Erm....
Honestly... I always think that term life is for dependents. If I don't have dependents.... I feel it is optional....
I feel CI is much more important to me.

However. I'm abit reluctant to get more. As I am reading cases of declines and etc.
If I sink a high premium high coverage but when needed is subject to company whims..... Im scared.

Or should I not?

Actually when planning for life insurance you should also consider Total Permanent Disability (TPD) as life insurance also covers that. So you need to think in the event of TPD, will RM50k be sufficient for you.

As for 36 CI as was proposed to you, do take note that when the term 36 CI is used it only covers the advance stages of the CI. A very simple example is cancer. Cancer is only considered a CI when it is malignant and is no longer carcinoma in situ (please refer to policy for actual wording). Don't be surprised if you are diagnosed with a 1st stage cancer and your claim is denied as it is not within the terms and condition of a 36 CI insurance.

So long you get the right advise and understand what you are being insured for you shouldn't worry about not being able to make a claim as insurance companies will carry out its duties based on the terms and conditions. Your duty as a client is not to misrepresent the facts and declare all material information during application.

So I ask again, why RM50k?

Best,
Jiansheng

This post has been edited by Holocene: Dec 6 2018, 10:46 PM

Because a premium of a few hundred bucks every month is not within my budget. So revise down and plan to upgrade later for tpd increase coverage.

At least that's the plan.... .. .

Ah~ You mentioned that CI is a concern for you, get the Prudential agent to include "Crisis Defender & Early Crisis Protector" instead of the normal 36 CI.

Another question, are you set to go with Prudential only?

Best,
Jiansheng

Nope, open. LOL

Stuff (A) - Since the Pantai Hospital bills can be claimed, by right Gleneagles one also can since under the employee benefit, it doesnt need hospitalization. must call and check again with the insurance company. Tell the customer service the scenario and ask exactly y the claim is declined.

Stuff (B) - Overall plan is ok so long you know the exact amount of coverage. any shortfall/insufficient amount can be topped up again when budget allows after that.

yes correct. meaning death due to non-accident 50k. if due to accident then will pay extra 100k

Now the issue is they have impose 40% loading at the same time lower my sustainable age, by doing so they are loading me twice and to me it is wrong, it must be load 1 time only.

check the policy contract document for the exact charges for each benefits given. of course the yearly statement for tax relief purpose also states the portion that goes to the life insurance.

yes. my understanding is they imposed loading. and after imposing the loading, the policy sustainability is reduced right? the loading is not imposed twice actually. it is the charges when age increases, due to the loading as well, it increases a lot at the end of the day thus affecting policy sustainability.

yes it is, so i am not wrong to say that insurer load twice and to me it is not fair unless you could tell me that they are both different thing.
You load me once that is already due to my cost of insurance is more expensive than others and then once again you say we have to lower the sustainability due to my cost of insurance again

insurance charges is one of the factors that affect the policy sustainability.

This post has been edited by ckdenion: Dec 8 2018, 01:52 PM

so can i say that after loading premium the insurer still factor in another charge, this is loading twice, or there is something that you miss telling in your explanation

what i mean is, since there is loading (meaning to say for your case company increase insurance charges incurred aka loading on your insurance charges), thus you need to pay more. meaning to say your insurance charges is higher compared to standard cases.

This post has been edited by ckdenion: Dec 10 2018, 01:34 AM

It should be insurance charges + loading on top of it.

There is no double charge

Hello guy, I am currently on my 10 years old AIA Flexi-premier income, CI and medical plan. The plan is too old and I would like to update it.

Just started surveying recently and find insurance is quite confusing thing. Need help for some advice on market rate and how much should i cover. I have no idea what "package" are available. I am non smoking male engineer aged 34.

Would like to explore other company than AIA (not really happy with their service )

Hope sifus here can shed some light for me to kick off my insurance shopping~

Here's something below to kick off your insurance shopping journey:

Life/TPD: The sum assured amount depends on your individual financial situation. If you have a lot of money and no debts then you might not even need any cover. A generic way of determining the sum assured is 10x your annual income. So have a think how much you need, list down your commitment and imagine if you lose the ability to work for life, how are you going to cover these expenses and what is the appropriate amount of cash at bank that you would need to continue living your life.

Medical card: Most companies offers annual coverage > RM1mil with no lifetime limit. Choose whichever that you find most appropriate.

Critical Illness: Understand whether you want to cover from early to advance stage or only advance stage. Critical illness insurance also known as income replacement insurance purpose is to as its name suggests replace your income in the event you are diagnosed with a CI. So imagine 1st stage cancer, maybe I take 1 - 2 years off from work for recovery, how much income do I need during that time of recovery?

These are the 3 items you need to do more homework on, the rest are Personal Accident (PA) and Waiver. PA, suggest you buy from a general insurance company. Waiver is up to you if you want, personally I'd advise you to put the money into CI if you're on a budget.

The best case scenario, which a client of mine did was line up interviews with agents from different insurance company then get them to pitch.

Whereas to your question to what kind of package you can refer below:

- Life/TPD: RM100k
- Early - Advance CI: RM100k
- PA: RM100k
- Medical card: R&B250: RM1.2mil, no lifetime limit
- Waiver

Note: the RM100k are all independent of each other. Meaning if I've claimed RM100k for PA, then subsequently claim another RM100k for CI then upon death another RM100k. So that's a total of RM300k claimed. Note, not all insurance company products are design as such.

Premium: RM3,600/annum

Again, this is just a very generic quote but you get the idea.

Do your research, when you're ready arrange interviews then decide which insurance company and agent can serve your needs.

🤓

Best,
Jiansheng

Best to get your financial need analysed to see what is best to propose for you.

Thanks for the crystal clear guidance! Really appreciate it.

For the CI, that's mean I have to specifically inform the insurer to get to cover early to advanced stage, else they will by default only cover advanced stage?
During the early stage of CI, presuming I am under treatment but I still able to work, so I will not be entitled to claim?


For the example you quoted RM3.6k/annum, all these premium will be burnt right?

hmm... not happy with AIA customer service or your agent? its really subjective when it comes to this. basically almost every company also got customers complain before.

Anyway back to topic, medical plan is quite common whereby the available plans in the market offer at least RM1million a year medical claims.

For life insurance, a simple rule of thumb is make sure any amount payout can settle all your outstanding loans and also provide your family a certain x years of income.

whereas for critical illness payout benefit also, make sure amount is enough for at least 3 to 5 years transition period or best is at least a 100 months of income (or can be 60% - 70% of current income).

it all depends on your needs. there is no fixed amount. so long you know how well the plan can help you then you are good to go.

I am having problem with getting the "market rate" of those fancy medical treatment. Say I touch wood i got a 3rd stage lung cancer, what's the medical fee range per year would be.

With the reliable info then i could estimate what i need. You have any idea where can I get those info?

Many thanks

There are terms and condition to fulfill when you are critically ill, you need to go through survival periods and certified by the doctor that you had critical illness.

Depending on the type of critical illness, if it fits the definition and eligible for the claim, there is no issue to payout the claim even if you're able to work provided there is no other terms and condition stipulated by the insurance company on the critical illness claim