent yet. But , even if the term goes to 20 or 30 years, can the annual premium be so much higher? Anyway, no medical examination is required according to him.

Yes it can be.
Anyway, for GE Term Life with TPD Benefit, 30 yrs term is RM2850p.a.

Require ME or not, is not up to agent to say. It is up to underwriter.
1. Are you married with children?
2. What's your occupation?
3. Have you been admitted to hospital? Reason?
4. Do you smoke?
Any few other questions.
Based on the questions, the underwriter will decide if you require ME or not.
Sometimes they might even have a lifestyle questionnaire for you, if you are over 40 and still single, if you work as saloon hair stylist.

Thanks bbjslee.

Few questions. Just explain briefly will do.

1) term insurance. whats the difference taking 5 years or 30 years?

2) If my company already has group coverage for medical insurance, do I or people in general still take out medical cards on their own? Can I skip the medical card now and purchase only when I retire or no longer with the company?

3) Is whole life same as term? I read there are traditional producrs like whole life and endowmwnt. where is term life?

4) I also took MRTA for my housing loan. I compare roughly to the premiums i paid for term life and find that MRTA actually serves me better because it is cheaper PROBABLY because it is some sort of REDUCING COVERAGE where the coverage becomes lesser as more of the loans are settled. This suits me because as time passes I no longer need more protection as my kids become independent. Am i thinking correctly? If yes, can we get term life with MRTA characteriestics in malaysia? I find term life quite expensive in malaysia. I want to reduce the premiums. Maybe , I will cancel the term life, then get another smaller property under MRTA for extra coverage.

Thanks a lot./

This post has been edited by Colaboy: May 3 2009, 02:20 PM

1. Term of coverage. You want to be covered for 5 yrs or 30 yrs.

2.
a) How much coverage does your company give? Is it enough? Twin sharing hospital bedroom cost around 200 nowadays.
b) What are the term and condition? If you're admitted to hospital for a month, are you still covered? If your company decided to terminate your contract while you're in surgery, are you still able to claim the insurance?
c) All medical cards have waiting period & surviving period. Some requires 4 months of waiting period. So after you left your company, and you immediately get a new medical card, you're still at risk of that 4 months. Are you able to risk that?
d) Do you know how much does a medical card cost when you retire? Don't forget by that time you might be over 50s, lots of medical check up to be done. Are you sure your health is still in tip top condition during that time?
e) Answer the question above, and you shall get the answer yourself.

3. Term Life. Is the cheapest Insurance.
Let say you take a term life of 5 yrs. You're very lucky, nothing happen during that 5 yrs but company will not give you back any percentage of the premium you paid.

4. I'm not sure about other Insurance Company, but GE does not offer that kind of product. Why?
Very simple, do you know how much your life worth 20 yrs later?
What if "accident", your wife get another baby 5 yrs later?
Do you know 10 yrs later which uni your children is going to be enrolled into? Is your insurance coverage enough for it?

constant,

It is a BAD idea to buy MRTA as opposed to life insurance. Even if you buy MRTA, you still need to buy life insurance. Think about this way, if something happen to you,

A) Life insurance pay CASH to your wife and she can choose to keep the house fro a while until she decide what to do next. Or, do something else.

B) MRTA only pays the house loan. Now, she has to force to sell the house to get money in a very stressful time. This is what we call "motivated seller". She will not get a good price.

In general, unless you pay a low down payment, you are forced by the bank to buy MRTA/MLTA, do not buy it. Buy life insurance instead.

Remember, maximum = 10 years.. You DO NOT NEED to cover the WHOLE HOUSE LOAN. All you need is to cover the maximum of 10 years worth of expenses. That is the reasonable limit for life insurance. That is ENOUGH for people to get on their feet. If you have multiple houses, it looks like you may have TOO MUCH COVERAGE. With 10 years, there are enough time to sell those houses in right time.

Come on. Why insurance agents on this thread do not know this??

Dreamer

---

Added on May 3, 2009, 7:11 pmbbjslee,

WRONG!!! You do not buy life insurance on how much you WORTH. If I am worth 10 millions and I have enough savings, I should not be buying life insurance to begin with. It is BASED on NEED.

The NEED is to have some money to let people get on their feet. The standard rule is 10 years worth of expenses. Now, if a person has savings and investment, the NEED decreases.

Insurance is LOUSY way to save money. So, do not let me get started on Insurance for education saving.

Life insurance is based in NEED. The NEED to cover between what you HAVE versus what you MAY NEED in the event of your death.

And, up to a point, the PREMIUM could be so high that it is NOT WORTH to cover. Typically, the number is around 200K.

Dreamer

This post has been edited by dreamer101: May 3 2009, 07:18 PM

How to calculate how much you worth is very subjective.
How do you calculate you are worth 10 Million?

And secondly, is a premium high or not depend on many situations and it is up to the policy owner to decide.
And on your case, 200k the premium is too high, how much is the premium? what kind of policy? And under what situation? Age? Based on what that you feel it is too high and not worth it?

This post has been edited by bbjslee: May 3 2009, 09:12 PM

bbjslee,

<<How to calculate how much you worth is very subjective.>>

I do not use subjective mean to calculate net worth. If my asset minus liability = 10 millions, I am worth 10 millions. I do not use BS such as FUTURE INCOME.

Come on, are you telling me that you DO NOT KNOW how to calculate net worth?? What is so subjective about asset minus liability??

<<And secondly, is a premium high or not depend on many situations and it is up to the policy owner to decide.>>

This is another BS. You and I know perfectly well that life insurance premium do not increase linearly on ALL coverage amount. After certain coverage amount, the life insurance premium grow exponentially. So, it is INCREASING very expensive to increase the coverage amount. Now, of course, insurance agents do not really want to tell customer that. Or, they will know how to bargain better.

This the same as shopping for anything. If you are approaching the high end of any product, the price increase exponentially.

<<And on your case, 200k the premium is too high, >>

At my circumstances, the number is around 200K. After 200K, the life insurance premium increase exponentially. It may no longer worthwhile to increase the coverage. For example, for coverage of 400K, the life insurance premium is NOT 2 times of the 200K. It is more than that.

A person MAY still buy the higher coverage. But, they should know that they are PAYING A LOT more for greater than normal coverage. They better be sure that they NEED it. Or, they can do something else.

Get a quote with multiple coverage amounts, then, a customer can figure this out.

Dreamer

P.S.: Why am I teaching Insurance Agent about their own products?? They should know this.

This post has been edited by dreamer101: May 3 2009, 10:22 PM