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Insurance Talk V5!, Anything and everything about Insurance
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wild_card_my
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 Apr 20 2019, 01:10 PM
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QUOTE(Ilnov @ Apr 20 2019, 12:36 PM) Nice way to put it.  Yea. My Pru is around 5 years old. Last year only upgrade my med card to pruvalue med with med saver RM300. Recently my family member bought insurance from GE and explained to me her insurance coverage. I check with my Pru agent and he told me time to upgrade my life insurance because at that point 5years ago, my life assured is below 100k  . My Pru med card cover me until 70 years old only. That’s why before I wanna upgrade my Pru,I was comparing to GE, what if I change to GE if GE offer better and I affordable to pay monthly premium. Knowing Pru, if I wanna upgrade age coverage to 80 or 90, the premium gonna be pricy. But what if I can get better coverage in GE and med card up till 99. That’s the story... PRUBsn has medical card that last all the way to 100 years. With and without co-insurance |
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bbhing98
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Apr 20 2019, 01:30 PM
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Getting Started
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Hi, just wondering if there's a kind of insurance that covers travelling for work for my uncle. Driving from perak to jb twice a month and flight to East Malaysia once a month. Age around 50. Mainly to cover for medical and accident (loss of income, because got 4 kids still in secondary school + university) *touch wood*
Budget below rm500 per month but can be adjusted.
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MUM
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Apr 20 2019, 01:35 PM
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QUOTE(bbhing98 @ Apr 20 2019, 01:30 PM) Hi, just wondering if there's a kind of insurance that covers travelling for work for my uncle. Driving from perak to jb twice a month and flight to East Malaysia once a month. Age around 50. Mainly to cover for medical and accident (loss of income, because got 4 kids still in secondary school + university) *touch wood* Budget below rm500 per month but can be adjusted. try check out Term medical insurance and Personal Accident Insurance.... at the same time.....check out how much $$ your uncle needed to provide for lost of income as he got 4 kids still in secondary school + university while waiting for real sifus to comment This post has been edited by MUM: Apr 20 2019, 01:37 PM |
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HoNeYdEwBoY
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Apr 20 2019, 01:41 PM
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QUOTE(bbhing98 @ Apr 20 2019, 03:30 PM) Hi, just wondering if there's a kind of insurance that covers travelling for work for my uncle. Driving from perak to jb twice a month and flight to East Malaysia once a month. Age around 50. Mainly to cover for medical and accident (loss of income, because got 4 kids still in secondary school + university) *touch wood* Budget below rm500 per month but can be adjusted. Need more details on this, what is he working as and does he smoke? |
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lifebalance
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Apr 20 2019, 01:52 PM
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QUOTE(bbhing98 @ Apr 20 2019, 01:30 PM) Hi, just wondering if there's a kind of insurance that covers travelling for work for my uncle. Driving from perak to jb twice a month and flight to East Malaysia once a month. Age around 50. Mainly to cover for medical and accident (loss of income, because got 4 kids still in secondary school + university) *touch wood* Budget below rm500 per month but can be adjusted. What is his occupation ? |
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bbhing98
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Apr 20 2019, 02:36 PM
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Getting Started
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QUOTE(MUM @ Apr 20 2019, 01:35 PM) try check out Term medical insurance and Personal Accident Insurance.... at the same time.....check out how much $$ your uncle needed to provide for lost of income as he got 4 kids still in secondary school + university while waiting for real sifus to comment QUOTE(HoNeYdEwBoY @ Apr 20 2019, 01:41 PM) Need more details on this, what is he working as and does he smoke? QUOTE(lifebalance @ Apr 20 2019, 01:52 PM) Thanks for the responses. He works as a mobile accessories distributor in charge of the Southern and Eastern Malaysia market hence will have to meet clients around the area. Driving his own personal sedan(not those lorry/van/company car) |
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HoNeYdEwBoY
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Apr 20 2019, 04:20 PM
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QUOTE(bbhing98 @ Apr 20 2019, 04:36 PM) Thanks for the responses. He works as a mobile accessories distributor in charge of the Southern and Eastern Malaysia market hence will have to meet clients around the area. Driving his own personal sedan(not those lorry/van/company car) That will be class 2, do you prefer have everything in one policy or otherwise? |
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SUSMNet
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Apr 20 2019, 06:24 PM
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Allianz saverplus ok? pay 3 year get 20 year return + coverage
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thesoothsayer
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Apr 20 2019, 06:35 PM
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Just wondering, anyone know what's the range for life insurance charges for a 80 year old male?
Wondering because when I see the plans, they always show the forecast for 30 years, but the cost of insurance probably increases quickly as you age. So, even if the plan promises to cover your life till 99 or a 100, you'll need to top up the policy by quite a lot as you grow older?
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lifebalance
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Apr 20 2019, 06:51 PM
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QUOTE(thesoothsayer @ Apr 20 2019, 06:35 PM) Just wondering, anyone know what's the range for life insurance charges for a 80 year old male? Wondering because when I see the plans, they always show the forecast for 30 years, but the cost of insurance probably increases quickly as you age. So, even if the plan promises to cover your life till 99 or a 100, you'll need to top up the policy by quite a lot as you grow older? That’s because medical cost increases overtime and it’s unpredictable. If you take your insurance without the medical card then the forecast can say its 100% accurate. |
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Holocene
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Apr 20 2019, 07:43 PM
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QUOTE(thesoothsayer @ Apr 20 2019, 06:35 PM) Just wondering, anyone know what's the range for life insurance charges for a 80 year old male? Wondering because when I see the plans, they always show the forecast for 30 years, but the cost of insurance probably increases quickly as you age. So, even if the plan promises to cover your life till 99 or a 100, you'll need to top up the policy by quite a lot as you grow older? Pro tip: You can always get your agent to put the date of birth at 1/1/1954 then you can easily see what's the COI is. Best, Jiansheng |
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zfc
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Apr 20 2019, 10:19 PM
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Getting Started
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Is critical illness insurance considered as medical insurance or life insurance for the purpose of income tax claim?
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MUM
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Apr 21 2019, 12:58 AM
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QUOTE(zfc @ Apr 20 2019, 10:19 PM) Is critical illness insurance considered as medical insurance or life insurance for the purpose of income tax claim? I think both insurance types (medical & life) is eligible for income tax deduction under different section of the BE form..... This post has been edited by MUM: Apr 21 2019, 12:58 AM |
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HoNeYdEwBoY
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Apr 21 2019, 10:53 AM
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QUOTE(zfc @ Apr 21 2019, 12:19 AM) Is critical illness insurance considered as medical insurance or life insurance for the purpose of income tax claim? It's consider as life insurance. |
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lifebalance
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Apr 21 2019, 11:15 AM
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QUOTE(zfc @ Apr 20 2019, 10:19 PM) Is critical illness insurance considered as medical insurance or life insurance for the purpose of income tax claim? its considered as medical portion. |
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Holocene
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Apr 21 2019, 11:22 AM
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QUOTE(zfc @ Apr 20 2019, 10:19 PM) Is critical illness insurance considered as medical insurance or life insurance for the purpose of income tax claim? As far as I'm aware, it will be considered under the medical portion. Unless GE treats it differently as noted by honeydewboy. When in doubt, you can request the statement from your agent or extract it from your customer portal, it will show you how much of your premium goes to life and medical. Best, Jiansheng |
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HoNeYdEwBoY
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Apr 21 2019, 12:55 PM
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QUOTE(Holocene @ Apr 21 2019, 01:22 PM) As far as I'm aware, it will be considered under the medical portion. Unless GE treats it differently as noted by honeydewboy. When in doubt, you can request the statement from your agent or extract it from your customer portal, it will show you how much of your premium goes to life and medical. Best, Jiansheng Its depends on the policy plan I think, but it could be part of medical portion too. But he/she can get the statement from the portal. |
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cherroy
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Apr 21 2019, 04:25 PM
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20k VIP Club
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QUOTE(thesoothsayer @ Apr 20 2019, 06:35 PM) Just wondering, anyone know what's the range for life insurance charges for a 80 year old male? Wondering because when I see the plans, they always show the forecast for 30 years, but the cost of insurance probably increases quickly as you age. So, even if the plan promises to cover your life till 99 or a 100, you'll need to top up the policy by quite a lot as you grow older? Just a brief The purpose of a life insurance - to compensate loss of income of the person who is breadwinner of the family, so that family members can still have income (through the life insurance compensation) to survive financially. Why a 80 years old need life insurance then? Unless, the person is still working at 80 yo and still the important family breadwinner and family members can't survive without the person income, which is unlikely. |
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cherroy
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Apr 21 2019, 04:31 PM
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20k VIP Club
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QUOTE(zfc @ Apr 20 2019, 10:19 PM) Is critical illness insurance considered as medical insurance or life insurance for the purpose of income tax claim? Insurance companies do send out (now mostly print our own via online) insurance statement every beginning of the year for tax reporting purpose. Inside, they do classify every your policy whether it is considered life or medical or education. So just refer the statement. QUOTE(MUM @ Apr 21 2019, 12:58 AM) I think both insurance types (medical & life) is eligible for income tax deduction under different section of the BE form..... 2018 assessment year Medical + education - Max coombined Rm3k Life insurance + EPF = Max combined Rm7K. 2019, slight change. No longer Life + EPF Separate as Life - Max Rm3K EPF - Max RM4K. |
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cavaliars
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Apr 21 2019, 04:35 PM
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Getting Started
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QUOTE(MNet @ Apr 20 2019, 06:24 PM) Allianz saverplus ok? pay 3 year get 20 year return + coverage This is savings. Like endownment plan. |
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