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 Insurance Talk V4!, Anything and everything about Insurance

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ckdenion
post Dec 8 2017, 07:13 PM

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QUOTE(FreshGraduate @ Dec 8 2017, 06:48 PM)
Thanks @lifebalance @ckdenion

Oh and when I meant by term > ILP, it's the premiums. ILP annual premium is lesser than term is what I find interesting, an unusual case I would say.

And yes, I understand that different types of plans caters to different needs of the individual.

I'm currently looking at Allianz Powerlink if it helps. 25yo, non smoker, healthy.
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Hmm... have to look at the Term Insurance plan first.

Paging holocene for Allianz Powerlink
ckdenion
post Dec 9 2017, 11:03 PM

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QUOTE(FreshGraduate @ Dec 8 2017, 09:04 PM)
» Click to show Spoiler - click again to hide... «

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yeap ur understanding is correct and precise! thumbup.gif

QUOTE(it.fusion @ Dec 8 2017, 09:15 PM)
Smart Protect Max - https://ringgitplus.com/en/term-life-insura...#ReadMoreReview

I am looking to get this.. but the terms are rather contradicting..

""A lump-sum payment to your family when you die of natural causes""

Natural death.. does this cover any accidents as well ?
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not sure where the website get the info from, it does covers death for all causes.
QUOTE(Holocene @ Dec 8 2017, 11:02 PM)
Interesting catch. Let's hear from the representative as I am curious to know too!
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if got such catch then the product sure super jialat d. sure many customers kena "scam"


add-on: some info are quite inaccurate too. eg:
x Death Coverage Until Age 80 (it should be 30 years coverage term from the date purchased.)
x Option to convert to whole-life policy (no such option)

This post has been edited by ckdenion: Dec 9 2017, 11:10 PM


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ckdenion
post Dec 10 2017, 05:38 PM

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QUOTE(it.fusion @ Dec 10 2017, 03:16 PM)
** Still no clear cut on this..... GE shall be more transparent on their policy offerings by publishing policy exclusions.. etc of the policy.. seen this on some other insurance websites..

** and for option to convert whole life policy does exists for this plan..

c -> https://www.greateasternlife.com/my/en/pers...rotect-max.html
Conversion at maturity

At the maturity date of your policy, you may purchase a level sum assured Endowment or Whole Life policy, but not later than the year in which you attain age 80 years next birthday.
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ah thanks for that! i didnt even see this from its own official site. from official PDS dont have such clause to convert to other plan once mature. my bad! thanks for correcting! notworthy.gif

regarding the endowment/whole life policy offered at the maturity is upon company's discretion. as of now, looks like the types of plan is very limited too. hmm.gif

This post has been edited by ckdenion: Dec 10 2017, 05:53 PM
ckdenion
post Dec 10 2017, 10:37 PM

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QUOTE(lifebalance @ Dec 10 2017, 06:19 PM)
There was once I quoted on their smart medic benefit from their website which contradict from the agent PDS which caused an uproar in here.
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best to follow agent PDS as the website product brochure is not updated. this is what i noticed too. wouldnt blame u for bringing up the issue though.
ckdenion
post Dec 12 2017, 01:25 AM

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QUOTE(wilson1234 @ Dec 11 2017, 06:55 PM)
Hi, would like to ask GE agents. I have read this online.

What is the difference between Smart Medic Xtra and Smart Medic Xtra 99?
Smart Medic Xtra covers you until age 80 years next birthday. Smart Medic Xtra 99 extends your coverage until age 99 years next birthday. There are no additional charges until pass age 80 years next birthday.

I checked my policy is under SMX150. Is it nothing to worry as it maybe the different wordings under old policy and new policy? Is it 'automatically' get upgraded to SMX150-99? or should I insist my agent to make change on it.

Appreciate on comments what to do. Thanks.
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SMX is until 80 years old, SMX-99 kicks in from 81 to 99 years old. if ur policy does not have the SMX-99 and if you want it, you must ask your agent to add in. it is not automatically upgraded as it is an additional rider.
ckdenion
post Dec 13 2017, 11:38 PM

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QUOTE(rcantona7 @ Dec 13 2017, 07:45 PM)
» Click to show Spoiler - click again to hide... «

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hmm... this is for Singapore Treatment case. and yea for Singapore Treatment case, only Plan RM500 is applicable for cashless claims, plan lower than RM500 R&B is reimbursement claims. (Correct me if im wrong lifebalance)

btw, not all plans and companies are perfect. each has each others' strength.
ckdenion
post Dec 14 2017, 09:35 PM

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QUOTE(rcantona7 @ Dec 13 2017, 11:48 PM)
Yes indeed    you are right. Each have their own strength. I respect your point of view bro notworthy.gif. Almost all insurers overseas are reimbursement basis. Even our PRUmedic overseas, only that the within 90 days clause is exception for the rider. They cannot be cashless due to the charges will be reimbursed based on Malaysia`s few good hospitals rate for that particular illness.  Subject to Reasonable and Customary Charges.
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Yeap u r right. thumbup.gif for consumers who are worried of travelling and needed emergency hospital treatment, just ask them to find cheap cheap travel insurance to at least cover something.

QUOTE(lifebalance @ Dec 14 2017, 09:36 AM)
Morning,

Plan 500 is still based on pay and file a claim for overseas including Singapore but any excess charges in Singapore is claimable under the Booster policy which is not subject to Customary Charges.

biggrin.gif I believe all insurance company have this practice on Customary Charges, otherwise everyone is paying in MYR but want treatment in Singapore and pay in SGD, Malaysia insurance company will bankrupt oh, earn MYR but pay in SGD.

Meanwhile, I've pass the matter to LIAM to handle.
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I thought Plan500 is a cashless basis. Anyway thanks for explaining. notworthy.gif
ckdenion
post Dec 17 2017, 12:26 AM

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QUOTE(it.fusion @ Dec 16 2017, 12:36 PM)
Investment link life insurance..

got one query on the above.. if i pay rm300 for 1million coverage.. the agent mentioned that after avg 2x years plus.. there are high possibility for my police to lapse.. since insurance charges are higher than what available in balance fund / cash value on later age..

how true is this ?
And. what i tought before was if we keep paying one amount per month for lifelong.. the policy shall be forever active.. - not sure if this traditional or investment link policy..
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have to see the insurance charges from the product disclosure. and yea there is no guarantee that it will be enough to cover too due to non-guarantee insurance charges.

QUOTE(it.fusion @ Dec 16 2017, 01:02 PM)
Btw... are there still any traditional policies being offered by insurance companies nowdays ?
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yeap. most still offer traditional policies.

QUOTE(Mr.Weezy @ Dec 16 2017, 02:58 PM)
Hi guys,

Want to ask some ques here

Is depositing money into insurance company's savings plan (something like HLA Wealth Invest and GE Savings) a great way to avoid taxation of income ?

Let's say I received 600k from a friend, if I put this 600k into savings plan, will LHDN be notified of this big amount? Will the 600k be taxable ?

And will the yearly income from the savings plan be taxable ?

Please bear with my English ty
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if u deposit a big lump sum of amount into insurance plans, highly likely company will underwrite a few financial questionnaires.

QUOTE(rcantona7 @ Dec 17 2017, 12:17 AM)
Our PruAcciMed  reimburse expenses for
1. medical treatment, hospital confinement, or nursing services up to 104 weeks from the accident
2. traditional and complementary medicine practitioner ( a licensed acupuncturist / herbalist/ bonesetter /chiropractor) up to RM30 per visit and maximum of RM 300 per accident, RM1500 per lifetime within 90 days from the accident.
3. Can reimburse for Medsaver300 from this rider for hospitalization due to accident.
4. Overseas companion allowance
- Return ticket for 1 of the immediate family to visit life assured hospitalized in overseas for at least 10 days due to accident
- One way ticket for life assured to return to malaysia immediately after hospitalization.
5. Prothesis/ Wheelchair allowance.
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this is for accident cases? what about stroke like what icehart asked?
ckdenion
post Dec 17 2017, 03:22 PM

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QUOTE(rcantona7 @ Dec 17 2017, 12:42 AM)

if he meant traditional and complementary treatment
Only cover for accidental cause. Traditional and complementary treatment not covered for stroke

If for medical card yes we cover pre & post - 60/90 up to 1 million unlimited.
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ok thanks for the clarification!
ckdenion
post Dec 18 2017, 10:35 AM

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QUOTE(roy_zu @ Dec 18 2017, 08:38 AM)
What is the best medical insurance is currently out there?
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honestly speaking more or less the same. very similar benefits by various companies. as long as before u buy the one that u r looking at can take away your worries, then you are good to go! wink.gif
ckdenion
post Dec 18 2017, 08:53 PM

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QUOTE(Icehart @ Dec 18 2017, 07:08 PM)
For AIA, can I take the medical claims forward to AIA office if the agent is unreachable/contactable?
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yes u can! i have a friend whom agent dun wanna assist her in filing the claims (highly likely because agent is from other state). end up i brought her to AIA Plaza33 to settle her claims.
ckdenion
post Dec 20 2017, 10:39 PM

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QUOTE(OptimusStar @ Dec 20 2017, 12:52 PM)
I see so more riders means more cost of insurance, but then is this cost of insurance same through all the company ?

What i am saying if , company A has a plan with 5 riders , and company B has a plan with 3 riders, does it certainly means the premium is higher in company A?
Or can it be even with 5 riders, company A has a cheaper COI therefore when you add the total for 5 riders still can be cheaper or equal with company B  plan because the COI in company B is higher/more expensive.
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Different riders varies in cost and different riders from different companies also different cost. Every company operating cost is different.

QUOTE(watabakiu @ Dec 20 2017, 05:07 PM)
I am referring to same premium amount.
Would more riders = more commission?
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Based on premium. Lets say if ur plan is RM5k premium. One with 4 riders, One with 2 riders (assuming both are same type of plan, eg: ILP), the agent commission is based on RM5k
ckdenion
post Dec 21 2017, 11:51 AM

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QUOTE(hafizhans @ Dec 21 2017, 11:22 AM)
been using GE takaful for few years now
got baby incoming, thinking on getting medical card for the baby.
looking for combo father+child package less than rm300.

also, my current insurance got investment link,
if i change to others, is the investment can be transfer to new one?
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if u change to others, the only way is to cash out from your existing plan and put into the new one.

what do u mean combo father+child package? meaning one plan that covers both medical for father + child?
ckdenion
post Dec 21 2017, 02:32 PM

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QUOTE(hafizhans @ Dec 21 2017, 11:56 AM)
anytime can cash out or got certain period eh? need to read back my policy  sweat.gif

like family plan, purpose is to lower monthly premium.
if separately, myself 150 + baby 180 = ady 330
if no such thing then no choice la but to take separately.
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yeap anytime cash out. but your agent might not allow u to do so. cash out entirely and put into a newly bought plan. not beneficial to you too due to the waiting period of the benefits coverage. what agent might advise u is buy new plan first. the following year only cash out from previous account and transfer to the new one.

QUOTE(lifebalance @ Dec 21 2017, 11:59 AM)
Well you may consider the AIA family Plan that covers 2 Adult and 4 Kids if you plan to have a big family in the future
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hafizhans, what you are looking for is available in AIA. sorry to tell you that GE dont have family plan that you are looking for.
ckdenion
post Dec 21 2017, 02:40 PM

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QUOTE(seanlam @ Dec 21 2017, 02:36 PM)
when we pay extra > monthly premium, what happen to the monies, will be put into investment or ??
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it will be parked under a suspend account. the next premium due then company will allocate the extra paid amount then you only need to pay the balance on the next due
ckdenion
post Dec 21 2017, 03:16 PM

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QUOTE(hafizhans @ Dec 21 2017, 03:11 PM)
every year, my friend with prudential got planner/book from their agent.
i never got anything from ge except for yearly financial report.
sometimes it makes me wanna change to other insurance due to this thing lol  biggrin.gif
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most importantly when you need ur agent's service, ur agent is there. yea having the planner/book is something extra. you request from your agent. its ok one. perhaps your agent got do other things that other agents dont do leh? whistling.gif
ckdenion
post Dec 22 2017, 10:36 PM

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QUOTE(MeToo @ Dec 22 2017, 05:59 PM)
Got quoted Life Insurance & TPD

Insured Amt : RM800,000
Period : 21 yrs
Annual Premium : RM3700

Surprised so cheap... likely gonna get it unless somethign more value for money comes along...
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considered a very good deal. very straightforward plan.
ckdenion
post Dec 26 2017, 05:49 PM

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QUOTE(willwen @ Dec 25 2017, 05:52 PM)
Hi,
I already have medical card (under investment linked) which I think can cover for the next 10 years.
But my agent will once in a while try promote upgrade to me saying hospital charges are going up. Maybe in 30 years time the hospital charges so high my cover won't be enough.
So is it more cost effective to buy the highest coverage I can afford now or wait until the right time only upgrade (i.e. gradually upgrade)?
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its agents job to keep promoting you the latest plan they have. anyway there's no cost effective way i will say even if you upgrade now or later. most importantly you already knew what you have now and how to manage the risk involved. the only factor is whether do we have the health to upgrade or not in the future. this is the only concern all of us have and also the only reason to upgrade asap. wink.gif

QUOTE(willwen @ Dec 25 2017, 06:17 PM)
what if I am good in savings and investment? then wouldn't buying term insurance be same or cheaper than investment linked plan? when premium increase I just pay from my own managed savings.  For ILP, the insurance charges come from the forced savings (investment units) which may not be enough anyway in the future if the fund didn't do well.
from what I can understand, in both cases, the insurance charges always increase with age (correct me if I am wrong). ILP = term insurance + forced savings (+ agent commission?)

but of course, like you mentioned, term insurance is not guaranteed renewal....
unless got any company offer guaranteed renewable term insurance ???
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are u just referring to term life insurance? actually can buy those term that covers u up to the age you need. not sure whether which term insurance are you referring to which is not guaranteed renewal. mind to share?

QUOTE(willwen @ Dec 25 2017, 06:32 PM)
yalah, step 2 is where the agent usually scare me about 20% annual inflation and why I need 1 million annual limit....

Ignoring budget, I think I only need to upgrade when my cover is not sufficient for present needs.

I see no point to over coverage (in anticipation of $1 million hospital bill in 2047) even if my budget permits, unless you guarantee that I can lock in a lower premium now. But as far as I understand, the insurance charges will always go up with age anyway, no matter when you start, so I don't see the point of buying into high limits so early. That's my perception... open to debate...
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true enough that insurance charges only increases because we age. the only point of upgrade early is to make sure we have the health to do so. thats the only point. other than that, i also dont see the point of buying high limits at earlier age.

QUOTE(watabakiu @ Dec 26 2017, 11:14 AM)
"Great Eastern: i-Provider Plus Rider" refers. My Benefit Amount coverage is for RM2,400

Says here that "i-Provider Plus Rider is a unit deduction rider in which future contribution will be paid from the Tabarru' Fund in the event of TPD or critical illness on the Person Covered , whichever occurs first."

Does this mean that:

1) Future monthly premium payments need not be paid?
yes in the event of TPD or dignosed critical illness

2) Is it throughout the policy years, or until it reaches RM2,400?
have to check the term of coverage for this benefit itself. not sure agent put how long term for you
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reply in blue wink.gif

QUOTE(willwen @ Dec 26 2017, 12:02 PM)
» Click to show Spoiler - click again to hide... «


sometimes I wonder if it is a vicious cycle... hospital charge higher because insurance can cover, then insurance company increase premium because the charges are increasing, and so on...
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true enough. hope "some" technology can solve this inflation charges thingy
ckdenion
post Dec 27 2017, 12:27 AM

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QUOTE(watabakiu @ Dec 26 2017, 06:58 PM)
[attachmentid=9458357]

In the 'Benefit Table', says that the terms is for 66years. Benefit amount is RM2,400, with no annualized contribution, extra mortality and Loading.

Based from your reply, this means that should TPD/CI happen, I no longer need to pay my monthly commitment. So it means it'll continue on until I reach the term end?
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if thats the case meaning from the age you signed the policy, this benefit will cover you for 66 years based on RM2,400. and yes u r right. should TPD/CI, RM2,400 will be paid by the company. still you are still subjected to the risk of RM2,400 will not be enough to cover future cost. meaning if company required you to top up, RM2,400 will be born by company and you paid the top up portion.
ckdenion
post Dec 27 2017, 03:18 PM

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QUOTE(willwen @ Dec 27 2017, 10:18 AM)
I was referring to medical insurance, which I was told term insurance is not guaranteed to renew once you are diagnosed with illness.
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for medical insurance (guess you were referring to standalone medical plan), as long as the plan is not lapse, it is guarantee renewal already. make sure after diagnosed with illness (major ones), you dont lapse the plan.

QUOTE(watabakiu @ Dec 27 2017, 10:52 AM)
So basically what it means is that Great Eastern (GE) commits to paying RM2,400 (being the annual premium) - but the policy may still lapsed should this payment could not cope with the increasing CoI?
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yeap u r right. it is same as if u urself committing to pay RM2400 yearly and in the future lets say touch wood due to insurance charges hike and current premium & existing cash value is not able sustain, company has the right to ask u top up.

QUOTE(watabakiu @ Dec 27 2017, 11:09 AM)
Is it possible to have my ILP assigned to my spouse (what's it called, policy owner??) but the life insured is for me?
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yes u can. it is same case for spouse is the policy owner, and life assured is ownself. can actually assign it this way when you sign up for the policy.

QUOTE(watabakiu @ Dec 27 2017, 11:30 AM)
But the crux of the matter is that, it can be done? I.e. can have separate policy owner and life insured? And later on, the policy owner may assigned back the policy to the life insured?
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yeap it can be done. policy owner can assign back to life assured too in the future.
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