Most basic medical insurance currently in the market would only cover the cost involved in hospitalization and surgical fees such as Room & Board, Pre & Post Hospitalization cost, Emergency evacuation cost. etc. Meaning they only cover the bills, no extra pocket money.

Its best not to post any products here as this is discussion forum not a place to advertise. However, I've sent you the info you need in your pm.

There's just so many products out there with newer ones coming out every now and then with slight differences and benefits. There might be those can give you extra income, but it would probably be a packaged product where you pay more.

To help you decide better, ask yourself what are the things you value in a product? A trusted brand? A well established company with a long and good history in the industry? Most of the time its simply because of the trusted agent.

About your second question, yes you're right. If you're a healthy person with no family history of illnesses, then you pay the normal rate any other person within your same age bracket enjoys. If you already have say a previous illness and would still like some cover in case any other illnesses arise, you could still buy. Insurers will evaluate your situation and depending on how risky it is, they could either decline you, exclude certain coverage or you would have to pay additional premium loading.

Regarding the profession you're in, yes the risk involved dictates whether you have to pay more or not. The basic thumb rule is divided into 4 classes. Class 1 and 2 are the ones whom are mostly working in office environments, Class 1 stays indoors most of the time while Class 2 goes out to do fieldwork once in a while. Class 3 and 4 are the ones that are working in non-office environments. Egs. of Class 3 are drivers, plant and factory workers while Class 4 are such as construction workers and maybe an ambulance driver. There's also special conditions involved if you're a professional sportsmen like a F1 driver or a Footballer.

Hope this answers your queries.

Let's compare....
My company's term life for my age 200k coverage (including TPD) is RM766 a year. RM 608 (excluding TPD).

So that's 766/3.8 = USD201
608/3.8 = USD160

Anyone knows USA Term assurance premium?

mucklampir,

<<for medical insurance, how much is too much? should be below 5% from salary?>>

Are you old or young??  How old are you?  How much savings do you have??

Your goal is to buy as little insurance as possible.  If you have ENOUGH savings, you may want to focus on buying critical illness insurance and pay your normal medical expenses without insurance.

<<is it wise to pay more to maximise tax relief (medic insurance = up to3k relief)>>

Normally, tax savings is NOT a big deal in Malaysia since our tax rate is low unless  you have annual salary of greater than 100K.

Dreamer

Make sure you have 3 to 6 months of expense in savings first before we talk about insurance. 

Dreamer

Most singles don't really have much savings, so you're not the only one my friend.

As to the opinion of buying as little insurance, that is a Highly Personal Decision and definitely NOT any rule of thumb.

Cause at the end of the day, if something unforeseen were to befall you, and you bought as little insurance as you could, who will suffer? You or the person who told you to buy as little as possible. Will he be willing to give you the money to pay for your expenses or will it be the insurance company?

If I were to offer you Free Insurance, would you want to have as much insurance as possible? Definitely, right? But the fact is Insurance is also a business, and we do not ask you to pay exorbitant amounts of money and then give you peanuts coverage. Instead, we take only a fraction and give you a greater amount of coverage than you yourself normally wouldn't be able to afford or have.

All I'm saying here is to purchase based on what You yourself feel that You Need and  can Afford. Who is to say that it is wrong to spend 10-15% of your salary on insurance? As long as you feel you want it and can afford it. Some people whom do not believe would probably tell you that, on the other hand some whom have seen the great benefits of it would tell you otherwise.

When you yourself feel that whatever you have is good enough for you, then you can have peace of mind and not worry about the consequences of an unforseen situation. There's also a fine line between what You Want and what you Need. You might want that BMW but do you actually need it? But you insist on getting it because it is what you want.

Situations does change over time, and yes you can upgrade it or purchase a new policy. That is why a good agent will help you realise that and explain to you the details to make sure you understand, they will service you for life and be a lifelong friend.

Hmm.. After reading so much.. A little bit blur... And i think dreamers should actually migrate to USA.. Since you like there so much... We have to accept the facts that the definition of total and permanent disability between these 2 country are differents... Insurance company do their research before they publish their products.. Of course this products might oni suit MAJORITY of malaysian.. some MINORITY, i suggest they move to USA.. Or if u want malaysia to have such kind of insurance.. Form and insurance company with that kind of benefit... If that is a success then congrat.... Insurance company is also a company making BUSINESS.. and making MONEY.. it is just like any other company out there...

Let me list down the PA Benefits here for you to understand more about the policy. Most of the company offer almost the same benefits, but the premium might be differ.

Accidental Death Benefit
Pays the capital sum in the event of accidental death

Partial and Permanent Disability
Pays up to the capital sum as per schedule

Medical Reimbursement
Reimburse medical expenses up to the sum insured inclusive of hospital room and board,clinical,outpatient andsurgical treatment

Weekly Indemnity
Pays up to 104 weeks if the insured is totally unable to attend to his work as certifiedby a registered medical practitioner

Broken bones/Burns
Pays up to RM20k as per schedule

Physician Benefit
An additional medical benefit up to RM500 to cover treatments by acupuncturist, bonesetter,chiropractor, osteopath & pysiotherapist. ( Provided the first consultation is by registered medical practitioner).

Daily Hospital Income'
A daily hospital income up to RM130 per accident ( max.180 days)

Renewal Bonus
10% renewal bonus on accidental sum asured a year up to 50% maximum

Ambulance Fees

Pays ambulance fees incurred consequent upon accident up to rm200 per accident

Death Benefit ( Any Cause )
Death benefit up to RM60k is payable in the event of death

EXCLUSIONS
War, civil war, terrorism, AIDS and diseases including dengue fever, Japanese Encephalitis, childbirth, miscarriage, provoke murder or assault, travelling as an aircratf crew, aerial activities, martial arts, racing, radiation, nuclear weapons material and intoxication by alcohol and drugs

I also have few question for dreamer

1. Have you bought any life insurance in Malaysia?

2. If yes, what type of policy you have?
    If no, why?

Make sure you have 3 to 6 months of expense in savings first before we talk about insurance. 

Dreamer

ohayogozaimas,

3) Read the salary thread.  There are people that save 1K per month with RM 2k per month salary.  Are you telling me, this kind of people cannot survive?

Dreamer

Hmmm.. I wonder...What if the people... Start working for 1 year.. then diagnosed with CI? I wonder will the bank save him or the insurance save him? what happened to the hospitalization fees and the living expenses after that? If you claim that you company did give u that benefit.. Fine... And please check with you company, what hospitalisation benefit doyou have.. And how much is it? I wonder how much one operation need? For some illneses you even need 2 to 3 operation. You are now healthy that is why u said all this... Insurance is like a parachute... When you need it and you don't have it... You won't need it again. 

Regarding, the overbought insurance previous forumer mentioned. The insurance company will 'value' your based on some methods of calculation so even you bought RM10 million of coverage of life insurance but they won't pay Rm10 million when you are dead, they will only pay you the value that justify your worth. So overbought insurance serves no purpose.

Hi all

i am new bie here and interested in this thread
am i welcomed to join here ?

even not welcomed but still wanna join

say hi to all big brother and big sister here~

i am from GE and looking around here to see there is anything i can learn or help

depend on which one u wanna claim from. there will be no argument unless your agent no wanna serve u   

which company do you apply from ?  did you ask ur agent whether the policy already in force or not ?

your medical card might be in force already but still havent deliver to u!
normally it just take a week to to make claim lah
but i am not sure about other insurance companies.

yeah .... you ar right ~
maybe your agent past up the policy late .... so your pollicy is still waiting to be approved or maybe you had any medical records before so it take the company sometimes to approve you   

  ... i know not much about MAA so cant really give u any ideas.
give me sometimes to study this company background, i will feedback to you.

you still can cancel your policy and get back your premium within 30 days after being in force .