Hi vin_ann, basically you can just get any term life insurance. What is the outstanding amount and remaining tenure for your loan?

Hi SwarmTroll, are you more concern on life insurance amount or surrender value/maturity benefit? Usually traditional plan’s will need higher premium. So yea, need more specific inputs from you.

Glad to hear jack2. How long have you been paying for it?

The term is 10 years plus additional 3 years I Paid without knowing my plan has exceeded the 10 years until fee weeks ago.

Because I didn't aware and I didn't sign the exercise form, it was deem that I agreed to pay till age 80.

I don't want to commit further hence I decided to surrender.

.my agent earned buta from me without servicing me to notify this.

how much is the profits after 13 yrs of paying?
(in % terms in relation to total amount paid)

This post has been edited by yklooi: Jan 17 2020, 06:56 PM

You want simple interest or effective?

I think the counter gave me wrong info on my total payments and I would need to check back

simple one will do, but if can have the effective one also without causing much trouble to you, then it would be much better

Ic. Agent earns commission for 6 years only. Most whole life plan will need to pay whole life, unless its an endowment.

Effective rate i estimate perhaps between 2.5% - 3.2%?

Let us know what's the total premium paid and the cash value you got back upon surrender

Effective interest: 1.165%

This is on my surrender value + Survival Benefits Balance + Cash Bonus Balance


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at just 1.165%

just for maybe comparison of apple with oranges....
for this RM4000 pa premium that you had paid, for that coverage, what is the premium for term insurance of the same coverage?
get the variance of amount paid x 13 yrs x put in FD....can get more than 56k?

This post has been edited by yklooi: Jan 17 2020, 10:24 PM

this is savings plan and insurance coverage is RM26k plus...

If i put this in FD, I would have at least 66k assuming 4% pa

Okay la, atleast didn't lose any money

RM4k pa for a 26k coverage
(6.5 yrs of premium paid can reach 26k already)

this is savings plan..

Conclusion: Dont buy savings plan from insurance....

Because start from now, I dont want to pay any single commissions to the agents.

Do we have this type of insurance that self service and insurance co rebates the commissions back to us?

This post has been edited by jack2: Jan 17 2020, 10:48 PM

seems like there is....

"rebate 30% off the total commission with respect to your insurance policy to you."....
https://www.fundsupermart.com.my/insurance/...ent-support/faq

so nice...

For the same product, whether bought with Fundsupermart or directly from the insurance company, there will be no difference with regards to the benefits, coverage or premium offered.
One difference is that, you will enjoy a discount by receiving a 30% off total commissions.

I would have a look

Hi guys, I have been owning a GE insurance since I was very young and recently GE sent a letter telling me the agent that used to service my plan no longer active and change my agent to another person.

Can I change the agent to someone else of my choice?

also, I am planning to consider other alternatives, would like sifu-sifus here to quote me with insurance plan.

annual budget: RM4,200 at most, 26 y/o non-smoker.

This post has been edited by coldbasecamp: Jan 19 2020, 05:09 PM

Once your agent resigns , it will auto assign to his immediate manager so chances of switching out is highly unlikely.

If I were to insist to change agent then I would have to buy a new plan from GE?

Yeap

Not really. Do review on ur existing plan 1st. No rules saying must buy but up to u to give business to the new agent.