Feb 6 2012, 04:21 AM
Co-insurance is not necessarily a bad thing. It really depends on the needs and ability of the customer (however, no-insurance means higher commission for the agent
as you have to pay higher premiums).Co-insurance is good in the below 2 scenarios :
1) One cannot afford the higher premium (remember: if you can't save enough, forget about insurance unless you are the kind with weak health)
2) Those who have multiple policies which result in double coverage. In that case, the main insurance should be without co-insurance and the others with co-insurance. This will reduce the premiums paid and result in lesser double coverage. Win-win for you:hehe:
QUOTE(Limster88 @ Feb 6 2012, 12:02 AM)
Dear Sifu here, I have a question, hope you all can help me answer.
I bought GE GreatProtectLink with medical card (IL-HP150) in 2006.
Now that my income is higher, I wish to upgrade the medical card to 300. Can I do so? Or do I need to buy a new plan instead?
I recently met my agent (which is my mother's agent) and she keep insisting me to buy a new takaful plan with another medical card. She said the older IL medical cards do not have coinsurance and are easier to claim so she advised me to keep the old one and buy another new one. She also said that I cannot upgrade the medical card anymore because apparently GE no longer has the GreatProtectLink plan and has already replaced it with the new SmartProtect plan.
But main point is, I dont want a new medical card, I just want to upgrade the old one. If what she said is true and I cannot upgrade, can I just cancel the medical card and attach the new medical card to my ILP? Or do i need to surrender the whole plan and buy a new one?
I bought GE GreatProtectLink with medical card (IL-HP150) in 2006.
Now that my income is higher, I wish to upgrade the medical card to 300. Can I do so? Or do I need to buy a new plan instead?
I recently met my agent (which is my mother's agent) and she keep insisting me to buy a new takaful plan with another medical card. She said the older IL medical cards do not have coinsurance and are easier to claim so she advised me to keep the old one and buy another new one. She also said that I cannot upgrade the medical card anymore because apparently GE no longer has the GreatProtectLink plan and has already replaced it with the new SmartProtect plan.
But main point is, I dont want a new medical card, I just want to upgrade the old one. If what she said is true and I cannot upgrade, can I just cancel the medical card and attach the new medical card to my ILP? Or do i need to surrender the whole plan and buy a new one?
Added on February 6, 2012, 4:32 amAs others have said, just try different insurance companies. This are the type of people that are the most in need of insurance, however, this is the type that insurance companies are the most scared of . Very likely if you are able to get coverage, you will not be covered for illness relating to your previous ilness or illness that are close/similar to it.
QUOTE(albhong @ Jan 26 2012, 09:48 AM)
Dear Sifu here, need your advise here.
I have existing GE life insurance and ING medical which bought 5 years ago and currently is still inforce. 2 years back, i was admitted to hospital for cervical spine surgery, to remove a tumor and i will say i'm with normal condition now. All check up is perfectly (MRI scan). May i know with my pass medical record, it is difficult to get additional insurances ? Pls advise or PM me. Thank you.
I have existing GE life insurance and ING medical which bought 5 years ago and currently is still inforce. 2 years back, i was admitted to hospital for cervical spine surgery, to remove a tumor and i will say i'm with normal condition now. All check up is perfectly (MRI scan). May i know with my pass medical record, it is difficult to get additional insurances ? Pls advise or PM me. Thank you.
Added on February 6, 2012, 4:47 amFor term insurance, you will not get back any $ if you cancel your plan. Profits earned from term insurance is not much, that's 1 reason why you don't get back any $
For life/savings insurance, you may get back a certain % of your money (depends on how long you have paid among other things). The amount you get back is very very little compared to what you put in. This however do not necessarily mean that you should not cancel. You will need to see whether you can afford to continue paying for it/are there other insurance plans better for you and so on).
QUOTE(Coldf3ar @ Jan 25 2012, 07:07 PM)
I applied for Life Assurance from Maybank few month ago. But before signing da contract they said cash wont deduct from bank if no cash inside and only deduct on 1st and 2nd of month. So i agree and sign da contract. Then this few month i've some financial problem so i havent put any cash inside my bank. So last week i've put some cash inside. Then just now i check, all balance gone. (eg:monthly shud 200. I put 400 inside bank. 400 gone). So i want to ask, let say i want to terminate this services, how many % they will refund to us? 
This post has been edited by crac: Feb 6 2012, 04:49 AM
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