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

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

Arsenal,

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

Dreamer

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

<<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

Is it guaranteed or not?

Dreamer

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

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

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

Shinichi,

Wrong question. Are you saving ANY money before you talk about buying insurance?? If you CANNOT save 10% to 15% of your income every month, why are you buying insurance??

Insurance is NOT saving.

Dreamer

lousai,

There are 11 pages of discussion on insurance on the below thread. Read it if you are interested. Then, post the relevant personal detail and people may discuss. I CHOOSE not to repeat myself again.

http://forum.lowyat.net/topic/666501

Dreamer