Personal Accident (PA) Insurance should be an important addition
to everyone's insurance portfolio for 3 reasons:-

1) the premiums are very cheap... no reason not to buy

2) Some PAs include Life insurance (Term Life) and are more cost effective when you are older.... premium same for Age 20 years or Age60 years
PA110 http://zurichmalaysia.wordpress.com/personal-accident-pa/

3) PA, although for accident cover only, MAY offer many benefits other insurance CANNOT offer:-

a) Weekly disability medical leave benefit

b) Medical Expenses

c) Some PA's offer long term monthly income for disabled insured or family of deceased insured
PA500 http://zurichmalaysia.wordpress.com/personal-accident-pa/

d) Permanent Partial Disability ( Permanent Disablement / Permanent Dismemberment) IS THE MOST IMPORTANT BENEFIT PAs can offer ( not all PAs offer this)... Eg loss of finger, blind, loss of hand, etc
In this the definition of Total Permanent Disability (TPD) is the most important clause

In a normal Life Insurance policy, a person must be 1) Blind in BOTH eyes OR Lose TWO limbs OR cannot perform 3 functions like, bathing, eating, going toilet, etc. So if in AN ACCIDENT, you lose 1 hand, or lose 1 eye, your life insurance will not pay you anything

BUT your PA will pay you 100% if you lose 1 hand, blind 1 eye, etc

See here for all the disability where you will be paid 100% & 50% for loss of limbs
http://zurichmalaysia.wordpress.com/2011/0...t-pa-insurance/

So PAs deserve some respect when you decide on your insurance portfolio

recall Post

This post has been edited by rekamaju: Mar 21 2012, 03:03 PM

An insurance policy is nothing but a few pieces of paper
with some writing on and bound together

But it is a very important document, because you
pay money for it because the insurance company
promises to pay as promised in the document
should you have personal loss AS STATED IN THE POLICY

Please consider this:- no doubt the agent should explain as much
information as possible about your policy and there are agents
who do not explain the policy fully.

2 reasons:-

1) Too much info causes information overload and confusion.... we don't want to confuse and frustrate client
....only stick to very important points, as client slowly understands policy, then progress to finer details
2) Some devious agents want to hide information that will affect the sale.. these people ought to be shot dead
because they bring the insurance industry a bad name by bringing problems to their clients


Having said that, everybody is given a policy document that explains the
policy benefits and term & conditions. Everything is explained here, and the insurance
companies will use this fact if you say you didn't know about a condition

Having said that, I ask how many people you know have actually read their car, hire-purchase
and housing loan agreements and fully understood it?

PLEASE READ THE POLICY AND ASK THE AGENT WHATEVER YOU DON'T UNDERSTAND
UNTIL YOU UNDERSTAND. When you understand it fully, you will be good enough to even become
a life insurance agent

Available as both stand-alone and rider to ILP

I heard someone say once

Some people make things happen
Some people watch things happen
Some people wonder what happened

If you want to make things happen, you've 2 choices:-
1) get to know the product well or
2) get to know someone who knows the product well

I think there seems to be some confusion here

We need to identify the type of insurance we are talking about

Personal Accident (PA) and Hospital & Surgical (H&S) are considered annually renewable policies
unlike the other life policies. That is to say, the "renewal" is annual, be it a stand alone or a rider attached
to another policy. This is important because, except for the above 2 policies, what matters is
what is material WHAT WAS TRUE AT THE TIME OF APPLICATION

Eg If you bought an insurance policy and you were not a smoker at that time, then you will be
charged non-smoker rates. However if later you picked up smoking, then the insurance company
cannot do anything about it because, at the time of application, you were a non-smoker

On the other hand, a smoker who pays smoker rates and later stops, can appeal to the company
for non-smokers rates, and the insurer can consider based on length of non-smoking, doctor's report (your cost!), etc

For PA, especially it is different. PA is a renewable policy, where Occupational Class and risk is important
The insurer will not be concerned if you smoke or not. They are more interested if the job risks have increased

Example Clerk - Class 1, Lorry Driver - Class 4, Lumberjack - Class ?? (decline coverage). Note that
the insurer will take your money for renewal every year, it is only during claim that these issues will crop-up and you
might feel "cheated" when the insurer was actually correct in treating it like that. Then there are also exclusions
of some insurance policys. Eg some policies don't cover death due to fumes or poisioning, scuba diving, mountain climbing... one or two don't even cover if you have an accident on a motorcycle

Just because you don't fill up a form every year, don't think the insurer must accept your renewal every year
They can turn around and say that they don't want to sell the PA anymore and not take your money

H&S is actually a grey area, now with insurers giving Guaranteed Renewal. It will depend on the policy terms and conditions as to whether your job will affect your insurability

Please take note, that in all aspects of insurance, a policy holder cannot be reckless, or partake in any illegal activity
not be covered for any cosmetic activity ( because it is not really necessary) or be not covered during war

Will your life insurance pay if you got shot by police in a robbery?... are a soldier who died in a war?.... lost both your legs because you stepped on a landmine? Please get your insurance agent to reply you and share in this forum. It will be interesting to see the answers. Although you have a critical illness insurance, the insurer will not pay for your liver damage because of alcohol abuse

On a final note, should a policy lapse due to non-payment and you revive (reinstate) it again, then the "new / present" are important now. The insurer can refuse to reinstate or can load you due to riskier situations
Eg charge you loading because you have hypertension or you smoke know

This post has been edited by rekamaju: Jun 7 2012, 06:10 PM

Why ah?

It is a whole-life cash bonus life insurance that pays for death and TPD and expires at age 87 (I think)
You have option to add riders for extra coverages like accident & critical illness
It pays PROJECTED VARIABLE bonuses every year
The best bonuses will be paid on year 20 and year 30 of policy
This was the first policy that was sold on "CRITICAL YEAR" premium payment
before it was disallowed both in Malaysia & Singapore

How it works:-
It is a whole life plan and therefore you are supposed to pay premiums for whole life

However, the company also allowed 1 of 4 options for you to operate the premium payment
Option 1 - To receive each cash bonus when it is payable
Option 2 - To apply the cash bonuses to pay Automatic Premium Loan, if any, and premium due until the cash bonuses are
exhausted. Thereafter to leave the balance, if any, with the Company.
Option 3 - To leave the entire accumulated cash bonuses on deposit with the Company. However, if the total indebtedness exceeds the surrender value (excluding bonuses) of the policy at any time, this option shall thereafter automatically change to Option 2.
Option 4 - Option (3) for n years from the Date of Commencement of the Policy and Option (2) thereafter. However, if the Total Indebtedness exceeds the surrender value (excluding bonuses) of the Policy at any time, this option shall thereafter automatically change to Option 2.

What is interesting is, most plans were sold using option 4, where the shortest premium paying year (critical year) was projected, using a computer
It created a "what is the shortest number of years I need to pay premiums if I were to leave all the bonuses with the insurance company and let it earn interest?" These created premium scenarios as short as 11 years and maybe about 14 ~ 17years if riders were attached

Problem started when during the global crisis, ALL the insurance companies decided to reduce the PROJECTED Cash Bonuses payouts and also the interest on accumulated cash bonuses, Due to that, all hell broke loose because the projections all "sudah lari" and policyholders were asked to continue paying beyond the critical years. This situation affected not only GE, but also all the insurance companies ( I think AIA was even penalised by the Singapore government) Eventually critical year selling was banned by the monetary authorities both in Mal & S'pore

So now if ask the insurer what the shortest premium paying year is for Flexiplan, Multicare & Supreme Livin Care, the answer will be whole-life OR 20 years.

If you ask me, the older plans are very much cheaper and you should hold on to it. Buy any new plan to COMPLEMENT your coverage, not replace your Flexiplan. Also if you have been paying promptly all these years and left your Bonuses with GE to earn interest, you can stop paying after 20 years and enjoy "free" coverage while earning interest on your bonuses for old age savings. If you want to stop, the best ROI is year20 & year30
Ask GE for the projections based on current rates and they will mail it to you

The info above is from an "old" agent who has not died yet and has quite a bit of info that most "new" agents don't have.
hahaha

---

Added on July 19, 2012, 2:02 amThis may interest you
http://www.theborneopost.com/2012/07/19/na...rement-schemes/
http://thestar.com.my/news/story.asp?file=...3233&sec=nation


Also LHDN
http://www.hasil.org.my/goindex.php?kump=5...3&unit=1&sequ=1
See 20, 21, 22

So now maybe add one more for this year PRS Tax Relief- RM3000/- ??????

This post has been edited by rekamaju: Jul 19 2012, 02:05 AM

Try cc to BNM
You will get instant results maybe?

Maybe you should have looked for a card that does not hassle you for any co-payment due to usage or room upgrade?

Zurich Malaysia

This post has been edited by rekamaju: Oct 3 2012, 11:24 AM

[quote=azzudagreat,Oct 3 2012, 11:53 AM]yes it pop-up to my mind also since i took it only 3 months ago. but for my reading i think only allianze & pru offer no co-insurance.



Zurich also. Click link to see more
Zurich Insurance (Formerly MAA)

This post has been edited by rekamaju: Oct 3 2012, 12:01 PM

Most people seem to not realise something important regarding medical card
comparing stand alone vs tiedup with a life policy

Look at this scenario:- Assuming you have a very serious medical problem
like cancer or heart disease, your medical card SUDDENLY becomes very, very, very important.
In fact it can become more valuable than all your credit cards put together

The following can happen:-

For a stand alone, you MUST continue to service the premiums to
continue enjoying the cover. Even if you are sitting in the hospital very, very sick, you cannot afford to
miss your payment... otherwise the insurance company will happily tell you that they will not
reinstate your lapsed medical policy.

For a medical card attached to a life policy, if you attach a waiver of premium upon Dreaded Disease,
your policy premium payments are taken over by the insurance company and your medical card can
become FREE FOR LIFE. That is, until you exhaust your lifetime limit

So think about it, if it is a stand alone medical card, you got nothing to lose
by migrating to a life policy with medical card

If YOU HAVE NOT MADE CLAIMS FOR ANY SERIOUS MEDICAL PROBLEM, ask for a TAKE-OVER where you have
no waiting period or exclusion. Also your medical premium on that attached to a life policy would probably be cheaper than a stand alone premium

for Zurich Insurance Malaysia

This post has been edited by rekamaju: Oct 10 2012, 08:07 PM

Yes, but for natural & accidental death only
Guaranteed acceptance, regardless of health

The main consideration for this policy is
to provide money for Final Expenses

Dying this these days is no more cheap, you know?

Zurich (formerly MAA)

Why don't want to ask me?
My Blog Zurich Malaysia[

With an IL plan, as long as you have surplus fund, it will pay your premium for all riders include medical, even if you are on " premium holiday" ( never pay premium). Generally speaking, the older the plan, the longer the plan can sustain without premium payment. Of course there are exceptions

This post has been edited by rekamaju: Oct 11 2012, 07:22 PM

I think there is too much speculation in this post about IL plans

One say apple, another understand it as orange

Only real way to understand is to see actual quotation and understand
income potential and expenses of plan

Please see your nearest insurance adviser or anyone on the
forum. I am sure they are willing to share

For me I am looking for people who want to see a good reason
to invest in insurance & mutual funds

This post has been edited by rekamaju: Oct 12 2012, 09:42 PM

I don't know about you getting a loan, but in the life insurance business,
if you work really, really, really hard and with a little bit of luck, I am very
sure you can earn RM5,000 in one month ..... no need loan

When I mean lucky, I mean you can take home in the FIRST MONTH ITSELF

If you have the need, I have the means.
PM me

This post has been edited by rekamaju: Nov 1 2012, 09:02 AM

You would agree that Infants and children are considered higher risk
compared to teenagers and this is reflected in the premiums and coverage

For medical insurance, the premium is normally higher for children
ages 0 to 5, as compared to older children where the premium drops when the child
reaches age 6


It is handled differently in life coverage.
Premium does not vary much, unlike medical insurance premium
However insurers impose a lien where the death benefit payable is only
a percentage on the actual coverage, depending on the age of child DURING CLAIM

Age 0 LB / 1 NB- 20% of Death Benefit payable
Age 1 LB / 2 NB- 40% of Death Benefit payable
Age 2 LB / 3 NB- 60% of Death Benefit payable
Age 3 LB / 4 NB- 80% of Death Benefit payable
Age 4 LB / 5 NB onwards - 100% of benefit payable

*LB - Last Birthday / NB - Next Birthday

A millionaire with a kidney failure does not really need life insurance, simply because he or she has the money
It is only ordinary people like you or me who need it the most

Having said that, millionaires would probably buy insurance anyway, especially whole-life because their business sense
will tell them that they would almost always profit from it financially