You can claim only from one company at a time, that if you have more than one medical insurance from different company. Its not advisable.

Anyway, for life policy. u can have more than one, and the insurance company will pay if let say you're not breathing anymore..

For medical insurance, its better to take from a company which gives you "Guaranteed Renewal" policy. Not lots of company doing this. One of company that have this kind of policy is MAA Bhd

Example :

Person A bought a medical policy with Company B coverage of RM50K
He has been paying his policy for 4 years now.
On his 4th year he claimed for his medical for 25K.

On 5th year, he wanted to renew his policy, but the company rejected because of his health etc. Company has right to reject because normally medical insurance are based on 1 year contract basis. Thats mean after a year, you have to renew it. Its up to company to accept your renewal or not.

If the policy stated its a guaranteed renewal policy, then u dont have to worries. U claimed so many times also the insurance company MUST renew your policy no matter what.




Normally, financial consultant would advise you to save 5-10% from your income on insurance and investment.

This post has been edited by Civil: Dec 2 2006, 12:13 PM

Yupp, dont worry. Unless its stated on the policy.

I assumed you're talking about investment link product. Its an Insurance + Investment. The dividend is depends on fund that you choose at the time u sign up. Normally, consultant will suggest customer to invest in low risk fund that normally would give you around 3-6% returns,

Some products gives you advance money to cover the funeral cost.
Normally, the company will issue you a cheque after you submit them the relevant docs such a death certificate, police reports etc. Normally timeframe are 24hours.

Also, most of investment links type of insurance allows you to withdraw amount of money from your investment account, but there's still a minimum amount must be kept,usually its around 2k.

Investmest link product is not a high risk policy.

People need it because they need protection and at the same time they want some of their money to be invest with not much hassle.

Hence the customer got 2 in 1 products. I will brief more on investment.
When cust buy an investment link product, your consultant would normally asked you and suggest you which fund that you preffered. Issit a high risk investment with high returns or low risk investment with average returns.

An Aggressive Diversified fund like Growth Fund put their strategic assets allocation mostly 70%-80% in equities, fixed income securities & liquid assets-25% and other assets - 5%. The majority of the total return is likely to be in the form of capital gain by way of increases of unit price or by creation of additional units (bonuses) after the end of each distribution period. If you fancy a high returns figure and dont mind the risk this is a fund that surely suitable for you.

If not, better stick to a balance diversied fund or Conservative Diversified fund which gives you average returns . Also the risk is between low to average.

This post has been edited by Civil: Dec 4 2006, 12:48 PM

From my experiences, the invesment will only break even after 6 years and after that you'll should be gaining something from it.

FYI, There's a lot of company selling term insurance in Malaysia.
Even NIAM sell term life policy.
here's the link NIAM

Dreamer,

Why buy term insurance if you have nothing to show for it at the end of the year? At least with a cash-value policy you'll accumulate money which you can use in the future. The reason term insurance is an attractive option is it's generally inexpensive compared to whole life insurance.

The way I see it, some customer end up paying higher premium due to rider that are attached to the policy which sometimes are not relevant. That's is why we should always consult a professional.

Dreamer,

For me choosing an Investment Link product will be beneficial if you buy it when you're still young in the sense that you have plenty of time to accumulate your funds for the unit trust. However, for term life to be breakeven, it will take up close to 15-20years.

But for Investment Link product you can see people breakeven less than that.

The thing about investment link product, it is very flexible. You can withdraw the funds anytime you want and you can increase or decrease your sum assured anytime. Meaning,there's no need to buy too many policy.

Anyway, buying a term and put your extra money on FD is not a bad idea, but you have to understand that term life policy only covers you up to 60years old. Above 60 and you're not covered. But when do people fall sick often?

To tell you the truth, commission for ILP is not that high for consultant. I could get more commission if I sell those traditional policy. Anyway, others company might give different rate of commission on certain products

Dreamer,
To tell the truth, group type of insurance is not enough to cover your medical expenses if you go to private hospital. Companies would normally covered their employees with minimal coverage. Unless you're a keyman to a certain company and that would be a diff story becoz they could insured you with a policy that only suit you.

Like ZiyiIsmyIdol told, we do not want to duplicate what the customer already have. As for me, I dont sell medical insurance to the govt staff because they already have it. But sometimes they are govt staff who still wants the medical policy because of other purpose. Of course I will advice them on that and try to talk them to buy different type of policy such as retirement etc.



Why want to have too many policy where you can attach it as 1. You can attach medical rider onto your life insurance policy.



Some people consider buying a life insurance as a legacy. With the insurance money, he can rest in peace as he knows the money will help his loved ones to continue live. Or maybe to make sure that his mistress does not suffer a loss on his demise or disability.

This post has been edited by Civil: Dec 10 2006, 01:40 PM

Depends on your health, age, weight, height and medical history.. Its all up to the underwriting department.






I dont think its wise to overpay your premium on medical insurance only. U can still buy another type of policy which cover beside medical and still get tax relief.

This post has been edited by Civil: Dec 11 2006, 04:14 PM

Ranma,
Yes, Lotsa people worrying about the claim. It's actually simple. Read the T&C if there's any other exclusion in the policy. Insurance agents is not a doctor nor have any medical education background. Therefore, agents only knew the basic staff about medical. However, agents normally will tell the customer, incase in the future the customer have one of the illness that are in the exclusion. He/She may not be entitle to claim. As practice by me , I always give customer the copy of exlusion and what are the illness that are not covered by the policy.

Pre-Existing Illness
"Pre-existing illness" shall mean disabilities that the Insured Person has reasonable knowledge of. An Insured Person may be considered to have reasonable knowledge of a pre-existing condition where the condition is one for which :-

* the Insured Person had received or is receiving treatment;
* medical advice, diagnosis, care or treatment has been recommended;
* clear and distinct symptoms are or were evident; or
* its existence would have been apparent to a reasonable person in the circumstances.

Exclusion:

* All Pre-existing Illnesses must be declared and will not covered by medical insurance.

Specific Illnesses
Specific illness under the policy shall mean:-

* Hypertension and diabetes mellitus
* Cardiovascular diseases and varicose veins
* All tumours, cancers, cysts, nodules, polyps, stones of the urinary system and biliary system
* All ear, nose (including sinuses) and throat conditions
* Hernias, haemorrhoids, fistulae, hydrocele, varicocele
* Vertebro-spinal disorders (including disc) and knee conditions
* Endometriosis, adenomyosis, prolapsed uterus, and uterine conditions requiring hysterectomy (including disease of the Reproductive System)

Exclusion:

* All Specific Illnesses stated above, are not covered for first 120 days (4 months) of the policy irrespective of whether the Insured Person was aware of disability or not.
* Any Specific Illness will be covered beginning with the 121st day after original inception, provided it is not excluded as an Underwriting Exclusion.

Exclusions

This policy shall not cover :

*

All Pre-existing Illness.
*

All Specific Illness for first 120 days (4 months) of insurance, subject to the Pre-existing Illnesses clause in the "Definitions" Section above.
*

Illness that commenced within the Waiting Period of thirty (30) days, except for accidental injuries.
*

Out-Patient treatment not related to in-patient or day surgery, except as a result of an accident.
*

Pregnancy including childbirth, abortion, miscarriage, treatment for infertility and all complications arising therefrom.
*

Conditions arising from surgical, mechanical or chemical contraception methods of birth control.
*

Routine physical examinations, health check-up or any other tests where there are no objective indications of impairment of normal health or any treatment of a preventive nature including vaccinations, acupuncture, treatments specifically for weight reduction or any treatment which is not medically necessary.
*

Treatment for Congenital Conditions and any physical birth defects arising out of or resulting therefrom.
*

Non-Hospital Nursing Care or Ambulatory Care, rest cures or sanitaria care, treatment arising from any geriatric, psycho-geriatric or psychiatric condition, treatment of alcohol dependence syndrome and drug addiction.
*

Sickness or disease directly or indirectly arising from AIDS or any AIDS-related condition
*

Suicide or attempted suicide, self-inflicted injuries, self-destruction or any attempt thereat while sane or insane.
*

Dental care and related treatment except as necessitated by accidental bodily injury to sound natural teeth.
*

Cosmetic or plastic surgery, circumcision unless medically necessary, eye tests, refractive errors of the eyes, provision of appliances, including spectacles, hearing aids, wheelchairs and prostheses including lenses.
*

Sexually transmitted diseases.
*

Hospitalization primarily for diagnosis, X-ray examinations, general physical or medical check-up.
*

Charges for telephone, television, radio, newspaper, admission kit/pack and other ineligible non-medical items whilst admitted as in-patient.
*

Sickness or injury arising from racing of any kind (except on foot) professional sports, parachuting, skydiving, boxing, wrestling, professional scuba-diving, bungee jumping and violation or any attempt of violation of the law or resistance to lawful arrest.
*

Flying or other aerial activity except as a fare-paying passenger in a fully licensed aircraft operated by a licensed commercial air carrier or recognized charter company.
*

Treatment arising from any consequence, whether direct or indirect, of nuclear or chemical contamination, war, invasion, act of foreign enemy hostilities (whether war be declared or not), civil war, rebellion, revolution, direct participation in riot, strike and civil commotion, insurrection or military or usurped power, or active duty in any of the armed forces.
*

Any person who resides outside Malaysia for more than three (3) months continuously while the Policy is in force.
*

Investigation and treatment of sleep and snoring disorders, treatment for Hepatitis B and Hepatitis C, and hormone replacement therapy for menopausal conditions.
*

Psychotic, mental or nervous disorders, (including any neuroses and their physiological or psychosomatic manifestations).
*

Expenses incurred for sex change.

Underwriting Exclusions

These are illnesses which are excluded from the policy or excluded for a duration specified by the Insurance Company.

Waiting Period
Illness or Hospital Confinement, except for accidental injuries, which commence within the period of thirty (30) days from the date of original inception is excluded from the policy

This post has been edited by Civil: Dec 14 2006, 04:35 PM

I agreed with agents should do extra homework on understanding the illness. However, to explain all the illness in details to customer its not practical. The customer also dont have that much time to listen to all the details. So what I normally do, I gave them a copy of the illness (not fully details) to the customer. Also I gave them our MO (Medical Officer) hotline no for them to ask regarding the specific illness.






To tell the truth, most of my customer dont want me to explain in details. They always said they can read by themselves. My clients mostly a corporate person. They dont have time for that kind of things. All they want to see is the figure which I presented to them. But of coz, if the customer wants explanations, we are happy to give them.

You always said this kind of thing. What if things goes wrong between survive and rich ? Do you have any emergency fund? What if the fund is not enough?

This post has been edited by Civil: Dec 15 2006, 02:26 AM

That is true, that's why I always asked my customer to contributed 5% of his income into protection and another 5% into saving which he/she can easily used in case of emergency.(easily access to the money such as bank)



Please, insurance is not a get rich scheme . It is for protection against loss of income or maybe as a form of savings. I dont remember saying insurance can make you rich.. However, he/she can die a millionaire

That's also true. I dont remember saying this one also. Its only an important part of financial tool



crystal_kit85,
If your child is smart enough to qualify for a university, will you be smart enough to provide for it? Obviously, your child got his/her genes from you. It would be far too late for you to wait till the day he/she gets her reseults for you to make a provision. Five or ten years before they are due for university is a good time to start a savings plan to accumulate the funds.

There may also arise the situation where your child prefers to pursue a certain course of study not available at here. Getting into university is one thing, getting into one's preffered course of study may be another. Being able to provide for what your child chooses to study ( for they usually study best what they like most) is foresight par excellence.

But what after you have provided, your children do not get a place in any university? In that unlikely event, you can cash the policy and go for a long holiday. You deserve it if they dont !

This post has been edited by Civil: Dec 15 2006, 01:08 PM

How would one define a good investment ? Too often, only one criterion is mentioned - rate of return, usually measured in terms of interest. Lately, any investment which gives a 10% return is viewed favaourably because bank savings rates hover at 3-4%.

Probaly, the most meaningful definition of investment should be "Pays best when needed most"

An investment vehicle may promises a 20% return. But at the very moment of need, i.e required cash, it may not be very liquid or fetch a comparable price. It behaves like a Fixed Deposit interrupted in mid-term!.

But various life insurance companies have been able to provide a competitive rate of return. One company may had a proven 11.8% average annual return over the last 10 years (1983-1992). Had an investor placed 10k with the company, that amount would have grown to 30.5.k . And during that entire period, the policy would have prvided life insurance cover at no extra cost.

Different company have responded to the market needs with attractive policies which not only promise a safe investment above bank saving rate of return but also provide life cover at no additional charge !

Again, whenever we talk about investment, we are talking about big numbers here. Yet the average life insurance premium is only a few hundred and thousand ringgit, not large enough to warrant term "investment". Most investment advisor would not "touch" such small sums. So, life insurance provided a guaranted investment...at the moment when needed most.

This post has been edited by Civil: Dec 15 2006, 06:03 PM

Please read carefully,I wrote "at the moment when we needed most" . I didnt mentioned the return rates are guaranteed!!

This post has been edited by Civil: Dec 15 2006, 05:26 PM

Life insurance is like having an umbrella. When it rains, the umbrella comes in most useful. But many times when it is not raining, we like to compare whose umbrella handle is more stylish or whether one fabric is more colourful than another. The bottom line, of course, is whether the umbrella is available when the rain begins to pour.

Like ohayogozaimas said, its for a peace of mind. "Death comes everyday to someone and someday to everyone" When a person has made adequate preparation for a foreseeable event in the future,he/she has a sense of peace with himself/herself and peace within himself/herself.

There are people who prefer to worry. Or worse still, take a risk. To be uninsured is the greatest gamble you can take. And its a particurlarly tragic one, for if you lose, its not you but your loved ones who lose"

Why worry when you can insure? In fact, why worry when for a small regular sum ,you can let the insurance company do the worrying for you?

This post has been edited by Civil: Dec 17 2006, 01:38 PM

2 Medical policies
Having two or more medical policies is really useless. One is enough.

If you bought an ILP policy. This will not happen. You can opt for "premium pause" or use your part of your investment portion in the policy to cover up the insurance charges.



I also strongly suggest that you save up to 6 month of your living expenses for emergency. What you can do for now is try to insured your self at least RM30-RM50 a month. This could at least cover up incase of rainy days

This post has been edited by Civil: Dec 18 2006, 06:18 PM

You're boss is right !
All those medical,surgical and hospitalization fees are expensive. Protection comes first.
For investment, its up to individual.

This post has been edited by Civil: Dec 18 2006, 06:35 PM