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 Insurance Talk V5!, Anything and everything about Insurance

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SUShioniq
post Jun 12 2019, 09:26 PM

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My current premium is rm200/month for the great Eastern investment link insurance. Now I want to top up the premium from 200 to 250 but my policy already more than 7 years i.e. the premium allocation rate is 100% that all rm200 will be used to buy new units. So will it reset the allocation rate when I top up the premium? Or it start the new allocation rate just for the top up amount rm50?
Holocene
post Jun 12 2019, 10:01 PM

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QUOTE(hioniq @ Jun 12 2019, 09:26 PM)
My current premium is rm200/month for the great Eastern investment link insurance. Now I want to top up the premium from 200 to 250 but my policy already more than 7 years i.e. the premium allocation rate is 100% that all rm200 will be used to buy new units. So will it reset the allocation rate when I top up the premium? Or it start the new allocation rate just for the top up amount rm50?
*
Only the 50 ringgit portion.

You can request to top up via their investment portion rather than premium if your sole purpose is to increase the sustainability.

Best,
Jiansheng
SUShioniq
post Jun 12 2019, 10:09 PM

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QUOTE(Holocene @ Jun 12 2019, 10:01 PM)
Only the 50 ringgit portion.

You can request to top up via their investment portion rather than premium if your sole purpose is to increase the sustainability.

Best,
Jiansheng
*
Thanks for the info
lifebalance
post Jun 12 2019, 10:59 PM

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QUOTE(hioniq @ Jun 12 2019, 09:26 PM)
My current premium is rm200/month for the great Eastern investment link insurance. Now I want to top up the premium from 200 to 250 but my policy already more than 7 years i.e. the premium allocation rate is 100% that all rm200 will be used to buy new units. So will it reset the allocation rate when I top up the premium? Or it start the new allocation rate just for the top up amount rm50?
*
Only the additional RM50 portion that is being top up either as regular premium or solely as investment portion will be subject to deduction of commission for 6 years. Which will then get 100% allocation on the 7th year onwards
ckdenion
post Jun 13 2019, 12:12 AM

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QUOTE(hioniq @ Jun 12 2019, 09:26 PM)
My current premium is rm200/month for the great Eastern investment link insurance. Now I want to top up the premium from 200 to 250 but my policy already more than 7 years i.e. the premium allocation rate is 100% that all rm200 will be used to buy new units. So will it reset the allocation rate when I top up the premium? Or it start the new allocation rate just for the top up amount rm50?
*
only the top up RM50 will be subjected to the new allocation rate that you mentioned here.
JustcallmeLarry
post Jun 13 2019, 10:39 AM

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Hey guys there 2 types of insurance plan right, ilp and standalone one??? Wta which one is cheaper or are both the same over time?
kbandito
post Jun 13 2019, 10:50 AM

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This is Great Eastern's latest fund performance.
On a 5-year CAGR basis, the Fixed Income Fund made 5.2% average per year, the Balance Fund made 3.4%/year, and the Progressive Fund made -0.8%/year (negative).

They need to sack the fund managers for not able to outperform idiot-proof fixed income fund. I know last year was tough but 5-year CAGR performance of that is abso-effing-lutely unacceptable.

user posted image
SUSyklooi
post Jun 13 2019, 10:52 AM

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QUOTE(JustcallmeLarry @ Jun 13 2019, 10:39 AM)
Hey guys there 2 types of insurance plan right, ilp and standalone one??? Wta which one is cheaper or are both the same over time?
*
googled and found this....

Medical insurance comes in two forms – a no-frills standalone medical plan, and a medical rider attached to a life policy such as an investment-linked plan (ILP).
The former covers hospitalisation and surgical expenses, while the latter also does that, in addition to paying a lump sum in the event of death and/or total and permanent disablement.

How to decide
So what should a policyholder do? When choosing between a standalone medical plan and a medical rider, one way is to assess your financial habits. FA Advisory’s Liau points out that premiums for both plans are not fixed as they are subject to reviews and increments in future.
“If a person has proper financial planning, and the discipline to invest the premium difference between a standalone medical plan and an ILP with medical rider, then a standalone medical plan may be more suitable,” he says. By contrast, if a person doesn’t have the discipline to save and invest regularly, an ILP may be a better option as it is a form of forced savings/investment. The plan, he adds, could help the person invest the additional premium to offset future increment in health premiums.

http://www.focusmalaysia.my/Income/when-to...ne-medical-plan

https://www.google.com/search?source=hp&ei=...i21.OekAqEtEP-0

sweat.gif i think many had mentioned that in normal economic sense....standalone is better than ILP.....

but many had complaint too, that standalone insurance premium can / will increase termendously especailly at/after retirement age brackets....when that is the time we usually needed both of them (insurance) and money most

lifebalance
post Jun 13 2019, 12:07 PM

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QUOTE(JustcallmeLarry @ Jun 13 2019, 10:39 AM)
Hey guys there 2 types of insurance plan right, ilp and standalone one??? Wta which one is cheaper or are both the same over time?
*
ILP is cheaper overtime as the cost of insurance charges is lower than pure standalone.

QUOTE(kbandito @ Jun 13 2019, 10:50 AM)
This is Great Eastern's latest fund performance.
On a 5-year CAGR basis, the Fixed Income Fund made 5.2% average per year, the Balance Fund made 3.4%/year, and the Progressive Fund made -0.8%/year (negative).

They need to sack the fund managers for not able to outperform idiot-proof fixed income fund. I know last year was tough but 5-year CAGR performance of that is abso-effing-lutely unacceptable.

user posted image
*
XD email GE and tell them that la, they don't read Lowyat forum
SUShioniq
post Jun 13 2019, 01:57 PM

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QUOTE(lifebalance @ Jun 13 2019, 12:07 PM)
ILP is cheaper overtime as the cost of insurance charges is lower than pure standalone.
XD email GE and tell them that la, they don't read Lowyat forum
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Agreed, ge funds really poor performance. My son's Allianz very good, the nav increased from 1.4 to 1.7 for the Dana padu
Holocene
post Jun 13 2019, 02:11 PM

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QUOTE(hioniq @ Jun 13 2019, 01:57 PM)
Agreed, ge funds really poor performance. My son's Allianz very good, the nav increased from 1.4 to 1.7 for the Dana padu
*
Thank you for trusting your child's insurance needs to Allianz.

Best,
Jiansheng
lifebalance
post Jun 13 2019, 03:21 PM

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QUOTE(hioniq @ Jun 13 2019, 01:57 PM)
Agreed, ge funds really poor performance. My son's Allianz very good, the nav increased from 1.4 to 1.7 for the Dana padu
*
You do know that fund price fluctuates over the long term depending on the fund performance ?

Present performance doesn't indicate the future performance of the fund.

Depending on the fund risk that you've invested into, be prepared for some up and down during this market trade war.
KeyMochi
post Jun 13 2019, 09:34 PM

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Hi all.

I just purchased a premium from GE called smartprotect essentials 2. During the discussion with my agent he said my mental illness history MIGHT get my insurance get rejected. Any advice from sifu here is appreciated.
lifebalance
post Jun 13 2019, 09:46 PM

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QUOTE(KeyMochi @ Jun 13 2019, 09:34 PM)
Hi all.

I just purchased a premium from GE called smartprotect essentials 2. During the discussion with my agent he said my mental illness history MIGHT get my insurance get rejected. Any advice from sifu here is appreciated.
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Only the Underwriter can determine your situation now whether to reject to approve your application after their consideration.
KeyMochi
post Jun 13 2019, 09:48 PM

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QUOTE(lifebalance @ Jun 13 2019, 09:46 PM)
Only the Underwriter can determine your situation now whether to reject to approve your application after their consideration.
*
Ah yes he did mention that so he's going to GE tomorrow and see how it goes. Thank you smile.gif
lifebalance
post Jun 13 2019, 09:49 PM

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QUOTE(KeyMochi @ Jun 13 2019, 09:48 PM)
Ah yes he did mention that so he's going to GE tomorrow and see how it goes. Thank you smile.gif
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Sure, you're welcome =)
SwarmTroll
post Jun 15 2019, 11:00 AM

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Under AIA,
Life 6000
R&B 300
Deductible 300
AIA Vitality 10

Per month premium is RM171

Age: 23, Non-smoker

Sounds about right?

This post has been edited by SwarmTroll: Jun 15 2019, 11:04 AM
ubeyou
post Jun 16 2019, 12:50 PM

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Hi Sifus,

I have an old insurance, where the payor is my parent.

I wonder do we have to do a transfer to order for tax relief for myself?

Thanks,
lifebalance
post Jun 17 2019, 09:29 AM

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QUOTE(ubeyou @ Jun 16 2019, 12:50 PM)
Hi Sifus,

I have an old insurance, where the payor is my parent.

I wonder do we have to do a transfer to order for tax relief for myself?

Thanks,
*
You may need call up to your insurance company/agent to check on the procedure as you didn't mention which company ur policy belongs to.
HoNeYdEwBoY
post Jun 17 2019, 12:43 PM

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QUOTE(SwarmTroll @ Jun 15 2019, 01:00 PM)
Under AIA,
Life 6000
R&B 300
Deductible 300
AIA Vitality 10

Per month premium is RM171

Age: 23, Non-smoker

Sounds about right?
*
It seems ok on paper but better ask for quotation to check the cash value inside and the estimate insurance charges in it.

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