Yes this is a very good point.

The concern of the 1 mil annual limit is more for future medical inflation cost that the insurance company is trying to address as well. Similar to how long time ago where annual limit of RM200k seems a lot but it’s no longer today.

If we look into claiming 1 mil medical bill today, it seems a lot, but maybe not in 10 years time.

But yes, you got my point across =)

got another plan is yearly premium 3k can covered 500k and 300k CI. its an ILP.

But yea, like you said, term is better choice. Now agent keep pushing for ILP and term less people talk about it.

Term Life Premium will be lower than ILP I suppose?

But does it have account value, at least we get back what we paid at the end of sustainability year?

And I am rather surprising that most, not all insurance are end at 100 y.o. (this is never a good idea)

This post has been edited by [Ancient]-XinG-: Feb 28 2019, 02:30 PM

What's the objective of buying an insurance?

Why you need to insured until 100yo?

Why did you buy motor insurance over and over again every year but no cash value?

Many ppl underinsured because they can't afford the premium of the plan. Many ppl overinsured because they forgot the objective of the product.

Let's study how's insurance company profits. They earn more from saving/investment (admin charges) than from medical part, assume it is an ILP medical card. And the hottest insurance product, children education plan? Savings plan? Why?

And I would prefer to have 1mil cash/investment on hand rather than 1mil covered but without cash. Why? Opportunity.

Google Arthur L. Williams Jr. to know more about BTID.

I'm not here to offend anyone or insurance. insurance is a must in a person's financial planning. But you gotta know what you need and buy.

Thanks Jiansheng for the advise. Will probably remove PA.

What do you think of credit card PA? I noticed there's always promo. High coverage at low premium.

Thanks sir. Might reduce to either r&b 200 or 150 and get higher CI instead. Don't want to follow parents footstep. Mom has cancer stage 3 but no CI only medical.

What do you advise on affordability? I do not have much commitments at the moment. Is monthly salary around 5-10% for premium too much?

Good point. But I disagree on the opportunity part.
I not really understand what's the opportunity here.
I think it's sound bad if you get money only sometHing bad happen. Should we rephrase it with protection or prevention?

One should know what they buy. This is the most important. Many people tend to rely on agent but agent betrayed them. Agent only tell what the best for them, not client. Well some agent is good but majority are part timer. Not permanent life planner. I think insurance agencies should ban part timer. They know nuts. Ask them question also say this is best for you.
Go fly kite.

And how one is over insured? Is it >10% of the yearly income?

This post has been edited by [Ancient]-XinG-: Feb 28 2019, 03:49 PM

I just find it mind boggling that you guys talk about insurance affordability.

If it's within your mean to spend for insurance, then spend within your means, it's not a must to spend 0% - 100% of your income for that matter.

If you know that you are earning RM3,000 monthly and after all the expenses, you only left with RM0 by end of the month, then don't spend for insurance. If there is leftover of RM100, then spend the RM100 on what you think is sufficient to cover yourself.

Haha. Lucky now mysalam or whatever is here to help the b40.

You need to find out the extend of the coverage before you can determine if what you're paying is good.

For example: PA attached in the ILP only covers things like if you lose your fingers or limbs. Whereas if you get the PA from a general insurance company, they cover those too and also things like snatch theft.

As to the affordability, 5 - 8% is fine but then again you need to make sure your risk is managed. So the next question is, what is the RM100k coverage to you? Is that the right amount?

I suggest you ask the Allianz agent to go through "Needs Discovery" via his iMagine app with you to get the right coverage number 🤓

Best,
Jiansheng

Did not know there's a coverage for snatch theft! Thanks!

Looking at CIMB snatch care plus, looks good. From an agent's perspective, wdyt?

https://www.cimbbank.com.my/en/personal/pro...-care-plus.html

Actually no, PA/CI 100k coverage is too less. But since I'm single now, I think I'll just stick to that amount, will upgrade in the future when I am married.

Risk is managed well I guess, I have enough emergency funds to sustain for about 3-6 months.

Oh forgot to mention that 1mil cash part is for after 60.

Overinsured and underinsured is not fully based on income... It has to do with the survivors... The one that depends the main pillar income earner in a family. So both person can earn same, but their dependent might be different. One can be underinsured, one can be over insured.

This post has been edited by basSist: Feb 28 2019, 05:24 PM

y agent push ILP. for AIA, they have very good affordable term plans. it depends on companies i guess. for my case, GE's ILP life insurance is more affordable than any term plans. so for my case, proposing term plan makes clients pay more which i dont think its good for the cash flow. so far the best term life i'll reckon is from AIA.

put underinsured/overinsured aside, you can come out with what you want to cover and what you are concern with. say i have a client his main concern is his wife and his kids maintenance/living expenses and kids education. so he solely created a trust just to cater this area. so based on his wants and needs, everything can be calculated and just buy the sum needed. so yea, i do not deny that some agents will keep saying that "you are underinsured, have to buy more", most importantly you know that you buy something that will take away your worry.

Hi guys, first time buying insurance here lol

Currently 25 years old

I was quoted by an AIA agent for medical insurance

Rm260 premium per month. A-Lifelink 2

Life / TPD ( shared) 100k
Critical illness 100k
Annual limit 1.5mil

I think these details are enough ?

This post has been edited by xPrototype: Mar 3 2019, 04:49 PM

i think long time about annual limit d....and i find annual limit 1m gooding.

why?

1) want 100k annual limit only? Good for now only....how about 30 years later?
2) google KPJ or any private hospital bill....at most only 100k....lucky wor...but leh, that is only if we do 1 treatment per year....what if 2 or 3 treatments together?
3) one insurance criteria is not to be underinsured....

you kasih screenshot itu projected tables until age 60 put here let us see....see how much insurance charge they eat then we decide

i guess this is it

This post has been edited by xPrototype: Mar 3 2019, 05:25 PM


Attached File(s)
 fffs.pdf ( 1.88mb ) Number of downloads: 79

looks standard to me

Wtf
Im super dumb for just found out today

Most life insurance in malaysia is considered not shariah compliance
Im using uforlife (has been rebrand to fi lfe) for over 4 years now

Any suggestions for shariah complaint life insurance/takaful
Need to change

Go for takaful, takaful is definitely shariah compliance.

you do know that anything that doesn't have "takaful" in it is non-syariah compliance?