Apr 15 2007, 08:05 PM
QUOTE(Argiope @ Mar 29 2007, 04:00 PM)
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~~
Let me make it short, paying almost $2.5k @ 22 years of age seems a little bit too much to me. 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~~
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
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