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 Insurance Talk V4!, Anything and everything about Insurance

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liette`
post Apr 9 2017, 10:22 PM

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hi all, I'm looking to purchase an insurance policy and was debating whether to get an ILP or a stand-alone non-participating insurance (and use the sum difference from ILP premium to invest myself as the charges are lower and also for the fact that I'm confident in getting higher returns).

however, based on my research, it appears that for the same coverage, the stand-alone non-participating insurance premiums are on par with the ILP premiums. for ease of illustration, let's assume my budget is RM250 and both the standalone and ILP premiums are also RM250.

therefore, it doesn't seem wise to go with a stand-alone non-participating insurance.

is the above true across the industry? (i've not looked at each and every single insurance company out there but for those that i've checked with, it appears to be the case)

This post has been edited by liette`: Apr 9 2017, 10:27 PM
liette`
post Apr 10 2017, 12:22 PM

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QUOTE(Holocene @ Apr 10 2017, 07:03 AM)
Well said.
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does Allianz have stand-alone non investment linked medical card and CI?

Reason I'm asking is because the agent I dealt with recently mentioned that all Allianz products are ILP-based. so therefore, i could only compare Allianz ILP with non-investment linked plans from other companies.
liette`
post Apr 10 2017, 12:25 PM

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QUOTE(ckdenion @ Apr 10 2017, 11:08 AM)
Lets go back to the basics. What is your main concern on getting the insurance policy?
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protection only. and i know the logic is that for protection only, i should go for a non-investment linked plan.

however, i've been told by various parties that ILPs have a lower 'cost of insurance/insurance charge' than non-ILP plans so even if I don't need the investment part of the plan, it is still cheaper overall (of course, if the investment is negative, i would then potentially pay more than non-ILP plans).

QUOTE(cherroy @ Apr 9 2017, 10:31 PM)
You need to dig deeper into details the exact coverage and premium between standalone and ILP, instead of a general statement, in order to compare.

You can't look at premium amount alone to determine ILP situation, its proportion that goes to investment as well as projection of return may affect the ILP.
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yes, i did. i compared assuming the ILP achieves the lowest projection rate. and even so, the ILP beats the non-investment linked plan. but it wasn't an apple-to-apple comparison because i used Allianz ILP plan vs other companies' non participating plans. apparently Allianz doesn't have a non-ILP plan so i wasn't able to compare like for like..

This post has been edited by liette`: Apr 10 2017, 12:32 PM
liette`
post Apr 10 2017, 01:51 PM

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QUOTE(Holocene @ Apr 10 2017, 01:16 PM)
Check out PowerShield and the following riders: CISR (Standard Payment of Critical Illness) & EHVP (Enhanced HealthVantage). It is a Non Participating Term Plan or you can say it's a Non ILP.

However, do note that the benefit and price is very much different if you were to sign up for ILP related products.

Example LIFE PROTECTION for a 30 y/o male Manager who doesn't smoke:

PowerShield (non ILP):
Sum Assured: RM500,000
Premium: RM4,300

PremierLink (ILP):
Sum Assured: RM500,000
Premium: RM1,200

In Allianz, if you are looking for a comprehensive Life, Medical and Critical illness cover it is advisable to get the ILPs.

Let me give you a pro tip when it comes to dealing with Allianz products, assuming that you are a male, 30 years old, non smoker, class 1 job and no prior health conditions, with just RM290/month you'll be able to get the following:

Life: RM100,000 (PowerLink)
Medical: R&B 250, RM1,100,000 per annum & No lifetime limit (MediSafe Infinite)
Early to Advance stage CI: RM100,000 (PrimeCare, sum assured does not accelerates basic plan's sum assured)
Personal Accident: RM100,000
Waiver of Premium: RM3,480

Assuming you have been quoted the same protection but with a higher premium, it only means you are contributing more to your cash value. Whether you'd want to do that is entirely up to you. The best advice i can give you is to communicate with your agent openly on your NEEDS and BUDGET.

I hope by me showing you some numbers, you will get a rough idea of what to expect to pay for being insured with Allianz.
Best,
Jiansheng
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thanks for the comprehensive response.

the plan you quoted is almost exactly similar with what was quoted to me. except what I asked for is:

Life: RM5,000 (minimal because i do not need it at this point of time)
Medical: R&B 250 (MediSafe Infinite)
Early to Advance stage CI: RM100,000
Premium: RM230 monthly.

Question: how do I know if the premium has been pulled to the bare minimum? i mean, agents could potentially just drag the premium price up to gain more commission, am i right? (of course, i'm not directly losing out since it's contributing to my cash value).
liette`
post Apr 10 2017, 02:24 PM

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QUOTE(Holocene @ Apr 10 2017, 01:58 PM)
Well there is 2 ways,

1) you give me your details such as birthdate, job, smoker non smoker and sex then I can help you check; or

2) ask him/her to do the quotation infront of you. You can adjust the premium with iMagine (Allianz quotation app) on the spot if he/she has the ipad with him/her.

If you are already set on the protection which is quoted to you and now is only issue with price then I recommend you go with option 2. Option 1 is a dick move.

Best,
Jiansheng
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Yeah I'll go with option 2. wouldn't want to waste your time as well. thanks man.

regardless thank you very much for your explanation. really appreciate the help!

This post has been edited by liette`: Apr 10 2017, 03:22 PM
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