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 - Okay.
Children insuring their parents - 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.
Buy flowers for the mother. <<< A very good thing to do.
Take her on a trip / cook a meal for her.

I believe a lot of agents (friends around you, your agent, just about any agent) have the same answer.
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.
Even better if you have a friend or family member in the industry. Support mah.

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.

Can we not have another episode of ego battle here?

I think all can agree.

Don't like that.... there are many career agents everywhere.

There are also families like mine, father pass on the agency to son.

For this cyst removal, yes it is covered (regardless what company).
So you don't have to worry about it.

Need to pay first, and claim later, simply because there is no admission.
You can check with your agent on the cashless outpatient procedure list.
(What this means is there is a specific list of out-procedures qualify for your medical insurance cashless facility)

I have some clients claiming this before, and it's really just
1. Physician Statement
2. Medical report
3. original receipts
4. hospital claim form

On the concern of reducing cost if paying by cash, I doubt there is such a practice anymore.
And also they won't charge higher should they find out you have insurance... if this is a concern.
KKM is doing a good job at monitoring and penalizing such behaviors.

Got story for you:
I once got called up by a customer, say AIA reimbursed less than the total amount charged to her by the hospital.
Lesser by exactly RM1800 (I remember cuz I feel proud of myself that I solved it)
So, have to dig lah.
I called up the hospital, got directed to the doctor's clinic, and I raised this issue to the nurse.
Of course I use words like "I am calling from Sepakat Agency (AIA Bhd)...(this and this)... happened so now we would like to investigate into the matter."
One week later, the amount was reimbursed to my client.

That time was my 2nd year in the business.
Feel like superman broooooo


TL:DR version:
Don't worry. Can claim.

Very comprehensive and incredibly concise!
It's a waste you are not agent... We welcome you into our industry!
In fact, I will show this to my agents. Next time just explain like this in text messages and/or emails when asked for clarification.
In fact, I wish you will join my agency. <<< ikhlas from my heart.

To build on your explanation, ILP is flexible in the way that we can adjust the premium and time frame to stretch "just enough" to sustain through 30 years, or age 70, 80, 100...etc.
But of course, it is all projected based on past performance (usually around 6%/7% return, after accounting for deductions to cover the Cost of Insurance). Got Scenario 1 and Scenario 2 projection, which basically shows if market perform without drastic volatility (September 11, depression, etc), and the latter with terrible performance.

*actually ah, term insurance, agent get up to 40% commissions, compared to ILP at up to 25% commissions in the first year*

_____________________________
Bolded corrections:
(1) Cost of Insurance
(2) Premium

I think aside from what was brought up in the conversations on top,

I wanted to bring another area of concern for your consideration:
Health and insurability.

While a Term insurance is great to meet objectives for a very precise time frame, an ILP is what we call a Whole life, non-participating life insurance.
What it means is that it is designed to cover till age 100 (whole life), and your fund value does not participate in the profits and losses of the insurance company (non-participating).
From there, you can choose to have your ILP sustain for 30 years, to age 70, 80, 100...etc.
Of course, the longer we stretch the time frame, the higher your premiums because it needs to stretch over a longer period of time.

Now with that in mind, cost and premiums aside,
We cannot guarantee your cousin's health at the end of the 30-year Term.
In 30 years time, is your cousin still insurable?
If no then thank you very much for your business all these years.
If yes, then let's look at the premium in 30 years for the same amount of coverage (can generate now for your consideration).

Personally, I would give this more weight in my consideration.

I do. Cuz customers need to hear that.
There's just no other way than to hit them with the truth.
Only then what we do is real and relevant.

Aia BHD
You can find out about each of them here https://www.aia.com.my/en/our-products/inve...nked-funds.html

Prudential here http://www2.prudential.com.my/fundpriceV2/daily.php


More info you can put each code in here https://www.bloomberg.com/quote/BURSA:MK

More research here https://my.morningstar.com/ap/main/default.aspx
And here https://www.fundsupermart.com.my/m

1. You will have to submit the most recent report on the condition and it can only be underwritten with the report.

2. If it falls under exclusion, most likely your whole spine is excluded.

3. If the exclusion clause remains unchanged then no it is not covered.

You can bring your case to OFS (Ombudsman for Financial Services)

Their services are free and they will help you make sense of it before proceeding to a lawsuit.

You may get them here: http://www.ofs.org.my/en/


With that said, I feel it is better for you to engage your agent first.
This kind of matter, my agency secretary also can kaodim actually.

Don’t Lidis lah.

Many other good and efficient agents out there... like me.

Well I hope the outcome is in your favor!
And would appreciate it if you could share the outcome with us so all of us could learn from it.

Understand your concern, but returns is really not the selling points of ILP.
Sure, a lot of agents in the market use it as a seemingly good selling point (Wah see can get back some money woh, good right?).

You may see ILP as a very transparent, very flexible life insurance plan (can add lots of riders), compared to traditional whole life participating life insurance, which is very rigid and not very transparent at all.

The difference is that ILP exposes you to some risks, which is exactly what you pointed out, market risks.
With that said, a good way to curb that is to maybe pay attention to the funds picked.
Maybe you want a higher ratio in conservative/fixed income funds?
That’s up to you to decide.

Next, one of the most common problem in the market is forgetting to pay premiums, then the policy lapses. Klo medical card tu yg lapse masa nak pakai, die lah.
ILP utilizes the fund value available to pay for the COI while something as trivial as ... credit card expired... or ... changed card..etc, happens and it wasn’t updated in a timely manner. When grace period habis, sama2 kita habis.

Then like you said, return macam not that high. Yalah, after deducting the COI, memang tak hebat mne.
But if you put the premiums together over the years, then put them side by side with a stand-alone plan, adding it all up together, tak beza mne pon.

With all that said, yes, it is quite a pinch for some to fork out 1k or 2k extra a year to choose ILP instead of a standalone plan. It’s not wrong to choose one over another, it’s just what works for you.
If ILP doesn’t sit well with your approach in managing your finances, then maybe a standalone plan is a better fit for you.

Actually cuz not many comp. offering standalone mc now.

But shop around ba. I’m sure the likes of AIA can help you

Maybe we can start with what your concerns are..?

That's always a good place to start, right?

4060/year

How do you define “best”?

How does someone “over-insure” themselves?

Very simple:
say I am a normal office clerk. I probably earn around 36k to 60k annually.
I have an aggregated life sum insured of 2mil. That’s over 30x my annual income!
Then it begs the question: why do I need such a high life sum assured?

If
-my father/mother/spouse got money
-I kena jackpot from ktmg
-inherited from Nigerian prince

Then ok lo...as long as I can prove the above, no problem, can buy but do I really need it?
What is the purpose for such a high life sum assured?
Otherwise, maybe I am over-insured.

On the flip-side, how does someone “under-insure” themselves?
Say I am the same office clerk.
I have an aggregated life sum assured of 200k.
That’s just slightly above 3x my annual income..
Then this is the question: why only 200k?
Usually some justifications along the lines of: car, final expense, some personal debts, no dependents..etc.

Do I need to look into my coverage? Or am I alright for now?
Then further discussion can happen.

The above is focusing on life insurance.
But the same line of questioning should appear in every aspect of your insurance planning, medical, income replacement, etc.

You know the game we play with kids to just keep asking “why?”
That’s an important skill, especially here in our financial planning

Best you try again some months later. In the mean time, maybe get your cholesterol and fatty liver levels down by doing what the doctor said, and also drink plenty of water regularly.

On that note, maybe you can tell him/her that you're looking for medical and CI coverage instead of life?