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 Insurance Talk V4!, Anything and everything about Insurance

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JIUHWEI
post Feb 21 2017, 10:26 AM

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QUOTE(chrisderick88 @ Feb 20 2017, 11:09 PM)
checking in!
I'm a cheapo here trying to build my own medical card by taking "just" medical card without investment link.
Found a "problem":- there's no standalone critical illness cover. So basically if one day i'm worried about critical illness, I'll need to find an investment link.

Also I have the chance to look at ILP vs non-ILP products premium. the exact same cover cost more for non-ILP. WTF!
*
Yes, it costs more now. 2-3 times more.
One way you can see it is the nett costs in the long term. You'll see that you actually paid less, with more coverage (life sum insured).
The other way you can look into it for a more detailed approach is to look into the medical insurance cost between standalone and ILP (COI).
I trust that you will find the COI for ILP is actually lower compared to standalone medical insurance. This is consistent across the industry.

So to sum up,
ILP covers more, the medical coverage costs you less, and it has the flexibility for you to add on CI coverage and many other riders.
Standalone sets you back less for now but the COI is higher, and it is not flexible.

Let me know if this has been clear and helped you in your decision.

QUOTE(lifebalance @ Feb 20 2017, 11:19 PM)
Well most companies are moving towards ILP. The risk is that there is investment risk that your account value will be 0 before the projected tenure.

On the other hand the non ILP guarantees that you will be covered of that sum assured amount without worrying about any investment risk but don't expect any cash value return by end of the tenure.

Choice is yours to decide
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Then it must have been a mistake that cheque of RM758k that I paid out to my leader's policy holder of over 20 years.

ILP has its merits, and the industry has made it very attractive at the price point.
The price for all of us to pay is taking on some of the risks involved.

However, if you have money, you must be crazy to deny traditional life policies.

This post has been edited by JIUHWEI: Feb 21 2017, 10:43 AM
JIUHWEI
post Feb 21 2017, 10:41 AM

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QUOTE(lifebalance @ Feb 21 2017, 10:30 AM)
There are some traditional policies in the past which participate in profit. So it depends on the product feature as well at that time
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Bro, the same policies still exist right now...

Yes, ILP is a great structure, transparent, cost-coverage is amazing.

Maybe pay a bit more attention, put in a bit more necessary effort, get things right, and practice the ethics that you sometimes preach here for no reason? shakehead.gif
JIUHWEI
post Mar 6 2017, 10:18 AM

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QUOTE(miracle80 @ Mar 5 2017, 11:46 PM)
Hi, i am currently reviewing my policy...my policy details as follows;

Medical card - Annual Limit: 100k, Lifetime Limit: No
Critical Illness - Coverage: 100k
Critical Illness cum PA - Coverage: 30k

Monthly Premium: RM300

Is there any possibilities to have better coverage with the same amount of premium with latest policy offer?
Kindly PM your proposal to me, thanks.
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Instead of getting a new proposal from strangers here, perhaps a better route for you to take is to revisit with your existing agent and explore an option to top up or to upgrade on your existing policy.

What do you think? hmm.gif
JIUHWEI
post Mar 6 2017, 10:27 AM

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QUOTE(SGSuser @ Mar 1 2017, 05:19 PM)
oh i must have missed it sweat.gif

aia's one increase is effective january this year? or also april?
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AIA's medical repricing is effective January 2017.
The affected portfolio are: Standalone medical policies sold and bought before 2013.

If you are among our affected policy holders, kindly contact your respective agent and ask them about two things:
1) a guaranteed issue offer (GIO)
2) medical repricing revised amount.

ILP portfolio are not affected.
Standalone medical policies sold and bought between 2013 till now are not affected.

JIUHWEI
post Mar 7 2017, 11:45 AM

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QUOTE(heavensea @ Mar 7 2017, 03:48 AM)
Hi all, I want to know what's the "meaning" of Conventional Critical illnesses plan, due to:

1) can only covered or payout compensation for "very critical stage" of illnesses such as cancer at stage 3.

2) for early stage illnesses (like cancer stage 1/2) the insurance holder still need to pay the premium until like forever?

3) as I know, 3rd stage of cancer is very gg already... what's the meaning of such coverage that can only be activated at very critical conditions?? Insurance holder still need to fork out money to pay the premium even though the buyer had already sick but without any insurance compensation at all???

Pros side:

1) surrender value ada in the future.
2) both of premium and surrender value is increasing according to longer time the holder still pay the insurance. But of course, the value cannot exceed simple investment products because CI is offering protection.

Contrast side:
1) surrender value? For what? The premium holder gonna surrender it during he/she is very old which means grater possibility of "get sick/die"???

2) CI offering protection?? With 0 compensation at early stage of illnesses=protection?? It sounds like PI that "only bayar" when insurance holder died or "dying aka nearly died"...

Lastly I just want to seek for opinion what's the meaning/point to keep such conventional CI plan? Everyone telling me this CI plan is best because insurance company do not selling such/similar plan anymore.

But I dislike the "3rd stage cancer" part so much... what's the meaning if insurance holder sick but "not too sick yet" and he/she still gonna pay the insurance premium until like forever?

This sounds kinda absurd in my shallow opinion, please enlightens me. Thanks and good night. smile.gif
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From what I can extract, your CI plan:
1) is a traditional participating policy
2) covers life and critical illness
3) increasing sum assured up to a certain age (60 and so on)

Lastly I just want to seek for opinion what's the meaning/point to keep such conventional CI plan? Everyone telling me this CI plan is best because insurance company do not selling such/similar plan anymore.
Not true. Such a product is still available.
The only difference is very few agents are still selling traditional life products, frankly because it is difficult to understand, and it isn't as transparent as ILP due to the fact that participating policies participate in the P&L of the company.

However, if you're around 30-40 years of age, young family, you might want to consider such a plan.
1) the sum assured for life and CI increases along with your age (up to 200% of your sum assured).
2) the long term savings in your policy takes on a lesser risk compared to ILP
3) dividends declared are guaranteed to you
4) GST zero-rated so you don't pay any GST on your CI benefit charges.

But I dislike the "3rd stage cancer" part so much... what's the meaning if insurance holder sick but "not too sick yet" and he/she still gonna pay the insurance premium until like forever?
The purpose of buying insurance is usually a result of wanting to plan for our finances and that of our family.
It requires a certain responsible character to take up the policy and afford its upkeep.
So since you have already decided to put certain plans in place, why not pick up the early critical illness coverage as well when you have this concern?
Either you keep the few thousand ringgit in your bank account, and you're bound to spend it; or you put it into the coverage that your family finances requires of you. It's your money anyhow.

This post has been edited by JIUHWEI: Mar 7 2017, 11:47 AM
JIUHWEI
post Mar 7 2017, 12:31 PM

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QUOTE(jutamind @ Mar 7 2017, 11:56 AM)
Is there any insurer in Malaysia that provides insurance for income protection? One example that I saw is Pay Assure from GE Singapore
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Here's something for your reference:
GenNext <<< Click
JIUHWEI
post Mar 17 2017, 06:02 PM

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QUOTE(jojoe @ Mar 16 2017, 02:52 PM)
can someone suggest investment link insurance for
36
male
non smoker

~monthly rm250
my current policy been very long time and i think i should update it with the current latest offer.
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You definitely should update it with the current latest offer.
However, kindly check with your current agent on the options available to your current policy. thumbsup.gif

It's definitely not gna cost less than RM250/mo additional premium.
JIUHWEI
post Apr 22 2017, 09:56 AM

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QUOTE(arilrifter @ Apr 21 2017, 11:18 PM)
additional info, just in case u find it helpful.. ive already admitted twice, once for some mild infection, and second one for sinusitus.. total claim around 19 k.. my monthly premium as of now rm 179.. will it affect anything.. I am already paying for 2 additional medical card for  my wife. RM 79 premium zurich takaful standalone.. and a recently purchased PRUBSN with RM 270 preium monthly.. will cancel the zurich in 6 month maybe.. so asyou can see.. kinda drowning with medical coverage.. only i feel that my own coverage will be inadequate
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You should go to a branch with (or without) your agent to inquire on the upgrade options.

Usually what I do with my investment-linked portfolio is this:
I propose to them to upgrade on medical coverage, and how much additional it will cost them.
They answer a series of health questionnaire and submit it for underwriting.
This is usually possible with an investment-linked policy.

Relevant to your case there should be a medical examination where you go to a panel clinic to do a medical exam.
The report from that medical exam will be sent directly to the company.
Depending on the medical report from that exam, the company will either 1) approve, 2) approve with loading, 3) approve with exclusion, 4) decline.

JIUHWEI
post Jun 16 2017, 10:41 AM

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QUOTE(spiderwick @ Jun 15 2017, 05:44 PM)
Hey guys, I need some advices here..

I have been paying a life insurance since 2009 at 3.5k for a coverage of 100k for death, total permanent disability and 36 types of illnesses.

now the coverage has increased to 120k.

I'm 35 this year. I'm thinking whether it's worthwhile to continue to pay this anymore as I have another separate medical card. in the medical card, there is a separate amount for life etc too. I'm in the midst of checking with my agent.

My friend who bought another medical card insurance later than me, have a coverage of the above as well but way cheaper and with medical benefits.

Thank you for your advice.
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I have been paying a life insurance since 2009 at 3.5k for a coverage of 100k for death, total permanent disability and 36 types of illnesses.

now the coverage has increased to 120k.

This sounds like a traditional critical illness policy. The coverage increases as you age and your premiums should participate in the company's p&l, sharing into its dividend payments (to you) on top of some basic cash value, and some terminal bonuses to be accumulated throughout the years.

Myvi is a compact car, so is suzuki swift, and Mercedes A series. They all serve the same purpose.
However, the price difference is huge! How is it that we still see Mercedes A series around?

They all come with different features and unlike the Myvi, the Merc A commands some attention in different departments (compensating perhaps? laugh.gif )

Your 2009 policy is a Merc A.
The one your friend bought might be a suzuki swift (most probably ILP).

It comes back to the question: what is your financial goals, and what is your objective to buy an insurance policy?
The features in every type of policy differs. It is not the question whether the policy is "good enough" but rather how well the features and benefits of the policy complements your goals and objectives!

You are the captain of your boat. Are the sails catching the wind at the right angles and moving you in the direction that you are going?

JIUHWEI
post Jun 28 2017, 12:20 PM

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Hi guys, I'm a life planner.
Yes, with AIA as well.

I'm sure many are here for advice, for options, sometimes even alternatives, all with regard to personal insurance and hopefully some insight into an important chunk in our finances.

I have used this forum as a "training ground" for myself, attempting the many questions and scenarios that the contributors here have so selflessly shared. Among them, I have learned a lot from mainly roystevenung from Prudential.

While it is true that I have also acquired some opportunities from forumers on this thread, I believe my real worth (and many agents soliciting business here) extends beyond just a cheap medical card, and my role in my customers lives goes much much further than the process of helping them acquire their insurance policies.

Yes, personal finance can be a sweet ride when done adequately. Yet the ramifications are unimaginable if ignored, especially to our immediate family and others that hold us dear to their hearts.

While the consequences may sound scary now, I believe it doesn't come close to capitalizing on others' fear of the future now.

Maybe we want to elevate our industry from selling fear to selling financial management, and above all things valuable, our service.
JIUHWEI
post Jul 7 2017, 01:43 PM

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QUOTE(clickNsnap @ Jul 6 2017, 07:45 AM)
Assuming no lapses for the standalone policy...

Insurance company cannot "reserve the right not to renew the policy". ....This apply to ILP medical card, does this apply to non-ILP, standalone medical card from life insurance companies, such as Prudential, GE and AIA?

Just would like to find out same application for standalone policy.

Btw, will the insurance company add loading to the premium in the next due date, once we made claim with the medical card?
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Assuming no lapses for the standalone policy...

[b]Insurance company cannot "reserve the right not to renew the policy". ....This apply to ILP medical card, does this apply to non-ILP, standalone medical card from life insurance companies, such as Prudential, GE and AIA?[/B]
I don't know about others, but I can speak for AIA & AIA Public Takaful.
For as long as you pay your existing medical insurance premiums upon each renewal, you will be covered up to whichever maturity date as stated in your policy.

Just would like to find out same application for standalone policy.

Btw, will the insurance company add loading to the premium in the next due date, once we made claim with the medical card?
No it does not work like this for individual policies. Should there be a hike in premium above and beyond the scheduled premium rates, it is an across the board hike, just like what we all experienced late last year till earlier this year.
Your claims will not affect your own individual policy rate (limited to medical ins. bought from and sold by life insurers).

*Insurance is a game of large numbers. There will be pools of funds catered to meet the claims. Unless the actuaries screwed it up, the premiums collected will never ever be less than the claims in any one year.
JIUHWEI
post Aug 1 2017, 12:29 PM

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QUOTE(flintbatu @ Aug 1 2017, 11:58 AM)
Hi sifus,

Would appreciate kind advise on my situation

Male, 48 years old, non smoker, class 1 occupation

Current plan:
Prudential medical card participating
Board RM150
Annual limit: 50k
Lifetime limit: 1 mil
Deductible: RM300

Life: 50k
CI: 40k (early crisis defender) , 40k (late stage)

Current premium: RM290

I was offered to upgrade to no lifetime limit, annual limit of 1 mil and others remains the same with additional payment of RM110 (up to 80 years old) and another option to 70 years old at RM80.

My question is that any difference between 70 and 80 years limit besides the cost? Any input would be appreciated.

Thank you in advance.
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Just take it. Up to age 80.
JIUHWEI
post Aug 3 2017, 11:14 AM

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QUOTE(flintbatu @ Aug 1 2017, 01:47 PM)
Thanks Jiuhwei for the prompt advise.

You mean that even if I choose the plan up to 70 years, which I can save RM30/month, it's still better than the plan up to 80 years old?
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Not to say better or not.

But the fact is that between 60-80, that's when people usually retire and discover all sorts of conditions that require medical attention.

So I am encouraging you to take up the longest possible you can get.

That being said, yes, there are plans that covers up to age 100 in the market now.
However, it will cost you quite a bit to take it up as a new application.
If cost is a factor, then just take up to age 80.
JIUHWEI
post Aug 5 2017, 08:03 PM

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QUOTE(Hornet @ Aug 5 2017, 05:06 PM)
Hi all,

I am in my 30s and currently thinking of investing in a health insurance for long term, that is until old age.

Thing is I'm clueless in health insurance. So many options out there and I don't know where to start.

So anyone knows if there's any Malaysia website that can guide us through all the details of health insurance, like what all these stuff means, and how to find what is suitable for us?
*
Here you go bro:
http://www.insuranceinfo.com.my/
JIUHWEI
post Aug 7 2017, 05:49 PM

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QUOTE(nyuc @ Aug 6 2017, 08:06 PM)
Hi guys,

Need your opinion - "will you pay for RM14K+ annual premium for medical insurance that cover your parent up to 99 years old?"

My father's GE medical policy has just ended at age 70. After series of medical checkout, GE loaded 1x of the benefit premium for R&B 200 which cover up to 99 year old with unlimited lifetime limit.

The 1x loading cost RM14K+ annual premium, with the increase every 5 years.

With such a steep premium, will you take this up for peace of mind?

Thanks in advanced for your feedback.

Cheers!
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Most medical insurance available now is offered to those up till the age of 69 (before his 70th birthday this year).
I don't know about others, but AIA & AIA Public Takaful do.

I'm not discounting the fact that it is quite a high premium, but I want to urge you to not take the risk on your own.

Yes, there is a chance for your father to stay healthy into his final days.
Then all the premiums paid would feel like a "loss".
Yet, there is also a chance for the unfortunate.
If only we knew, right?

So now your situation is such that there is chance to "save money".
But in doing that, we are risking a "great loss".

I assume that the money potentially to be paid for premiums (14k+annual premium) will be invested for capital gains.
So what is the expected potential compounded returns from this "investment" over the next 5, 10, 15 years?
If the losing the invested amount [(14k+AP) x 10 years] over a 10-year period will cripple your family's finances, then don't buy.

If it doesn't, then I think exchanging the premium amount for your father to rest with dignity is worth it.

Can you and your siblings stomach the "great loss"?
If yes, what else is stopping you to buy?

JIUHWEI
post Aug 9 2017, 12:30 PM

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QUOTE(melody0107 @ Aug 9 2017, 11:04 AM)
anyone can assist me on this?

how many type of lady care insurance does AIA have?

i saw there is a-life lady 360 and a-life venus.

what are the differences and which is better?
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Lady 360 is a standalone non-par policy that covers critical illness, maternity benefit (up to age 45), and your baby (if applicable). Matures at age 80.

Venus is an investment-linked policy rider benefit that covers critical illness. It matures at age 70.

Venus Extra is an investment-linked policy rider benefit that covers critical illness and maternity benefit (up to age 45).
It matures at age 70 as well.

With that said, we still won't be able to say for sure which is "better".

But if it helps you in any way at all, I bought Lady 360 for my own wife la.
Got reason behind that I chose that over the others but my private matters... haha, maybe keep it private la k? laugh.gif
JIUHWEI
post Aug 11 2017, 10:02 AM

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QUOTE(ganaesan @ Aug 11 2017, 04:02 AM)
AIA and GE agents, need your clarification..

Do your company's MEDICAL CARD covers take home drugs, examination and consultation for out-patient kidney dialysis and cancer treatment??

For Allianz, I notice it's clearly stated on their brochures..

What about for AIA and GE?? HLA?
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Yes for AIA.
It is stated on item 3 after the schedule of benefits in the policy contract.
JIUHWEI
post Aug 11 2017, 11:18 AM

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QUOTE(soulmad @ Aug 10 2017, 10:00 PM)
any agent can clear my question on medical
1. standalone medical card that bought 5 year ago
which come with 100k lifetime limit
premium is more cheaper than current medical card.

how about in future? will the gap increase where year 2017 medical card will keep only increase while the old card increase is slower?

what ur advice to keep the old card or to buy another current card?
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It's 100k lifetime limit.
Of course the premium is cheap because your coverage is insanely low!

You should buy a medical insurance that is more relevant to the current healthcare cost climate, and the future too!

I don't think your standalone medical card was bought 5 years ago bro...
I have one bought 15 years ago and it is still higher than 100k lifetime limit.
JIUHWEI
post Aug 15 2017, 12:38 PM

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QUOTE(xpole @ Aug 14 2017, 10:00 PM)
I have some question to ask regarding Insurance agent. I have read previous pages but couldn't find it

Is it recommended for me to take insurance with someone that I know or through an agent that approached me? I have 3 close friends that are currently doing full time as insurance agent.

I'm still new in this. Sorry for this noob question. sweat.gif
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Just buy from any of them you should be fine.

If I were you, I'd go with someone at least 3 years into the business
JIUHWEI
post Aug 15 2017, 05:33 PM

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QUOTE(xpole @ Aug 14 2017, 10:00 PM)
I have some question to ask regarding Insurance agent. I have read previous pages but couldn't find it

Is it recommended for me to take insurance with someone that I know or through an agent that approached me? I have 3 close friends that are currently doing full time as insurance agent.

I'm still new in this. Sorry for this noob question. sweat.gif
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QUOTE(JIUHWEI @ Aug 15 2017, 12:38 PM)
Just buy from any of them you should be fine.

If I were you, I'd go with someone at least 3 years into the business
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QUOTE(ngks @ Aug 15 2017, 01:51 PM)
I disagree.
Years of service not always equal to service/knowledge level.

I met a UM who doesn't know what term life is, ask back the client some more.
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I'm not here to debate on the profile/criteria of a "best agent". It's really a waste of my time, your time, etc.

xpole had a question: "which of my 3 good friends should I buy from?"

Now here are my assumptions:
1) xpole is not an idiot.
2) his 3 good friends are adequately knowledgeable
3) his problem is more of managing expectations of his 3 good friends.

Long story short, you can have a very knowledgeable, analytical new agent.. but he can't survive in the industry. What's the use?
You can have a product pusher, or what we call a fool, to bug you every now on then on yet another product. Slightly better than the first.
Or you can have someone adequately knowledgeable and stood the test of time in the industry, making a living and a career out of it.

Your statement is as if you disagreed that China is full of Chinese because you saw a black person born and raised in China.

doh.gif
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