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 INSURANCE TALK, ok let start

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puiwen
post May 23 2012, 05:04 PM

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Insurance gurus,

Can someone enlighten me what's the difference between endowment plan and whole life insurance ( participating and non-participating)?
puiwen
post May 23 2012, 06:44 PM

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Hi Roystevenung,

Thanks for the info. So is it correct to say Endowment plan = ILP?
And Whole life insurance = Term insurance?

There's too many insurance jargons, so i have to make sure i use the right words when i speak to my agent.

Thanks again!

puiwen
post May 24 2012, 09:25 AM

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QUOTE(roystevenung @ May 23 2012, 07:12 PM)
Endowment is not ILP. ILP stands for Investment Linked Policy. Generally most of the Endowment policy when matured will pay you the sum assured whereas ILP it is based on the funds it is investing in.

Whole life is whole life (ie until we die, normally up to age 100) but term insurance is for a specific term, like 10 or 20 years term. The coverage remains until the end of the term.

By the way, why don't you ask those questions here. I'm sure that there are many agents here that are more than willing to help.
*
Thanks for the info. Does that mean for a RM200 monthly premium, coverage provided by endowment policy, whole life policy and term insurance will be different?

And i'm from S'wak and am thinking of getting a new policy. I dont feel it's right for me to get quotes from agents here then not buying from them since we are separated by the sea, if you get what i mean. sweat.gif

Of course i'll be happy if agents here don't mind quoting me while i pick and choose. tongue.gif
puiwen
post May 24 2012, 05:34 PM

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QUOTE(roystevenung @ May 24 2012, 09:59 AM)
Yes, the coverage may vary, endowment is more towards savings with protection, WL & term are more on coverage.

With due respect, take note that your policy with the insurance company and not the agent. The agent is definitely not the one who will reimburse or provide coverage for you, but its the insurance company that stands behind the agent.

Agents may also fall sick, worse case scenario, death. Will you cancel your policy because your agent married a Penang girl and move to Penang?  notworthy.gif
*
Ahh... you got me there. Then i have to make sure the first thing i ask my agent if she/he plans to move away.. brows.gif

And yes, the insurance company matters. But wont it be better to buy from someone around the neighborhood rather than someone across the sea? Isn't face-to-face meetings to discuss the policy or queries the requirement of services provided by a good agent?

Just a thought...
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