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lifebalance
post Dec 11 2019, 10:24 AM

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QUOTE(ahwai @ Dec 11 2019, 10:22 AM)
Pacific Medi Pro
[attachmentid=10371952][attachmentid=10371953]
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Explain what is renewal only after age 70
ahwai
post Dec 11 2019, 10:26 AM

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QUOTE(lifebalance @ Dec 11 2019, 10:24 AM)
Explain what is renewal only after age 70
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Maximum age of entry is 70 years old
then every year need to renew 71,72,73, and so on to make sure you're covered.
lifebalance
post Dec 11 2019, 10:30 AM

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QUOTE(ahwai @ Dec 11 2019, 10:26 AM)
Maximum age of entry is 70 years old
then every year need to renew 71,72,73, and so on to make sure you're covered.
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Guaranteed renewal? Or subject to health?


ahwai
post Dec 11 2019, 10:43 AM

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QUOTE(lifebalance @ Dec 11 2019, 10:30 AM)
Guaranteed renewal? Or subject to health?
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No mention of guaranteed renewal in the t&c.
But my client already 73 years old still able to renew.

"the Company reserves the right to revise the premium rate applicable at the time of renewal. Such changes, if any shall be applicable to all policyholders irrespective of their claims experience according to the Company’s risk assessment"
kbandito
post Dec 11 2019, 10:49 AM

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QUOTE(ckdenion @ Dec 11 2019, 01:25 AM)
hi prescott2006, very nicely given info. in terms of over-insured/under-insured, it also depends on a few planning for example: since your son is still a minor, then you will like to factor in his future education fund + living expenses into your life insurance amount. of course you can follow the rule of thumb that most will use which is 10x your annual gross income. there is not right or wrong, just plan something that suits your needs the most. nod.gif
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The 10-year rule of thumb is a lazy method, but i'm aware that no insurance agent will want to go through that process of explaining what's needed.
Life insurance is for income replacement. I've just recently topped up my life coverage, and my method of arriving to the coverage amount is to look at:
- Any shortfall of my MRTA/ MLTA in my mortgages
- The amount that I'm currently paying for the household expenses.
- Potential additional expenses to be incurred by the wife if touch wood i'm gone, this includes for the kids etc
- An amount that can afford her to not work for a period of time

The life coverage should theoretically reduces as i age, as most commitment would have been paid. So I will structure my plan to cancel or reduce the coverage as i deem fit.

Not doing all those calculation, there is no way anyone can advice you if you are under/ over-insured.

Brown22 P
post Dec 11 2019, 02:31 PM

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Hi, need some advice here.
If I hv done nomination for my ILP and traditional life, do I need to get consensus from nominee to surrender my policies?
Thanks
ahbeng_style
post Dec 11 2019, 09:40 PM

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Is it possible for a recovered cancer patient to purchase a medical insurance in Malaysia? Thank you.
lifebalance
post Dec 11 2019, 09:43 PM

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QUOTE(ahbeng_style @ Dec 11 2019, 09:40 PM)
Is it possible for a recovered cancer patient to purchase a medical insurance in Malaysia? Thank you.
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Chances are slim, but it’s possible, depending on what cancer it was and was it removed.
ahbeng_style
post Dec 11 2019, 09:47 PM

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QUOTE(lifebalance @ Dec 11 2019, 09:43 PM)
Chances are slim, but it’s possible, depending on what cancer it was and was it removed.
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Thanks for the response. I have heard that local insurers will not take up any of these case. Anyways thanks for responding.
adele123
post Dec 11 2019, 10:00 PM

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QUOTE(Brown22 @ Dec 11 2019, 02:31 PM)
Hi, need some advice here.
If I hv done nomination for my ILP and traditional life, do I need to get consensus from nominee to surrender my policies?
Thanks
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Nominee dont need.
Ewa Wa
post Dec 11 2019, 10:46 PM

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QUOTE(Brown22 @ Dec 11 2019, 02:31 PM)
Hi, need some advice here.
If I hv done nomination for my ILP and traditional life, do I need to get consensus from nominee to surrender my policies?
Thanks
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May and may not bcoz who u appoint the trustee as? Depend on ur policy date, those purchased and put nominee b4 March 2015 and self appointed trustee then no consent needed from nominee upon surrender of policy. Else after March 2015 all needed. Check with the customer center 1st before u walk or submit form.
Ewa Wa
post Dec 11 2019, 10:49 PM

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QUOTE(ahbeng_style @ Dec 11 2019, 09:40 PM)
Is it possible for a recovered cancer patient to purchase a medical insurance in Malaysia? Thank you.
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Chances is very low as cancer can relapse anytime which is a risk to the insurance company. I would suggest him to get those non underwriting life insurance.


ckdenion
post Dec 12 2019, 01:34 AM

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QUOTE(kbandito @ Dec 11 2019, 10:49 AM)
» Click to show Spoiler - click again to hide... «
Hi kbandito, you are right. Love your input here. The 10 years rule of thumb serves as a layman guide. Detailed planning is not easy to be mentioned here. It always goes back to the fundamental of planning first before going into financial risk planning. I'd done quite a numbers of my friends and I do agree that different people need different risk management. I myself also structure my own plans whereby reaching certain age i dont need the coverage anymore. So yea really really good info provided by you. smile.gif

QUOTE(Brown22 @ Dec 11 2019, 02:31 PM)
Hi, need some advice here.
If I hv done nomination for my ILP and traditional life, do I need to get consensus from nominee to surrender my policies?
Thanks
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Hi Brown22, to be safe, just have the nominee sign on the surrender form.

QUOTE(ahbeng_style @ Dec 11 2019, 09:40 PM)
Is it possible for a recovered cancer patient to purchase a medical insurance in Malaysia? Thank you.
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Hi ahbeng_style, it really depends on underwriter and companies (pray for luck and miracle too tongue.gif). I wont go to a conclusion that company wont accept your case. Best is just try and apply. Have all the past medical record documents ready. smile.gif
tonytyk
post Dec 12 2019, 06:32 AM

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QUOTE(roystevenung @ Dec 10 2019, 03:10 PM)
The PruLink One and the PruWith You policies even though both are ILP, they work a bit differently. If you wish to know the technicalities do get in touch with your agent.

Anyway yes you are able to upgrade the medical cover by doing a medical transfer from the PruLink One policy to the PruWith You.

There will be no waiting period (eg 120 days) if your old policy has surpassed the initial waiting period if it is done via medical transfer.
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Thanks for the response. Would the cash value from prulink one/pru value med be transferred to the new policy or forfeited?
ckdenion
post Dec 12 2019, 02:18 PM

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QUOTE(tonytyk @ Dec 12 2019, 06:32 AM)
Thanks for the response. Would the cash value from prulink one/pru value med be transferred to the new policy or forfeited?
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hi tonytyk, the cash value in your existing prulink one will always remain there unless you do partial withdrawal/surrender the policy. the cash value in the ILP plan will just run and insurance charges will be deducted from the cash value until it becomes 0 and lapse.
lifebalance
post Dec 12 2019, 03:10 PM

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QUOTE(tonytyk @ Dec 12 2019, 06:32 AM)
Thanks for the response. Would the cash value from prulink one/pru value med be transferred to the new policy or forfeited?
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the cash value within your policy will remain the same, once it's transferred over, assuming it's doable, there is no forfeiture. Even if you choose to surrender the policy entirely, the money will be cashed out back to you.
Cyclopes
post Dec 12 2019, 04:21 PM

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QUOTE(kimi0148 @ Dec 10 2019, 10:41 AM)
Hi guys, my dad have a PA plan which has hospitalization income, my question is if he is admitted for surgery not related to accident, can he claim the income from the PA policy? seems obvious, but asking for clarity
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TSroystevenung
post Dec 12 2019, 09:54 PM

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QUOTE(tonytyk @ Dec 12 2019, 06:32 AM)
Thanks for the response. Would the cash value from prulink one/pru value med be transferred to the new policy or forfeited?
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The cash value will remain in the PruLink One.

 

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