nicholas84,

<<In my experience, running out of job is the least things to happen in someone's life, if we're constantly facing this problem, i think we need to reflect upon ourselves>>

1) Since you are bornt in 1984, pardon us if we do not count on your experience. You have not face a recession while working yet.

<<being hospitalized during unemployment is the worst>>

2) Without money, you can be healthy but starve to death.

<<Emergency fund is necessary for at least 3-6 months of their monthly income, >>

3) If you are NOT focus on selling insurance, you would have say this FIRST before advising anyone to buy insurance.

Dreamer

1)don't experience told by our fore fathers counts? don't it count as exp when my dad lost his job as a manager is a well known textile factory? and how he lost his job again in a auditor firm? When he lost his job, all siblings has to stop college a while to work full time to support family, doesn't that count as exp? i may be young but i know what i've gone thru

2)Are we seriously spending 80% of your salary on insurance premium? no rite? normally is only 10%, how can we be starving?

3)I thought that is general knowledge? pardon me for assuming

nicholas84,

1) So, how much savings do your parents has?? Or, they only buy life insurance? How long did he lost his job?/ How long it take him to find a new job?

2) You are very inexperienced. Do a survey around lowyat.net?? There are plenty of young people with NO SAVINGS but buy a lot of life insurance. Or, their only saving is life insurance.

3) No, it is NOT COMMON KNOWLEDGE. Saving money does not earn any commission for anybody. So, there are insurance agents that push people to buy life insurance even though their customer have NO SAVINGS.

ASSUME -> Make an ASS out of U and ME = ASSUME

Dreamer

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Added on April 18, 2007, 3:35 amhttp://articles.moneycentral.msn.com/Insurance/AssessYourNeeds/InsuranceForTheYoungAndSingle.aspx

A good article explaining about the kind of insurance that you need for the young and single.

Please note that this is for USA where medical cost is high. For Malaysia, instead of health insurance with high deductible, you probably are looking for critical illness insurance with high deductible.

Furthermore, in Malaysia, you have less choices. You probably will be buying life insurance with disability protection. There is NO PURE disability insurance.

Dreamer

This post has been edited by dreamer101: Apr 18 2007, 03:35 AM

1)he lost his job for almost half a year, yes he had emergency funds and all of us went out to work to slow down the fund depletion process and yes he has coverage for life, critical illness and hospital, during that period he maintain his protection and cancel all ours

2)i'm aware about that, but i don think you can blame insurance for this, it doesn't take a rocket scientist to know that emergency cash flow is always needed, anyway is only a handful of this kind of people who fail to pioritize and plan

3)it think it is, saving money has been taught since young by our parents, i don expect to walk into a restaurant and expect the chef to teach me how to use a fork

pardon me, but can you explain more detailed about no pure disability insurance?

2) Why not?? We have insurance agents that tell people that they need to buy insurance but they do not tell people that they need emergency fund. So, people buy insurance but no money for savings.

3) Here you go again. You are trying to avoid responsibility. You are selling insurance to protect against risk but you do not honestly tell people that they need emergency fund too. Where is your integrity? Won't you at least make sure that your customer has at least enough savings before they buy insurance?

Check out the insurance thread. We had long drawn out discussion on this.

Dreamer

1) like i mentioned in my first post in this thread, buy life insurance only if you have dependant(s) or use it to pay for funeral expenses

As from your family experience, your family depended on your father and as such it was necessary to maintain his insurances but not young people who do not have dependants.

I also made stupid mistake to buy Life insurance for 2 of my chidren more then 10 years ago. Still paying the annual premiums and if i were to put the money in FD, the money in the FD would be more if i were to cash out from the Life Insurance policy now or should have use the money back then to buy a higher amount policy for my Life Insurance.

2) It is only morally correct for an insurance agent to advise his potential client(s) that one must have adequate financial means to pay for the premiums now and the future.

And dreamer, can't blame insurance agents for selling insurance plans to people who failed to plan their own future. Insurance agent offer a plan and it is up to the individual (an adult of legal age) who decides for himself to sign up or not.

could be wrong , u hav to understand ur future needs...

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Added on April 20, 2007, 3:05 amdon't get offended ....our senior here is Very experienced in insurance , u try Pro-insurance with no sufficient professional facts , u r an Agent....

This post has been edited by yewkhuay: Apr 20 2007, 03:05 AM

Can any one provide the detail benefits of Great Eastern medical card that covers up to 100 years old ?

it's a fusion of traditional life insurance + medical card , but after age 70 still allow the medical to be used with limited amount of sum assured.

Check also the coverage they provide because as i know most of the so called joint life + medical do not have sufficient coverage in the event of hospitalization and check the terms and condition especially if you are required to share the cost of hospitalization.

Get an estimates of likely coverage you may need in the event you really need it.

Its wise to get a medical coverage for hospitalization because its not uncommon for ppl to be admitted to hospitals today....even something like a Dengue fever coz by aedes mosquitoes bite will coz hefty thousands of ringgit !

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Added on April 24, 2007, 9:22 pmcan u kindly provide more specific details for a person age 57, male who wish to insure?

This post has been edited by biebie: Apr 24 2007, 09:22 PM

But normally u hv to buy life policy to attach with medical card/36 CI/PA so called riders. Your budget no problem u can hv it all in one plan. Does mean single dun need life insurance coverage but need less coverage compare to married. Also, buy when is young & healthy as pay lower premium otherwise u pay high premium as u age and if health not good ada duit pun tak dapt beli ohh.

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Added on April 26, 2007, 12:00 pmI dun think so he is experience in insurance at all. Senior doesn't mean know everything. Nic is young but he knows how insurance works.

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Added on April 26, 2007, 12:24 pmDue to escalating of medical cost v can't afford not to have at least one. Unfortunate events happen w/out smell and v dun know when. That's y we always have our spare tyre in our car for JUST IN CASE. For eg, my friend manager ranking and working in multi national company just hospitalized due to brain cancer and undergo theraphy cost him a bomb @ RM160K. Company only cover him 80K. So he has to come out his hard earned money to top up. Another one my gal friend just passed away at 26yrs due to cancer also. Illnesses can strike everyone irregardless of your age.

Normally company coverage is based on your ranking junior to senior staff. Always treat your company coverage as bonus becuase is our life v should take charge of it not our employer. Furthermore, when u change or stop wroking is no more under any coverage. No such employer yet.

U can actually start the minimum is budget constrait at least get urself covered some otherwise no matter how much v save also no use. Ur saving will be wasted.
That's y protection of our income must come 1st then only v move to saving.

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Added on April 26, 2007, 12:38 pmsimple is that, y u need to put a spare tyre or umbrella in your car? JUST IN CASE or emergency mah if any happen. who knows? Is a same theory. Protection of our saving or income is the 1st priority then only saving or investment. Wouldn't be wasted if hospitalized or illness strike have to take out our so called hard earned money or saving then facing financial problem. Worst still burden our family or go public donation like my Uncle kidney disease every month v hv to donate for him to wash kidney. Blame who. All this thing need to plan ahead. Pls dun burden ppl as they have their own family too. Life is so tough already.

This post has been edited by lynnsylim: Apr 26 2007, 12:41 PM

i m greeting him SEnior not bcoz he is senior or experience....kakaka!!!
he got age....

Hi all,

I heard some say its better to buy insurance when we are young. I'm now 23 (by year) and 22 (by month), still 1 more month before I turn 23. So may I know among AIA, Prudential and GE, if I were to buy an insurance plan, which of them count the starting year from age 22 and not 23? I heard from 1 of my friend that AIA is count by month and GE is by year, is this true?

Thanks.

great eastern take next age for certain products and if less than 6months from previous birthday can backdate for certain products. there are company which take closest age, i can't be sure.

Yes, that is true. It all depends on the policies of the different insurers.

For AIA, we take the date of your last birthday, so you can say its counted not just by month but by days as well.

hmmm thanks. hope more can provide me details.

Ic. So mean if I get a plan now, AIA will count me start from age 22? How about other insurance company?

actually for age 20-25, the insurance charges doesn't differ much so long u r healthy subject... +-1yr old doesn't really matter.

yes, i've just signed up for great eastern, they do up to 99 yrs, not sure if its 100. but haha who wants to live up to that age without having the freedom of eating and walking around

is this true? if yes then I dont need to hurry and get 1 plan now before my birthday. can take more time to study which is suitable to my needs.