this is where financial planning will take place so that a person can have enough protection with lesser suffer of financial burden

i dont have an insurance policy b4...b4 dat my company provided ing medical card which is not bad..i only have to pay 10rm every time i see a doc..
do i have to pay monthly or yearly ?wahh one yr 2k++ le...puking blood oredi... and what company youre talking about? thanks...

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Added on April 2, 2009, 1:25 pmone more questions ..can i use it to visits clinic ?

This post has been edited by yeezai: Apr 2 2009, 01:25 PM

The reason why I bought ILP for my children at age 2-3..

1) you can have various coverage (ie. payor benefits) all lump into this policy.

2) medical coverage is much cheaper than that buying a standalone card, if you calculate the monthly insurance chargews deducte, the total cost of the medical coverage is like 30-40% cheaper than buying a standalone medical card. Why medical? Well, things happen so having a medical is important as I have bad experiece with goverment hospital..

3) I understand that insurance charges increases significantly , but only if someone is after a certain age >30 or >40? i think?? ILP is cheap when someone is young.

4) I insist on minimum coverage of Life & TPD allowed in this ILP, as a forummer here mention, we don't need money becoz of children's death.. So, by doing this i hope i will get more units at the end of each year.

5) This ILP allows me to do fund switching 4 times a year, for free...which is good.. As I do follow market's condition. So, ILP no not really for lazy ppl as claimed?

6) I may not see any return the first 5-6 years due to insurance charges as well as the % of allocation of my premium into the unit trust.. But If i do aim for 20 years tenure and i do market monitoring and switch funds accordingly... I do think that ILP is ok for a lil bit of saving (be it their wedding gift when time comes, or helps in their education if necessary) and good coverage ..

errr...don't know if i have anymore..

It may be a bad choice, but that's my choice.. Comments are welcome to correct me..in case you are right, then i will have choice to cancel one of them, which i just bought last year ..

Very good point you have there. Bravo! At least you know what u want and the right insurance u have there.

1. why not just skip the insurance and go for pure investment products (unit funds, asm/asw/asb, a property somewhere, etc?) + a standalone medical card

i doubt that a standalone medical card with the same amount of coverage will cost more than a ILP medical card...

1) well in fact I have all of them that you mentioned.. So why still an ILP? While life or 37 CI coverage is ignorable, but TPD and other side benefits like payor benefit is something that I want to have .. Do you have payor benefit in standalone medical plan? Upon payor deseased (I want to transfer this responsibility to insurance company), at least I know my children still got this policy in-forced. So , yes , i want a life insurance product.

2) I do calc about how much I paid in every year for the medical charges that was deducted from my units (in $). How much would you have to pay for 400K lifetime, 115K perannum medical c. if you were to buy a standalone for children below 18? Not less than 500 i presume (u can get cheaper quote from general insurance company and compare)... but for my ILP, total deducted is merely 300+.

Again, my point is, anyone covering my children's medical should I go down?

This post has been edited by numbertwo: Jun 5 2009, 02:55 PM

Standalone med cards are good in a way that the premium payable is cheap. But the drawback is still on the limitations on some of the coverage. An obvious 1 is the outpatient cancer treatment and outpatient kidney dialysis treatment(which are very limited), also the guarantee renewability feature. So do some shopping around and you'll find standalone cards has these missing features which is very crucial.

problem is, all insurance agents i met just say "yes, yes," *nod* *nod* everytime i ask about guarantee renewal in their medical card

until now havent see a medical card thats not auto renewed....

Hi lin00b,

Ask them for their brochure of the med card. Normally standalone cards are not guaranteed renewable especially those offered by general insurance companies. So its actually recommend to buy med card attached to Life insurance, as these are all guaranteed renewable.

What if 'Portfolio withdrawal' condition is met? Can the insurance co. still tells you it is 'guarantee renewal' ?

Nevertheless, you should insist the agent to proof you that in the event of claims happened for a particular illness, will they exclude this potential coverage in the renewal year? I heard that some will add in exclusions clauses, or increase your premium in order to get the same coverage.

.

Hi,
Care to explain what is your definition of "guaranteed renewable"?

My definition is :
1) so long as the insurance co. does not withdraw the plan, I'm allowed to continue up to age xx unless i've used up the lifetime limit
2) Even if i suffered from a particular illness and hospitalized for long period of time, insurance co. should not reject my next renewal, or include new exclusions during renewal
3) I understand that premium can be adjusted, not guaranteed. But in case of increment is deemed necessary, it should be on portfolio basis, and not on individual policy basis. There is this fine notes in some policy brochure "The renewal premiums is not guaranteed and the company reserves the right to revise the premium rate applicable at the time of renewal. Such changes, if any, shall be applicable to ALL POLICYHOLDERS irrespective of their claim experience.....".

Is this the same as yours?
Pls share.

Ya, this is a very good definition of renewability feature.

Please click here to see whether you can find what you want... Please read carefully...

Hi all,

Have a question. I have bought term insurance from a company. May I know whether what the agent quoted me in terms of annual premiums for this policy is THE SAME quoted by all agents in this company for the same product?? What I mean is, is there any way the agent can quote a higher price and get a higher commission? Or does the insurance company have a standrad pricing? I pay by autodebit.

If the plan is 100% same, the premium will be the same. Only when an agent add on or reduce either rider or sum assured or other benefit. Unless the person insured is having any health problem that will increase the risk, then company might increase the premium to higher than normal.

Great Eastern medical card up to 100 years old in fact works this way

Example you have a life coverage RM100,000

Medical Card coverage exp RM 50,000 per annum
Medical Card coverage exp RM 150,000 per life

When you are over 70 years old, any medical claim will be deducted from the life coverage of RM100,000 instead of the Medical Card coverage.

Yes I totally agree with you. You have ur points there and future insurance buyer, pls be aware of these clauses n if ur agent would say apa pun boleh, try to point these issues to them. Normally agents will just tell customers on point 1 and 2 but they will hide out point 3. So good luck.

Guarantee Renewable ------ insurer = Life Insurance Company(almost all plan)
Non-
Guarantee Renewable ------ insurer = General Insurance Company [premium cheaper than policy offer by Life Insurance Company]

Policy from Life Insurance Company
Premium fixed --------- saving plan policy(education plan, annuity plan), pure critical illness protection policy, pure Life insurance protection policy, Personal accident policy(Insurer have right to revise premium while life insured change job)
Premium adjusted --------- Hospitalization policy(revise according age)

but anyway please read the policy.
Some company(insurer) allow life insured/policy owner to cancel policy and fully refund within 14days when he/she receive their policy or within 30days from the first day of the policy inforce which ever come first.

* insurer---insurance company
Life insured ---- person to get protection (Exp: Staff, kids, own)
Policy Owner ---- person to pay premium (Exp: company--if buy insurance for staff, parent before kids 18yrs old)

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Added on June 7, 2009, 11:20 pmPlease careful some insurer had been mentioned non-guarantee renewal in their policy.

Always refer back the policy, sometime the insurer had changing their clause but the agent still not been informed.
Please don't misplace the policy, any argument will refer the black and white policy not refer what ever agent told you.

This post has been edited by candytonered: Jun 7 2009, 11:20 PM

My friend,

Pls read the point noted by NumberTwo carefully. This is not what he meant. What u say is true but this is not what he actually wanted to point out. Apparently majority of the insurance companies has this clause on their riders ie. critical illness rider, medical rider and P.A rider that the cost of insurance is not guaranteed and will inform policyholders with a 90days written notice.

So if an agent would say guarantee the price wont increase, look for another agent to serve u. Just my 2 cents!

no matter wat, always ask for black and white...
guarantee from anyone's mouth is useless....
wat written in the policy does matters