Insurance Talk V3, Anything and everything about insurance
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 Jul 19 2016, 08:48 AM
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#1
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Senior Member
801 posts Joined: May 2010 
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Dear insurance people,
What is the difference between a basic and rider insurance charges? Some say they must have some healthy percentages between the 2 (50:50) or (60:40), but my policy has the rider (80%) compared to Basic (20%), is this healthy? |
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Jul 22 2016, 02:29 PM
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#2
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Senior Member
801 posts Joined: May 2010
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QUOTE(lifebalance @ Jul 22 2016, 01:58 PM) That's not entirely true, there are quotas to be met and if they fail to fulfill it , the licensing with that insurer would be pulled back. I have a friend who is also a freelance CFP, he advises and serves his clients with no bias to any products.When targets need to be met. These so called brokers will push for certain product and companies as well.  He speaks and listens to his clients' financial needs and help them to map out the financial goals which includes planning for their insurance and investment. When I am given a chance, I would also need a CFP to help me to provide me the best solutions that would suit my financial goals. My Insurance agent just know how to promote their products (ask me to buy another insurance plan as they realize top up of my current insurance plan will not help in getting them commission etc) and did not at all provide/guide/map me a long term financial plan and goals. This post has been edited by you90: Jul 22 2016, 02:30 PM |
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Sep 24 2016, 05:37 PM
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#3
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Senior Member
801 posts Joined: May 2010
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Insurance folks ,
Do you know the guarantorships account? There is one friend of me approach me to activate a guarantorships account to my existing policy of GE and he mentioned that it will generate a better cash value in future for my policy. This activation require no top on my existing policy. Anyone can advise whether this worth? |
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Sep 26 2016, 09:38 PM
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#4
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Senior Member
801 posts Joined: May 2010
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When you buy a ILP, The rule of thumb to choose ILP is to look at the cash values projected at the end of 30 yrs. If the cash value is zero at say 25th year, then you will have a tendency to top up.
How importance is cash value in ILP insurance? |
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Sep 27 2016, 08:23 AM
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#5
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Senior Member
801 posts Joined: May 2010
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Folks,
We all know for ILP, there will be a table showing how much the allocated premium vs the COI and then the cash values yearly. So, those policy which see at the 8th or 10th year, the COI is more than the premium, the cash value generated will then be used to cover the protection aka keep the protection running. Is COI> premium an important consideration to take note for an insurance? How about the cash value generated? Should we really take these into consideration? or the table is just for illustration only ? as COI and Cash value is unpredictable aka non-guarantee, and the value stated in the table mostly for illlustration? Hence the values might varied. Pls enlighten. Thanks. |
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Sep 27 2016, 08:49 AM
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#6
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Senior Member
801 posts Joined: May 2010
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QUOTE(lifebalance @ Sep 27 2016, 08:45 AM) It's just an illustration and it is subject to change in the future, it's just a guide to be used as an estimation as some insurance companies might give higher projection using higher % in return. The value of COI increasing every year is also estimated only? Do you see a healthy level if table illustrate COI>premium at the 8th Year? By then fund value shall use to keep the protection running and fund value is something non guarantee.Just get the things you need now Is this an important consideration? |
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Sep 27 2016, 10:13 AM
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#7
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Senior Member
801 posts Joined: May 2010
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QUOTE(lifebalance @ Sep 27 2016, 08:56 AM) COI is also estimated as no one would know in the future the changes and increase in COI. Meaning the figures stated in the table of the policy still can be used as a solid reference to see if COI > premium in a short period of time or not, right?Of course if COI is higher than premium in a short period of time will get the policy to lapse even faster. You should consider that part as well |
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Sep 27 2016, 03:12 PM
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#8
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Senior Member
801 posts Joined: May 2010
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QUOTE(adele123 @ Sep 27 2016, 11:05 AM) I’m writing with the assumption that you know what’s going on and I try my best to explain the situation. Hence, shall this COI > Premium over the years is an important point to be considered when choosing a policy?Say for Company A quote you RM200 per month and Company B quote you RM200 per month also and assuming exactly the same coverage, same category of funds being chosen (ie the fund value being projected has the same growth assumption, this is guideline set by bank negara, so the insurance companies have to follow). The only difference is the COI charged. So for Company A, at year 10, the COI will be more than the premium. As for Company B, at year 16, the COI will be more than the premium. At first glance, yes I will choose Company B, assuming no other information provided (cause you didn’t tell me other info), Company B’s COI looks cheaper than company A. (the best would be to sit down and compare COI year by year and also cumulative COI at every year) Without the above comparison, the information itself is just telling you, based on the projected charges and fund value growth, the policy may not sustain at this year, under this scenario. This can be due to you chose too much riders and paid too little premium. Maybe because this person is older, COI charges is expensive, etc… COI charges may be increase because of too much riders? I have a policy in GE and AIA which has these different scenario that you quote as an example. QUOTE So for Company A, at year 10, the COI will be more than the premium. As for Company B, at year 16, the COI will be more than the premium. |
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Sep 27 2016, 07:18 PM
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#9
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Senior Member
801 posts Joined: May 2010
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QUOTE(lifebalance @ Sep 27 2016, 03:18 PM) COI is different for each company as each of the product comes with different benefits which other company might not have. So, future changes on the COI will not go that far from the COI amount stated in the table, right?Still a reliable source to consider as one main factor considering buying a policy? |
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Oct 2 2016, 11:11 AM
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#10
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Senior Member
801 posts Joined: May 2010
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Hi guys,
Wonder about the if the situation below is eligible for claiming purposes? If the claimant is admitted to hospital under the Dr A, the claimant can claim full charges as per charge for hospital medication, treatment during his hospitalization. Once the claimant discharged from hospital (wthin 180 days he can claim as per medical schedule in the policy stated) ,however if he did his follow up( post hospitalization ) with another Dr B, can this follow up charges like medication, consultation be claimed too? |
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Oct 2 2016, 11:24 AM
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#11
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Senior Member
801 posts Joined: May 2010
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QUOTE(lifebalance @ Oct 2 2016, 11:16 AM) If the person wants to claim under Dr B, Dr A will need to provide referral letter and recommendation to the insurance company for the patient to consult Dr B from then onward depending on what reason you're changing the doctor. Thanks! Mean as long as can get a letter of referral and reason, then should be fine right, cannot simply go to another doctor because doctor A has been providing not a good service or so. As per the medical schedule stated, I believe most policy hold the same general schedule which includes: 1. Pre hospitalization diagnostic tests, medication consultation. 2. Post Hospitalization diagnostic tests (some policy did not state) , medication fees (some policy did not state too) consultation , physiotherapy etc? Those ' some policy did not state too' , will this be a gray area? How about a situation like this: 1. After claimant is discharged from hospital, he goes for follow up which require him to do screening tests again, will this be treated in pre-hosp or post hosp category? 2. Medication fees and physiotherapy, kidney dialysis are all must included in the schedule also right, coz these are under post-hosp treatment? |
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Jan 21 2017, 11:38 AM
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#12
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Senior Member
801 posts Joined: May 2010
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QUOTE(adele123 @ Jan 21 2017, 11:05 AM) Quick question, agents are allowed to represent 2 general insurance companies? YesUsually, they are the typically financial planner who represent a few insurance agencies. They might not be biased in giving out financial advises, just IMHO. This post has been edited by you90: Jan 21 2017, 11:39 AM |
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