Welcome to the new 2017 Insurance discussion thread Version 4.00

Created Date: 17th Feb 2017

If you have any questions on insurance, just ask the experts in this thread!

>>> Link to Insurance Talk V3!

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This post has been edited by roystevenung: Feb 19 2017, 02:53 PM

Finally 😀

Congrats on the new version.

No link to old threats?

Link to Insurance Talk V3

thanks Roy and other contributors!
didn't expect by name in the list too

This post has been edited by spreeeee: Feb 20 2017, 02:37 PM

Any Great Eastern agent here, can quote me a medical plan for following profile

37
Male
Non-Smoker

checking in!
I'm a cheapo here trying to build my own medical card by taking "just" medical card without investment link.
Found a "problem":- there's no standalone critical illness cover. So basically if one day i'm worried about critical illness, I'll need to find an investment link.

Also I have the chance to look at ILP vs non-ILP products premium. the exact same cover cost more for non-ILP. WTF!

Well most companies are moving towards ILP. The risk is that there is investment risk that your account value will be 0 before the projected tenure.

On the other hand the non ILP guarantees that you will be covered of that sum assured amount without worrying about any investment risk but don't expect any cash value return by end of the tenure.

Choice is yours to decide

Yes, it costs more now. 2-3 times more.
One way you can see it is the nett costs in the long term. You'll see that you actually paid less, with more coverage (life sum insured).
The other way you can look into it for a more detailed approach is to look into the medical insurance cost between standalone and ILP (COI).
I trust that you will find the COI for ILP is actually lower compared to standalone medical insurance. This is consistent across the industry.

So to sum up,
ILP covers more, the medical coverage costs you less, and it has the flexibility for you to add on CI coverage and many other riders.
Standalone sets you back less for now but the COI is higher, and it is not flexible.

Let me know if this has been clear and helped you in your decision.

Then it must have been a mistake that cheque of RM758k that I paid out to my leader's policy holder of over 20 years.

ILP has its merits, and the industry has made it very attractive at the price point.
The price for all of us to pay is taking on some of the risks involved.

However, if you have money, you must be crazy to deny traditional life policies.

This post has been edited by JIUHWEI: Feb 21 2017, 10:43 AM

There are some traditional policies in the past which participate in profit. So it depends on the product feature as well at that time

Bro, the same policies still exist right now...

Yes, ILP is a great structure, transparent, cost-coverage is amazing.

Maybe pay a bit more attention, put in a bit more necessary effort, get things right, and practice the ethics that you sometimes preach here for no reason?

I didn't even say that there is no product right now that doesn't participate in profit.

The main question that the person was asking was ILP vs non ILP.

I didn't say either one is better than another but laying out the pros and cons. What is the point you're trying to make?

Yes, if you want critical illness coverage, your options will generally be a traditional plan, or an investment linked plan.

Regarding your comment about the premium, it's hard to comment without looking at the specific details of the plans to compare.

Cheers,
Matt

sure. what is your budget?

can anyone suggest me, in neutral POV:

1) Which is better, insurance or takaful? I did my homework, I'm more towards takaful, however i would like to get others POV as well.
2) I'm looking for Life+Medical+Health+Critical Illness (like an all-in-one plan), with budget 300/month, is there anything like this?

My info:
1) 28 y.o. (will be 29 on Sept)
2) Non smoker
3) Male
4) Income: approx 60k annually

This post has been edited by KaD1GO: Feb 21 2017, 04:36 PM

Hi, KaD1GO,

Yes, it's definitely possible get a plan like you've described for RM300/month. May I also know your occupation type? e.g. Accountant, Doctor, etc.

Cheers,
Matt

I work as Network Administrator, IT

Hi bro

For you, Takaful is compulsory if you're Muslim. Opting for a conventional policy is a no no because of the Muslim distribution under faraid which conventional policy will not be able to help you pass 100% to the person you wish to gift.

You may consult your local life planner to get a professional advise.

Just had a look at GE's investment linked plan's cost structure. Dammit they're creaming ~5k off me over 6yrs!
Anyone know some company that doesn't cream that much off my bottom line? (don't spam names only - show me some figure. )