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 Insurance Talk V3, Anything and everything about insurance

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SUSsupersound
post Mar 27 2016, 02:29 AM

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QUOTE(watabakiu @ Mar 27 2016, 01:40 AM)
Which would be advisable, ILP or standalone?
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Third option, don't buy any, no need to worry.
Since ILP most of the time are making profit that better than you keep money below your pillow but lesser than saving account's interest while medical there's always GH that you need to pay(if you are paying income tax)rm1, rm5 for specialist. Operate cost no more than rm1000. So if you buy a policy that you need to pay rm200 a month, you keep for 5 months is enough already to get treated. Sometimes private hospital doctors will simply do operation that are not required in the first place.
SUSsupersound
post Mar 27 2016, 10:01 AM

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QUOTE(watabakiu @ Mar 27 2016, 02:41 AM)
You meant for long-term, ILP is better?
What about flexibility? I heard for ILP, one can have flexibility to determine coverage, whereas standalone is fixed. if need to change coverage, have to buy another policy.
Say that GH is out of question. But having an insurance is needed.
Which would be better then?ILP or standalone?
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Is still the same, die die also go to GH.
Have to know that, for CI, for same sickness claim, you can only claim once, like you have colon cancer, you claim once, then it will be removed when next time you get the same cancer again.
If you willing to pay your self, then any package will do. After all, it is still the same, your money is handed for others to enjoy and you suffer to get that money.
SUSsupersound
post Mar 27 2016, 10:05 AM

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QUOTE(bookstore @ Mar 27 2016, 08:34 AM)
My parent bought me a Whole Life, with Sum Assured (death benefit) of RM 50k. Been consistently paying the premium RM 550 per year for more than 25years. Recently I received the statement and calculating the yield of this plan. Assuming I survive to until policy year 60, the plan only give back cash value of RM116k. At this moment, the cash value is slightly above to my total premium paid.
Seek for your advice:
- Is it Whole Life plan in the market, features are high death benefit, low premium, low cash value?
- I am paying this plan for my next generation?
- Worth keeping this plan? Or I should look for another endowment / saving plan?
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After paying 25 years, cash value only slightly above total money paid. Keeping money in bank earning interest I guess should be close to double already for the same amount.
Sometimes is good to self fish a bit, why need to think of next generation when your current generation are not even settled?
For me, just cancel everything and call it the day. Keeping the money in EPF, banks is way better all the time.
Some countries you do need insurance as it will cover all your medical needs, unlike in Malaysia, you paid to let others get rich and not getting full coverage.

This post has been edited by supersound: Mar 27 2016, 10:06 AM
SUSsupersound
post Mar 27 2016, 11:56 PM

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QUOTE(bookstore @ Mar 27 2016, 10:05 PM)
Retirement planning will be most important at this moment.
Currently:
1 whole-life as mentioned above
1 medical card, premium RM2.5k p.a.
1 endowment, premium RM 800 p.a.
This is my dilemma right now. The benefit for keeping this whole-life is RM50k sum assured. However when I looked into the yield, FD / EPF would do a better return. The key question, should I continue to maintain this whole-life, which started since I was a kid.

If I decided to surrender this whole life policy now. Somehow if my preference has changed, regretted that decision and purchase another new whole life policy at 10 years later. Will the premium be much higher (assuming same sum assured of RM 50k), as my death probability is higher?
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Trust me, when you cut all policies and don't look back, your money will grow way faster.
If you want to leave your money to next generation when you are dead, EPF is a good tool. Like now you are contributing 11%, you can contribute 20%.
Endowment or savings are worst thing to buy, if it says the policy will mature 10 years, you need to continue paying for 2nd 10 years(double or triple the time) to get the amount stated.
Regardless of you buy now or buy later, it is still the same, inflation will take place, it will self depreciate also.

This post has been edited by supersound: Mar 27 2016, 11:58 PM
SUSsupersound
post Apr 2 2016, 11:41 PM

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QUOTE(Mark Renton @ Apr 2 2016, 04:15 PM)
Dear Sifus,

I need your expert opinions on my proposed plan.
a. R&B RM150/Daily

b. ICU (Daily up to 180 days) As charged based on AL & LL

c. Hosp. supplies and services, surgical fees, op theathre, anaesthetic etc - As charged

d. Govt daily cash (120 days) RM50/daily

e. Emergency accident outpatient treatment RM3k/pa

f. Outpatient cancer/kidney treatment - As charged

g. Intraocular - Max Rm2k lifetime

Overall AL RM990k
Increase AL (NCB) RM9k
Overall LL RM900 + SE: Unlimited

Natural Death - RM80k
Accident Death - RM90k
36 Critical - RM40k
TPD - RM80k

Waiver until age 99: TPD/36 critical

Is this normal for RM200/month? I smoke (5 cigs per day), no family/genetic related diseases, earning >RM30k pa, 27 yo. No alcohol/drugs. Really appreciate it if you can voice your expert takes on this. Just wanting to hear second opinions.


Thank you in advance.
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Did the agent tells you that 36 critical will be reduced after claim once?
1 time emergency out patient treatment can cost rm500-2000, did the agent tell you the work around to claim after > rm3000?
Dialysis not covered?

SUSsupersound
post Apr 4 2016, 01:57 PM

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QUOTE(badai @ Apr 4 2016, 01:04 PM)
Hi all,

I already have insurance with prudential since 2000. Never use it until last feb where I had an accident. Total of everything including post hospitalization is almost 40k. When I went to prudential to claim for my post hospitalization (I no longer have agent)  they told me my claim is limited to 50k per year, which mean, if I have another accident this year (god forbid) it won't be enough to cover it.

I can upgrade my insurance, but the problem is, I will lost few benefits like hospitalization daily allowance. Also when I took my insurance in 2000, I don't have any medical condition, but now I have high blood pressure and if I renew it, my insurance won't cover it. They advise me to maintain my current insurance and take a new one.

So, anybody can suggest insurance that cover accident and hospitalization? I think that's all I need because my current insurance can cover the rest.

Also they told me that new insurance won't cover 100% like my current insurance, where I need to pay 10% of the cost. Is that true?

Any agent feel free to contact me via PM. thanks.
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Obviously they are telling you that, in order to get covered, you need to pay more.
High blood pressure can lead to many other sickness, which for insurance companies this is a risk to them.
Is normal for them to demand more for lesser coverage.
The only way is cancel all policies and start visiting GH, let them have your medical condition reports.
Then start to control your blood pressure without any drugs, regular exercise, changing lifestyle are some where you need to start.
SUSsupersound
post Apr 7 2016, 08:45 AM

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QUOTE(Mark Renton @ Apr 7 2016, 01:47 AM)
Yep I still have questions about this. Meeting with my agent this friday. Thanks for mentioning.
Tq 4 ur feedback  biggrin.gif
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No problem, but just to let you know, there's no walk about to "cheat" the company, as only the agents will say can, especially you already have other company's policy. They will use this way to trap you to buy from them.
And for the same sickness, you can only claim once, so better think twice before buying.
There's no honest insurance agents to begin with, is only matters if you have the money to waste or not mega_shok.gif
If you have money to buy something that won't protect you, then go ahead, any insurance also can, else better get your blood donation book being filled up and get treatment from GH. Since when the sickness are serious, private hospital will still push you to GH.
SUSsupersound
post Apr 7 2016, 09:05 AM

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QUOTE(WesGibbin @ Apr 6 2016, 10:34 AM)
Hi Sir @lifebalance

That day I met AIA agent. I'm thinking abt getting one personal insurance since I got medical card covered by my company, just in case the amount not enough, this is just an additional.

The thing is, the monthly premium quite high for me.
Is that possible to get around rm100-rm150 monthly?

24/Female
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You have to check with your company what type of medical benefits you gets.
In some cases, the benefits has surgery and out patient budget. You can work around with hospital to get full coverage. Like my previous company for mothers to deliver, C-sec upper limit is rm6000 while private hospitals typical cost is rm9000, we need to talk to that hospital's staffs to put shift that rm3000 to out patient treatment.
SUSsupersound
post Apr 8 2016, 12:19 PM

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QUOTE(terubotzu08 @ Apr 7 2016, 07:54 PM)
Dear insurance agent,

Is it normal for insurance agent to ask if we have any existing insurance when we want to sign-up for a new policy? What is the purpose of asking this?

Thanks.
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The main reason is for the new agent to look for points to attack, so that you will cancel the current policy and buy new policy.
And for what reason the new agent knows your old policy details, you can bring both of them to court under Data protection Act. No one shall disclose your personal details without your approval.
Like GE's policy are following market while Prudential are following the policy you signed(but still subjected to 1 clause which will overrule all the claimable clauses : they have the right to deny any claim if they feel it is fraudulent)
If the Prudential agents knows that you are having GE policy, this will be the main excuse they will use.

This post has been edited by supersound: Apr 8 2016, 12:21 PM
SUSsupersound
post Apr 8 2016, 02:21 PM

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QUOTE(Ayrehn @ Apr 8 2016, 02:12 PM)
No worries.  icon_idea.gif
True also. But better than no returns at all right  laugh.gif
Have to agree too. That's one way they wanna see what you dont have and intro you to it.

Have to prove lehh, not feel fraud then can decline.

Plus, talking about clauses.
AIA and GE has got the Withdrawal Portfolio Condition clause.
Anytime they FEEL right to stop their coverage, they can. 30days notice.
This clause is scary as hell.
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All insurance companies do have this clause to protect their interest.
The feel is like if they not willing to pay you, they will look for excuses to deny, simple as that.
That's the reason why I cancel all the policies 6 years back, because I buy insurance not to have protection, but is to protect their luxury livings puke.gif
All the 3 agents that cheated me 1 is driving a latest S class, another only can see her few times in a year and whenever call her phone, it will be international ringing tone. The last agent are the most "pariah" since he only drives a Persona, but already own 6 3 storey shoplots in PJ, Shah Alam, Klang area, not to mention bungalows and terrace in Iskandar and KV area that he refuse to disclose whistling.gif

This post has been edited by supersound: Apr 8 2016, 02:26 PM
SUSsupersound
post Apr 8 2016, 04:01 PM

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QUOTE(Ayrehn @ Apr 8 2016, 02:44 PM)
Opps sorry. I beg to differ. Not ALL companies got such clause.
Prudential do not have such clause. Showed in policy "Guaranteed Renewable".

I dont understand your point in cancelling your policies to protect whaaat?  confused.gif
You see, you're comparing the focus of an Insurance company with an Investment company.
I'm a Pru client too. As I'm super glad that Eastspring is doing superbly well, did you know they manage PRU funds too.

You have to know what your needs/wants are.
If you need protection, you don't go to Eastspring do you?

*EDIT*
Perfect timing for your post.  We were just discussing about the "Withdrawal Portfolio Condition" clause in AIA and GE policies. This should be your concern rather than annual limits.

My opinion?
I want to know that I am protected until I die and not WORRY when the company decides to cancel my policy because they think I'm going to utilize their claims  dry.gif

PRU value med's open limit of RM1million is good enough. Way more than enough.
If I am going treatment after treatment UP TO RM1million, I'd rather die.
Do you know how much you have to suffer to utilize RM1,000,000 on treatment  sweat.gif
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My last policy was with Prudential, and this was the excuse they used to deny my claim doh.gif
SUSsupersound
post Apr 8 2016, 06:29 PM

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QUOTE(Ayrehn @ Apr 8 2016, 04:11 PM)
Sorry but I dont think it applies to all insurers leh.
I've never seen this in my pru policy but I've seen my friend's policies, there is this withdrawal portfolio condition.
Reasons like nondisclosure then understandable but it says something like AIA reserves the right to cancel your portfolio if it decides to discontinue
Sorry, I still dont und you.
Deny your claim with the clause? blink.gif
You are from AIA right?
Can you explain this clause please. ohmy.gif
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They just say too many fraud case and strike out that claim direct shakehead.gif
SUSsupersound
post Apr 8 2016, 09:37 PM

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QUOTE(Ayrehn @ Apr 8 2016, 07:59 PM)
Think in your clients' shoes. They trust an agent with their life and when the company execute such clauses... no one else suffers except the client themselves.
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The insurance company won't execute the denial clause, but the humans working will.
Insurance company won't cheat you, but insurance agent will.
SUSsupersound
post Apr 8 2016, 09:46 PM

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QUOTE(Ayrehn @ Apr 8 2016, 09:45 PM)
Hahha. Now you're just making a fool out of yourself with such replies. I'm doing you a favor even by just replying.

God bless you.
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Well, when you are not facing any problem yet, you can laugh at me, but once you face the same problem like me, you will know how I feel during that time.
SUSsupersound
post Apr 8 2016, 09:58 PM

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QUOTE(Ayrehn @ Apr 8 2016, 09:56 PM)
Sorry ah. I am really trying to understand what you are facing and what denied happened.

Could you please elaborate chronologically?
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Denial of claim for operation, policy stated clearly can claim but on actual they use : too many fraud claims that's why it is removed.
SUSsupersound
post Apr 9 2016, 11:59 PM

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QUOTE(Ayrehn @ Apr 8 2016, 10:04 PM)
Sorry but because its too vague, i cant comment.

Best to open your policy again and reach out to the agent that you got it from and the company.
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Well, before I sign up, the agent says it can be claimed, but when I need to claim, he said too many fraud claims.
This is why an agent must know which company you are buying so that he can directly point that out and cheat you.
SUSsupersound
post Apr 10 2016, 12:01 AM

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QUOTE(MichaelTan84 @ Apr 9 2016, 07:23 PM)
Is there any trustworthy agents that's based in JB?
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Sure will have, if he will be sacked next month due to cannot hit any target at all by honestly telling victims that almost any claim can be overruled by 1 denial claim clause.
SUSsupersound
post Apr 10 2016, 12:12 AM

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QUOTE(leonard73 @ Apr 10 2016, 12:09 AM)
Mind to share what were the claim or under what circumstances your claim being reject in here or pm me...you have raised my curiosity ..
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Circumcision, Prudential policy few years back do accept this claim, infact it is seperated from other claims, stated clearly as long as you are doing it due to medical reason, it will be approved, that's the reason why I change from GE to Prudential. But when I needed to claim, the same jerk said it is not allowed anymore. That's why he is still driving a 30 years old Saga when he is working but when not working a Merc S-class rclxs0.gif
SUSsupersound
post Apr 11 2016, 12:35 PM

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QUOTE(IMBeta305 @ Apr 10 2016, 07:13 PM)
Why nobody discuss about Allianz Insurance here
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No agent here to cari makan, so no discussion.
SUSsupersound
post Apr 15 2016, 12:36 AM

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QUOTE(NightShadow @ Apr 14 2016, 05:59 PM)
sorry newb question, not familiar with all the jargon yet. what's an investment link plan?
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Investment plan usually are sure lose money plan.
Like if your monthly payment is rm200, rm150 goes to this, your medical benefits are at minimum of rm50, a semi government room rate also more than that already.
So don't buy investment plan at all, if you still think that insurance company will protect you.
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