I would like to buy life insurance. I am a female between age 22-28. Can someone inform me:

1) What are the company that provides life insurance? I only know AIA, Great Eastern, and Allianz.

2) Refering to question 1, which company offer better life insurance? What is the difference in their offer?

3) What are the things that I need to consider when buying life insurance?

4) What are the traps or disadvantages that I have to beware of?

5) I heard that I should only buy from agent that I know (meaning he/she should be my friend) and he has to stay nearby my place because if anything happens I can get the agent easily. Is it true?

This post has been edited by NaiveLady: Mar 20 2007, 08:21 PM

1) There are many companies offering Life Insurance. Besides the companies you mentioned, there are Prudential, Aetna, MAA and others.

2) Nowadays there are so many products that i am blur.

3) Yah, why are you buying Life Insurance for? IMO, if you have dependants, then life insurance would help your dependant(s) in the event you die or maybe pay for the expenses for funeral cost. If you are single, maybe you want to consider Life Insurance plus medical such as PruMed by Prudential. Below is link to Prudential.

http://www2.prudential.com.my/index.php?fu...age&menu_id=182

However PruMed only provide protection up to age 70, if you think you can live up to 100, just saw an add in The Star today where Great Eastern got a medical policy that covers up to 100 years old!

4) Traps...hmm. Let me give u an example. In the early nineties, many Insurance companies offer Crtitical Years Policy where one is expected to pay for say 10 years and the dividens obtained during these ten years is suppose to pay for future premiums. Well i bought these so called policies with AIA and Universal (now Aetna). It has been more then ten years and i am still paying for the AIA policies because the dividens were not enough to pay for future premiums. But the Aetna Policy, once i reached the 11th year, i don't have to pay a single sen anymore until the policy matured when i reach 65. So the question you want to ask the agent is what IS Guaranteed under the policy and what is NOT.

Disadvantage.. well if you don't die,you have wasted lots of money, ahahaha.

5) If you buy from a friend/relative that is staying nearby, it may be more convenient for him/her to visit you. For medical claims where one may make more than 1 claim per year (e.g. you can claim for many things like example a broken toe consultation fees, x-ray). As for payment, i find it easier to just auto debit your credit card.

Please note that your friend may want to change career midway, it is advisable you buy from an agent that have been in the insurance business for some time to ensure continuity.

I am sure tons of insurance agents would just love to go thru with you their company policies. My advise, talk to as many agents and learn from them before making a decision.

1) Malaysia have lot of insurance company, but AIA, GE, ING, Pro is international company.

2) Mostly not a big difference for their product.

3) If u really want to buy life ins.. then the thing u need to think is "Protection"
Life is protect for ur whole life, dnt think about the return.

4) U need to see wat they offer u, exp: criticle illness, Accident benefit, TPD ......

5) Pls buy with the full time agent, atlease they can provide u a good service, and when u facing any prob, u can "K" them. if buy from friends/family u cannot "K" ..

when u approch an agent, always ask what other products and services he/she provides...

besides insurance, the agent might be a personal financial advisor for investment and other financial stuff.

so is good to have 1 agent to sort your things ... as they will understand more about you, and provide u the best services.

moreover, instead of contacting different agent for different insurance or financial packages u bought... it is more convenient just to contact 1 or 2 agents for all products and services u subcribe to.

just my 2 cent

hey there. its good in my opinion that you have the intention of taking a life insurance.
insurance is not something you merely 'buy'-
its a risk sharing concept design to protect your wealth and wellbeing.and it can also be a kind of investment under certain circumstances.
the point being if you understand the concept- you will know the importance of insurance and will have the confidence/be well informed to make the right choice(s).

1)as mentioned by our lowyatans- there are quite a few apart from the ones you have mentioned....
MAA,MNI,Manulife,Aveva,Prudential,AXA Affin,Asialife,UniAsia....the list goes on...and don't forget Takaful (Islamic insurance companies) which is open to muslim and non-muslims

2) 'better' is perhaps not the accurate word to use....but as mentioned depending on what you want different insurance companies have different 'protection plan' = different 'premiums' to be paid. its not always necessary the most expensive is the best and cheapest is the worst.

3) who'll be the benefactor? your parents,children,husband etc -reason being as this is being 'life'- they will be the ones to be 'protected' in such away. meaning if its for your children perhaps you might be taking a longer protection plan for yourself(for example)

Affordability....no point after a few months you find yourself not being able to pay the premiums.......and suddenly find your are not covered by the insurance

4)disadvantages ...is when you do not understand the concept and just 'buy' an insurance product for the sake of buying-which in the end does not meet your needs.

'traps'........always read T&C of the plan(terms and conditions)-. Insurance companies are regulated in Malaysia and i'm sure none of them would on purpose 'trick' consumers into signing something they did not like/or want.
T&C will give you clear ideas once the policy is enforce.....how,when,what,etc
---claims which can be made
---covered under the policy
---not covered under the policy
---circumstances by which the policy will be void
----liabilities
----action can be taken when there's any disputes
(that are some of the important ones by the way)

i am a licensed insurance/unit trust agent and if you need any further advise do pls pm me


p/s- people tend to forget too...that most of the time....you can only take insurance when you are fit and healthy- if you are sick/sudah sakit2......then it might be too late .......

This post has been edited by rafaboss: Mar 24 2007, 11:55 AM

I suggest you talk to someone independant who has insurance experience who can tell you the hidden terms and condition. Most insurance agents will not tell you that. Just think of insurance agents as someone to answer your questions rather than someone who will tell you everything about the insurance. If you let then answer, they will just say buy more insurance is better.

Buy more policy? I thought pay higher premium.

buy so many for what? are you planning of something? or u got a weird dream?

later monthly or quarterly or yearly insurance fee will kill u first, b4 u kill urself.

One comprehensive life policy that covers all should be more than sufficient. If you think that's not enough, get a PA as well.

For me, 24 yrs old.

I just plan to hav medical card, P.A, 32 sickness which RM 100-150 per month

Life insuran is not in the plan yet bcoz no ppl depending on me (not married, parents will working).

Am i wrong?

Interesting thread. My choice is basically this:

Reason I buy Insurance: Is to pay to my next of kin if anything should happen to me. To get a lump sum if anything should happen to me and damn it I am still alive!

Which company: Heck I dont care. All insurance products are about the same. Packaged and named differently.

Criteria: An agent that I know well, that will be in the business for real and for good. Another issue is, he should be slightly younger than me. Why? Simple. He should be running around doing my errands should anything happen to me. Get an old agent that goes before me? Not a good idea.

This is one of main reasons of getting a life insurance policy. My next of kin will be my parents or my younger brother.

Buy more insurance is thier standard answer if you already have insurance.

Ha! Ha! Of course, they can earn more commission.

The more you buy, the better they said! Like pumping money to their pockets.

This post has been edited by David83: Mar 27 2007, 10:24 PM

y dun u urself be an insurance agent... buy insurance for urself...
some more much cheaper... haha

Once you be an agent, you need to meet to minimum quota and I don't think that I have excess time for this part time. Another reason will be lazy! I wish I could ...

i think AIA does a more better life insurance as my comparison and the companies comparison
and most important is also medical insurance in my opinion
yes there are some agents that will sell u plans that their commission is high...
dun worry u buy insurance from a company anything happens u can contact back the company also can ...
better find a agent that is reliable and not just working for the commission for now , they might not service u in the future...


thanks
regards
diana

yeah ~ tumpang ask all expert here.

If director take life insurance, pay by company under account 'expenses'

> 'Benefit' can lower our income tax?

I had signed up a plan with Great Eastern. The agent (old man) is my mum's friend. I have already paid for 2 years, now coming to the 3rd year.

Insurred amount: RM100k
Premium: RM2576 / year (if pay monthly they will charge interest )
Signed up age: 22

Remarks:
- No medical card
- Pay for 17 years then I don't have to pay anymore

I've asked my friends and they said that this scheme is still the old-fashioned type, probably cos he's an old man ._.

Can you guys give me opinion whether this is a good scheme? Cos my due date is end of April. If it's not good, I would like to cut off this insurance... But can I still take back portions of my RM2576 x 2 yrs?

The premium that most of my friends are paying range from RM150-RM200 per month only... After comparison, mine is really

Opinions please~~

this is the most important point in buying insurance. i just bought an insurance from a friend. he is notorious as liar, stealing items and irresponsible. i bought from him coz he and his gf really psycho me to buy. i had sleepless nights, bcoz
my bank signature is very simple and easy to copy, im scared he use my bank details to withdraw additional money.

so now, finally, i terminated the insurance and changed my signature. i feel relieved.

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Added on March 29, 2007, 4:12 pmterminate it, and apply for better policy

This post has been edited by dante3: Apr 17 2007, 02:35 PM