Pre-existing is pre-existing at the time of policy application? Or within the 1-2 year initial period?
At the time of application.

So for example if I buy policy A and B (different company) today and 5 years from now injure my knee playing futsal. I claim from policy A. That means I can no longer claim for knee complications in future from policy A. Does that also mean policy B cannot claim for further knee complications?
It doesn't work that way. Once you claim from policy A for knee injury, subsequent injuries to the same knee is also claimable. Works the same for both company A and company B policies.

Regarding employer insurance, the HR explanation was in terms of amount paid out to my next of kin, no mention of business losses. Is that common/true?
Yes this is on the part of the company's goodwill, expressly stated in your letter of employment/contract.
On the part of the company's relationship with its respective insurer, the relationship is to reimburse the losses sustained by the company. What the company wants to do with the money is up to the company, such as paying it out to your next of kin as part of your employee's benefit program/package.

3. Any benefit to getting life insurance on school-going kids who do not contribute income? Or spend same amount on primary bread-winners policy better?
If you have the budget for it, a final expense approach is good.
Otherwise, please insure the bread-winner first because the family's finances is depending on the bread-winner, not the school-going kids. In the case of losing the bread-winner, the school-going kids has the money to remain as school-going kids.

Anyone going for Music Run?

Racing Kit collection is this weekend!!

What's your age?
At RM6xx/pa, it's not realistic.

What's your concern with regard to having an agent to service you?

I'm sweet and young

Hi my name is Jiuhwei

If it is as you said, go ahead.

Yes, AIA does offer similar plan.

Can't agree more.

agent get a peace of mind.

If i give you main-main advice, i charge you peanuts lah. Main-main saja mah

But if you want serious advice, where you stick to it like bible and the plan works its promise like God's promise,
you think it's gna be few hundred ringgit and main-main saja kind of fees?
And not only that you will be seeing me annually (or more frequent) for revision.
Each time you see me it'll cost you for my time.

At the very least with the current structure, it is very rewarding for agents like me and many others here to take up professional certification as an added value service to our customers.
At what price? Free. We just take the commissions from your insurance products only.
Yet this pose as an issue in itself:
We give good advice at no charge, the good advice appears to be main-main only because you're not paying for it.
Same comes to claims advice (usually for general insurance).

I pernah experience offer to follow through with their claims, acting as a consultant.
But they still want to hire an adjuster to verify. So that's what they did.

Cost of hiring their own adjuster: RM20,000.
Amount claimed: Same as what was insured, which is also the same as what I fought for them with evidence provided.

End result: fully paid, but they buta-buta paid RM20,000 to an additional adjuster.
Who's fault?

My point is, with commissions there is no charge to the end user. The environment is less costly for the end user.
If we go by a fee structure, yes, the premiums will come down. But will it actually cost the consumers less?

Yes consumers can buy on their own. But then how much to buy? What are the features that would be a better fit for my portfolio? No agents will be dishing out free advice anymore.

Here's what I am wondering:

Some folks here are bashing about the low returns from insurance plans while simultaneously advising others to not mix up insurance and investments.

Let that sink in for a while.

Maybe, just maybe, that you might want to go to the banks and enquire about medical insurance with deductibles.

What deductibles mean is that you will foot the first.. let's say RM4k of each and every hospitalization. The balance will be covered by the insurance policy.

Here's my reasoning:

A deductible is what we call a sharing of risk between you and the insurer.
With that idea in mind, the premiums will be lowered for the simple reason that the first RM4k is taken up by yourself.

In point forms, here's my train of thought:
1. Lower premiums due to a deductible.
2. Your risk is capped at RM4k per hospitalization (and up to whatever annual/lifetime limits).
3. At age 68, premiums like 9600 is quite the minimal already, and sustainability of 10 years poses the question: what if she doesn't die by then? (sorry for the crude language due to a lack of effort to find better vocab)
4. Depending on how well you know her health condition, perhaps this may be what you can consider.

Should you find such a plan, maybe post up the details here for all to see?
I am sure there are many forumers here with the same concerns/situation.

I hope this helps bro.

This post has been edited by JIUHWEI: Oct 31 2016, 10:31 AM

Yes, I forgot to mention these plans don't usually last till age 100. My apologies.

I think the point of buying medical insurance is not on the room and board entitlement...
Not at all.

My personal opinion:
Direct channels made available offering pure protection plans would be bring a positive impact to both the consumers as well as the insurance providers as well as their respective agents.

Pure protection products would be targeted at the lower income group, which makes up the major chunk of the uninsured in Malaysia.
The standard traditional policies as well as ILP and Takaful equivalents would be better targeted and consumers and agents would find themselves in a better place where as consumers we all get better fitted plans for a more competitive price, and as agents, we get better customers and in more numbers.

Such move would drive the "secret agents" out of the industry, and directing the consumers and industry players alike in the right direction!

I say this is the way forward for everyone.

Aiyak, I apologize. I did not mean to imply that you're wrong or make you feel cornered.

But rather I wanted to point you in the direction that the emphasis is not on the room and board entitlement, but rather the big ticket items such as a surgical procedure.

Yes, we can go for higher r&b entitlements but is it really necessary?

I don't know about other companies, but I am from AIA and I know AIA offers a family medical coverage to include 1 husband, 1 wife, and up to 4 kids.

That is not true.

While conventional insurance schedule of benefits and Takaful can be tailored to be largely the same, the differences between conventional and Takaful really sets the two apart.

When we talk about insurance, we can't gravitate away from guarantees.
And the Islamic way of doing business is dealing with what is definite, profit sharing to name a couple.

Terms such as profit sharing is unheard of in conventional standalone medical insurance.
But this feature is available under Takaful standalone medical certificates (policies) for all Takaful certificate holders regardless of faith and gender.

In addition, what we know as Hibah cannot be contested in the court, not even the Syariah Court. The person whose name and IC is written in the certificate under Hibah will be the rightful receiver of the full sum, not subject to interest or tax of any kind, not even an inheritance tax should it be reintroduced in Malaysia, and it cannot be challenged, even if the receiver is of no relational or legal ties to the deceased.

Of course there are much more goodies that comes under Takaful plans, if we take the time to sit down and study it with our customers and/or insurance agents, planners, advisers.

I myself I am a Christian. I also buy Takaful products for the features

It's not a hard and fast conclusion that Takaful > Conventional Insurance.
With regard to nominations, there are certain safeguards in place under conventional insurance, such as the need for the signature of the trustee with regard to any changes to the policy such as a change in sum assured, change of named nominees, etc.

While some might see it as a hindrance and a hassle, but such measures do provide an extra layer of security.

This measure is not found in Takaful certificates, under the Hibah nomination.

So which is better really depends on what your objectives are.