Quick request: I am looking for an agent for Tokio Marine to split comission for renewal of Medic Plus Family plan. No work just a quick renewal. Plan is used as top-up for AXA so you most likely will never have any work besides the renewal. So if anyone is willing to split comission please message me

xuzen,

i believe the plan you have offered only serves two purposes:

1) maximes the 3000 annual tax deductable. dont you have other edu/medical insurances that play into the game

2) maximise your agents comission.

i am 100% sure that you can do a lot better if you seperate the products and shop across the incurers. for your kids medical premium alone you can find a significantly better cover - or a similar for a lot less.

i) Basic Sum Assured - RM 150K, (Premium - RM 1,018.80 p.a.)

do you need this? 20k should be just fine. she is not posing a financial liability to you. all you want to cover is associated expenses.

ii) Crisis Shield Plus (Dread Disease Cover) - RM 150K (Premium - RM 1,183.50 p.a.)

150k crisis cover is nothing if you want to set her up for the future. this wont last long. get a good medical cover to pay for medical expenses. if you really need it - please get a dedicated CI plan or only attach CI to a basic life plan.

iii) Med Card (H&S) - Premium = RM 693.00 p.a. (RM 75K per annum, Life time = 750K, Daily bed = RM 200.00)

for 552 p.a. i can get you 500k annual, no lifetime, daily bed 500 (basic suite).

for 75k i offer 100k no lifetime limit, 150 r/b @ 264 p.a.

iv) Enhanced Prupayor basic - RM 104.70
Total premium p.a. = RM 3,000

unless you can really add to your tax savings, this structure is wasting your money. how much of the 3k can you still claim? how much taxes does this save you? the tax savings must exceed the additional costs you are facing for it to make any sense. even if you downscale the fixed costs to make it tax claimable is Enhanced Prupayor basic - RM 104.70 - so you need to save at least 104.71 to even consider this plan. compare the savings you can have when you split the insurances also. the medical insurance cost you can claim anyway as well. so no additonal savings from this anyway.

i hope i made some sense to you

ok thanks for the info. i was mislead by the convenient 3k payment. also under medical&life you cant claim this policy?

solarwing,

i agree with epalbee3. it's costly and way under-covered. spend the money - or less - on the essentials and keep the balance for future payments. you will see that you can get far higher cover like this and the savings will allow you to pay premium increases in the future.

well from the premium vs. cover the risk seems to be between 0.097% and 0.061% that any one of the 36CI will hit you at 24.

but bear in mind that we are talking about a cover of just 50k - that wont cut it for long. and thus it's pretty much a worthless cover. if you really want to adequately cover the risk then the cover should be a multitude of 50k. i.e. 500k or higher. at your age the premium for 100k cover will be around 100 RM p.a. with non-term. you can gradually reduce the cover to relect the need to offset loss in earnings due to CI. H&S should pay the medical bill for a CI!

i absolutely agree on the purpose of CI - sorry if i was not entirely clear.

but please also consider that you need to be struck with one of the famous 32/36 - anything else that keeps you out of job and you're done for. so a PA does make a lot of sense and frankly it's much more likely you are unable to work due to accidental reasons than due to one of those deseases. they are statistically less likely. but of course this makes cover cheap and that why you can get it just in case without loosing too much money.

i would however not try to allocate 10% of my salary just for the %-sake. PA/CI should if possible cover 10-20 years of income clear of taxes. that amout can if placed properly provide an infite income replacement. with 20x you need 5% with 10x you would require 10% so you should expect depletion of funds.
health on the other hand should cover as much as possible where economically feasable.

10% might not be enough to cover the required risks and in other cases it would be a far to high allocation. it totally depends on your income level and the stuff you need to insure (house, houselhold, car also counted in those 10%?)

guys,

you should always seperate investement and insurance. they cater for totally different purposes. it makes no (or little) sense to mix them.

weikian,
true - everyone should cover the risks they deem relevant. but why attach a number to it? i would express the need of insurance as a required sum insured. if i cant pay for it it must be reduced. but i guess this is personal preference.

i think it's not just good for some but for everyone because ILP create a customer lock by means of charing today for the future. unless the insured remains for the entire tenure with the insurance, he/she would pretty much always be getting a much better deal by seperating insurance and investment and buying say bonds for the balance. of course this requires minimal skills in terms of investment but if you can figure out you need insurance and you can manage to renew it then you can also place the balance elsewhere upon insurance-renewal.

i agree with poolcarpet, also you will be able to easily adjust the amount of cover of time. you will find that such an option is rather superior to the plans you have shown. also you should buy directly from the company if you feel you can handle a claim. the agent comission is quite high (PA with GI 25% p.a.!!) and this will save money for you.

weikian,

true. but ILP usually suffers from overestimation of profits and subsequently adjustments in premiums.

you sure all tradional plans are guranteed fixed premiums. i am almost certain some of the plans i looked at allowed for adjustment based on overall portfolio claims experience.

vandoren,

i agree. you should look for yourself or find someone independant. agent will maximise comission based on the products he/she can offer. that alone already limits the choices to one GI and one Life company and their products if not mistaken

i still stand by my point that even if profits are guaranteed in some way they will be underestimated by default and because risk assesment dictates it. you should always be better off investting the balance yourself - even if you only buy gov bonds / ASM etc. which probably reflects tradtional policy investment to some degree. anything else would make absolutely no economic sense. and the last time i checked insurance companies do employ economists for all those kind of calculations...

poolcarpet,

it's true and the reason is simple: they just cant predict the performance for the coming say 40 yrs so they need a very very conservative estimation (and keep the higher profits with traditional insurance).

Veda,

why not get the plan directly from the insurance. not sure what specific plan you're looking for but that way you can bag in the agent's comission for yourself and get what you want.

personally i havent had any issues in getting the discounts. even TM is now giving the discount without making a fuss and so is MSIG (who until last year kept refusing to give me the discount).

Veda, no you wont get the discount from the bank i guess. It's their incentive to sell it to you if I'm not mistaken.

Veda,

combining two policies is a good idea if you ask me. but you might want to check if 250k cant be bought cheaper as a single plan (with a higher lifetime limit). the premium is based on expected loss and the higher charges are less likely which is why the cost per 1k cover goes down with a higher limit.

two CI sounds fine if you want to cover that particular risk. i think premium wise there are not too many choices anyway for standalone. later when you dont need to cover as much anymore you can easily cancel one CI and use the savings for the increasing costs of your H&S plans.

only one i know which covers outpatient is MSIG subject to 100 RM deductable per visit and max. 20k per year. their policy is not guaranteed renewal. also their benefits are nothing to shout about. lots of eyecandy only. max age also low if i remember correctly - 65

MNet,

what's the rationale for a "plan" like this. it wont allow you to shop around, mix and match and worst of all it would combine two things that are entirely different on top (savings + insurance). i dont think opting for such a wide plan would make much sense to any purchaser. i know its a blanket statement but this would be asking for universal cover + savings + investment which makes little sense for either seller or buyer. you should build your personal plan from the bricks (i.e. offers) available on the market.

a medical plan and CI cover entirely different things. they are almost never combined unless you buy a life insurance with the respective riders.

the premium for the cover is nothing special. i pay only 800 for my 1M PA. details would need to be revealed to see the fine print. bear in mind - agent comission on PA is 25% - you might get a better deal if you insure directly.

amalthea,

the comission for agents who sell PA (any PA) is 25% of your annual premium. if you go directly to the insurance, tell them i dont want an agent, pls deduct the agent comission from the premium you will find that by now *most* insurances will give you a full deduction of the agent comission. i get the agent comission for all my insurances (house/health/PA/senior/etc) besides the AXA main health cause i thought agent might be usefull there. not sure if i am wasting money there but we split the 15% comission on medical so the cost is not that high.