Medical rates are hard to be determined, if you had 3rd stage lung cancer today, then perhaps a 1 mil hospitalization plan would suffice for a decent coverage.

The same can't be said 10 - 20 - 30 years from now on.

As time progresses you will constantly require to review your existing coverage.

What's important is to cover the present lifestyle from unforeseen circumstances instead of worrying too much about future planning.

With limited finances, you will never be able to achieve the perfect amount that you would like to purchase for your insurance.

Which is why it's important to get a proper insurance agent to understand your priority and assist you in proposing the right plan. Not hastily quoting a figure like a salesman.

Haha, thanks for your valuable inputs, with that i could roughly calculate my need!

For the AIA services, it change 4 times during my 10 years period (is that normal??). First one was good, subsequent one really no eye see. Second agent don't even know the business well. I believe she was fresh agent. 3rd one was not really responsive once he heard i change location to other state. Another issue was I was on credit card direct debit and call to stop the service, agent asked me go to their branch to fill and submit form manually. And they don't open during weekend.

Every company has their own service problem, but I am willing to explore to other service provider regardless of how good are them, at least i step out of something which i had unpleasant experience with.

As long as it has benefited you the thats great!

So for that, you need to check the Critical illness coverage terms and conditions. Inform your agent that you would like to have early to advance critical care. To claim the CI insurance it depends on the medical report your doctor writes, if the diagnosis/condition falls within the scope of the CI insurance, then the insurance will be paid out. It is NOT dependent on if you can work. The term income replacement is just an industry term.

The above quote does provide you with cash value so no, it is not burnt but understand this, the cash value serves as a function to the sustainability of the plan given the cost to insure your rises as you age however you will still be paying the same RM3,600 premium for years to come. Meaning for example at age 50, the cost to insure you is RM5,000 but the premium you are paying is only RM3,600. There is a shortfall of RM1,400. The insurance company will now use whatever cash value you have to offset the difference.

So don't listen to the hype about how Investment Linked Plan (ILP) can help you grow/save money as the cash value serves a different purpose.

Of course if for some reason you do decide to surrender your policy, you will be able to get back your cash value.


Best,
Jiansheng

Any idea how frequent should i review my plan?? maybe 3 or 5 years??

Frankly speaking my 10 year old plan only cover RM110k per annum, current now market is like 10x higher!!!!

Technically every 3 - 5 years is good or whenever you feel the need to review your insurance plan.

Now is a good time .

so it is agent's issue after all. then dont worry about that. we all are humans and cannot guarantee to serve whole life too. Most importantly you know which company you have your policy with then it is all good. so far i help my client to service their AIA policy, their customer service is ok to me. of course finding an agent that is willing to help most of the time is also important too.

if status change (married/having newborn/acquire new asset/etc...), then can review immediately. else once per year is the best of course. normally when i meet up with customers to have a casual makan makan also can do a review already.

Hmm

After reading the posts above. A question.
What if my monthly finances currently do not allow me to pay a premium that would have the suggested coverage of 10x annual. And etc.? What should I choose.?

I can only pay for coverage maybe just 1x annual income. . . . .

The most important thing is that you get a coverage that is affordable and fair to you for now. You can always increase it later.

Best,
Jiansheng

go for what you can currently afford then upgrade later after that when finance allows.

Hi,
Any comments on Tokio marine as an investment linked life\36ci\medic insurance ?
As compared to Prudential ?

Purely from a company standpoint.
Assume both agents are superb.

This post has been edited by IvanWong1989: Dec 10 2018, 11:34 PM

Getting correct agent is really important. If i not happy with any agent, I can contact the company to change to another one?

I really particular with agent. I met one financial planner few years back, she was super aggressive and even told how i must live my life, giving her my 10~20% of my monthly income for her investment product. I have phobia meeting agent since then

This post has been edited by Mightypc: Dec 11 2018, 09:26 AM

Are you sure you want to get investment linked product? Personally I am not a fan of such product from insurance company. Don't like being a fish on chopping board.

Then get a policy within your budget range

no comment

lol

then get term insurance, online plenty

no comment on Tokio Marine but of course it is still a well known insurance company in other countries. if wanna compare, best is getting the same exact plan benefits with the same premium, compare side by side both plans then see which is better (that particular plan only, not in terms of which company is better in overall sense).

sure is financial planner? lately even some insurance agents also called themselves financial planner. financial planner must always think on behalf of clients.

She quoted herself as financial planner. I think nowadays no many insurance agent called themselves insurance agent.
Look at those banks telemarketer, always say themselves are not selling insurance, but after listened to their plan at the end is asking me to pay a premium to get some protection.

Another nubz question.
Thank you all for answering my insurance doubts and QQ

Hmm. For coveragea and plan upgrades , is it really an upgrade whereby existing policy remains in effect. Coverage increases. And no waiting period needed.
And illness covered will be the same as existing policy.

Ummmm..I am not sure what upgrade means?

So when we talk about upgrade what it means is that your existing policy will get additional benefits ie: more coverage.

As to whether there is no waiting period depends on the offer.

Best,
Jiansheng

yea totally understand that. so long they dont put that title in their namecard then still no proof that she called herself financial planner. financial planner should work on what you wanna achieve, not pushing products.

upgrade means increasing/adding benefits to your existing policy. basically you can increase the coverage amount (life insurance/critical illness). of course it also depends on what plan it is. not all plans have the benefits that you want. best is tell agent everything that you want the insurance to cover for then see what agent can propose to you

You can't call urself a financial planner unless you've obtain the certificate as a CFP

your old policy will still run while you're processing for an upgrade, should it decline for an upgrade, you will still have your old coverage.

On whether there is no waiting period depends on whether there is any waiver given during the upgrade to the new plan

Any AmMetLife insurance agents around? PM me please. keen to know more about the medical plans you may have. tq!