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.

---

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

So, does your notorious friend did anything extremely bad to you?

not yet. anyway, prevention is better than cure.

for those who have buy 'have profit' type life insurance, (i.e. got dividend return or investment link) ,unless realy can not afford the premium pay,otherwise it is strongly discourage to terminate the plan.

they are 2 reason:

1)you guarantee lost a lot on the premium you early pay.

2)if later you buy a new insurance,you premium will be determine
by your age that time,which will sure be more expensive than your
early plan that count your premium on your early age.

This post has been edited by athlon 11: Mar 29 2007, 11:43 PM

The proper advice is DO NOT BUY that kind of insurance to begin with.

Do not buy insurance with premium level that you cannot afford to pay.

Dreamer

Barring a few exceptions there is very little to choose between the insurance products of any of the leading insurance companies e.g. AIA, Prudential, Great Eastern due to Bank Negara regulations. More benefits, higher premiums. Cheaper premiums, less benefits. They all balance out.

Do not buy a product because of the agent. Buy a product because of the product.

Choose a reputable company.

Take care when buying products with non-guranteed benefits - especially those that span a long period. Those are projected returns.

If you want insurance, buy insurance. If you want investment, buy investment e.g. unit trusts.

1. This one too many liao. However in my limited experience and advertising I would give these 3 companies a higher priority: Prudential, AIA, Great Eastern.

2. When I bought my insurance 2 years ago, all of it nearly offers the same coverage. Of course I only took into consideration the 3 I mentioned above.

3. AGE is a very strong determinant factor for the monthly premium. The younger you buy insurance, the monthly payment is less for the same coverage. Another thing is woman's insurance is always higher.

4. Wow..trap? Just get assurance from the insurance agent that he/she gives you an alternative contact person if he/she suddenly decides to stop insurance. Normally all these insurance ppl have gangs.

5. For me I would choose someone whom my beneficiary can contact. AS mentioned, it is for easier dealings.

Let me make it short, paying almost $2.5k @ 22 years of age seems a little bit too much to me.

Forget about premium pymt ceased from 17 years (termed as critical age) onwards as it all depends on bonus accumulation. Ever heard of APL (Automatic Premium Loan) before? It means anytime you don't pay your premium (assuming your bonus is more than your premium), insurance company will dig your bonus for this payment and take extra 7-8% for the charges. An example, for $2k, you will pay $2070 for your premium from your accumulated bonus.

Erratic bonus payout (no insurance company will guarantee you fixed return) and APL will mean ur bonus will be finished up sooner and pretty soon letter from insurance company will be coming to ask you continue paying otherwise your policy will lapse. U may have read about this from a few complaints made in news media. Blame this on the agents who sell without telling the whole truth.

As some forumer has said, take insurance coverage as a mean of PROTECTION only, forget about investment. Insurance based products are not a good vehicle to make good money in short term (my understanding less than 20 years!).

I think if you have paid the full 2X amount, u can considered it burned as good. If you have paid the amt via ur agent, I would suggest you better check with the insurance company whether the extra 1X premium is in. Some dishonest agents could keep ur extra money (FD, personal use etc) without remitting it since ur policy is still active. Once when the date is due, the money is paid as though it was remitted the moment you pass it to them. On the other hand, it could be on ur advantage if you want ur money back.

My personal advice, reduce ur current coverage to $50k. If it's not sufficient, top it up with term assurance. The reason why most insc agents won't tell you about it is, it's dirt cheap and they won't make much commision out of it. BTW remember to consider termed products which include 36 critical illnesses.

Food for thought, whenever we deal with agents (real estate, insurance, broker etc) whose interest will they serve first, ours of theirs? I think most of us know the obvious answer. It's really hard to find honest agents anymore.

This post has been edited by weggoweggo: Apr 15 2007, 08:07 PM

i really need ur help here..please help me...the thing is my company provide coverage for medical card and also supplementary insurance, which they deduct 24 ringgit every month but only valid till i work with them. Furthermore, i bought a MAA insurance which i pay 50 ringgit a month for 30 years, which give in return around 50K.
The thing i want to ask is;
(i) i just want an insurance that cover my medical need until i die. So which one is the best for me (insurance policy)?
(ii) Should i buy now or later since my company already providing me all the medical need? I am 23 this year and is there any diff if i take the insurance policy now or later?

Thanks.Please help me!!

Arsenal,

1) Insurance is used for protection against financial ruins. Things that costs too much that you cannot cover for yourself. For young people like you, disability is a greater danger than medical. Young people normally do not get sick. The greatest danger is you get disable and cannot work for the rest of your life. How much disability protection do your MAA insurance provide?

2) Do you have enough savings so that you can survive without a job for 3 to 6 months?? You should do that first before any additional insurance??

3) Do you really need medical insurance or critical illness insurance?? Most typical medical stuff in Malaysia is not expensive. Protection against critical illness might be better.

4) Check out the insurance thread.

Dreamer

i want a insurance that cover like critical illness when i retire....like after i retire from work so on....currently my company one cover everything....so quite good....but the thing is i am not so sure after retirement age...

Arsenal,

You have to survive until retirement age first. Do not put the cart before the horse.

Dreamer

(i) How long do you think you live? Age 75 or 100? Most medical insurance cover you up to 65 to 75. But i saw an ad recently, Great Eastern got a medical policy that covers up to 100 years old!

(ii)Since your company providing it now, forget about getting another medical insurance for now and instead use that money to invest.

i think i will get one when the retirement age or soemthing ...for time being i think i will enjoy the company benefit first...

when he's retired at 55, there's so limited amount of plans he can buy plus the premiums will be darn high

---

Added on April 17, 2007, 11:39 ami)Can you afford premium of 100 years old? Medical insurance premium at age 70 is enough to kill ur retirement fund

ii)insurance that companies provide are always at a very minimum cost, which means the coverage is very little, with the rising medical cost every year, i think better have a contingency plan, isn't getting a good medical coverage a form of investment?

---

Added on April 17, 2007, 11:53 ammedical insurance is eligible for medical tax relief of maximum RM3000
so if under company account, no personal tax relief lo

---

Added on April 17, 2007, 11:54 amtrue
don't commit to something that you can't afford
pioritize your goals first

---

Added on April 17, 2007, 11:59 amhi argiope
UGPM

This post has been edited by nicholas84: Apr 17 2007, 11:59 AM

1) Another insurance agent. I wish that I could meet some insurance agent that really service their customer as opposed to ONLY SELLING.

2) This is a young person. And, he / she has medical coverage now. Granted, the coverage may not be high but the possibility of a young person getting seriously sick is low.

3) A person need to survive financially until 55 before we can talk about retirement.

4) Even at 55, if a person do not have enough money to eat, we do not need to talk about getting sick.

5) If you are a good insurance agent, you would have advise the person to save money for emergency fund first. When a person is unemployed, you are NOT going to help him.

Running out of money, unemployed, are more likely to happen in life than getting sick at young age. Protected the most common problem fist. Especially, if you have some coverage form work.

At 55, you will not be looking for medical insurance anyhow. What you want is critical illness protection.

Dreamer

Arsenal,may i ask The 50k is your projected return rate or guarantee return rate?with the ROI of nearly 3 times,somehow seens to be too nice.

<<with the ROI of nearly 3 times,somehow seens to be too nice.>>

Know how to calculate.

6% divide by 12 to get monthly interest
, number of payment - 12 * 30 years, monthly payment = 50

=FV(0.06/12,12*30,-50)

Goto Excel and key in that formula. The return at most is 6% per year.

Dreamer

yup//...it is projected return....

Is it guaranteed or not?

Dreamer

1)in which sentence you notice that anyone is selling? It's merely underwriting fact

2)So you're saying, wait until sick only buy? isn't that too late?

3)True, but if no plan for retirement lagi tak payah harap to retire, so what if we live to 55? continue to work? beg for money? Do we realy want to rely on our children to provide for us? Parents had headstart in financial built, children hasn't, to support us, they burden themselves a lot especially with rising cost of living

4)That is why retirement planning is important

5)Emergency fund is necessary for at least 3-6 months of their monthly income, that is if they're healthy, as long anyone is healthy they have no problem getting a job unless they have attitude problem, therefore if your're jobless and currently having a high coverage, downgrade it to lower one but do not completely delete it, being hospitalized during unemployment is the worst

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.

So when you're unemployed, does the company coverage still covers?

Critical illness strike a person from infant stage up till old age, at age 55, let say kena cancer, so while waiting for the doctor to produce the report to file claim to insurance company, we use our own hard earned money which is meant for retirement to pay for hospital bills?

---

Added on April 18, 2007, 12:35 amprojected return is never guaranteed

This post has been edited by nicholas84: Apr 18 2007, 12:35 AM

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

---

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...

---

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 !

---

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.

---

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.

---

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.

---

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.

Even if it is a bit expensive after your birthday also never mind, the most important is you take time to study properly whether it suit to your needs or not.
No point, just to save up a bit and rush to sign up then found out it is not something you would like.

ask ur agent to show u the quotation for age b4 birthday n after birthday u will see the little difference. the most important thing, understand what u buy.... tht little diffence in 20-30yrs time won't make u poorer...

Thanks for the feedback guys. Anyway since my parents already bought insurance for me, but when my friend (an insurance agent) studies my insurance policy he says maybe I could consider to get another insurance to add up to the sum assured of my current plan. So you guys think should I get an additional plan? How much is enough for sum assured?

Thanks.

oh, u didn't mention u got existing plan....what plan is tht ? yes, u may top up ur existing plan as along as meets ur need..

Hi,

my current insurance plan only pays the following:

10k for natural death
10k + 10k for accidental death
10k + 15k for TPD
10k + 10k + 15k for accidental TPD
15k for 36 CI

Is the above coverage enough? Should I get another plan to add up the coverage?

Thanks.

what u r having is on TPD/Death plan with 2X claims for accident caused death/TPD. u r still lack of the most important Medical coverage and critical illness protection (which most likely u needed them than the TPD/death claim).

Hi,

So what I need now just to add more coverage to critical illness protection and medical coverage? Then is medical card = medical coverage?

Thanks.

yup, medical card Can be medical coverage ( coz there is another thing called hospital coverage ...)

whether to add above coverage is up to u, medical card is a must , critical illness is upto u. ...

Correct me if i am wrong.

what you truly need is a medical card to cover for your future hospitalizaion bills. if you buy it when you are older...it is going to be very expensive...and make sure you get it while you are still heathy and young.....

Hi,

but I already had a medical card. Just the coverage I think not so high. So should get another medical card with better coverage? Since only one of it can be used.

hai...u didn't mention earlier...

ok, a simple guide to check how much portection u need ( just a guide, varies depend on individuals..), 10-15% of ur yearly income as premium or get a coverage of 5-10X of ur annual income, priority should go to medical coverage as medical bill increases by year , min 50-60K/yr coverage.

if u hav family history (close relatives, grand parents, parents.) of critical illnesses, pay attention on this coverage.

if ur working life involved spending much time on the road /public transport , get some PA (free or paying).

Death/TPD is only something down the list...


just my 2cents.

I give you a hint on what i bought

death and Critical Ilness =>100K
medical card=>225k until 60 or 70 (Max one year can use only 75k)
plus a bit of investment.

total i pay is rm220 per year.


I think you need to topup for your critical ilness and death to at least 100k. less if you are already working and your compnay is covering you.

a freiend of mine..already 30. and he have some back problem, so its very difficult for him to get a medical card or at least it would cost him an arm and a leg to get it covered...so get it while you are still young and heathy..

erm...220/yr or 220/month?

Mistake mistake.....peryear...
i wish it was permonth...
hahaa

Thanks yewkhuay & bengang13 for the guidelines.

I'll give priority to medical coverage and critical illness. So if my current medical coverage is not sufficient, is it ok for me to get another with better coverage? Then how about my current medical card? Can cancel it?

And may I know what does PA means?

Thanks.

huh? u wish it to be permonth instead of peryr? now u making me confused....i believe it is 220/month rite..?

PA = personal accident.
if ur current medical card is standalone yearly renewal, u can upgrade tht card , no need cancel. unless u r taking up a plan to cover all u needed above, then u just let the medical card expire or transfer the premium over (abit paperwork here..).

hi guys, may I know what insurance should I buy for my father? 55+, plenty of sickness

oready with sickness ? if not diabetes/cancer , u die die oso try to get him a medical card ( with premium loading.... ), at least u save more on his future medical bill....pm me then i teach u how to make his blood test abit better...

he just came back from hospital from unknown headache he is a heavy smoker, I know his premium will be expensive like hell.

what you mean can make the blood test looks better? legal to do or not? later if insurance company found out cheating then how?

other than medical card is there any insurance policy that's advisable to buy?

with recent history of hospital visit , ur father's application will handled CAREFULLY by the underwriters..., get all related reports ready...
the method is legal and not miracle....only help abit...
is him having hypertension ?

in his case , Easy to buy is policy tht cover TPD/Deaths but he needs critical illnesses policy (u will not like the loading.....)
medical card get now oso got waiting period for certain claims , anyhow, it's nothing compare to future heavy bills....get ur agent to advise u more on the product feature n most importantly, procedure of claiming and the under clause of it...

This post has been edited by yewkhuay: Oct 27 2007, 12:36 AM

Hi,

Means the more reports the hospital have, the heavier the premium ?
I read that great eastern has this policy for seniors with rm53/month.
So is it just promotion with terms and condition only?

nope, usually all insurance company will ask u hav u been admited to hospital recently / hav u been sick recently ? if u answer no and hav health problem later it will trace back to ur visit to hospital n they can reject ur any claim due to non-disclosure, if u answer yes, then every company would be interested to know y were u admited n what sickness u hav....so relevant reports has to be submitted. then if u hav pre-existing health problem like hypertension / high colesterol / uric acid /migraine / proteinuria .....list goes on.....u will be asked to go for medical check up especially for those aged above 50 or 60 (depends on wat plan u r applying.), simple medical check up is compulsory ,and when some readings in the report is not nice, they will load ur premium accordingly...or may refer to re-insurer to absorb ur loading.

if i m not mistaken, tht policy cover death n TPD only, it might be 53/m, depends on client sex/ age/ amount of coverage n rider attached. the best is contact ur agent to get the plan name n details, advertisement is just to fish u to ask for more answer...

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.

Correct me if i'm wrong

for me i go for a more reputable and international company like AIA.........so far my medical claims was easy with their card and no fuss during claism.....really as per the agent says naything wrong, money come within 4 days

Dear porkchop,

I'm glad you're happy with AIA's services.

Just for your info, AIA has upgraded its Medical Card ECP up untill Age 100. So if you already own AIA's Platinum Medical Card, its an automatic upgrade from the previous age 80 limit.

Here's the press advertisement that AIA put up recently.
http://www.aia.com.my/downloads/ecp100_eng.pdf

Its the one and only true First in the Market Medical Card that offers full medical coverage up till age 100.

It was a major move on AIA's behalf towards achieving its customer focused growth strategy.

For those interested you can PM me for details.

On the other hand, if you're an Manchester United Fan and would you like to win a trip to watch them Live at Old Trafford, just follow the link below.

http://www.aia.com.my/downloads/MU%20leaflet.pdf

Fill it in and send in to stand a chance to win. Good Luck!

No chance for me as they don't open it up for agents.

This post has been edited by Zarth: Nov 2 2007, 12:59 AM

Hi all, want to ask usually maximum how many % of our income should spend in insurance?

Thanks.

it's upto u. and it depends on how many dependants u have, whether u hav to contirbute to family expenses / siblings study/ repay study loan/.....

generally, 10-15% of ur annual income..

Prudential BSN is one of the best....from my point of view..