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 Insurance Talk V3, Anything and everything about insurance

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kokkit3
post Feb 29 2016, 11:28 AM

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QUOTE(mIssfROGY @ Feb 29 2016, 10:59 AM)
yesterday i got a shock of my life when i found out that my life insurance nominee is someone i do not know. My nominees were nominated donkey years back and now i want to update new nominees and found that the current one is someone i do not know @@ I suggest all of you to please go and check if your nominee(s) are still intact! :/

My agent is currently following up on this and I am not going to speculate what happened,  so i have nothing to tell, but apparently i need my "current unknown nominee" signature to update my new nominee @@ i was like wtf...why do i need my nominee's signature or permission to nominate whoever i wanna gib my monies to?!! especially when i dont even know who this is...
weirder is, my husband who wants to update his nominees too didnt have to "ask" permission to do so (his nominees are still family members btw)
*
Dear,

For husband and wife case, I may suggest you to do absolute assignment. Your husband to absolute assign the policy to you. An example, In order to change from you to your child, your husband need to assign back to him self, then only assign to your child. That way its a must to get permission from the policy holder and not simply nominate Tom Dick and Harry as a nominee / trustee.

It is a good practice to review your policy yearly so that you will know where you stand financially and update your nominee / trustee. Same goes with EPF…
mIssfROGY
post Feb 29 2016, 11:34 AM

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QUOTE(kokkit3 @ Feb 29 2016, 11:28 AM)
Dear,

For husband and wife case, I may suggest you to do absolute assignment. Your husband to absolute assign the policy to you. An example, In order to change from you to your child, your husband need to assign back to him self, then only assign to your child. That way its a must to get permission from the policy holder and not simply nominate Tom Dick and Harry as a nominee / trustee.

It is a good practice to review your policy yearly so that you will know where you stand financially and update your nominee / trustee. Same goes with EPF…
*
absolute assignment not by default?
Can simply assign nominee ah without permission? I thought got form to fill in by life assured and watever changes life assured should know?
this unknown nominee was assigned without my knowledge eh....i tot whatever changes in nominee, i should know it 1st hand?
and why now i need my nominees permission to change nominee? @@
AdrG
post Feb 29 2016, 12:21 PM

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Hi Guys,

Need Some advice on home insurance or MLTA.
i was originally planning to get the MLTA, but then Allianz had offer me their premierlink which is about 100 per month. total 1500 per year.

which sounds and looks better than MLTA and goes to me or family member instead of directly to bank which i believe is what MLTA is.
i have read the previous posts and found out since its a ILP, its been quoted to me with 100% invested in "allianz life managed fund"

i just need it to cover my home or future home if anything happen to me. i already have a medical insurance.

im worried about the fund allocation, if i need to pay anything extra in the future if the investment had gone bad or something like that.

appreciate your opinion and advice. notworthy.gif
lifebalance
post Feb 29 2016, 12:27 PM

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QUOTE(AdrG @ Feb 29 2016, 12:21 PM)
Hi Guys,

Need Some advice on home insurance or MLTA.
i was originally planning to get the MLTA, but then Allianz had offer me their premierlink which is about 100 per month. total 1500 per year.

which sounds and looks better than MLTA and goes to me or family member instead of directly to bank which i believe is what MLTA is.
i have read the previous posts and found out since its a ILP, its been quoted to me with 100% invested in "allianz life managed fund"

i just need it to cover my home or future home if anything happen to me. i already have a medical insurance.

im worried about the fund allocation, if i need to pay anything extra in the future if the investment had gone bad or something like that.

appreciate your opinion and advice.  notworthy.gif
*
As long as it's an ILP, the investment risk is there whether you'll be getting bull or bear return.

If you need something certain then you can opt for Traditional policy coverage. Feel free to let me know what you're looking for.
SUSsupersound
post Feb 29 2016, 04:12 PM

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QUOTE(AdrG @ Feb 29 2016, 12:21 PM)
Hi Guys,

Need Some advice on home insurance or MLTA.
i was originally planning to get the MLTA, but then Allianz had offer me their premierlink which is about 100 per month. total 1500 per year.

which sounds and looks better than MLTA and goes to me or family member instead of directly to bank which i believe is what MLTA is.
i have read the previous posts and found out since its a ILP, its been quoted to me with 100% invested in "allianz life managed fund"

i just need it to cover my home or future home if anything happen to me. i already have a medical insurance.

im worried about the fund allocation, if i need to pay anything extra in the future if the investment had gone bad or something like that.

appreciate your opinion and advice.  notworthy.gif
*
Just get MRTA and call it the day, no need to get confused with this.
cherroy
post Feb 29 2016, 04:25 PM

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QUOTE(mIssfROGY @ Feb 29 2016, 11:07 AM)
not trustee...is nominee @@ his/her name is in the NOMINEE section. Trustee section is totally empty.
my old nominees are all gone, replaced by this "new unknown" person and now i need her/his signature to update new nominees.
my agent is scratching his head.....also duno how to answer me liao...
btw, how do u nominate an unknown trustee?
I dont know this fella @@
*
You do not need nominee signature to change the nominee.

What if the nominee already passed away, how to get the signature then? laugh.gif
It doesn't make sense at all.

Something really mix up already or the admin person in charge mix up the trustee and nominee matter,
With "unknown person" in the nominee, the person will get the insurance money after you passed away......
Really scary to hear. sweat.gif
JIUHWEI
post Feb 29 2016, 05:03 PM

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QUOTE(cherroy @ Feb 29 2016, 04:25 PM)
You do not need nominee signature to change the nominee.

What if the nominee already passed away, how to get the signature then?  laugh.gif
It doesn't make sense at all.

Something really mix up already or the admin person in charge mix up the trustee and nominee matter,
With "unknown person" in the nominee, the person will get the insurance money after you passed away......
Really scary to hear.  sweat.gif
*
Under new regulation (FSA to replace insurance act),

the policy owner would need to appoint a trustee to change the nominee.

The old practice was that the insured can also be the trustee.
New ruling: the insured cannot be the trustee of his/her own policy.

In order to change the nominee, the policy owner would have to appoint someone to sign as trustee, in order to change the nominee.


cherroy
post Feb 29 2016, 05:29 PM

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QUOTE(JIUHWEI @ Feb 29 2016, 05:03 PM)
Under new regulation (FSA to replace insurance act),

the policy owner would need to appoint a trustee to change the nominee.

The old practice was that the insured can also be the trustee.
New ruling: the insured cannot be the trustee of his/her own policy.

In order to change the nominee, the policy owner would have to appoint someone to sign as trustee, in order to change the nominee.
*
Thank you for the info.

But still it doesn't require old nominee's signature to change to new nominee as mentioned by the forumer's case.
adele123
post Feb 29 2016, 06:03 PM

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QUOTE(AdrG @ Feb 29 2016, 12:21 PM)
Hi Guys,

Need Some advice on home insurance or MLTA.
i was originally planning to get the MLTA, but then Allianz had offer me their premierlink which is about 100 per month. total 1500 per year.

which sounds and looks better than MLTA and goes to me or family member instead of directly to bank which i believe is what MLTA is.
i have read the previous posts and found out since its a ILP, its been quoted to me with 100% invested in "allianz life managed fund"

i just need it to cover my home or future home if anything happen to me. i already have a medical insurance.

im worried about the fund allocation, if i need to pay anything extra in the future if the investment had gone bad or something like that.

appreciate your opinion and advice.  notworthy.gif
*
you seem to know what you are getting into. Yes, if and when the investment really go that bad, you may need to top up. Yes, it's not MLTA, just an ILP that is quite cheap and works well to leave a sum behind for your loved ones (which still serves its purpose at the end of the day, because that's what you want correct?)

Yes, if you opt for MRTA, you won't have to worry about investment going bad, BUT the money will go directly to the bank instead.

There's no wrong or right but if you don't want this ILP, MRTA is/should be the cheapest option.
tonytyk
post Feb 29 2016, 06:26 PM

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QUOTE(mIssfROGY @ Feb 29 2016, 11:07 AM)
not trustee...is nominee @@ his/her name is in the NOMINEE section. Trustee section is totally empty.
my old nominees are all gone, replaced by this "new unknown" person and now i need her/his signature to update new nominees.
my agent is scratching his head.....also duno how to answer me liao...
btw, how do u nominate an unknown trustee?
I dont know this fella @@
*
This is serious case, should report
lifebalance
post Feb 29 2016, 06:40 PM

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QUOTE(adele123 @ Feb 29 2016, 06:03 PM)
you seem to know what you are getting into. Yes, if and when the investment really go that bad, you may need to top up. Yes, it's not MLTA, just an ILP that is quite cheap and works well to leave a sum behind for your loved ones (which still serves its purpose at the end of the day, because that's what you want correct?)

Yes, if you opt for MRTA, you won't have to worry about investment going bad, BUT the money will go directly to the bank instead.

There's no wrong or right but if you don't want this ILP, MRTA is/should be the cheapest option.
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MRTA is not the cheapest. The cost of ownership is higher in the long run as you're literally being charged extra 4.5% interest (based on housing loan rates average) on top of it. Compared with ILP.
mIssfROGY
post Feb 29 2016, 10:30 PM

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QUOTE(cherroy @ Feb 29 2016, 04:25 PM)
You do not need nominee signature to change the nominee.

What if the nominee already passed away, how to get the signature then?  laugh.gif
It doesn't make sense at all.

Something really mix up already or the admin person in charge mix up the trustee and nominee matter,
With "unknown person" in the nominee, the person will get the insurance money after you passed away......
Really scary to hear.  sweat.gif
*
Exactly my thoughts...what if me n hubby get into bad terms...how can i get him to change if he is my nominee...moreso lagi he will wan my money.

And yes...even if mix up nominee now another unknown person weirdest is i ned his permission to renominate...relly wtf....

I have no trustee...jus nominee...but no matter wat it shdnt b sum stranger! Grrrr
mIssfROGY
post Feb 29 2016, 10:34 PM

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QUOTE(JIUHWEI @ Feb 29 2016, 05:03 PM)
Under new regulation (FSA to replace insurance act),

the policy owner would need to appoint a trustee to change the nominee.

The old practice was that the insured can also be the trustee.
New ruling: the insured cannot be the trustee of his/her own policy.

In order to change the nominee, the policy owner would have to appoint someone to sign as trustee, in order to change the nominee.
*
Problem is now the nominee is not mine....it was changed without my knowledge I jus got to know it during my insurance review. If nominee can b changed without me knowing i wan my monies back with interest! Grrrr .....gawd knows how long have i been paying to insure someone livelihood after i passes. And i dun have a trustee never have n was never asked to assign one...

This post has been edited by mIssfROGY: Feb 29 2016, 10:46 PM
mIssfROGY
post Feb 29 2016, 10:36 PM

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QUOTE(tonytyk @ Feb 29 2016, 06:26 PM)
This is serious case,  should report
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Yes definitely... am waiting for an answer...apparently system down because of monthend and they cant check.

This post has been edited by mIssfROGY: Feb 29 2016, 10:44 PM
lifebalance
post Feb 29 2016, 10:39 PM

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QUOTE(mIssfROGY @ Feb 29 2016, 10:36 PM)
Yes definitely... am waiting for an answer...apparently system down because of monthend and they can check.
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Update us again on your findings, we would want to know what really happened
Madgeniusfigo
post Feb 29 2016, 10:56 PM

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QUOTE(AdrG @ Feb 29 2016, 01:21 PM)
Hi Guys,

Need Some advice on home insurance or MLTA.
i was originally planning to get the MLTA, but then Allianz had offer me their premierlink which is about 100 per month. total 1500 per year.

which sounds and looks better than MLTA and goes to me or family member instead of directly to bank which i believe is what MLTA is.
i have read the previous posts and found out since its a ILP, its been quoted to me with 100% invested in "allianz life managed fund"

i just need it to cover my home or future home if anything happen to me. i already have a medical insurance.

im worried about the fund allocation, if i need to pay anything extra in the future if the investment had gone bad or something like that.

appreciate your opinion and advice.  notworthy.gif
*
Dear,
1. When it comes to ILP, definitely there's inherent risk. Hence, you have to be aware that the projected cash value is never a fixed amount you will receive in the future.
But as always, the allocation of fund can be adjusted to allot the cash into different risk level investment, just inform agent your comfort zone level

2. As always, don't look at cash value if you opt for liabilities protection, always opt for protection and the premium you are paying for instead.

3. Just inform agent your concern and they will adjust accordingly to your requirement and objective, while consulting you of a more prudent steps to take.

4. If you need any consultation or help, do contact me 016-868-1373

CODE
MRTA
1. REDUCING protection, when interest rate rise, the protection will be reduced and couldn't covered the total loan amount.
2. when you sell or refinance your property, MRTA policy will lapse. You will need to purchase a new one whereby factor in your current age, it will be even more expensive
3. It's only beneficial to the bank
4. Interest will be charged when finance into the loan amount
5. There's a time frame for the amount to be claimed when (death/TPD) occured. 2-4 years. With will writing 2-3 years.

MLTA
1. it is a term protection. Rm500k protection, after 35 years will still be Rm500k
2. When sell or refinance your proeprty, MLTA wouldn't lapse and will still be active.
3. It's beneficial to you
4. There's Hot cash receivable when you lapse the policy. Around 20 years, your cash value receivable will breakeven with total premium paid.
5. Death or TPD occured, it will take 7-30 days to receive the death benefit cash value
mIssfROGY
post Mar 1 2016, 12:06 AM

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QUOTE(lifebalance @ Feb 29 2016, 10:39 PM)
Update us again on your findings, we would want to know what really happened
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Surething!
TSroystevenung
post Mar 1 2016, 12:18 AM

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QUOTE(mIssfROGY @ Feb 29 2016, 10:34 PM)
Problem is now the nominee is not mine....it was changed without my knowledge I jus got to know it during my insurance review. If nominee can b changed without me knowing i wan my monies back with interest! Grrrr .....gawd knows how long have i been paying to insure someone livelihood after i passes. And i dun have a trustee never have n was never asked to assign one...
*
In cases like this, it is best to go to the insurance office personally and file a formal complaint preferably to the branch manager or regional manager so that a detailed investigation may be carried out.

Correcting the nomination now is just like dusting the problem under the carpet and does not provide answers as to why this can occur.

Whenever the nomination is changed, there is always a supporting document that comes with it.

This is very serious matter as it may involve huge sum of monies being paid to a total stranger.

This post has been edited by roystevenung: Mar 1 2016, 12:21 AM
mIssfROGY
post Mar 1 2016, 01:25 AM

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QUOTE(roystevenung @ Mar 1 2016, 12:18 AM)
In cases like this, it is best to go to the insurance office personally and file a formal complaint preferably to the branch manager or regional manager so that a detailed investigation may be carried out.

Correcting the nomination now is just like dusting the problem under the carpet and does not provide answers as to why this can occur.

Whenever the nomination is changed, there is always a supporting document that comes with it.

This is very serious matter as it may involve huge sum of monies being paid to a total stranger.
*
Oh okies....i m actually waiting for my agent to get back with an answer be4 proceeding. Am thinking of goin after he comes back with sumthing...and thanks for the suggestion...now i know who to find.
SUSsupersound
post Mar 1 2016, 01:42 PM

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QUOTE(mIssfROGY @ Mar 1 2016, 01:25 AM)
Oh okies....i m actually waiting for my agent to get back with an answer be4 proceeding. Am thinking of goin after he comes back with sumthing...and thanks for the suggestion...now i know who to find.
*
Most of the time the agent that serve you won't bother on after sales service, especially if he with intention to put different name.
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