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> Insurance Talk V5!, Anything and everything about Insurance

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Vintage_X
post Yesterday, 07:49 PM

New Member
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Missed out some info - female, advisory consultant
ratloverice
post Yesterday, 11:21 PM

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Joined: May 2010
QUOTE(cherroy @ May 22 2019, 09:33 AM)
Below statement may not please some reader (especially may be agents  tongue.gif, joking only), no offence to anyone.
This is a simple statement for sum assured needed.
If my income is low, then my life "worth" is cheaper so does my insurance sum assured, as I cannot afford higher premium.

Also, you need to have your own saving, for emergency, for future family planning etc.
Living in single vs having a family could be big difference in term of financially.

Please be minded even you have the most expensive insurance and wide coverage, there are still incident and situation that you need to pay from your own saving.
PA - if happen not due to accident case, insurance won't compensate.
Medical - not every medical condition is covered. eg. you have toothache and need a teeth implant or crowning which easily cost a few K per tooth. In this situation, you need to fork out own money despite having mil of coverage.

It is all about income, if the premium is negligible portion of your income, then no comment, it is about personal preference.
But if the insurance premium eat up large chunk of disposal income every month, one may need to rethink about it and plan more wisely,
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Thank you for the advices.

My savings now are able to last about 60 months of my current expenses (about 7k per month) if nothing big happens. Me and my gf have both agreed that we do not want to have a child in the next 5 years, so there should be more time for me to carry on increasing my income and to save more money for other purposes.

I am aware that the policies include quite a lot T&C, that's why I insure more on life. As for medical, it is pretty important to me as the many of family members on my father's side were diagnosed with cancer. I already have a medical card but Im looking for a policy that covers different types of cancer.

The RM664 premium isn't too much to me at the moment. I personally think that I should have that much of insurance but my gf thinks that it is not necessary now. This is why I can't really make a decision now.


QUOTE(lifebalance @ May 22 2019, 10:42 AM)
Good to see that you save quote a sum for yourself especially this young to last 60 over months especially most Malaysian don't even have savings to last 2 - 3 months.

Again, how did the sum came about to 1.1m for life and 500k for illness ? How was this calculated against ? What are the measures taken up ?

What is your future planning from now ?
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Sorry but I am not really clear about underlined part...

Basically my monthly expenses are RM7k but they will be reduced to RM4.5k after May 2020, and further reduced to RM3.5k in Dec 2020. However, I'm expecting a mortgage payment of RM10k per month from Dec 2020 to Dec 2027, while other expenses remain unchanged. Can't say much about my income cuz I can't really control it, but I expect it to be slightly higher than my monthly income now. As for savings, I did some calculations and think that they should increase by a minimum of 30% by Dec 2020 after deducting the cost of renovation for new house. Not planning on having a child in the next 5 years, and am not sure about the expenses after having a child.
lifebalance
post Yesterday, 11:25 PM

Life & Mortgage Planner
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QUOTE(ratloverice @ May 22 2019, 11:21 PM)
Thank you for the advices.

My savings now are able to last about 60 months of my current expenses (about 7k per month) if nothing big happens. Me and my gf have both agreed that we do not want to have a child in the next 5 years, so there should be more time for me to carry on increasing my income and to save more money for other purposes.

I am aware that the policies include quite a lot T&C, that's why I insure more on life. As for medical, it is pretty important to me as the many of family members on my father's side were diagnosed with cancer. I already have a medical card but Im looking for a policy that covers different types of cancer.

The RM664 premium isn't too much to me at the moment. I personally think that I should have that much of insurance but my gf thinks that it is not necessary now. This is why I can't really make a decision now.
Sorry but I am not really clear about underlined part...

Basically my monthly expenses are RM7k but they will be reduced to RM4.5k after May 2020, and further reduced to RM3.5k in Dec 2020. However, I'm expecting a mortgage payment of RM10k per month from Dec 2020 to Dec 2027, while other expenses remain unchanged. Can't say much about my income cuz I can't really control it, but I expect it to be slightly higher than my monthly income now. As for savings, I did some calculations and think that they should increase by a minimum of 30% by Dec 2020 after deducting the cost of renovation for new house. Not planning on having a child in the next 5 years, and am not sure about the expenses after having a child.
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So how long are you estimating the 1.1m to last you ?

How long are you looking to sustain your own living expenses ?

When are you planning to retire ?

How long would you be planning to retire without worrying about finances ?
ratloverice
post Yesterday, 11:53 PM

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Group: Junior Member
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Joined: May 2010
QUOTE(lifebalance @ May 22 2019, 11:25 PM)
So how long are you estimating the 1.1m to last you ?

How long are you looking to sustain your own living expenses ?

When are you planning to retire ?

How long would you be planning to retire without worrying about finances ?
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Do you mean the sum insured? I expect the nominee to use the 1.1m for emergency use or to use it as one of the sources of funds for his/her/their daily expenses in the future. One thing that I am going to do is that I will raise the sum insured quinquennially for about 10%.

Not going to retire so soon since Im just 27 this year. Will probably work for another 25-30 years...?

I can't really tell how long it will take for me to save enough money for retirement. My expenses might just substantially increase one day in the future. So all I can do now is that earn and save as much as possible. Will only think about retirement later cry.gif cry.gif

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