Dec 4 2017, 04:47 PM
QUOTE(1tanmee @ Nov 30 2017, 10:07 PM)
Would terminating my current insurance plan (standalone medical card) makes it harder for me to engage with the same insurance company again in the future?
QUOTE(lifebalance @ Nov 30 2017, 10:18 PM)
Nope, but you will have to go through the waiting period again if you re-apply again and if you do succumb to any critical illness after you have terminated your existing medical card and then wish to apply again for a medical card then you may be rejected depending on whether the insurance company is willing to accept you or not.
QUOTE(rcantona7 @ Dec 1 2017, 01:27 PM)
Before you terminate your medical card you have to take consideration of the below:
1. Have u undergo any major surgeries before? Because when you want to reaply any pre-existing illness will not be covered and will be in the exclusion list.
2. If you surrender now the charges of premium will be higher than before you first purchase it.
IMO you should try to apply for a medical card which gives you cash value in return even if the premium is rm100+ more expensive than your current one. In term of 20 years, you will get nothing back from your standalone medical card and i believe the coverage has annual/lifetime limit. Where else with new ILP medical card you have higher limit with no annual limit and you can get back at least 40% of total premium back you paid after more than 10 years in the cash value.
All the above are very good and very valid concerns not only to 1tanmee, but many of us here as well as our family and friends. 1. Have u undergo any major surgeries before? Because when you want to reaply any pre-existing illness will not be covered and will be in the exclusion list.
2. If you surrender now the charges of premium will be higher than before you first purchase it.
IMO you should try to apply for a medical card which gives you cash value in return even if the premium is rm100+ more expensive than your current one. In term of 20 years, you will get nothing back from your standalone medical card and i believe the coverage has annual/lifetime limit. Where else with new ILP medical card you have higher limit with no annual limit and you can get back at least 40% of total premium back you paid after more than 10 years in the cash value.
Here's my input just to fill-in wherever that may be left unsaid.
First and foremost, when upgrading your medical insurance from an existing plan to a more current & relevant coverage, here are the questions you want to ask (much like when you first bought your medical insurance):
1. What are the waiting periods, contestable periods? What happens should a claim arise within those periods?
2. What are the potential differences in terms of amount covered?
3. What are the differences in the scope of coverage? (As the industry develops, there may be new clauses, new coverage, as well as new limitations)
Here are some things to keep in mind as well:
Any pre-existing conditions will be excluded. It is expressly disclosed in the product brochure.
However, it does not mean that you should not upgrade your medical coverage if your PEC is excluded, due to the fact that there are many other things that can go wrong with our health!
Work with your agent to go through your existing portfolio as well as the new offerings TOGETHER, so everybody is on the same page and well informed. Please make sure this is done BEFORE you go ahead and TERMINATE any of your existing insurance policies (life, pa, critical illness & hospital).
QUOTE(generate @ Nov 30 2017, 05:25 PM)
Hi,
I never thought about buying insurance. I don't think insurance is important. But I'm turning 35 next year. I've been thinking about a lot of things lately. Planning to buy insurance for me. I've been reading a lot about insurance for the past few weeks. Haven't decided yet.
So I'm seeking advice and input from agents and sifus here to help and guide me in making my decision.
My background:
34 years old
Male
Non-Smoker and Non-Drinker
IT Professional
Single
I'm not married and have no plans on getting married let alone to have children on my own. I do not provide financial support to my parents or siblings. In short, no one is relying on my income. That is why I think there is no point in me buying the life insurance. Well, I might be wrong here. I stand to be corrected.
I'm looking for medical and health insurance products focusing on protection. TPD + CI + Medical Card to be specific. As for the medical card, I'm leaning towards buying a standalone medical card.
Thanks.
Why not just go ahead and approach an agent? I'm sure you have at least 1 agent within your immediate circles! I never thought about buying insurance. I don't think insurance is important. But I'm turning 35 next year. I've been thinking about a lot of things lately. Planning to buy insurance for me. I've been reading a lot about insurance for the past few weeks. Haven't decided yet.
So I'm seeking advice and input from agents and sifus here to help and guide me in making my decision.
My background:
34 years old
Male
Non-Smoker and Non-Drinker
IT Professional
Single
I'm not married and have no plans on getting married let alone to have children on my own. I do not provide financial support to my parents or siblings. In short, no one is relying on my income. That is why I think there is no point in me buying the life insurance. Well, I might be wrong here. I stand to be corrected.
I'm looking for medical and health insurance products focusing on protection. TPD + CI + Medical Card to be specific. As for the medical card, I'm leaning towards buying a standalone medical card.
Thanks.
QUOTE(gbsters @ Nov 30 2017, 09:34 PM)
Hi all,
I'm thinking of changing my insurance plan from conventional to takaful. Currently I'm with Prudential PRU (life, medical and investment) with RM412.75 premium monthly.
Profile as below:
Male
Single
42
Smoker
Occupation: head of design
Salary: pm me.
Thank you in advance.
Hi gbsters, I'm thinking of changing my insurance plan from conventional to takaful. Currently I'm with Prudential PRU (life, medical and investment) with RM412.75 premium monthly.
Profile as below:
Male
Single
42
Smoker
Occupation: head of design
Salary: pm me.
Thank you in advance.
Unfortunately there is no way to just change from conventional to Takaful.
The reason is because conventional insurance and Takaful despite providing very similar services, they have very different framework (hence completely different entities to implement and regulate them).
The only way for you to make that "change" is to terminate your conventional coverage, and start a new Takaful plan.
However, before you do that, I encourage you to take a step back and look at your portfolio as a whole first.
You might just want to maintain your current policy with PRU for practical reasons, and make the relevant arrangements with Takaful operators (AIA Public Takaful, PruBSN, etc).
While I understand the sensitivities involved, I urge you to take my advice into consideration and speak to an agent to explore further on more viable options.
There are many ways that we can help you with your current predicament.
QUOTE(mushigen @ Nov 30 2017, 12:02 PM)
Would like to ask about insurance for shop lot (ground floor is rented out to a hp business, owners staying at first floor).
The value is about RM800-900k.
Currently, the insurance coverage is RM250k for the shop lot, with 24 * RM2000 (rental loss) and RM30k furnishing.
Questions:
1. Is there any guideline in increasing the coverage for the shop lot? It sounds too little to me.
However, the servicing agent says RM250k should be enough to rebuild the whole unit from scratch if burned down and insurance company will not pay anything more than the cost of building it, so I will just be wasting money if the coverage is increased even if the shop lot can fetch millions in the open market.
2. Is there any benefit in insuring the furnishing, considering the depreciation? In current coverage of RM30k, will the insurance company compensate me RM30k for the furnishing if the whole shop is burned down?
3. What other advice can you experts give? The renewal is due in Mar next year.
The value is about RM800-900k.
Currently, the insurance coverage is RM250k for the shop lot, with 24 * RM2000 (rental loss) and RM30k furnishing.
Questions:
1. Is there any guideline in increasing the coverage for the shop lot? It sounds too little to me.
However, the servicing agent says RM250k should be enough to rebuild the whole unit from scratch if burned down and insurance company will not pay anything more than the cost of building it, so I will just be wasting money if the coverage is increased even if the shop lot can fetch millions in the open market.
2. Is there any benefit in insuring the furnishing, considering the depreciation? In current coverage of RM30k, will the insurance company compensate me RM30k for the furnishing if the whole shop is burned down?
3. What other advice can you experts give? The renewal is due in Mar next year.
QUOTE(lifebalance @ Nov 30 2017, 03:46 PM)
You can take a rule of thumb of 5% appreciation in Asset. You may also get a valuer to value your property to find out what's the market value and insure 80% of the market value. 
It's important to make sure your insurance is sufficient otherwise if your insurance is underinsured then the payout amount is prorated.
Which end up you may be getting less from your insurance and not the full amount (250k) in this as you mentioned.
It's important unless you don't mind to buy everything again without the insurance money. 30k maybe a lot of money for just furnishing alone.
It's important to make sure your insurance is sufficient otherwise if your insurance is underinsured then the payout amount is prorated.
Which end up you may be getting less from your insurance and not the full amount (250k) in this as you mentioned.
It's important unless you don't mind to buy everything again without the insurance money. 30k maybe a lot of money for just furnishing alone.
QUOTE(mushigen @ Nov 30 2017, 04:13 PM)
Thank you for your clarification. As for market value of the property, can I just use a rough guide, say, how much the neighbour's unit is sold for?
To think that the current agent told us that insurance only covers the cost of rebuilding the property and not the land the building sits on.
Dear mushigen, To think that the current agent told us that insurance only covers the cost of rebuilding the property and not the land the building sits on.
Your current agent is correct. Your land doesn't burn down.
Should your property burn to the ground, your losses are still the cost to rebuild it, removal of debris, consequential losses (if any). In short, the physical structure of the building, not the market price of your property including the land.
I deal with residential properties, strata titles, commercial properties as well as factories. All are insured based on the cost to rebuild, not based on speculated market price for those properties.
Perhaps what you want to read this up: https://www.imoney.my/articles/fire-insurance-in-malaysia
Quote
Can any GE agents clarify on this please? 
, more so it's own subsidiary co-branded credit card issued by parent company at the parent company's ebanking portal.
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