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 Insurance Talk V5!, Anything and everything about Insurance

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adele123
post Sep 2 2019, 01:14 AM

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QUOTE(RyoKenzaki @ Sep 2 2019, 12:07 AM)
Anyone have any recommendations what insurance company is the best at the moment?
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All same same but different. Get an agent who serve you well.
adele123
post Sep 15 2019, 04:19 PM

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QUOTE(Godek @ Sep 14 2019, 11:40 AM)
Hi,

I would like to get a quote for myself (31 years old, Male, Non-Smoker).

My requirement (not necessary under one policy) as per below:
1. 500k – Term Life Insurance (Death & TPD)
2. 250k – Partial & Permanent Disability (PPD)
3. 250k – Cancer
4. 250k – Critical illnesses
5. Non-Investment-Linked Insurance
6. Guaranteed yearly premium
7. 20 years - Coverage Term

Feel free to PM me for further detail.
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Item 3: actually critical illness includes coverage for cancer. So got overlap. Unless you really want to have backup 500k in case of cancer
Item 5: it may be easier to get investment-linked with riders. Cost less i think. You gotta do abit comparison
Item 6: Not possible because of the cancer and CI coverage.
Item 7: most likely you just stop paying/cancel then. Because macam no such design


adele123
post Sep 16 2019, 11:35 AM

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QUOTE(Godek @ Sep 15 2019, 05:35 PM)
I already got a few quote and options.

Item 3 - correct already include CI
Item 5 - I already got quoted without Investment-linked (PruBSN AnugerahPlus)
Item 6 - I got level premium till 52 years old (20 years term)
Item 7 - Investment Link more expensive as its lock me for 70,80 or 100 years old.

Feel free any agent to quote me if you have other suitable plans.
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Item 6: while unlikely, while the contribution for anugerah plus is level, the charges arent, prubsn may increase charges on ci and cancer. And you still need to pay higher eventually. Ya. It is level contribution for now. But they do not guarantee they wont change.

Item 7: i think you got some misunderstanding. There are investment-linked plan with 20 year term. Like anugerah plus.

Btw, if you want to buy online, many companies has as well. No just manulife. Mandated by bank negara.

adele123
post Sep 17 2019, 12:46 AM

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QUOTE(MUM @ Sep 16 2019, 09:48 PM)
not only the charges but the contribution (premium), may not be "permanently fixed" level....

Your Medic Protector contributions are not guaranteed regardless of the contribution option chosen (whether step-up or level).
We may revise the contribution and Tabarru’ due to unfavourable circumstances such as medical cost inflation and higher utilisation of medical services, at any point of time by giving you 30 days written notice.

https://www.prubsn.com.my/export/sites/prud...n_FA_110119.pdf
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Erm... itu medic protector is medical plan.

The person here asked for ci, cancer, but no medical does not apply to him.

Like i mention in my post, charges not guaranteed, contribution no guarantee.
adele123
post Sep 28 2019, 09:11 AM

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QUOTE(MrB9 @ Sep 27 2019, 05:04 PM)
Hi all ladies gents and sifus,

I'm new and would like to get some advise on which insurance product in market suits my purpose best, in terms of insurance company and term or ILP comparison.
I am looking for a min 500k with 250k CI up to age 80/ 90, male age 31 non-smoker.

Thank you very much.
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Just curious. I know you are breadwinner but why would you need coverage up to 80/90?

adele123
post Sep 28 2019, 06:11 PM

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QUOTE(MrB9 @ Sep 28 2019, 11:37 AM)
Hi Adele,

1. Estimated age coverage
2. In terms of life insurance plan if covered up to age 80, but passed at age 82 means insurance plan (forfeit at age 80) sum insured not paid to the beneficiaries? Correct me if I am wrong..
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You are correct. But when you are 80, are people still relying on you as breadwinner? You no longer earning income by then.
adele123
post Dec 11 2019, 10:00 PM

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QUOTE(Brown22 @ Dec 11 2019, 02:31 PM)
Hi, need some advice here.
If I hv done nomination for my ILP and traditional life, do I need to get consensus from nominee to surrender my policies?
Thanks
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Nominee dont need.
adele123
post Dec 23 2019, 09:24 AM

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QUOTE(coca^cola @ Dec 23 2019, 02:35 AM)
» Click to show Spoiler - click again to hide... «

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I think the question is, good by what definition? Anyway, GE being GE, it will not be NOT good. more like, how is the agent? you think he/she will be in the business for long to continue to serve you well?

Few things to ponder for your own self

1) 50k sufficient for life and CI for yourself and spouse?
2) do you need waiver benefit upon CI for your child (item 3 in your post)? logically you are the payor. the waiver benefit more important if anything happen to you.

If you buy online, for hospitalisation, you will have to call in, get GL, get hospitalised if you dont want to pay on your own or you can always claim after the hospitalisation with the original bills.

For other claims, can always just get the claim form from the insurance company and claim.

BUT if you want such comprehensive plan, right now, you can't buy it online. there is still limitation of what you can get online. without proper comparison, it is no guarantee you will save a significant amount of money.

adele123
post Dec 23 2019, 05:48 PM

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QUOTE(afkwan @ Dec 23 2019, 05:29 PM)
Good day sifus

Is it true insurance cost increase by Jan 2020? For buying new plan
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No.

Something happened back in 1 July 2019. It may seem more expensive to purchase IL plan, but not because insurance companies increased their cost of insurance. Rather Bank Negara wants to ensure the buffer when you purchase an investment-linked policy is sufficient until end of your coverage term. (the explanation is rather technical and complicated)

So this 1 Jan 2020 thing came up by some agent to scare customers to sign up for them to hit their year end sale.

PS: there is possibility that some insurance companies did increase the price slightly but the 2nd thing related to BNM is requirement really what is more impactful and affects all life insurance and takaful company.

adele123
post Jan 6 2020, 11:03 PM

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QUOTE(kueks @ Jan 6 2020, 10:32 PM)
for great flexi plus

y not good ? sad.gif

agent say guaranteed cash payment after 30 years is RM28,800

plus get back amount that invested over 20 years, RM 200 per month x 12 months x 20 years = RM48,000

means RM 48,000 + RM28,800 = RM76,800 ?

Then if never take out yearly cash payment, can reinvest and compound interest can get up to RM52,500.83 after 30 years ? lol

not sure which is true which is depending on "performance"
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Erm, are you agent? Cause you are quoting a 6-month old post. anyway, you probably aren't

Long story short is... (i assume your numbers are correct and i need to teach you how to fish, not feed you the fish else nothing change after this comment), the below are the questions you should be asking and thinking. The numbers above are a distraction to the points below.

1) is your purpose of this savings? If yes, have you find out the return from this plan compare to other alternative investment

eg. 12-month Fixed deposit interest is about 3.5% a year (just a ballpark figure but you can google this). How much return are you getting from this plan after 30 years? What is the IRR of this Great Flexi Plus. Is it 3% or 3.2%? If it is lower, why not just put in Fixed deposit? If it is higher, please continue to other points.

2) what will happen if you terminate the plan before the end of 30 years? How will you get?

eg. Fixed deposit interest will be paid after 1 year. so if you terminate after 1.5 years, you only lose the interest in the second year, because you would have gotten the first year interest.

This is usually NOT the case for insurance plans where there will be charges be it explicitly shown or implicitly priced in.

3) are the returns guaranteed? Fixed deposit interest is guaranteed. Universal Life plans of such nature will have certain portions that are non-guaranteed.

eg. the 3.5% interest that you earned on your fixed deposit every year will be yours as long as you hold for 1 year. For the UL plan, what will happen if the investment fund does not get good return on the insurance plan?

4) What will happen if you die? What will happen to the money?

eg. Does the bank give interest if you die halfway? Will it be paid to my loved ones? Probably not because it has to be administrated as an estate.

What will the insurance company pay your beneficiary if you die in year 2 or year 5? They will pay to your beneficiary without going through the estate provided proper nomination has been done (i'm not the right legal expert but the idea is to explain that it will be not very useful if you put grandfather as nominee and no will has been written, please let the legal expert guide you on this)

5) What will happen if you can't afford to continue paying premium for 20 years?

eg. Fixed deposit is based on the amount you put in the bank. For insurance plans, it may terminate if you stop paying.

6) you can't save any money at all. you keep using it on buying stuff for yourself. Hence your parents told you that you should buy this plan as a forced savings to discipline myself.

If you can't save money, i think it is a separate problem you have to address. Are there other ways you can try to save money?

Also, while parents have eaten more salt than us eating rice, note that the world is very different 20 years ago and now. alternatives are there and you have google and also discuss in lowyat to guide you through financial planning.

adele123
post Jan 30 2020, 12:15 AM

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QUOTE(ckdenion @ Jan 29 2020, 09:15 PM)
so far, GE, Prudential, AIA, HLA and ETIQA included the medical coverage for nCoV. Most insurance companies will follow I assume.
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For discussion sake, i heard most of the time, private hospitals wont accept such cases (no valid evidence and just based on 'kopitiam' chit chat). They just send to government hospital. And government hospitals charges are as we know is inexpensive

Insurance companies are just doing marketing... hahahaha...
adele123
post Feb 5 2020, 08:09 PM

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QUOTE(kazekage_09 @ Feb 5 2020, 07:27 PM)
That comforting to know. Many thanks!

I thinking of purchasing many term life policy with different years of coverage since I'm thinking as we get older our debts should decrease an our saving accumulate. I might need 1M coverage now but not 20 years from now.

It would be something like this.

Policy A 500k 30 years
Policy B 250k 20 years
Policy C 250k 10 years

From year 1 to 10 I will have 1M coverage. After the 11th years, my policy A will mature and I will left with 750k coverage. What is pro and cons doing like this?
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For a non- insurance person, that is somewhat a "canggih" planning.

The cons will probably be, if 10 years down the road your planning defers, you may need to buy another short term plan at that time. It's not fully flexible.
adele123
post Feb 5 2020, 09:30 PM

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QUOTE(kazekage_09 @ Feb 5 2020, 08:19 PM)
Because it so cheap that I can't ignore it..it called ladder strategy or something..I shopping around and I can get around only 160-170 for 1M (34yo)
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Sounds like you know what you are doing then. You are right. Since you said it is cheap, then have to accept some small disadvantage

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