Hi,

There are so many insurance out therr. What are the criterias we should look in choosing the right insurance? Maybe looking for ILP with medical card coverage. Thank you.

while waiting for responses....you may want to read these for some added info while you wait...

how to choose the right insurance plan in Malaysia
https://www.google.com/search?ei=tV5KXOOWC5...i10.S34hFW19sRg

Start with these in mind.

Protection:
- Life/TPD: For family and TPD income replacement
- Medical card: Medical bills
- Critical illness: Income replacement
- Personal Accident

Best,
Jiansheng

Maybe we can start with what your concerns are..?

That's always a good place to start, right?

General importance

1. Medical Card
2. Life / Personal Accident
3. Critical Illness / Waiver of Premium
4. Other riders

Critical Illness benefit payout is one rider. The early payout for critical illness is another rider. The early payout rider in that ILP plan is quite limited though. If your SA is not big, then the early payout will be little. Do check the available critical illness early payout as well. The coverage is not so complete though.

Most of the new Standalone MC has similar benefit like the ones in ILP already.

Looks like your concern is have your medical expenses taken care of first.

Hi folks, I've been reading up on deferred annuity and I can only find packages from GE and Prudential. Are there other insurance companies with similar products ?

I'm sure they do, what prompt you to look into deferred annuity ?

What is the most cost effective tool to use to setup insurance trust? Term or ILP?

Anyone has experience in this area?

This post has been edited by jutamind: Jan 26 2019, 04:33 PM

if you are comparing only term and ILP life insurance, term life is more cost effective. only thing you need to take note for term life is the term of coverage where as for ILP life insurance most are up till 99 years old. certain term insurance is up to 70 years old only.

In the short term, term insurance is cheaper although the cost will slowly increase overtime. You may also notice that term insurance may only cover up to 70 or 80 yrs old depending on the insurer.

If you're looking for long term without worrying that a policy is not renewable, then taking an ILP to setup a trust is easier.

I'm looking at specific term until my kid reach a certain age for trust purpose. I have other life insurance policies that cover until 80 at least. Apart from term or ILP, any other tool can be used for trust for kids which is cost effective?

Given that you already know how long you would like the term insurance to be, it is just mathematics now.

Just compare the cost for term Vs ILP.

Here's the formula:

y = No. Of years until your kid reach a certain age

(Term annual premium X y) Vs [(ILP annual premium X y) - average cash value at y]

If term proves to be cheaper get term, otherwise ILP.


Best,
Jiansheng

This post has been edited by Holocene: Jan 26 2019, 09:05 PM

tools asides from insurance are either cash or unit trust.

Cash and Properties (fully paid) can be used as a trust

tuan tuan dan puan puan

alex looking for standalone critical illness policy.

coverage RM120k. Early payout allowed. Please quote tq

I've been doing PRS for a few years now, but the idea of having some extra insurance coverage out of the same money put in intrigues me

I still have my PruBSN takafulink.

I am planning to move out and look for medical insurance plus life insurance (sum covered min RM100k).

PruBSN has a Life Insurance which is PruBSN warisan, but sum covered RM250k so the monthly is higher...

Hi guys,

23, M, non-smoker.

Just reviewed my very old policy from GE.

Paying RM110 per month:
out patient cancer treatment rm15k only
out patient kidney dialysis rm15k
emergency accident out patient rm3k
room n board rm150 per day
overal lifetime limit rm150k

looks pretty low

Any advice moving forward?

Don’t think there is such plan for early payout yet, normal critical illness yes

Oic, well it’s more of a [fail-safe] in the event that you pass on earlier than you can wait for the money to be accumulated.

Just don’t expect high % of return, if you can accept this fact then it’s a viable plan for your financial planning

What’s your budget, age, gender, smoker or not and your occupation

And the amount you’re paying for it at the moment ?

That depends on your current budget and what your future planning for yourself with the salary that you’re earning at the moment, will probably need to talk to a life planner to help you understand your insurance better.