Thanks HH. I'm just wondering why the premiums are so low compared to other PA (some which are 2x the premiums for same coverage). I'll read up more on the certificate, thanks again.

This post has been edited by poolcarpet: Dec 29 2009, 09:49 AM

Anyone here bought Maybanks YippieCare2 or Premier Education Savers? YC2 seems to have more guaranteed returns while PES is more ILP. Are these 2 income tax deductible? (RM3000 education insurance). I've heard that some of the education insurance in the market with investment component may not be tax deductible. Anyone has experience or knowledge in this area?

Thanks!!

hi all...i'm planning to start getting a life insurance..any suggestions? monthly payment budget about RM150

Hi everyone,

I'm a 23 years old fresh graduate, just started to work 2 months ago, current i'm working in UM hospital (receive free treatment in case anything happen to me). i wanna know
-what kind of insurance suit me the most? is investment-linked insurance okay?
-do you think i should apply for a medical card as well?

thanks a lot. noob here :-)

Hi Poolcarpet,

No worries. Most companies would package a product in a similar fashion and the cost would roughly be around the same amount as they have to follow BNM guidelines. However, sometimes bigger companies would be able to offer slightly cheaper due to economies of scale or limited time promotion.

Also if it's very cheap, in most cases some benefits are removed. Good-luck with the reading.

Cheers,

HH

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Added on December 29, 2009, 9:29 pmHi Poolcarpet,

From what I know of this relief, it should satisfy the S49(1B) if the Income Tax Act 1967. In a gist, the education policy must benefit the child either as a beneficiary or life assured and payer benefit rider must be attached to claim this relief. The fact that it's ILP or traditional product wouldn't matter if it satisfies this criteria.

Cheers,

HH



This post has been edited by HHalphaomega: Dec 29 2009, 09:29 PM

It is good that you start your protection at young age. I would like to know what type of protection you need before I can advise you further. Investment linked insurance is suitable for long term and the monthly commitment is not so high. Therefore, it is quite suitable for fresh graduate.

You can apply standalone medical card or package with another plan. May I know how much you are willing to commit every month?

Also, you can choose to save money and get protection at the same time.

Thanks.

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Added on December 29, 2009, 10:08 pmThere are a lots of life insurance. May I know what is your purpose to get a life insurance? It is better for me to know your needs before I advise you further.

Looking forward to hear from you soon.

This post has been edited by dunknwy: Dec 29 2009, 10:08 PM

Hi Accutane,

In terms of medical coverage you get from your employer, it would cease the moment you leave the employment. On top of that, most of the time the coverage is limited in amount hence it's always recommended to have your own medical plan.

Investment linked insurance plan are a good form of insurance to start off with reasonable cost and works very well as a protection vehicle. If you're interested in getting guaranteed returns then traditional plans are good to purchase but the protection coverage you get may be significantly lower.

Cheers,

HH

Planning to get an Insurans, just wonder prubsn is a good opportunity for me to join over it since it offer 3 in 1 package for saving,investment and protection which will cause me Rm 140/month. Any advice from this? Or I should got for Great Eastern?
Currently work in manufacturing environment, non-smoker.

solarwing,

i think it's impossible for anyone to advise without knowing further details about your financial standing.

1. what are your commitments? homeloan? carloan?
2. do you have dependencies?
3. what coverage do you want? against accidents? against medical/illness?
4. how much savings do you have now?

personally my believe is throw investment out of insurance, treat them separately. investment is investment. insurance is insurance (protect life, protect against medical expenses). so any insurance which promises you returns after x years, do your own calculation and see if it's worthwhile. insurance agents will not like me, but i have yet to come across any insurance whose returns which can give me more back compared to even simple FD over the same number of years. of course, insurance will have protection component which FD/savings don't have. agents, please correct me if i'm wrong. give me an insurance savings plan and i'll work out the similar returns from FD and see which is higher.

over the years, the requirement for life insurance should decrease as you build up your investments. e.g. if by the time you reach 50 yrs old you have 3 fully paid up houses with rm1m, savings, then is there a further need for life insurance?

however, one thing i feel is necessary would be medical insurance, as you don't want to end up using all your hard earned savings on medical fees. so i feel this is a must if your company is not providing cover for this.

so it depends on your stage of life now. single? no dependencies? then perhaps a simple protection + medical insurance will be enough? is your company providing medical coverage? if yes, have you checked if the amount covered?

what does the RM140 per month cover? what plan is it under this prubsn? what is the sum assured? i assume it covers death and TPD and critical illness? what is the detail about the savings/investment component?

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Added on December 30, 2009, 10:58 amHi HH,

Thanks. Well, I have this doubt as I've heard that if IRB sees any investment component (e.g. PruSAVER in Prulink Education Plan) then they will say that is not claimable. You know how they work.......

Thanks again - I will do more research on this before committing.


This post has been edited by poolcarpet: Dec 30 2009, 10:58 AM

Hi Poolcarpet,

I understand what you mean . They really shouldn't do that if it satisfies those requirements but it's sure possible for them to turn it down as well.

Cheers,

HH

Folks - do all medical coverage plans end at a certain age. My company offers a plan but its up to 80 yrs old only. Just wanted to know if all plans are like this ?

Hi RJdio,

For now most companies like ING, GE etc has their medical card plan benefits up to age 80 as you mentioned. Previously it was only up to age 70.

There's a product from GE called MediCare 100 which offers whole-in-one medical benefits until age 100 but it's more like a whole life policy than a a standalone medical card.

I believe as our life expectancy improves, insurance companies would come up with newer medical insurance products to cover older ages but this would be in future.

Cheers,

HH

This post has been edited by HHalphaomega: Dec 31 2009, 10:29 AM

There's a product from GE called MediCare 100 which offers whole-in-one medical benefits until age 100 but it's more like a whole life policy than a a standalone medical card.

Actually GE does have standalone medical card ---GMC 2

Hi RioDJ,

I know Pruhealth does offer coverage up to age 100
http://www.pruhealth.com.my/

Look under Pruhealth Premiums. But look at the premium, say for someone aged 30-35 signing up till 100, the annual premiums are RM2222. That's excluding the life insurance itself as based on my understanding, this Pruhealth is a rider and not standalone.

But do we really need coverage till 100 years? We are 'betting' that we will live that long AND will need medical attention/costs.

The annual limit is RM50k and lifetime limit is RM500k. Based on inflation, who knows what RM50k can treat in 30-40 years down the road and that's still not even halfway through the policy till 100 years old. If we take coverage till 70 years old, the premiums are only RM861 per year, about 2/3 cheaper than the one that covers till 100. Makes sense.

Anyway, you mentioned your company covers till 80 years old? Is that assuming you are still an employee? If so, kind of weird right - who will work till 80 with a company??

i think covers till 80 would be safer. As our lifespan is bout 72. And true PruHealth is only a rider, it must be attached to a life policy. if you finding for cheap medical card. look for General Insurance company.

However, you must take note of few things,

1) whether its is guaranteed renewal

2) Make sure u take a higher limit coverage ( lifetime and annual limit)
This is because if your coverage is very low, what you want to do if your limit is finished? buy another one? No life insurance company would accept you by then.

3) Check the co-insurance charges and also the range of room and board fees.

is this true? if i buy a medical insurance from one company, then finish the limit and i won't be able to buy another medical insurance? what about if it's with the same insurance company?

if you manage to finish up ur lifetime limit; which means u are not in perfect health... if you want to apply for another one, you'll have to go thru a lot of medical check up and in the end maybe they wont accept you ~.~ but if you still can show that you are in good health you'll still be able to get one ^^

Yea, Morning is true. Well, you might end up loading ( extra premium) or they will not accept you. From the same company? You just finished their limiits. Some dont even let you renew the medical card every year if they know your health are getting worse and do you think that time other company will accept you? Thats why guaranteed renewal is important also.

may have finished up the limit due to a one off accident right? and not medical problems.

Happy New Year!!

Hi Poolcarpet,

I agree with you but the insurer is bound to ask you for medical report to ascertain if there's any remote chance for this to recur.

The basic premise of purchasing insurance is protect against uncertainty. From the insurer's point of view, they're pooling risk from individuals and hence if the insurance knows you're surely going to be a high risk element and cost them money, they would not accept your proposal. If they conclude they may be able to take you in, they may be additional insurance charges imposed on you. While this may seem unfair to some, it's just business to insurers as nobody would like to loose money.

Cheers,

HH