Version 3.00: 29Dec2015

Earlier thread will be closed by admin since it exceeds 2,500 posts.

Kindly reply to this thread if you have doubts in insurance. Thanks!


This post has been edited by roystevenung: Dec 29 2015, 01:35 PM

good one

and the journey continues...
v2 ref : https://forum.lowyat.net/topic/3050583/+2440

keep up the Good work TS roystevenung, our lyn Insurance Sifu

congratz on V3

Good work back there! Let's welcome people to V3.

That's quite fast moving into v3

This threat is running fast. Already V3.

Thanks Roy

To make sure you know how does insurance works, take a look at the youtube video below.


Insurance is actually a risk sharing medium among the a group of healthy people with the sick one because the group of healthy people knows that someday someone will help them when they need it.

So now let's talk about Life insurance vs medical insurance
Life insurance is the lump sum of payment given out when one diagnose with certain pre-defined covered event such as Death/Total&Permanent Disability and 36 Critical Illness.
Medical insurance is the coverage by the insurance company to pay for the medical bill from the hospital.

So why does one need both Medical and Life insurance?
Imagine that Mr.Lee poo poo got blood and went to hospital for checkup, he is diagnosed with bowel cancer stage 3 after the checkup. The medical bill cost up to RM70,000 for the surgery. This is not the whole amount yet, because for every chemotherapy in the future, the bill is claimable under his medical card too.

The story hasn't ended yet, since he is hospitalized for about 10 days, the doctor has certified that he is not fit to work for the next 6 months. The next thing he knows is his boss asked him to have a "good long rest". So, he loss his income generate power, and here comes the pay cheque from the insurance company to help him sustain his living expenses, car loan, property loan, others health product, Ogawa massage chair, practice Taichi or travel. Here comes the importance of Life insurance, especially Critical Illness coverage.

Medical card is to cover the medical expenses when one hospitalize in hospital whereas life insurance especially Critical Illness coverage is a lump sum compensation where you can use it to cover the lost of income during the period.

Besides this, you can use up to Life/KWSP RM6000 and Medical/Education RM3000 tax relief to lessen your burden when paying for Income Tax, it's a win-win situation for both policyholder and the company.

In general, you need to take both medical and life insurance in a moderate level on your twenties and there is no best company, there is only a company that suits you the most. Rule of thumb for a single youngster at age of 20', about 10% of your monthly income to insurance is sufficient to provide you all the basic protection.

Bro roystevenung, I am a 31 years old non smoker male

was asking agent to quote me stand alone life insurance for 100K & 200K

they quote me from RM130 & RM260

but "u for life" online quoting as below



how come so much different

Check the fine print on uforlife.

From what I can see from the online site the insurance payment is until 75 years old. Insurer would be Tokyo Marine.

100k would be doable for RM183 or RM15.92

No agent commission and the administrative fees are reduced

difference by 7 folds? just because of the fees?

what do you mean by "doable for RM183 or RM15.92"

agent told me they have various types

investment link, par plan, non par plan, endowment plan, term plan & single premium plan

am looking for the cheapest one just to cover my funeral expenses if anything happen

no dependent, the only debts i have is house loan which i already bought MRTA

Ic, if you just want it as a funeral expense then just get this policy will do. However if you're lying in hospital due to critical illness and can't die yet. You will not be eligible to get any claim unless you add on a critical illness rider.

I can't say AIA can offer you the cheapest and even as uforlife website had mentioned that rates that you see now in their proposal might be changed in the future. Of course by notifying in advance. This applies to all insurance company unless you can get a black and white staring the rates proposed will be fixed throughout the lifetime.

Just get what you need instead of fighting for the cheapest rate only.

uforlife premium is increasing over the age, whereas term/investment link/whole life policy premium are fixed.

If you want to do a head-to-head comparison, you have to add up all the uforlife premium and get the average of it.

Investment link premium may be looked fixed, but it is not guaranteed forever, as it depends on cash bonus or investment return from the investment portion to compensate.

If the investment is making a loss, insurance company may send "love" letter stated, not enough cash/investment portion to compensate the coverage premium, so need to top up...

This post has been edited by cherroy: Dec 30 2015, 01:45 PM

Perhaps taking the Cost of Insurance vs the uforlife premium will be a better comparison.

Thanks roystevenung. So only if it exceeds annual limit then only it makes sense to claim from both.

Any insurance company provide online account for insurance policy buyer to keep track their money paid record?

I know GE got the online account to keep track of all your insurance policies, annual statement and
transaction.

https://econnect-my.greateasternlife.com/eConnect2/


Alllianz also has.