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 Insurance Talk V3, Anything and everything about insurance

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smalling
post Jan 4 2017, 05:20 PM

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QUOTE(lifebalance @ Jan 4 2017, 04:47 PM)
1. It means you have the option to pay until 100 year old

2. Yes you will pay higher premium

3. The policy can be surrendered anytime but you will not get any maturity benefit that you will only get upon maturity that I'd 100 year old
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Thank you very much Keith! thumbup.gif
JIUHWEI
post Jan 4 2017, 10:32 PM

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QUOTE(low yat 82 @ Jan 4 2017, 12:42 PM)
dats wat my agent told me. if ask me, i prefer to forfeit d exisiting 1 n find another. my main concern is d 100k coverage seems like not enough. if can reduce d premium will b added value
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I am of the same opinion as your agent.
In fact, I doubt that you can get a lower quote for the same features and benefits of your current policy for the same 100k coverage.
Simply because we have aged.
If you were to approach me, I would also advice you to keep your existing policy simply because it is in your best interest.

100k is really very low as what you say. You are definitely heading in the right direction with the thought of acquiring a higher coverage.
However, I highly doubt an extra 50,000 is anything meaningful to you. In fact, I think it is better for you to forget about adding if you're only thinking about 50,000 extra. It is not significant and it doesn't add much to your coverage. Waste of time, if you ask me.
I do not intend to sound arrogant, but rather just giving my honest opinion.

I would implore you to consider for your new Critical Illness policy:
1) >RM250,000 sum insured (this will bring your whole CI coverage to RM350,000)
2) Early CI coverage (instead of just focusing on how much it covers, perhaps you want to consider HOW it covers you)
3) Age of policy maturity


All the best bro. thumbsup.gif
YouHan
post Jan 5 2017, 10:32 PM

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Hello guys, would like to hear your opinion. I have a GE life insurance policy that has been going on for 24 years, since I was a child. The amount of bonus they provide is not sure yet, i'd have to check the illustration.
However, I'm in need of cash right now. Would it be wise to just cash out everything, or get a policy loan and keep it? Need your opinion, much thanks!
adele123
post Jan 5 2017, 10:36 PM

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QUOTE(YouHan @ Jan 5 2017, 10:32 PM)
Hello guys, would like to hear your opinion. I have a GE life insurance policy that has been going on for 24 years, since I was a child. The amount of bonus they provide is not sure yet, i'd have to check the illustration.
However, I'm in need of cash right now. Would it be wise to just cash out everything, or get a policy loan and keep it? Need your opinion, much thanks!
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if it's a participating plan (ie those savings plan), likely is that there's bonus/dividends that you can withdraw without affecting your policy. you don't need to surrender your policy.

policy loan is an option too but interest rate is not exactly on the low side.

Check with customer service, understand how much you can withdraw, try to withdraw AND still maintain your policy.
lifebalance
post Jan 5 2017, 10:53 PM

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QUOTE(YouHan @ Jan 5 2017, 10:32 PM)
Hello guys, would like to hear your opinion. I have a GE life insurance policy that has been going on for 24 years, since I was a child. The amount of bonus they provide is not sure yet, i'd have to check the illustration.
However, I'm in need of cash right now. Would it be wise to just cash out everything, or get a policy loan and keep it? Need your opinion, much thanks!
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If that's the last resort then cash it out and leave some money behind to keep the policy running until you are stable again then put the money back in
JIUHWEI
post Jan 6 2017, 01:30 PM

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QUOTE(adele123 @ Jan 5 2017, 10:36 PM)
if it's a participating plan (ie those savings plan), likely is that there's bonus/dividends that you can withdraw without affecting your policy. you don't need to surrender your policy.

policy loan is an option too but interest rate is not exactly on the low side.

Check with customer service, understand how much you can withdraw, try to withdraw AND still maintain your policy.
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I couldn't have said it better myself.

Spot on! thumbsup.gif
SUSMNet
post Jan 7 2017, 10:13 AM

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QUOTE(low yat 82 @ Jan 2 2017, 06:55 PM)
hi guys, currently m taking 100k prumultiple crisis cover for 1720 per year. m lookin to forfeit this n change other term life insurance due to d facts d coverage is low. 

how much premium issit per year for any insurance wit coverage of 150k. d coverage i guess shall b d basics 1, death, tpd n critical illnesses? tq
below some of my details
34years, non smoker (more than 2years), male, construction (but mainly at office). coverage till 65years old.
ive run through https://uforlife.com.my/ . it seems for 150k, d total payment (include critical illness) will b in d range of rm5x k till 65years old. its more or less same wit my current 1. m lookin for more better monthly commitment.. tq
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Its too expensive.
ILP is better.
violetlace
post Jan 7 2017, 09:28 PM

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QUOTE(kengyan @ Jan 1 2017, 11:21 AM)
Old timers has said before, if you don't know how to manage your wealth by your own, wealth forever won't follow you.
Also, an honest insurance agent will tell you clearly that all insurance policy's value especially medical will self depreciates 10% once every 6 months minimum(this has come out in newspapers recently), more if weak RM against USD. I'm sure your friend forgot to tell you on this, right? Only consider to buy insurance if you encounter an honest insurance agent that will tell you everything you can't do with your policy, not what can be done.
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friend just popped the idea that he could act as adviser based on his experience.

Yeah he didn't tell me about the value depreciate part, thanks for the info Kengyan! true honesty wins!
violetlace
post Jan 7 2017, 09:32 PM

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I have to agree on this. Yeah I already engage with him 3 times. Meeting him again & again to clarify my doubts.

Thanks Jiuhwei! Appreciate it! Just shows there're a lot of honest people around smile.gif
kyone
post Jan 7 2017, 10:17 PM

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QUOTE(violetlace @ Jan 7 2017, 09:28 PM)
friend just popped the idea that he could act as adviser based on his experience.

Yeah he didn't tell me about the value depreciate part, thanks for the info Kengyan! true honesty wins!
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What is this "insurance value will self depreciates 10% once every 6 months minimum"? Mind explain more?

I only notice my policy states if no claim within 3 years, limit of claim will increase by 10%...
lifebalance
post Jan 7 2017, 11:34 PM

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QUOTE(kyone @ Jan 7 2017, 10:17 PM)
What is this "insurance value will self depreciates 10% once every 6 months minimum"? Mind explain more?

I only notice my policy states if no claim within 3 years, limit of claim will increase by 10%...
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We all know our currency depreciate over time. The value of money today will not equal to the value in the next 10 or 20 or 30 years.

Which is why money put into policies will be invested into funds to generate returns. It's not 10% as stated by the other person.

As for the claim for 3 years, if there is no claim your policy will increase your limit by 10%. Something like car insurance no claim bonus. The insurance company rewards you
Holocene
post Jan 8 2017, 08:07 AM

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QUOTE(kyone @ Jan 7 2017, 10:17 PM)
What is this "insurance value will self depreciates 10% once every 6 months minimum"? Mind explain more?

I only notice my policy states if no claim within 3 years, limit of claim will increase by 10%...
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Check this article out http://www.thestar.com.my/business/busines...-in-retirement/

The yearly increment of medical cost is nothing new hence nowadays you see a lot of medical coverage that comes up to RM1,000,000 annually.

Having a sitdown with your agent to review your overall insurance coverage annually is also advisable as needs in your life changes.

However, at the end of the day one must balance his own budget and coverage.

Best,
Jiansheng
kyone
post Jan 8 2017, 11:40 AM

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QUOTE(Holocene @ Jan 8 2017, 08:07 AM)
Check this article out http://www.thestar.com.my/business/busines...-in-retirement/

The yearly increment of medical cost is nothing new hence nowadays you see a lot of medical coverage that comes up to RM1,000,000 annually.

Having a sitdown with your agent to review your overall insurance coverage annually is also advisable as needs in your life changes.

However, at the end of the day one must balance his own budget and coverage.

Best,
Jiansheng
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That's me. I just bought a basically-cover-all policy end of last year and the annual reimbursement limit is 1.2 mil. Didn't think too much until my friends and families pointed out the fees are on the high side. Was thinking of reviewing but now I think I'll just let it run since the medical coverage is good till 99. tongue.gif

Thanks for the explanations, guys. thumbsup.gif
Holocene
post Jan 8 2017, 11:54 AM

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QUOTE(kyone @ Jan 8 2017, 11:40 AM)
That's me. I just bought a basically-cover-all policy end of last year and the annual reimbursement limit is 1.2 mil. Didn't think too much until my friends and families pointed out the fees are on the high side. Was thinking of reviewing but now I think I'll just let it run since the medical coverage is good till 99. tongue.gif

Thanks for the explanations, guys.  thumbsup.gif
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Well it depends what you mean by fees being on the high side.

I have seen policies that are overpriced. Just yesterday a friend of mine was sharing a story where he wanted to buy a MLTA (Life insurance), the agent quoted him RM3,000 for a coverage of RM600,000. He was smart enough to ask around and found out that he can get one that only cost RM1,200.

Sometimes, it's an individual's luck too.. If you meet an unprofessional agent, it might cost you more money than needed.

Best,
Jiansheng
YouHan
post Jan 8 2017, 12:01 PM

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QUOTE(lifebalance @ Jan 5 2017, 10:53 PM)
If that's the last resort then cash it out and leave some money behind to keep the policy running until you are stable again then put the money back in
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Thanks Adele & Life Balance for the prompt answer. I've actually took out the bonus already. Around 20k, however, I'm still in need of cash. The decision I'm left to make is the Policy Loan and to Cash out. Frankly, I do not see any benefits of maintaining the policy. What benefits would there be? Could you shed light on this matter? Thank you!
lifebalance
post Jan 8 2017, 12:24 PM

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QUOTE(YouHan @ Jan 8 2017, 12:01 PM)
Thanks Adele & Life Balance for the prompt answer. I've actually took out the bonus already. Around 20k, however, I'm still in need of cash. The decision I'm left to make is the Policy Loan and to Cash out. Frankly, I do not see any benefits of maintaining the policy. What benefits would there be? Could you shed light on this matter? Thank you!
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The benefit is that the policy will still be in force to pay out in the event you fall sick or accident or there is a death occur while you're busy repaying your debts.

You do not want to pay for another unknown bill while still owing to your debt which will make you fall back even much more
SUSMNet
post Jan 8 2017, 03:39 PM

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QUOTE(violetlace @ Jan 7 2017, 09:32 PM)
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I have to agree on this. Yeah I already engage with him 3 times. Meeting him again & again to clarify my doubts.

Thanks Jiuhwei! Appreciate it! Just shows there're a lot of honest people around smile.gif
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lastly u buy from him?
adele123
post Jan 8 2017, 03:41 PM

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QUOTE(kyone @ Jan 7 2017, 10:17 PM)
What is this "insurance value will self depreciates 10% once every 6 months minimum"? Mind explain more?

I only notice my policy states if no claim within 3 years, limit of claim will increase by 10%...
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The guy who commented hasa hatred for insurance. Please dont take it seriously of what he said. Keep saying the minute you buy any insurance value will depreciate.

But I think some things are obvious, medical cost is rising. Insurance policy coverage is not rising unless specified otherwise. Ya, that's it.
SUSMNet
post Jan 8 2017, 03:44 PM

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QUOTE(kengyan @ Jan 7 2017, 11:48 PM)
Medical cost are increasing every year, close to 10% every year.
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But the insurance company will pay only according to Medical fee As Charged (Subject to Reasonable and Customary Charges) and based on standard charge rate for all private hospitals based on the Private HealthCare Facilities and Services (Private Hospitals and other Private HealthCare Facilities) Regulation 2006 of Malaysia.

Meaning to say that ur MC is 1m per year.
But the medical cost is RM100k , but according to Reasonable and Customary Charges, the medical cost is only RM50k.
ur MC 1m also unless, it can only pay RM50k only.
u urself need to pay another RM50k.
SUSMNet
post Jan 8 2017, 05:01 PM

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QUOTE(kengyan @ Jan 8 2017, 04:45 PM)
So you are telling that, if an insurance company can cover rm1 billion in a lifetime also can? As they no need to pay the full amount following the regulation.
At the end, a person pay more to insurance company but still have to fork out money if he were to seek medical treatment in the wrong private hospital that charge much more expensive than what the regulation stated.
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yes u can clarify more with ur agent by asking them the question, what if hospital charged more than Medical fee As Charged (Subject to Reasonable and Customary Charges) and based on standard charge rate for all private hospitals based on the Private HealthCare Facilities and Services (Private Hospitals and other Private HealthCare Facilities) Regulation 2006 of Malaysia ?
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