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 INSURANCE TALK, ok let start

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HHalphaomega
post Dec 27 2009, 11:03 PM

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QUOTE(babychai @ Dec 27 2009, 08:29 PM)
sry..wanna ask question here.

what does co insurance means?

Thx for yr answer smile.gif
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Co-insurance means you are to share a portion of expense incurred. This is usually to curb claim abuses and to instill a sense of responsibility to the public.

To illustrate, say your medical bills comes to RM 4000.00 and the co-insurance is 10%. That means you'll have to fork out RM400.00 and the insurance company would absorb RM3600.00.

However, do note most insurance companies have other conditions attached hence it's best to check on your policy or agent.

Cheers,

HH
HHalphaomega
post Dec 27 2009, 11:37 PM

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QUOTE(babychai @ Dec 27 2009, 11:18 PM)
oic...so co-insurance is still consider as saving plan?
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Hi Babychai,

I wouldn't say so unless you're considering that 90% cost saved as a form of savings.

Co-insurance usually relates to medical insurance products such as medical card etc.

When you say savings, it usually would mean amount saved using other insurance products such as term life, whole life plan, endowment plan, investment linked plan etc.

Cheers,

HH
HHalphaomega
post Dec 28 2009, 08:37 PM

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QUOTE(poolcarpet @ Dec 28 2009, 05:43 PM)
Is anyone familiar with TuneMoney's Takaful PA? It's underwritten by CIMB Aviva, and coverage for Class 1 occupations for RM1m + some medical expenses (RM10k, plus some other accident related claims) is only RM494.40

Is this the cheapest PA out there? What's the catch??
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Hi Poolcarpet,

I doubt there's any special catches to this plan as this plan only covers should anything happens to you due to accident.

A typical PA takaful is an annual plan that provides compensation in the event of death, disablement or injuries arising from an ACCIDENT. PA takaful is also available for short durations to cover you should any accident occur during your travel period. Cover for PA takaful is provided in respect of accidents occurring, subject to the terms and conditions mentioned in the certificate.

Have a good read of the terms and conditions before you part away with your money.

Cheers,

HH
HHalphaomega
post Dec 29 2009, 09:23 PM

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QUOTE(poolcarpet @ Dec 29 2009, 09:06 AM)
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.
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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

Added on December 29, 2009, 9:29 pm
QUOTE(poolcarpet @ Dec 29 2009, 09:50 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!!
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Hi 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
HHalphaomega
post Dec 29 2009, 11:32 PM

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QUOTE(accutane @ Dec 29 2009, 08:26 PM)
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 :-)
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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

HHalphaomega
post Dec 30 2009, 11:08 PM

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QUOTE(poolcarpet @ Dec 30 2009, 10:54 AM)
Hi 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....... smile.gif

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

I understand what you mean smile.gif. 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
HHalphaomega
post Dec 31 2009, 10:20 AM

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QUOTE(RJdio @ Dec 31 2009, 09:29 AM)
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 ?
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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
HHalphaomega
post Jan 1 2010, 02:34 PM

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QUOTE(poolcarpet @ Jan 1 2010, 09:02 AM)
may have finished up the limit due to a one off accident right? and not medical problems. smile.gif

Happy New Year!!
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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
HHalphaomega
post Jan 4 2010, 09:39 AM

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QUOTE(poolcarpet @ Jan 4 2010, 12:44 AM)
say someone bought the lowest medical coverage, just take pruhealth 100 for example. coverage is rm50k annual, rm500k lifetime. coverage till 70.

say this person is 30, but someone is very unfortunate and encountered 3 accidents (nothing work related, say maybe road accident) before he's 50. and say the surgery and related costs came up to RM510k.

assuming he could make claims more than 50k annual (pru has some option for that, i understand) and he finished his lifetime rm500k and wanted to get another medical insurance at age 50.

are you guys saying insurance companies may not want to accept him? and prudential itself may not accept him? can't be, right? yes, maybe he has to go through medical checks, yes, maybe the premiums will be higher due to his history of claims. but surely he will still be able to get some cover?

if this is the situation, everyone will be scrambling to get the highest possible medical coverage, e.g. pruhealth 400 (1.5 million lifetime).

just wondering out loud smile.gif
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Hi Poolcarpet,

I would agree with weikian on this note as you can't use up RM500K for just 3 road accidents unless it's a serious damage in which case he will not be normal healthy person anymore to purchase insurance as insurers would be seeing him as a high risk client.

In this scenario, the insurer has every right not accept his proposal for insurance. These are usually dealt by asking the person to go through a thorough medical check up to see if there's any chance for his past injuries to cause any further issue. Depending on the medical opinion, they're either given an option to purchase with or without loading. If the opinion is adverse, then his proposal would be declined all together.

While it's not necessary to rush to purchase the highest coverage medical card, it's a good thing to have if you can truly afford it as medical cost is on rising inflation rate of 15 - 20 % every year and of course it would minus all these unwanted hassle later on as well.

The key is still the same, get something you want and can afford at present as it's always good to have something than nothing.

Cheers,

HH
HHalphaomega
post Jan 4 2010, 02:54 PM

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QUOTE(poolcarpet @ Jan 4 2010, 09:52 AM)
ok thanks all for the feedbacks and points. i have gained further insight on this. i have not bought any medical insurance yet, and i don't need it at the moment as company does provide cover, but these are good points that i can take if i decide to get later. thanks again!
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No worries Poolcarpet.

Added on January 4, 2010, 2:59 pm
QUOTE(RJdio @ Jan 4 2010, 09:59 AM)
Thanks for your replies. Actually its  post retirement insurance that being offered. Start paying premium now - coverage 60 - 80 yrs.
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RJdio,

Are you referring to a retirement plan or medical insurance?

Cheers,

HH

This post has been edited by HHalphaomega: Jan 4 2010, 02:59 PM
HHalphaomega
post Jan 5 2010, 12:13 PM

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QUOTE(weikian @ Jan 4 2010, 07:13 PM)
i think their company might already provide medical cover before 60.
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Yes, it only makes sense if they have already provided coverage for incidents before 60.
HHalphaomega
post Jan 9 2010, 03:54 PM

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QUOTE(solarwing @ Jan 9 2010, 08:02 AM)
My friend offer me one plan as bellow attachment, looking for somebody advice on it.  smile.gif 

[attachmentid=1389576]
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As an ILP product, protection should be maximised but the protection offered in this product is rather low if compared to others available in market. Bulk of the premium is being taken up for it's medical and other riders. The medical coverage is also providing coverage only until age 70 when most others provide till 80 years now.
HHalphaomega
post Jan 9 2010, 05:04 PM

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QUOTE(epalbee3 @ Jan 9 2010, 04:57 PM)
No, it is not good.

Your insurance policy only covers up to RM50k for PA and with very limited accident medical benefit.

Taking out the investment part, you can buy a RM50k PA with 5k accidental medical coverage with just RM80 per year!

But you have to pay RM1800 per year.

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I agree with epalbee as the cost vs benefit is certainly no value for money. ILP products would offer ONE of the best protection is it's packaged properly.
HHalphaomega
post Jan 10 2010, 12:02 AM

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QUOTE(nightzstar @ Jan 9 2010, 05:35 PM)
guys, want to know, why buy insurance? if an insurance agent approach you and suggest you to buy their life policy will you buy?
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Insurance products to me is a good way to reduce or eliminate your financial exposure to risks such as accidents, death, disability, illness etc. That said, get the proper product to serve you according to your financial need, risk appetite and affordability.
HHalphaomega
post Jan 11 2010, 11:12 PM

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To me different people perceive risks differently hence what seems risky to some may not be to the other.

Which is why if you're totally comfortable with just a medical card and PA then you should get it.

Some would like to reduce risks further hence would like other forms of protection as well and there are plenty of good products out there as well.

Always go with what you're able to digest and make an informed decision after weighing in all the variables. Once the decision is made stick with it and review it from time to time as your variables may change.

Cheers,

HH
HHalphaomega
post Jan 13 2010, 10:21 AM

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QUOTE(vandoren @ Jan 13 2010, 09:31 AM)
may i know what is the differ between tranditional insurance and investment link insurance in terms of advantages and limitation.

i've compare my insurance package with my friends. Mine is tranditional where i have to pay a fix amount till the end of policy (if not mistaken)

while most of my friend buy investment link insurance.
i found that normally their payment is cheaper than mine for same coverage, let's say 200K life insurance.

Next, a friend told me that she only need to pay for 20 years, after that she no need pay for the insurance but she'll still be under protection.
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A traditional insurance policy is one that guarantees you level premiums and returns (in most cases) based on age of entry. It may be slightly more expensive (if it includes critical illness coverage) but usually serves as a form of forced savings. As it usually comes with cash value, after a while you can allow the cash value to pay off your insurance charges at the expense of your returns.

A investment linked policy on the other hand is a good choice to provide high protection at an affordable premium and is usually what is called as a complete package plan which can be customised to individual needs.
HHalphaomega
post Jan 13 2010, 12:58 PM

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QUOTE(vandoren @ Jan 13 2010, 10:55 AM)
Does that mean ILP payment will increase according to age group? same like medical card?
Is that a chart or details regarding this increment?
I'm quite sure that some agent may not highlight on this part because I never heard my friends mention that.

I'm worry my friend may not able to afford the ILP in her later age since it already mentioned that the insurance charges for ILP will increase a lot.
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Vandoren,

The insurance charge is a figure based on risk factors associated with a particular gender and age.

ILP premium payments don't increase with age but the amount paid (insurance charge) by selling your investment units would increase many fold by the time you reach 55 etc. This insurance charge table is usually provided in the ILP quotation from your agent.

You can assure your friend that her premiums would remain as it is but she may not be able to afford newer policies if she buys at an older age.

Cheers,

HH
HHalphaomega
post Jan 13 2010, 05:38 PM

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QUOTE(weikian @ Jan 13 2010, 05:10 PM)
Insurance charges are charges that they charge on your protection and also riders attached. Lets say RM 100 monthly now and his age is 25. Insurance charges and commission will be deducted from the RM 100 and the left will be used to buy units for investment. Because his age now, his insurance charges will be lower than the premium, and therefore you can see some growth in your cash value as there are money left to buy investment units. However, insurance charges might increase with your age just like medical card. You can still continue to pay RM 100 premium, but if the insurance charges is more than RM 100 a month, then company will sell off your units to pay the insurance charges. So now, you can still pay RM 100 BUT your cash value will decreases consequentially until there are no more investment unit in your policy. That time, you can choose to pay higher premium or lapse your policy. That's why its better to pay higher premium now to build up your cash value.

ILP:
Pro- Able to enjoy higher protection with low premium at low age.
Cons- The insurance charges will increase along with age, and your value inside might be eroded.

Traditional :
Pro- The premium will never increase, no insurance charges incurred. The death benefits and cash value will increase with your age.
Cons- Premium of the same protection might be more expensive than the ILP

Conclusion, traditional and ILP run together would be the best. Just my opinion.
*
Stated nicely and to add one more point to weikian's post, returns in traditional policies are usually guaranteed as they reflect cash bonuses as opposed to ILP returns which is market condition dependent ie usually there'll be fluctuations.

I'd also say a combined portfolio of traditional and ILP is good way to assure high protection and high savings. As there's no best policy around, it all depends on how these products are to be matched to individuals needs and preferences.

Cheers,

HH

This post has been edited by HHalphaomega: Jan 13 2010, 05:40 PM
HHalphaomega
post May 24 2010, 02:13 PM

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QUOTE(vandoren @ May 24 2010, 12:29 PM)
my bf purchased Mutual Life Plus 2 Coverage. http://www.publicmutual.com.my/page.aspx?n...lus#isrn_top_01

The Mutual Life Plus 2 is a term insurance policy which protect you against;
A. Group Term Life (GTL)
B. Group Personal Accident (GPA)
C. 36 Critical Illnesses

now he is considering of purchase more for his protection, any recommend?
*
There're plenty of products out there to meet your needs and I would suggest you to check with your existing agent as well to see what he/she would recommend. ING, GE, Prudential etc are good companies to consider as well.
HHalphaomega
post May 24 2010, 02:43 PM

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QUOTE(vandoren @ May 24 2010, 02:34 PM)
thanks for some agent that PM me and appreciate HH for the reply.
i'm actually asking for advise, what other coverage my bf should look for?
he's currently have Group term life, Group personal accident and CI.
so, next he should look for medical card? or....?
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Vandoren,

Ideally once your bf has got adequate protection for death, TPD and CI and by adequate I mean atleast 5 - 10 years of fund. The next suggestion would be to ensure he has a medical plan available for immediate use. Most medical plans out there would help you avoid paying for costly medical treatments from your pocket.

Some even use insurance as a retirement tool by way of forced savings but this is subject to your risk appetite as the returns may not be as high as investing individually elsewhere.

Hope these helps you.

HH
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