This question pertain to Fire Insurance.

In determining the coverage, should it be based on the house market value,
or the cost of replacing damaged building?

It depends, are you using the property solely for investment purpose or own use?
If it is the latter, I would highly suggest that you cover the cost of replacing the damaged building because you need to replace not only the building but also everything within it. (i.e. you cant be just replacing the four walls and live inside it without any furniture)

But if solely for investment, I think market value is sufficient, unless you have something very important inside. PM me if you are interested or want to find out further.

Hi

Your fire insurance must be based on market value otherwise your claim will be pro rated.

Sure based on market value, You can insure higher but when doing claim, which ever lower applies. Also many factors will affect this and if you renovate without approval, the claim will be rejected.

Case 1:
Your property valued 200k, fire insurance is 300k, you're paid 200k only

Case 2:
Your property valued 200k, fire insurance is 200k, you're paid 200k

Case 3:
Your property valued 200k, fire insurance is 100k, you're paid 50k

Which would be advisable, ILP or standalone?

With budget, Long term, ILP

No budget, short term, stand alone

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.

Dear,

I totally understand. I want to point out that no annual limit, then there is a life time limit is misleading! No annual limit means unlimited annually! But there is a life time limit! Meaning annually its limited to the maximum of a lifetime limit! Which in this case its 1.5mil, 1.5 mil it self is a limit, how can there not be limit?

hey can i ask something, is there policy loan from insurance in malaysia? whats the interest rate like?

Your friend can still apply for insurance but subject to loading.

Means you pay extra 25% - 100% of the normal premium that people normally contribute to insure your risk.

E.g standard premium RM200, with loading, you might need to pay RM250 instead.

For insurance, there is, because it is depend on your sum assured. For example RM500/month covering RM200,000 life coverage, so RM50/month covering RM20,000 life coverage.

For medical card, RM50/month will be the lowest tier, something very basic with co-insurance, age limit low etc. It's like you get what what you paid for.
Yes, there is 2 version, with and without co-insurance.

To confirm, standalone comprehensive medical insurance plan would mean that the premium paid is considered burn/hangus? e.g. no accumulation of sum paid?

That, and how is 'standalone comprehensive medical insurance plan' different than other medical insurance plan? I do like the term comprehensive, but am not sure if it is any different than other medical card?

1. Yes, premium is directly offset by cost of insurance, no investment value involved.

2. for AIA, both are comprehensive, difference is with / without investment. Other companies might have different practice on the comprehensiveness.

It is strictly depends on how you juggle your mind, I would suggest you look at it from the angle of financial point to understand how insurance means for yourself.

Life insurance...you understand it quite well, it is to assist to cover expenses while insurer are promoted abroad or mind dead. If you can find source which provide in par return or more than this, basically you can ignore getting this.

Health/medical insurance
This is strictly compulsory must get. Do make sure it is really can 98% can cover when admission kicks in. Or most Malaysian preferred to raise donations when severe sickness happens. You can find many true stories from the newspaper easily or fb.

Most employers will provide this to their employees, main reason is tax rebate, 2nd reason, employees normal admission or die, all the expenses covered by insurance company, hence employer saving cost. On the other hand, employees feel better because got free medical protection.

Rich people must get this. Normally we hear rich people are scare to die, nowadays they are scare to sick. Because they are protected their wealth by will and they don't want to spend their money when they are sick. Example. They are paying 6k per year to cover 2mils annual limits at the age of 50. When he got sick after 20 years and need 1mil hospital expenses. They are covered and still earning.  6000x20=180,000 spent but untung 820,000. What if never claim before, then you should be joyful because you are healthy.

Actually TPD do included in life insurance.