Hello Sifus, would be grateful if you could answer some questions I have on insurance



Question:
a. If i want to add on to insurance (2), would they revise my premium since im smoking again? Do i have to disclose that i have started smoking?
yes you have to, since you want to add on, they will revised the premium also based on your current smoking habit.

b. Should i just terminate my insurance (1) since the coverage is so little?
dont have to terminate, looks like u can either increase the coverage or reduce the premium. have to discuss with your agent. insurance (1) is around 16 years which i think is good.

c. Should i be looking at term life insurance instead? with coverage of at least RM200,000, the premium looks affordable and i can just disclose that im a smoker without any worries.
so long as you know how term life insurance works, go ahead no prob!

d. Term life insurance says it does not cover pre-existing conditions. I dont have any BP/diabetes etc but i am diagnosed with arthritis and on medication. would this affect the policy?
have to apply and let underwriter to go through your case. if it is a pure life policy only shudnt be a problem. or perhaps will have loading on premium.


thanks in advance for your views.

Just now was quoted for medical card from Public Bank AIA.
I'm 27 yrs, not smoking and healthy condition price was at RM155.
My brother who was with me, he is 24 years, not smoking and healthy body condition, but was quoted at a higher price of RM166.

Is there any reason why some one with a younger age was quoted with a more expensive price. The agent also double checked and realize there was no mistakes keying in.
Can any master explain why this?? Because normally people say that the younger a person the cheaper the premium.

Hi all,
I have a question, my wife has a ILP with AXA Affin whereby she has purchased as class 3 occupation. Now that she have changed her occupation to class 1, can we redeclare and get lower premium rates or do we have to purchase a new policy ?

May I know is there any company that still offer PARTICIPATING life insurance products? Thank you.

Dear Sifus.

I have been “window shopping” for the past three months on behalf of my son. He’s 23 years (DOB: 3/10/94), non-smoker and works as Component Repair Technician. His monthly premium budget is RM 200 to RM 250. I am having headache on deciding the best plan for him. I have received various quotation from several insurance companies (Pru, PruBSN, HLA, Great. AXA Affin & Manulife)

I want him to have a medical card, 36 CI, life and PA. I am still undecided over IPL. Can anyone help me out by giving me criteria to look for? I only requested the B&R rate to RM 200. Can anyone help me out? Thanks

Any good medical cum endowment insurance plan out there? I am not interested in the medical insurance actually. I am just interested in the tax rebate and getting my money worth.

Hi.

I'm looking for medical insurance for my dad. He's 53 y/o & non smoker. How much per month i can expect to pay for him.

Thanks in advance SIFUs!

Wrestling or boxing not included, what about assaulted by criminal?
Like getting robbed or bullying

Well. As I said, I am not interested in the medical part. I just want to make sure that say I put 3k into a particular plan. I will be able to get more then 2480 plus interest after x number of years. Hope you know what I mean.

How to claim insurance? Need police report? Can claim how much?

The Great Eastern (i) IL Payer Benefit Rider and (ii) IL Payer Benefit Extra Rider, can one have (ii) instead of (i) and (ii) or need (i) and add (ii)?

I saw some online ads, cover insurance for both parent at around RM80 only, from 75 until 100 years age !

Is it per day and what will the coverage looks like ?

Hey guys, last week a financial planner submitted my info for underwriting.

He told me that I will have around 14 days to decide whether I wanted to continue the plan after I received my confirmation which I've received 2 days ago.

After some consideration, I don't really feel like committing to the plan as I have quite a few commitments on hand now.

Thanks for the info bro, I still haven't receive my contact yet.

Btw, there is something I'm really unsure about the life insurance + investment link.

The financial planner told me, the insured amount will remain in effect even after the policy has reached maturity, as long as there are some minimum amount of money left in the policy which is more or less half of the total amount paid.
policy reached maturity in general means the coverage term is complete and maturity value (final cash value in layman term) will be given to policy holder.

1) The policy term is 10 years, so I'll have to make consistent payment for the full 10 years
check whether it is stated payment term or coverage term? looks like for your case is payment term is 10 years (premium payable 10 years only) and coverage term is more than 10 years.

2) I'll still be eligible for the full insured amount as long as minimum amount of money is still in the policy. E.g. 50k is withdrawn out of 120k is fine.
investment link in general is as long as cash value still sufficient to deduct insurance charges, the plan will be still inforced (active).

3) I'm guaranteed the full insured amount after I pass away no matter how old I am
thats the basic sum assured for the life insurance plan.

4) On top of that, the money put into the policy will still continues to grow, quadruple if I don't withdraw anything in 30 years. I know it's speculative at this point whether I'll withdraw the money in those long period but just thought it's worth mentioning.
for this, need to see the cash value table to explain

Which comes back to the point, seems to be too good to be true especially the third point.

How is the insurance company supposed to earn any money if I'm guaranteed 5 times the amount of money I put in after my death and still able to get back the money i put into it with interests on top of all that???
just my guess here, you can only get back your breakeven amount after the 10th year. check your cash value table for details. meaning if you will like to surrender anytime before the 10th year, you might not be able to get back the full principal. confirm with the details in the contract document ya.

Anyone can confirm the correctness of this piece of information or there's something I probably misunderstood and is this applicable to all the life insurance as well?

Dear Sifus,
I would like to ask opinions regarding the insurance plans for me.

My portfolio:
33yo, Female, Single, Gov Doctor, Nonsmoker, No existing insurance/ medical card

My thoughts:
1. While I'm still working with gov, I would be covered by my GL for a 1 or 2 bedded rooms. And contrary to others, I would prefer to be admitted to Gov Hosp should anything happen to me (touchwood though!).
--> Thus, is medical card pretty redundant in my scenario?
nope, it will always act as a backup in case u need it.

2. But I do believe that once I leave the public service, medical card would be truly essential to cover my back then.
looks like you actually answer your own concern already

Options in consideration:
1. Investment linked insurance GE Smart Protect Essential
- medical card annual limit annual limit 900k/ no lifetime limit. Death / TPD - 100k. CI-50k. Room & Board : 250
- premium 400/mth
medical card with that annual limit of RM990k per year is with Room&Board RM150

2. Income protection insurance from GE as well + start investment linked with medical card rider after 10yrs from now
- For the income protection: Premium 700/mth, 10 years.
  TPD/ Death / 36 CI: 500k. Upon maturity at 20yr : projected cash value of 180k
- After paying endownment-like only package, only sign up for medical card at 40ish

** Can you guys comment on which option is better with pros & cons?
cant comment much because it serves its purpose for your needs. only if you discuss with a advisor,
from there you will know what you want and what plan benefits that you need.

** On average, for the same medical card benefit, how much is the premium difference between entry age of 30 and 40, speaking in terms of ratio?
for insurance charges of same medical card benefit itself is already 45% more.

** I do understand that with any investments, there can be only projected returns and these are affected by lots of factors. But on average & speaking of long term, do majority of the companies  achieve these projected returns & thus the cash value?
generally yes. best is to take an average, no advisor can guarantee on that. or u can ask for the investment performance record to see whether their past performance reached their forecast return or not.

Thank you

Something to clarify:

1. for GE SmartProtect Essential, the monthly premium will increase every few years?
subject to change with notice by the company. not guarantee though.

2. for the 20% co-insurance with no maximum cap if upgrade R&B, how if the R&B of my plan is not available and no choice but to upgrade? i have to pay 20% co-ins instead of 10% co-ins with a max cap of RM500 ?
once u upgrade R&B, 20% co-insurance with max cap RM3000.

3. can put gf/bf as nominee?
u can put gf/bf as nominee but still upon death payout, the money that they helped you to claim doesn't belong to them it still belongs to your estate.

Dear Sifus,

May I get your view about my agent. I have been with this agent since 2012, I have two policies with him, one for my kid (under my spouse name) and one is my personal one. One thing that irks me is that since last year, he only give one set of goodies for new year ie one diary, one calendar and one planner. Im thinking since I signed two policies, I should be getting 2.

It is not a big deal but it kinds of bothering me, because i could really use another planner, and pass the other calendar to my spouse. But I dont dare to tell him, he also now very scary haha.. i ask him to quote for me then he say he very busy.. i ask him about my current policy, then he just give me short form answers i dont understand but dont dare to ask

Any thots? 

aiyooo so generous holocene... thank you but i shy lah 
ckdenion, i guess im just wondering if it is a given that each policy is entitled to diary/planner/calendar or not. or is it up to the agents to decide what to give to whom.

I am on GE plan - ILP smart essetial 2 with sm150
reviewing my plan now and found that smx and sme is kinda conflicting..
smx is fine since it voids co-insurance but sme is very tricky and why its deducting back the sm150 ? so if its sm150 lifetime limit is reached... we need to absorb ourself the 90k payable portion ? why such as this ? this is directly mis marketing... its free but its not free.. like that..
are all insurance medic card same like this or there is better one ?

Morning

A friend of mine have introduce me Hong Leong Assurance medical card calls HLA Medishield 2 , which offers more than 2 million coverage .

But after read through the quotation he give me , there is a things calls Deductible , which mine is RM 120,000

Will there be any consequences on the claims if i were to switch to Hong Leong Assurance medical card ?

Kindly adviced

For ILP, the more riders there is, the lesser the investment portion. Is my understanding correct?

Morning

A friend of mine have introduce me Hong Leong Assurance medical card calls HLA Medishield 2 , which offers more than 2 million coverage .

But after read through the quotation he give me , there is a things calls Deductible , which mine is RM 120,000

Will there be any consequences on the claims if i were to switch to Hong Leong Assurance medical card ?

Kindly adviced

Pay first, company reimburse later

Any difference ?

Why want customer to pay first when the company can pay the bills in the first place ?

Why need to do double works just for reimbursement basis ?

Plus RM 120K is not small amount

Any specific Prudential plans that caters to women's illnesses and pregnancy?

If I revise my existing ILP takaful plan, will my comissions reset back?

This the amount that goes to paying the agents, etc... that should be lower over time.

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.

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?

planning to get medical card & insurance for my 4.5 year old kid, without saving plan. budget premium 100 per month. any advise pls?

Is there anyway to pay GE life premium ONLINE by CREDIT CARD ?
I've been paying life premium at the GE office all this while and I don't want to sign up auto debit.

I just checked GE website, no, they don't have a direct payment portal.
Pay via PBeBanking JomPay or pay direct to GE as a payee corporation in PBebanking ??
I have OCBC-Great Eastern Co-branded Master card and I can't even pay GE premium using my GE card via OCBC online banking, only CASA accounts are allow to pay.
Ironically, OCBC and GE are from the same group of companies.

[Great Eastern Insurance]

Q1
IL Hospitalisation Benefits Rider - Provides daily cash income should you be hospitalised.
^^ Is it only for Govt hospitals?
Govt hospital memang will give rm50 per day allowance. If u add for example RM100 to this rider, staying in private hospital will give u rm100 per day allowance and rm150 for gov hospital.


Q2
Provider Plus Rider - 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.

^^ This rider only makes sense if the Person Covered =/= person paying the premium, correct?
If it is the same person, this rider does not make sense! i mean, what premium is there to be paid if sudah mati?
cant comment as im not takaful agent.

Q3
IL Great Income Rider - Provides yearly cash income should disability occur to the life assured.

^^ Is this based on the last drawn salary, or not?
Based on the sum assured for this rider itself. So u shud tell ur agent how much u actually need and agent will put the amount in based on ur budget.


  Can any GE agents clarify on this please? 

Such irony ! Ocbc ebanking only allow payment from savings or current account. , more so it's own subsidiary co-branded credit card issued by parent company at the parent company's ebanking portal.

And the worst is GE don't even have it's own online payment portal. 

my father age 70, still available to buy medical insurance/card??

Are you guys serious? 

Why AIA having so many plans?
Very confusing.
Anyone can explain the A-Life Link vs A-Life MedBooster?
I want to buy Medical insurance. And also best if it is under rm3k for tax rebate.

Just a quick clarification on ILPs over term. Am I right to say that...
1. The pros is that for ILPs,  you can include/exclude rider (CI, Early CI, PA etc) at any time point, and to also increase/decrease the sum insured? Whereas if an individual has only term and is looking for CI for example, he/she needs to get a separate plan?
generally yes u can say so. What i can say is different plan serves different purpose.

2. I have read previously (couldn't recall where) that term premiums > ILPs. How is that so? As typically for ILPs, you need to pay higher premiums to cover both the investment  component and COI.
have to see what is the plan and its benefits first

I understand that it depends on the life circumstances but it seems that getting ILPs > term considering if an individual may need to increase the benefits/sum assured for life and would like to include additional riders in the near future.