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> Insurance Talk V5!, Anything and everything about Insurance

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likitsaelee
post Jan 2 2019, 06:04 PM

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QUOTE(lifebalance @ Jan 2 2019, 06:00 PM)
1. This is an investment link policy thus there must be some life insurance attachment to it, if you’re solely looking into medical coverage alone then get a standalone medical card which is cheaper.

2. Yes you’re right, pay less now and top up later or pay more now and chances to require top up in the future is lesser.

3. You may need to check with LHDN on this matter.
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Thanks a lot rclxms.gif
rocketm
post Jan 2 2019, 06:37 PM

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Hi,

May I know what are the few reliable fire insurance plan for Shop (cover building and stock for ground floor and 1st floor) and household (terrace house)?

Thank you.
TSroystevenung
post Jan 4 2019, 12:22 AM

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QUOTE(likitsaelee @ Jan 2 2019, 05:56 PM)
Hi, any prudential agent here?

I got a quotation from an prudential agent about PRUvalue med just now.
I am thinking to get this plan for my father (49 yo/smoker/occupation class 3) with 20k deductible, board rate 100.

Life insurance: 20k (I don't need this, but the agent says must buy).
Premium: RM 160

According to the calculation given by the agent the plan can sustain until 76 yo, but i can top up if i want to extend the coverage.
Questions:
1. Is it correct that i must buy the life insurance to buy PRUvalue? I don't need this.
2. One thing i noticed is that the agent can adjust the premium, the only thing changed is how long the plan can last. Does it mean that i can pay a minimum amount initially, and top up accordingly as i got more money in the future?
3. Since i am buying the plan for my father, in which i will be the one paying. Am i eligible for tax relief?
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1. Age next Birthday 50, RM20k deductible, R/B 100, premium RM100/mth

Min Life Insurance can go down till RM10K,

Projected sustainability high -> 78, low -> 73

2. Yes you may top up for the plan sustainability whenever you are able to.

3. No, you can't. For the Life Insurance Tax Relief (epf+life insurance), it is only able for tax relief for yourself and spouse. No parent.

For the medical/education insurance tax relief (RM3K) is for yourself, spouse and/or children. No parent

Obviously the above refers to 2017 tax relief. It should be the same for 2018 except that life insurance and epf has been separated as announced by LGE.

This post has been edited by roystevenung: Jan 4 2019, 12:29 AM
Mr.Weezy
post Jan 4 2019, 12:38 AM

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Hi, want to ask experts here

can a son use his credit card to pay for his mother's policy?

mother is working professional, got active income
son wants to pay for his mom out of goodwill (filial piety)

is it need to change policy owner to the son?

but can a son be policy owner of his mom's policy?

birth cert is required too right? to prove son-mother relationship
lifebalance
post Jan 4 2019, 10:06 AM

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QUOTE(Mr.Weezy @ Jan 4 2019, 12:38 AM)
Hi, want to ask experts here

can a son use his credit card to pay for his mother's policy?

mother is working professional, got active income
son wants to pay for his mom out of goodwill (filial piety)

is it need to change policy owner to the son?

but can a son be policy owner of his mom's policy?

birth cert is required too right? to prove son-mother relationship
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You can, just charge to the son's card

not sure about other company practices laugh.gif
glauncher
post Jan 4 2019, 10:13 AM

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Hi, if I want to change insurance plan to another company, should I terminate the current plan first before buying with another company,

or buy the new plan then only terminate the old plan?
Holocene
post Jan 4 2019, 10:20 AM

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QUOTE(glauncher @ Jan 4 2019, 10:13 AM)
Hi, if I want to change insurance plan to another company, should I terminate the current plan first before buying with another company,

or buy the new plan then only terminate the old plan?
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Second option. Make sure you're pass all the waiting period and understand any exposure you might have before making a cancellation.

Best,
Jiansheng
ckdenion
post Jan 4 2019, 10:25 AM

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QUOTE(ginvin @ Jan 1 2019, 01:28 PM)
how often you guys review and upgrade your medical policy?
best is every 2 years or status change (married, have new born, etc.)

normally you upgrade from the same insurance company? or switch to another service provider? any pro and cons?
upgrade from the same insurance company. it also depends on case to case basis. certain plans you cannot upgrade (even though is with the same company). for example the latest medical plan from Prudential and AIA you cannot upgrade from existing policy, have to purchase a new one.

best is to maintain the old policy and see how to proceed with new one.

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replied in blue wink.gif

QUOTE(likitsaelee @ Jan 2 2019, 05:56 PM)
» Click to show Spoiler - click again to hide... «

Questions:
1. Is it correct that i must buy the life insurance to buy PRUvalue? I don't need this.
because PRUvalue med is attached to the life insurance plan. only way is to make it minimal to 10k.

2. One thing i noticed is that the agent can adjust the premium, the only thing changed is how long the plan can last. Does it mean that i can pay a minimum amount initially, and top up accordingly as i got more money in the future?
yes. along the way you can increase the premium without amending the benefits. most important thing is the policy sustainability. more cash value sustains longer.

3. Since i am buying the plan for my father, in which i will be the one paying. Am i eligible for tax relief?
nope
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QUOTE(Mr.Weezy @ Jan 4 2019, 12:38 AM)
» Click to show Spoiler - click again to hide... «
just fill up the form to change to son's credit card number will do.

QUOTE(glauncher @ Jan 4 2019, 10:13 AM)
Hi, if I want to change insurance plan to another company, should I terminate the current plan first before buying with another company,

or buy the new plan then only terminate the old plan?
*
if you have the intention to change already and want to terminate the old plan, make sure the new plan is inforced first and make sure all waiting period from the new plan is over then only terminate the old plan.
lifebalance
post Jan 4 2019, 10:28 AM

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QUOTE(glauncher @ Jan 4 2019, 10:13 AM)
Hi, if I want to change insurance plan to another company, should I terminate the current plan first before buying with another company,

or buy the new plan then only terminate the old plan?
*
No I would not suggest you to terminate your previous insurance policy first before securing the new policy. Should there be any claims in between, you're not covered for any claims if the policy is cancelled before the new one is inforced.
glauncher
post Jan 4 2019, 11:19 AM

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QUOTE(Holocene @ Jan 4 2019, 10:20 AM)
Second option. Make sure you're pass all the waiting period and understand any exposure you might have before making a cancellation.

Best,
Jiansheng
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QUOTE(ckdenion @ Jan 4 2019, 10:25 AM)
replied in blue wink.gif
just fill up the form to change to son's credit card number will do.
if you have the intention to change already and want to terminate the old plan, make sure the new plan is inforced first and make sure all waiting period from the new plan is over then only terminate the old plan.
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QUOTE(lifebalance @ Jan 4 2019, 10:28 AM)
No I would not suggest you to terminate your previous insurance policy first before securing the new policy. Should there be any claims in between, you're not covered for any claims if the policy is cancelled before the new one is inforced.
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Thanks for your quick replies!

nakedtruth
post Jan 7 2019, 11:14 AM

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Hi,

What is the monthly/yearly commitment for pure life insurance with sum assured of 600k? Prospect is male 35 yo and non smoker.
ckdenion
post Jan 7 2019, 03:39 PM

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QUOTE(nakedtruth @ Jan 7 2019, 11:14 AM)
Hi,

What is the monthly/yearly commitment for pure life insurance with sum assured of 600k? Prospect is male 35 yo and non smoker.
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Hi nakedtruth, assume you want to go minimal premium, 600k pure life insurance is RM250/month with policy sustainability up to 64~68 years old. you can also let us know you want the 600k coverage until what age then from there premium needs to be adjusted again. wink.gif
lifebalance
post Jan 7 2019, 03:50 PM

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QUOTE(nakedtruth @ Jan 7 2019, 11:14 AM)
Hi,

What is the monthly/yearly commitment for pure life insurance with sum assured of 600k? Prospect is male 35 yo and non smoker.
*
Pure life insurance as in term insurance without investment?
JIUHWEI
post Jan 7 2019, 05:54 PM

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QUOTE(Mr.Weezy @ Jan 4 2019, 12:38 AM)
Hi, want to ask experts here

can a son use his credit card to pay for his mother's policy?

mother is working professional, got active income
son wants to pay for his mom out of goodwill (filial piety)

is it need to change policy owner to the son?

but can a son be policy owner of his mom's policy?

birth cert is required too right? to prove son-mother relationship
*
As far as I know, the son cannot use his credit card to pay for his mothers policy.

As a rule of thumb,
Parents insuring their children - thumbsup.gif Okay.
Children insuring their parents - shakehead.gif Not okay.
Spouse insuring each other - Okay.
Boy/Girlfriend insuring each other - Not okay.
Company insuring employees - Okay
Colleagues insuring each other - Not okay.
etc.

No, the son cannot use his credit card to pay for his mothers policy.
No, the mother's policy owner cannot be the son.

What the son CAN do, is to up the monthly allowance to the mother. thumbup.gif
Buy flowers for the mother. <<< A very good thing to do.
Take her on a trip / cook a meal for her.
Mr.Weezy
post Jan 7 2019, 06:12 PM

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From: Shah Alam




QUOTE(JIUHWEI @ Jan 7 2019, 05:54 PM)
As far as I know, the son cannot use his credit card to pay for his mothers policy.

As a rule of thumb,
Parents insuring their children -  thumbsup.gif Okay.
Children insuring their parents -  shakehead.gif Not okay.
Spouse insuring each other - Okay.
Boy/Girlfriend insuring each other - Not okay.
Company insuring employees - Okay
Colleagues insuring each other - Not okay.
etc.

No, the son cannot use his credit card to pay for his mothers policy.
No, the mother's policy owner cannot be the son.

What the son CAN do, is to up the monthly allowance to the mother.  thumbup.gif
Buy flowers for the mother. <<< A very good thing to do.
Take her on a trip / cook a meal for her.
*
Professional answer thumbup.gif
Just what the industry needs thumbsup.gif
JIUHWEI
post Jan 7 2019, 06:40 PM

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QUOTE(Mr.Weezy @ Jan 7 2019, 06:12 PM)
Professional answer  thumbup.gif
Just what the industry needs  thumbsup.gif
*
I believe a lot of agents (friends around you, your agent, just about any agent) have the same answer. thumbsup.gif
Just that I happen to see your question and hence responded to it.
Thanks to BNM, LIAM, PIAM, and all relevant institutions upping the requirements across the industry, you can actually go to any career agent (including agents on this forum) these days and get good, professional services and advice. thumbup.gif
Even better if you have a friend or family member in the industry. Support mah.

JIUHWEI
post Jan 7 2019, 07:22 PM

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QUOTE(rocketm @ Jan 2 2019, 06:37 PM)
Hi,

May I know what are the few reliable fire insurance plan for Shop (cover building and stock for ground floor and 1st floor) and household (terrace house)?

Thank you.
*
Yes there is.
What is the nature of business for the shop?

Different insurers have their focus areas but normal retail outlets and/or restaurants and offices are pretty standard.
rocketm
post Jan 8 2019, 10:06 AM

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QUOTE(JIUHWEI @ Jan 7 2019, 08:22 PM)
Yes there is.
What is the nature of business for the shop?

Different insurers have their focus areas but normal retail outlets and/or restaurants and offices are pretty standard.
*
Hi, thanks for your reply.

The company is doing service car air conditioning and selling car care products like engine oil, lubricants, car battery, remote battery, car plate number, car player, car bulb, etc. We do not own a workshop. Just typical shop where customer park their car in the parking lots then we help them to do service air cond but not service car (changing motor oil, etc).

We keep our stock for sell in ground floor and upper floor is to keep excess stock. It is located in normal shop lot but not commercial shop.

Can you let me know the insurance plan and estimate premium and coverage?
nakedtruth
post Jan 8 2019, 02:17 PM

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QUOTE(lifebalance @ Jan 7 2019, 03:50 PM)
Pure life insurance as in term insurance without investment?
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Yes. Is to replace mrta/mlta purpose.
nakedtruth
post Jan 8 2019, 02:19 PM

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QUOTE(Mr.Weezy @ Jan 7 2019, 06:12 PM)
Professional answer  thumbup.gif
Just what the industry needs  :thumbsup:
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Me and my siblings are paying for our parents insurance using one of my sibling cc, no issue at all. Better go to check with your insurance provider agent.

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