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 Insurance Talk V3, Anything and everything about insurance

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lifebalance
post Aug 8 2016, 11:52 AM

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QUOTE(Vingoh @ Aug 8 2016, 11:48 AM)
Sifu,  add A-plus saver to ILP plan, mean 100%premium to buy unit? If not add A-Plus saver, how many percetange of premium using to buy unit? Will A-plus saver add to ILP plan more risky since investment not guaranteed return? And why adding A-plus saver to ILP plan will reduce our premium amount (same ILP plan without A-plus saver premium rm370, with A-plus saver premium rm290)? Thanks
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95% will be invested, 5% as commission and other cost.

ILP is always risky due to investment, it's unlike traditional policy whereby your coverage and return is guaranteed but you pay a way higher premium. Where as ILP cost is overall lower compared to traditional policy but comes with risk whereby if performance is really bad then ur cash value will be affected.

Simple, the money in A-Plus Saver % is pumped into the savings account and less is paid as commission.
lifebalance
post Aug 8 2016, 02:33 PM

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QUOTE(SGSuser @ Aug 8 2016, 02:28 PM)
Hi AIA sifus, the AIA PRS normal agents can sell? Or need extra license?
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PRS License is an extra license
lifebalance
post Aug 8 2016, 03:03 PM

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QUOTE(SGSuser @ Aug 8 2016, 02:56 PM)
Oh thanks  biggrin.gif

What exam should one enroll in to get the license?
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Register @ https://www.fimm.com.my
lifebalance
post Aug 9 2016, 10:12 AM

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QUOTE(kazekage_09 @ Aug 9 2016, 02:24 AM)
Anyone can explain more on this loving couple policy concept for life takaful?

For example, there are 2 policies, 1st policy the payor/policy holder is me and person covered is my wife. 2nd policy, the payor/policy holder is my wife and person covered is me.

Let say Im got hit by death/TPD, my wife will get the sum covered from 2nd policy and 1st policy will be waived because the payor waiver kicked in and resulting in my wife getting free coverage. In short, if either one die, the other one will get the sum covered and free policy. Is my understanding correct?
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If you do as above. If upon death ur wife will still need to pay for the policy. While if tpd then yes your policy is still paid by the insurance company.

Simply because payor rider is only applicable to children until they reach age 25. Waiver rider on the other hand only waive upon tpd / 36CI and not death.

Payor = death / TPD / 36 ci
Waiver = tpd / 36 ci
lifebalance
post Aug 9 2016, 12:54 PM

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QUOTE(Vingoh @ Aug 9 2016, 12:45 PM)
For AIA insurance, what different between A plus critical care and A plus critical early protection?
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Critical care - payout upon 3rd and 4th stage of 36 critical illness

Early critical protection payout upon 1st, 2nd, 3rd and 4th stage of critical illness.

Early critical protection will not accelerate the death/tpd sum assured where as the critical care will share the limit with the death/tpd sum assured.

Why not contact the agent directly to ask these questions ?
lifebalance
post Aug 9 2016, 01:38 PM

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QUOTE(kazekage_09 @ Aug 9 2016, 01:31 PM)
Wow unker Roy, your explanation always clear and straight to the point. Now I understand why waiver is not free. Thank you!
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Where did you get the idea it's free policy ? Haha
lifebalance
post Aug 9 2016, 02:42 PM

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QUOTE(kazekage_09 @ Aug 9 2016, 02:09 PM)
Cc annual fee waiver means free right lol. So I thought it the same
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Waiver of premium means ur premium is continued to be paid by the insurance company until age X depending on ur rider.

Cost of insurance still continue to run or increase and the premium paid by the insurance company will continue to be used to pay for these cost.

If COI > Cash Value, then some day your policy will lapse as well in the future when the cash value is insufficient unless you choose to top up the difference.
lifebalance
post Aug 10 2016, 06:14 PM

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QUOTE(victor_tan79 @ Aug 10 2016, 06:13 PM)
Any AIA agent here ? I have been approached by a lady , under Dnity Advisory Sdn Bhd , which offers me investment return min 9% . . .

Any advice ?
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blink.gif 9 % return ? very high o, she's pitching saving plan ?
lifebalance
post Aug 10 2016, 06:28 PM

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QUOTE(victor_tan79 @ Aug 10 2016, 06:25 PM)
Said kinda investment things . . . Its there any kinda products from AIA itself ?
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There is investment element but not guaranteed with min 9%
lifebalance
post Aug 14 2016, 05:18 PM

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QUOTE(silverviolet @ Aug 14 2016, 05:08 PM)
Any idea what insurance to buy? i am in my late 20s. i hear is better to buy insurance since young. any advise?any agents that gives rebates her...share share commision
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It's more advisable to understand ur personal financial standing and then from there propose the plan that suits you.

Agents are not allowed to give discounts. Tq
lifebalance
post Aug 18 2016, 01:31 AM

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QUOTE(quarterz37-lyn @ Aug 18 2016, 01:26 AM)
Recently chatted with parents on their medical card and stuffs since they are nearing retirement, found out that their current one (from before 2010-ish) has an annual limit of about 50k/year and lifetime limit of 150k until 70 years old.

Agent proposed a plan that goes until 99 years old from the lion company and seems like the premium is quite high close to 5k per annum even for room & board rate of RM150. Wanted to ask bosses here for some opinion:
- Initial base plan was Smart Medic Extra with annual limit 90k and lifetime limit 900k, but was proposed to put add-on to boost annual limit 900k and no lifetime limit.
- But the add-on got deductible 90k caveat one. Is this even a wise move considering that they will retire in a few years time and wont be covered by company anymore? I think I will kaput if gotta pay 90K myself first.
- What if i don't want to take the deductible add on leh? In this day and age what is considered a good annual limit and lifetime limit in the market?
- I saw some people recommend a relook into medical card every 5 years --> what is a good strategy for the senior citizen ah? Cause if keep changing medical card every 5 years (and each time trying to purchase what seemed like ok at that point in time), might premium would have been higher and higher right. And the old policy macam a bit wasted paying for this add-on that add-on only ti change the medical card every x years.
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50k annual limit is really low in today's standard.

How old are your parents at the moment ? Do they have any pre-existing health condition ?

If they are still healthy then you might want to consider upgrading it. Otherwise if they've got pre-existing health problem already then chances are they have to stick to the old card otherwise you might be required to pay a higher premium than a standard case, exclusions on the exisitng illness or it might get rejected from upgrading.

Nowadays new upgrade will come with around 1 mil annual limit, so it should be fine for atleast another 10 years.
lifebalance
post Aug 18 2016, 01:39 PM

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QUOTE(Ayrehn @ Aug 18 2016, 01:13 PM)
If financial constraint is always an issue, wouldn't it be worse if health issues come along?
My take is to sacrifice whatever leisure and pleasure the money is being spent on now, to protect myself from any health complications later since I'm healthy and young now.

See, the problem with financial constraints are.... people nowadays dont know how to prioritize. They dont know whats important.
Every new gadget in town, must buy.
New iPhone 7, must buy.
BMW, must buy.

If only they know whats important, things would be just fine.
Are you saying that if I have a policy of RM300 a month... I dont pay RM300 the rest of my life?
Why is that so?
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The premium you're paying now (investment link) would be fixed at RM300/month. However, cost of insurance will continue to increase. It might also be changed in the future depending on the insurance claim overall.

Furthermore if your investment is not performing as expected, then you might not be generating enough cash value to last until X period of time.

For example, you bought a policy to last until Age 100.

You paid RM300 per month or 3600 per year.

When say you're around 80 yr old, you found out that, your premium is no longer sufficient to sustain until 100 yr old due to the above issues. Thus a top up is required.

Whereas, traditional policy, you're only charged with cost of insurance, thus whatever you pay is the cost without any insurance which is why premium is cheap but you have no cash value to sustain in the long run, which is why older age, ppl pay so high premium compared to someone who had paid for an investment policy that had generated a certain amount of cash value to offset the future cost.
lifebalance
post Aug 18 2016, 03:58 PM

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QUOTE(cherroy @ Aug 18 2016, 03:50 PM)
The ultimate question is can you afford to pay for it?
The premium can be up to 5 digit per pa at later age.

ILP or not doesn't make a different, as cost of insurance goes up with age.
ILP premium is not guaranteed to be sufficient to cover the cost of insurance.
While cost of insurance may be going up due to inflation in medical cost, as well as potential incremental in total claims against insurance company.
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5 digit will probably only start beginning from Age 90 onwards. Malaysian lifespan is around age 75 - 85.
lifebalance
post Aug 19 2016, 12:07 PM

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QUOTE(Brainy_Panda @ Aug 19 2016, 11:25 AM)
nowadays AIA & GE have unlimited claim..how it works?
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It's not unlimited claim, there is an annual limit that you can claim within the limit. Once it's exceeded then you'll have to top up for yourself. This also depends on what type of package you took with the insurance company.

QUOTE(kazekage_09 @ Aug 19 2016, 11:56 AM)
I got a question for insurance/takaful agents here,

Do you suppose to explain to your clients about let say the fact that in investment-link product, the premium they pay will not necessarily same? That they might need to topup later if the premium cant cover the cost of insurance/takaful? I know it stated in the policy/quotation. Is this mean it client responsibility to know it themselves by reading their own policy?

In takaful quotation, got this estimated 2 scenario tables. What it actually means?

Also that waiver is not free. Because all agents I met or whatsapp so far said waiver is free (only know it not free from this thread lol). Like for example if they quote me raider for CI, if I acquire CI the policy is free for life. This is a very misleading statement IMO...
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1. The premium you're paying is the same throughout the policy period once your policy is inforced. Meaning RM300 monthly will remain as RM300 monthly until you're age X depending on the policy agreement.

However, as time goes by, any increase in the cost of insurance or bad performance of the investment that would affect ur cash value will render you having the need to top up in the near future.

The table shown in the policy illustration is just a projection.

Yes, agent suppose to explain this part, in fact the entire policy.

2. The sales illustration will have 2 scenario column indicating the good return and the bad return. If the performance is bad then you may refer to the bad column and what's the expect cash value you'll have for that year accumulated.

3. Waiver of premium is a rider, you pay a premium to add it onto ur policy, it's not free. It's function is to waive your premium until age X. However, refer back to point 1, even if your policy premium is waived, you're still subject to increasing cost of insurance.

As an advise, choose a good & reliable agent. Good luck.
lifebalance
post Aug 22 2016, 10:29 AM

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QUOTE(prince_mk @ Aug 22 2016, 10:22 AM)
Any comment on this kind of retirement plan.

http://www.posb.com.sg/personal/insurance/...re-btnlearnmore
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Best to speak to a representative in Singapore. tq

As per their website sales disclosure, it's already pretty clear cut.

Total GRIB Received:
S$3,000 x 12 months X 10 years
=S$360,000 (A)

Projected non-guaranteed Maturity Payout:
=S$321,057 (B)

Projected Total Retirement Income Payouts:
=S$681,057 (A+B)

Projected Total Retirement Income Payouts Divided by Total Premiums Paid:
=295%

Guaranteed Return at Maturity:
=1.78% per annum

Total Returns (Guaranteed and Non-guaranteed) at Maturity:
=4.02% per annum

This post has been edited by lifebalance: Aug 22 2016, 10:31 AM
lifebalance
post Aug 22 2016, 11:37 AM

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QUOTE(GMale @ Aug 22 2016, 11:13 AM)
Ooo, nice.
Can you help with Prudentials Booster savings plan too?

It's like save RM12k a year for 30years.
Then every year get back RM5.4k.
30th yr get back projected RM690k.  thumbup.gif
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Returns are likely similar to the plan as per above as it is an endowment plan, endowment plan are used as form of retirement fund. It's forced savings with an average 4% return, not very high but it's something to force yourself to save when you're still capable to earn so that you can use the money when you're old.
lifebalance
post Aug 22 2016, 01:00 PM

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QUOTE(prince_mk @ Aug 22 2016, 12:50 PM)
Any comment on this kind of retirement plan.

http://www.ocbc.com/personal-banking/insur...thenhanced.html

Why the payment for 5 yrs is $56027 and sun assurred is $50000

When i calculated the return is 2.29%

Reason why wan go for Sg one coz I wan keep Sgd.
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It's better for you to call up to the banks over there as I doubt there are any SG agents here.

As for the product above, it's just a shorter tenure endowment plan with sum assured coverage, in between anything happen to you in the 5 years, you're entitled to a sum assured coverage, if you managed to survive then you'll get the non-guaranteed bonus return. Normally, the shorter the tenure, the lower the return. Which is why endowment are normally 25 - 35 years.

QUOTE(GMale @ Aug 22 2016, 12:54 PM)
But macam better only.
Because every year they give 5.4k
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Just different payout method, you might think it's a lot but once you make your cash out, you're getting lesser return, your capital can't withdraw in between this 30 years. Otherwise you'll lose a huge chunk of money from there. Which is why need to know what's your main intention and from there diversify to protection + retirement.
lifebalance
post Aug 22 2016, 01:34 PM

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QUOTE(GMale @ Aug 22 2016, 01:30 PM)
Yeah, I cant withdraw my money but they give me yearly payouts wor  :confused:
The protection in this plan also quite minimal but good. Like double my sum assured to 180k etc...

What other plans are higher returns?
I dont know la. I calculate myself like pretty good tho.
I put in 360k, end of the term I get about 690k.
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Better check and read properly that the 690k is not after withdrawing 5.4k every year and you're still getting 690k. If the 5.4k is not withdrawn then 690k is just a projected amount. Maybe lower or higher depending on investment performance.

If you choose to withdraw 5.4k the it's highly unlikely your maturity amount is still maintaining 690k
lifebalance
post Aug 22 2016, 03:02 PM

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QUOTE(prince_mk @ Aug 22 2016, 02:58 PM)
Would this better plan among all?

http://www.ocbc.com/personal-banking/insur...rementflex.html

Only paying for 10 yrs and you will get guaranteed monthly retirement income.
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QUOTE(prince_mk @ Aug 22 2016, 03:01 PM)
My objective is to have guaranteed monthly income after retirement age of 60.

Protection wise - I had other policy to cover me.
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if you want guaranteed monthly return then get the above plan.
lifebalance
post Aug 22 2016, 05:32 PM

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QUOTE(prince_mk @ Aug 22 2016, 03:10 PM)
Sifu,

Had you seen the website? Actually this is d first plan that attracted my attention. That s y i wan ask some insights frm u guys.
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For me... this guarantee kind of thing might sound good but insurance company have already calculated the risk before they offer you the guarantee return part. So end of the day you'll need to decide whether this is really necessary to put aside from of your money to save into these kind of endowment plan. It's definitely good if your intention is purely to save some cash for later on to use as part of retirement. If you expect high return then sorry to disappoint you but this is not for you

QUOTE(GMale @ Aug 22 2016, 03:33 PM)
Yeah, true true. If I take the 5.4k, I get back around 350k.
Then what plans do you recommend ah? Savings and can get back some money during my saving period  confused.gif

Thanks for the info thjo
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QUOTE(prince_mk @ Aug 22 2016, 03:42 PM)
U wan put all eggs in one basket. Sound risky
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QUOTE(GMale @ Aug 22 2016, 03:43 PM)
Of course not leaving my savings until 0.
I have others too but just considering the good ones currently to have variety of plans

P/s: Good ones because BEST dont exist lol
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QUOTE(1wildcat1 @ Aug 22 2016, 04:44 PM)
Hey lifebalance, uncle roy and everybody in this thread!

I'm turning 20 soon and I want to invest in an insurance or insurance+investment plan. I'll be paying for this plan MYSELF and not paid by my parents or whomsoever.

So I'm looking at around RM 1000 per year if possible? Max maybe 1500. And has to have an extensive medical card just in case of any incidents.

Any tips on where I should start looking and for an agent as well? Currently have no idea at all.
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Hi, if you've just start to work you may get a standalone medical card, investment link plan nowaday run min 1800 per year.
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