Welcome to the new 2017 Insurance discussion thread Version 4.00

Created Date: 17th Feb 2017

If you have any questions on insurance, just ask the experts in this thread!

>>> Link to Insurance Talk V3!

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This post has been edited by roystevenung: Feb 19 2017, 02:53 PM

Link to Insurance Talk V3

The insurance is an offer and acceptance process, meaning you apply and the insurer will offer (based on the known and acceptable risk).

Upon reviewing the proposal by the insurer it is ultimately up to you to whether accept the proposal or decline.

The same applies to upgrading. You need to fully declare any health condition that may impact how the policy is being underwrite.

Secondly for upgrading, there is no such thing as buy from company A, but upgrade with company B (unless B buys A).

For The Pacific Insurance, even though the plan is a standalone one, it is guaranteed to be renewed.

Any upgrade, it will have to go through Pacific Insurance and not Lonpac.

Suggest that you deal directly with Pacific Insurance if you want to upgrade.

Once they offer (due to the preexisting illness), you may decline if it is unfavorable for you to do so.

If you need contact person at Penang Pacific Insurance, I can email to you.

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It is best to refer to the policy document on the actual wording of the 36 Critical Illness as since 2005/6 (IIRC) the 36 CI list has been standardized. Older policies which has not been upgraded are not subject to the standardization, therefore a claim for CI in insurance company A may get approved, while it gets rejected (due to different wording) in company B.

But in general, yes, the meaning of CRITICAL Illness is sometimes referred to "point of no return" (very slim chance of recovery).

Let's put the plans aside and concentrate on what YOUR NEED, NOT WANT.


The general public buys the 36 Critical Illness because they fear if they suffers any of the 36 CI, for example Stroke or Cancer AND UNABLE TO WORK. When a person income stops, the bills wont. For example, which company is able to employ a person who does kidney dialysis 3 times a week from 11am~4pm or a person who is bedridden due to Stroke? This is where they see the need of the replacement of income.

In terms of insurance payout, the 36 CI is able to pay as a lump sum or as an annual income until age 70 (we call it Crisis Cover Income) and waives the policy premium (if payor or waiver is attached).

Now if the cancer is an early stage cancer, the chances of recovery is good, and probably one will be back to work after 2 or 3 months later. If you want to spend money to get protected for early stage, it is up to you.

1/2. If one managed to lived that long, then congratulations are in order, but that should not be the priority when buying insurance. It is about giving you money when you need it the most especially during a human emergency. When you buy insurance it is for protection, not investment. If at the end of the tenure and you get some money, consider it as a bonus. The premiums paid is as an expense, not income/investment.

2. As mentioned, if you are worried of early CI, then buy plans with early CI. My advice is concentrate on the prolonged illness which STOPS us from working.

The policy document does not mentioned about cancer being "3rd stage", as long as these keywords are in the medical report ""malignant, invasive, destructive to the normal cells"" and not carcinoma in-situ cases, a file for cancer can be done.

Another important point is that the patient must survive for 30 days

If he is "not too sick yet" to be considered as an insurance payout in the 36 Critical Illness, even if he has bought an Early Critical Illness, his insurance premiums will still needs to be paid, so I don't see your point here.

This post has been edited by roystevenung: Mar 7 2017, 11:23 AM

Perhaps you may want to call up the hospitals nearby your area on their preferred insurance and work from there.

Do a review with your current agent to do a top up if you find the coverage is insufficient. An upgrade (instead of getting a new one) is always for the policy holder benefit.

You may read more on my blog on why it is not beneficial to you to cancel a policy just to get a new one, if you feel bored.

Your so called old old friend is coming to you as an agent, and not as a friend. If he is really your old old friend, he wouldnt do such a thing.

If you are bored and got nothing to do you may read why it is not beneficial to cancel your old insurance plan just to start a new one at my blog.

Be sure to buy the extended coverage for terrorism as well.

Etiqa is etiqa, Maybank is selling Etiqa products to complement to their insurance needs.

Claims wise, it is going to Etiqa directly.

I wouldn't say Etiqa is hard to claim, as it is an insurance arm after all bounded by the terms and conditions as stipulated in the policy contract. If the event being claim is claimable, they are liable to pay the claim.

For the claims, just make sure the documentations are completely submitted and for that purpose, the front desk counter should be able to advice.

Premier Critical Cover seems to be offered by ING (which was then bought over by AIA). Therefore if you need further information, going to the AIA counter should be able to resolve your issue.

I take it that the agent that sold your wife the policy is no longer around? If not, you may also ask the agent.

That is not acceptable. You may write in and email to customer.mys@prudential.com.my so that action can be taken against the agent as it is not allowed to do such unfair comparison. Same goes to EPF.

If the plan has been taken out from the market, changes to the policy may not be possible. Furthermore the plan is a traditional term policy, not as flexible as the Investment Linked Policy.

In this case you need to look for a new policy to complement to your needs (minus the term life of Rm100k).

Since you had just taken over the policy, do be advised to check and ensure that the nomination is up to date.

Yes, our digital marketing team will take appropriate action once an official notice is made. At times they even monitor social media and email directly to the agent/agency if found to be in violation with the rules of social media.

I was also cautioned a few weeks ago for using the Prudential logo in one of my FB page.

Your dad needs to go to the insurer and present his IC to check whether he has any policy with it.

Maybe snap a photo of the book? (Without any personal details of course)

To answer your question, for Cancer Treatment, unless the Doctor is able to justify that the treatment can be done as an inpatient it will be treated as an outpatient, not require to be admitted.

For Prudential, if the chemotheraphy can be pre-planned (example next week or two weeks later) then one may request the Doctor to fill up a form to request from Prudential a GL.

[quote=arilrifter,May 3 2017, 12:13 AM]
As a Muslim, you'll need to take up a Takaful policy as it complies with all the shariah regulations and if you're still using a conventional policy, the investment return you're making could be non halal.

You'll also not benefit from your insurance in the event you pass away because a conventional policy for a Muslim will still be subject to Faraid distribution whereas the main reason using a Takaful policy is so that you may utilise Hibah to give the amount within the Takaful to your loves ones 100%.

In terms of benefit, I don't see there is any better coverage, probably you can enlighten me why you said so.

[/quote]
yup, true, as i said as a muslim the source of the investment is better for takaful as the source is halal..

hmm, true about faraid.. but for my policy I've already stated who will recieve the money.. so i guess faraid would not be a problem? the same process goes to my wife prubsn.. she also named her own choice of nominee..

" I don't see there is any better coverage" ?? umm i meant that from the tons of quotes ive recieved on insurance products offered to me... i see that conventional insurance offers more in terms of annual limit, c.i and death.. the reason i chose prubsn takaful, simply because the agent that met me was more educated and convinced me he knows what he is doing.. dont get me wrong, there's a ton of agents that i met online that were excellent.. however the problem was they were mostly based in KL and im based in penang.. prefer agent easy to reach if anything happens

[/quote]

Penang agent here, but travel to KL often. These days it is so easy to keep in touch via Whatsapp, Wechat and FB.

Claims are also made effortlessly using the GL, just need to collect all documents and pass to the agent.

On the conventional, you may select shariah compliant funds if you are worried of the halal status of the returns.

However in conventional insurance as a Muslim (even your EPF), the named nominee when receiving the death benefit shall act as an Executor to distribute the money in accordance to Faraid distribution.

This is also why EPF has started with Shariah compliant contribution and I believe its ultimate aim is to ensure that the participants money can be hibah instead of receiving it as an Executor.
EPF FAQ

In this respect, you may add on another life policy in Takaful and select hibah.

Otherwise, fasterlah get a Son so that the Faraid distribution will not go outside of your own family.

It depends on the insurer. You may want to get the one with deductible from the same insurer as some insurer will allow you to claim seamlessly.

But then again, no one can guarantee you will be working for the same company till you retire, nor can the company guarantee that they will be using the same insurer the next year.

When you get a plan with high deductible, it would be better if you can standby the deductible amount (Rm20k) if the amount being claim is much more than the deductible amount.

For example, if the amount being claim is Rm60k, pay the Rm20k deductible in cash and use the medical card GL for the remaining Rm40k. After discharge, claim the Rm20k from your company insurance.

However, if the amount being claim is Rm25k, just pay the Rm5k and then settle the bill with Ax_

HTH

High deductible plans do have its perks especially at older age and by applying the high deductibles, it helps to keep the insurance charges more affordable.

I hope that you are being made aware that plans with high annual limit will have the insurance charges of more than Rm10k per annum at age 70?

The deductible options are being used even by international insurer to keep the insurance charges lower especially at older age.

In insurance there is no free lunch

I sincerely hope the above statement is just for trolling!

Your EPF contributions and conventional banking was also non Syariah compliant for years!