They could be part-time agent just looking for extra money and not serious into investing their time to learn about the application of insurance planning.

Newborn is around 150/mth minimum, medical card coverage starts from 1 mil yearly with no lifetime limit.

You have options to add on other riders for your new-born such as payor waiver

I got my PA insurance from AIA covers 500k too at monthly RM75
my insurance plans does not covers pre existing illness....
some of my insurance plans also has to add in extra loadings for my high blood pressure....
I liked to have agent when buying insurance.....for the ease of contact, claim procedures and follow up (not only for me but my dependents/beneficiaries too)

my point for my previous post was to say...even they did not insist on medical examination.......there is a risk of non payment incidents when the insurance company found out that there was a non disclosure of illness at time of buying.
(at times, a none noticed, none painful, had been there years already (inside/outside of body)....may turn out to be a factor for non disclosure/non payment disputes)

This post has been edited by yklooi: Jun 4 2019, 12:37 PM

Takaful plan are usually 10%-30% more from usual plan. And which takaful are you looking at?

Good insight from you.

And please don't EVER EVER hide your condition when getting insurance, please disclose every condition you have to your agent incase stuff happen.

i got the quotation of this. it is cheap because

1. term life insurance
2. insurance premium will increase by age

if you proceed to the final quotation, at the age of 50+ the monthly premium will be RM300+/month. still it is a good plan. just need to do proper financial planning before getting it.

if you are ok with no agent servicing you, then yes. can check out latest AXA medical card application online.

Greeting. Need a favour here.

Would like to ask about waiver of premium. Been googled and reading about it, how i still dont have much understanding in it.

"A waiver of premium is a provision that allows the insured not to pay premiums during a period of disability that has lasted for a particular length of time. ... Under the waiver of premium provision, the insurance carrier will waive premium payments for you after you have been totally disabled for at least six months."

What is the pros and cons of having waiver of premium?
Please explain to me in lay man term.

Many thanks.

while waiting for value added responses from real insurance sifus to response,
I googled and found this

Waiver of Premium Pros and Cons
Like anything, there are advantages and disadvantages. Let’s look into the pros and cons of the waiver of premium rider.
Pros
Protects you and your family by paying for your life insurance premiums in case you get disabled.
You won’t stress about how to pay for your policy if you get a disability.
You’re not limited to one occurrence. The waiver of premium doesn’t have a limit for the number of times it’s used.
Cons
The waiver of premium rider is an additional cost.
You must buy it when you apply.
https://www.lifeinsuranceblog.net/waiver-premium-rider/

Waiver of Premium Rider Pros and Cons
waiver of premium (wop)
Pros:
Pays your life insurance premiums so you can avoid having your policy lapse or tapping into your cash value, diminishing your total death benefit.
Can also be designed to cover additional premiums, such as paid-up additions
Some term life WOP riders allow the policy to be converted and still retain the WOP rider
You can use the money that was going towards life insurance to pay for whatever you choose, including medical costs, home modifications, in-home care, etc.
Another advantage of the waiver of premium rider is that there is no limit to the number of times that you can use it. So if you have a recurring illness, you may even be able to skip this initial wait period the second time around.
Cons:
It adds additional life insurance costs to your policy’s premium payments between 10-25%.
https://www.insuranceandestates.com/waiver-of-premium-rider/

more in here....
https://www.google.com/search?source=hp&ei=...i10.-Eidr9JdEa0

Waiver=
Premium waived when TPD and Critical illness strike, assured lost working ability and no need to worry about premium paying. Anyway the cash value remained as no future premium is paid anymore.

Payor =
Premium waived and insurance company continue to pay for u when TPD and Critical illness strike. Cash value will keep increase as shown in quotation.

PERSONAL OPINION AND EXPERIENCES 👌🏻

It means if you are permanently disabled or critically ill, the insurance company continues to pay your insurance premium for you.

The main purpose to get insurance plan from agent is basically their SERVICE and advise. Imagine when serious condition happen in sudden, who is going to help u do all the claim stuff and follow up the progress.

PERSONAL OPINION AND EXPERIENCE

Any GE agents here? I have a policy for my mother in law that expires at the age of 70. She's now 60. I'm looking for options to see if I can upgrade to 100 years old.

Hi sifus,

Sorry for the long post-

I'm new to insurance and I'm looking to get my first policy and been researching around:

Basic background, 24yo female, single, office job

1. Currently focusing on medical with higher coverage as main concern as medical costs are increasing day by day.

2. From what I understand, life is compulsory in all ILP plans so is it OK if I just get the minimum sum assured to stretch my ringgit? Is it necessary to get like 50k as per initial quotes by the agents(premiums of rm250/month)? Or maybe I can purchase separately in the future?

3. Is it necessary/important for me to get CI? I understand that it is to act as income replacement, if the amount is like 50k, I would probably have savings around that amount too, not sure whether I need this rider? Or I can purchase a standalone for higher coverage in the future?

4. ILP are structured that cash value compensates the high COI in the future right? So if now I pay a larger portion of premium with less riders and moore allocation into the fund, the higher acc value will sustain longer and I'm less likely to receive letter for topup next time? My dad's family history has long age and healthy, so I'm looking to cover up to at least 80 yo.

5. Had a comparison with all big 3 agents which I have tweaked a little to exclude the CI first, budget is around rm150-200:

Prudential-rm160 annual 1.38m coverage deductible 300, life/tpd 20k, Ci 20k, sustainability 64-72yo

GE-rm180, 50k life/tpd, 50k CI, coverage 90+900k no deductible (why separate?), sustainability 99 yo

AIA-rm186, life/tpd 10k, coverage 1.5m deductible 300, sustainability 100 yo

Appreciate if anyone could give some advice for my case.. Not sure whether I'm on the right track or I'm just cutting everything off to get the possible lowest premium lol...

Now on to my dad and sis... Haha...

My dad is looking to upgrade his plan, 57yo, however he is pilot which is class 4 occupation quoted by all agents.
Current standalone plan is coverage 90k, 2k+/year, which will definitely increase up to 8k-10k+ in future.

He wants to get a medical card similar to mine, any ways to play around so he can get a lower quote? He has company insurance which is unlimited coverage currently and he wants to utilise personal insurance after retirement only. Health is definitely no problem also as their industry have very vigorous checkups half yearly and his family history is like very long age.

For my sister, 19yo student, my mom intends to purchase a same medical as mine for her, however the concern is few years back then they went to KPJ for an xray because my sister's spine abit "senget", the doctor said 15 degrees and didn't suggest any treatment etc, just said 2yrs later can do a follow up which my sis nvr went back.. If want to buy now, need to declare? What are the risks? One agent suggested not to declare as it is small case only normal check up and if declare, they will definitely exclude spine related problems. My mom's concern is later if insurance company find out and reject her claims next time then my sis will not have insurance for the rest of her life..

Appreciate the response on this long winded post..

Sorry and Thank you so much!

This post has been edited by hamjipeng: Jun 8 2019, 10:52 AM

So far her health okay?

Overall BMI normal ?

With regards to what policy to get for yourself, the best policy is the one that fits you the most at the moment based on your requirement and budget.

If you’re willing to spend more for a better coverage then you may need to allocate slightly higher budget to get it. Otherwise stick with standalone coverage.

As for your dad, since it’s a high risk job, the premium payable is definitely higher until he retires. Which he can then update the insurance company and the insurance premium will be adjusted accordingly.

He can have the option to get either as an investment plan or standalone depending on his budget.

If he’s worried about paying a higher premium in the future then he should get it as an investment linked plan.

otherwise he need to opt as standalone and be charged based on every 5 years tier incrementally.

Long life is subjective, lifestyle play an important role as well in sustaining long life.

Are those quotes for ILP? Afaik, those quotes (premium per month) you can only get them via an agent?

Quotes for standalone is easy, just refer to the brochure..

Hi sifus,

Sorry for the long post-

I'm new to insurance and I'm looking to get my first policy and been researching around:

Basic background, 24yo female, single, office job




What you are referring to is the Sum Assured Multiple Allowable which is affected by the annual premium and the riders attached. Whether it is necessary to get RM50k depends on each company.


Whether it is necessary or important is up to you. Get an agent to do a Needs Analysis for your review. Also, when it comes to Critical Illness coverage do take note of the following:
- Survival Clause
- Type and stages of CI covered (Early to Advance or only Advance)
- Payout %


You got it!

Let me throw in Allianz for your consideration:

- Life/TPD: RM5k

- CI (Early - Advance): RM100k
-- Cancery Recovery: RM35k
-- Diabetes Recovery: RM20k
-- Catastrophic CI: RM20k

- R&B200 - Until 91 years old
-- Annual Limit: RM1mil
-- Lifetime Limit: None

- Waiver of Premium

RM196/month
Sustainability: 62 - 70 years old.

P/S: This quote is done based on your existing proposals.
PP/S: Suggest you get the full quotation for AIA and GE.



You are on the right track. What you need to do next is a Needs Analysis where the agent will run through your risk and how they can manage the risk via insurance. Once you know what you need, then you can discuss premium.


Given your dad's age and occupation he will be looking at a premium north of RM8k a year if he gets a medical card similar to yours. Once he retires, he can inform the insurance company and get his premium revised.


One word. Declare. Then wait for deferment/offer from the company. If not satisfied with what you get, appeal. Your mum concern is very real in the sense that the insurance company has the right to void the contract.


Great to see youngsters doing their homework on insurance. All the best!

This post has been edited by Holocene: Jun 8 2019, 02:28 PM

Thanks for the advice, we are looking at investment linked plans now and deciding which company offers the best for our family. My dad's quote from agents for an ILP is around RM8k/year, he wants to find other cheaper alternatives without forgoing the ILP plan..

Yes, ILP quotes gotten from few different agents, I prefer ILP as don't want to worry about the huge jump of premiums in older ages, although it might be more expensive abit but I guess more ease of mind?


Thank you so much, this is really helpful, I will continue ask around and ask my agent for help, so far one agent has been really helpful and he even helps me to analyse quotations from other companies About my sis, even if there is no health problem at all with her spine, I will still need to declare? Because from what I know, usually insurance companies will counter offer that excludes spines / loading charges... The checkup was done like > 5 years ago and the doctor didn't say there was any problem with her, but well the record is still there..


This post has been edited by hamjipeng: Jun 8 2019, 02:44 PM

Okay what I can say is that ILP plans depends overall on the company performance over the long term and different companies have their own ways in projecting it. Some taking higher or lower percentage

If she had been hospitalise before or had history with her health then you will need to declare even if there is no more problem now.

A cheaper ILP would mean shorter sustainability.

Has anyone heard of hospital income riders? Sort of choosing that and between premium waver as well as gennext. AIA here anyone?

that's optional if you need the extra income per day for every day you stayed in the hospital

I guess that's important for those who are self employed/freelancer and not so much for a salaried worker?