Missed out some info - female, advisory consultant

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.

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 ?

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

Have you tried engaging your current servicing agent/writing agent that you purchased your existing policy from?

For a 20y/o+ starter into medical insurance, which one should go for with sufficient coverage for treatment nowadays?
Besides, buying directly with insurance provider (whether online or over the phone) will cheaper by how much than buying from an agent? What are the drawback other than level of support?

tax relief for YA2019 is Life Insurance 3000, Medical Insurance 3000. You want to max out the tax relief?

for insurance planning, with your age and assuming you wanna max out the tax relief, you can get a very comprehensive plan already. have to further discuss your needs to know what coverage amount suits you.

yeap. consider a good deal to me.

recommend to add in (top up) into your existing policy and remove whatever you dont want in your existing policy. that is the cheapest option in my opinion.

putting the premium aside first, if the coverage quoted is what you need (meaning to say agent already calculated for you), then i think it is good for you. cant give too much input as dont have much details.

estimating at 300-ish a month.

for long term planning, most medical insurance offers 1 million per year limit. guess you can start from here. buying direct from insurance provider might (varies) save you around 25%-30% perhaps? only drawback is like what you mentioned, you service yourself.

May i ask is there difference for medical card for prudential and AIA until certain age? For prudential, the agent told me MAX cover until age 85 but AIA can cover until MAX age 100 for the same premium amount. The prudential agent told every company should be the same and maybe AIA agent is not telling the truth. Just wanna know the truth.

Any insurance agent here can offer group insurance for employees of a company of about 100-200 staff in PJ?

Requirements:
- Free or simplified underwriting (guaranteed acceptance for ALL employees who sign up, even if some of them were previously diagnosed with certain sickness)
- Portable policy (which means after an employee resign, can take policy with him or her)
- Strictly NO investment-linked products
- Premium to be paid by employees who sign up (maybe by salary deduction?), not by company

Be aware that you have to contact HR directly ... I can only give you the HR manager's contact and company address ... I don't have the authority to allow you to come to the company to sell the product.

Reason I'm doing this is because I feel the insurance coverage provided by company is too low. Only RM10k H&S coverage for managerial level staff, lower still for lower ranking staff.

PM me with details of package you can offer. Say for a premium of RM100 or RM200 (max) per month.

for a starter, 1m coverage is affordable nowadays.

You will need an agent no matter what.

nowadays medical plan are covered up to 100 year old.

what you're requesting is a personal insurance with such benefit which I doubt it's possible.

If under group insurance as a company with company paying then yes.

coverage term is up until 100 for medical insurance. question is can your policy cash value sustain until 100 years old, this is one of the concerns you may want to look into. to me, policy sustainability up until 80 years old is actually consider very good already.

Yup.. That is y prudential agent told me there is a range from 80 to 85 depends on the economy! If the economy is good then maybe cash value can last 88 or 89...inside their apps got this range! But AIA apps dun show this range.. Just straight said until 100 yrs old! I would like to choose AIA if can last until 100 yrs old lo

There is a schedule table showing it, the agent didn't disclose it so that shows there is lack of integrity in disclosing the information to you.

Another fact is that it is hard to estimate a policy to last 100 years

One of the advantage if you get it from Agent is the services that you can get. Yes, you can do claim by yourself but what if one day you aren't capable to do so ? Or should I put in this way, Agent are well trained by the company to handle different kind of difficult situation you might face when you applying a Medical Card.

All company can allow you to last until 100 years old, but of course you need take count in the insurance charges that will increase after a few years and the cash value that you have inside. Please request the quotation from the representative agent about "Insurance Charges" and "Cash Value", it will be not guarantee but at least its an assurance to know about it

This post has been edited by HoNeYdEwBoY: May 26 2019, 01:13 PM

The medical rider is a standard product that will cover till age 100.

The ILP on the other hand, you can choose the sustainability (30 yrs, age 70, 80, 100).

So what it means is, at the ILP maturity, you can have the option to continue on to keep the medical rider. But of course, at a very high COI at that age.

In a sense, it's betting that I pay lower COI till age 80, and I better die by then just to avoid paying higher COI charges.

Sorry ah, I'm quite blunt.
But I think better to be blunt than trying to sugar coat, prancing around an issue

To quote my previous comment above again:

I've been looking around at different medical plans from various insurance companies but have narrowed down to a few plans which at least cover medical treatment in Singapore/overseas. This is just a precautionary measure as I would still get treatment in Malaysia first and if something does happen down the line where an advanced treatment is only available in Singapore and not in Malaysia.

1) Allianz Medisafe Infinite Xtra (ILP Medical plan)

Pros:
- Covers medical treatment in Singapore based on Reasonable & Customary Charges in Singapore
- No lifetime limit for treatment in Singapore (?)

Cons:
- Co-payment charges of 10% if the total claim per year exceeds a certain amount. Look below:
- "Limit" of RM125k for Plan250 (to not incur co-payment charges) might be little?



https://www.allianz.com.my/documents/144671...f6-030d918adee7
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2) Prudential PRU Medic Overseas (rider)

Pros:
- Seek treatment in Singapore, China and Hong Kong
- No co-payment charges

Cons:
- Limited coverage of only 5 illnesses (Surgery related to cancer, Neurosurgery, Coronary artery bypass surgery, Heart valve surgery, Organ transplant - kidney, lung, liver, heart, pancreas or bone marrow transplant).
- There is a lifetime limit of RM4 million for PMO Platinum
- Low annual limit of RM400k, but still more than Allianz.

https://www.prudential.com.my/export/sites/...verseas_Eng.pdf
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3) AIA Life Signature Beyond (Life insurance with CI treatment overseas)

Pros
- Medical treatment in any country in the world??
- No co-payment charges



Cons
- The limit depends on the coverage and any claim reduces the "account value" - Basically, a portion of the life insurance coverage will be used for CI treatment
- What does this "only the first critical illness claim is covered" mean?



https://www.aia.com.my/content/dam/my/en/do...brochure-fa.pdf
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Appreciate inputs from the sifus here

This post has been edited by -kytz-: May 27 2019, 07:14 PM

What's the coverage differences (pros and cons) for life insurance plan above?
Let's say sum assured 500k, how much is the yearly premium for each of the plan?

AFAIK the default proposal from AIA is up until 80 years old policy sustainability.

replied in bold. will personally think that among this 3, im more confident to go for Allianz one.

those are life insurance plan, no major differences among each other (maybe each have their own extra minor benefits). Premium wise I cannot determine for you but should be more or less the same.

The 4 plans are all death and disability insurance, premium wise depends, you may want to get individual quote