To those who think it's better to wait and buy only when you reach high-risk age, do reconsider. This is a risky move.
Once you are diagnosed with high blood pressure or diabetes, good luck finding a company that is willing to cover you, let alone getting cheap premium.

Those who think they don't need insurance because they can afford the medical fees, do ensure you have easy and fast access to the cash. You will be dead if you think you can refinance or sell one of your properties to pay for medical fee.
And do ensure you have enough balance to cover your living expenses after paying for the med fees.

This statement is good and it is the same across whether one has medical insurance or not or whatever kind of insurance.

Insurance is just one off compensation to help out based on circumstance happened within the insurance coverage, insurance is not a charity.

So even one has millions medical insurance coverage, one still needs to prepare some cash for post medication and living expenses needed.

take 6 years commission but serve you until you die

still want complain ar?

This post has been edited by Mr.Weezy: Mar 22 2019, 12:35 PM

well cannot directly say tipu one..
I think everyone knows the agents take 30%...

That's when the upgrading suggestions start to come.

Iinm, it's up to 60% for the first year.

I believe that with diligent savings and investing wisely, we will have enough to cover for medical expenses when the time comes. I think that the most common insurance policies would cover up to RM100k annually? If yes then I don't see a problem for one to come up with that money. After all, what are the odds that require one to come up with such an amount for medical services?

Question is, when will this "time" come? Before or after you are ready to cover the medical fees, with excess money to live on?

Insurance is a form of gambling, so to speak. Whether someone needs it or not is entirely his choice. You are betting against your own misfortune.

Question is, when will this "time" come? Before or after you are ready to cover the medical fees, with excess money to live on?

Insurance is a form of gambling, so to speak. Whether someone needs it or not is entirely his choice. You are betting against your own misfortune.

60%? haha then I will jump back into the industry

At most 35% for traditional plan, ILP lower %

that is allocation rate

u think agent take the whole 60%?

if like that many agents dont need work liao

I don't know. If you bother to read properly, you will see that I wrote "up to 60%" in that post.

I agree, we are only "gambling" with the money. Therefore education is very important.

1. Buy insurance is just like gambling in casino, it is a make or break scenario. If you do not face any big issue in your life, then your money is gone.

2. Start young by contributing regularly to a "insurance fund" where you won't have easy access to. Invest wisely over 20-30 years. If there is no problem in life, at least this money can be used during retirement. Nothing is lost in this.

We can create our own "insurance pool" by contributing into the fund under various names (husband and wife, children, parents). If you are getting insurance coverage for every individual in the family, just imagine how many insurance policies you have to buy, and how much money you are gambling on? By creating our own pool, anyone of the family member can have access to the combined pool without restrictions.

Insurance is for financial illterate.

Yup, so is unit trust though. I believe that if a financial illiterate could pick the right UT and continuously top up diligently, the return over the long term will be more superior than what the insurance could cover. The only catch is to start early and do it diligently.

insurance is insurance...
hopefully if , if only there is nothing wrong during the wealth accumulation stage to set up own "insurance" coverage fund either for self or other members of the family....

during the initial stages of accumulation,...most likely not enough to cover the cost of one.
after the accumulation stage....maybe not enough for the needs of the other members of the families, for the collected pool of monies maybe be not enough or partially used for some other "deemed" emergencies too.

The reply below echos what I was going to write. Too many people think critical illnesses wait until you are financially ready before striking.
Even then, it will blow a big hole in your bank balance.

I really don't mind "wasting" my money paying for med insurance and not claiming anything.
Just like I've never regretted purchasing comprehensive coverage for my car over 3rd party coverage even though I did not claim anything that year.

If one puts aside RM500 a month for single person's "insurance" purpose, then there will be RM6000 a year. Do it right over 5 years and the pool will quickly gather to around RM35k.
I am not saying that RM35k is a lot of money to cover one's medical cost, but again this has to be done as early as possible. The earlier one starts practicing this, the lower the risk of having insufficient funds when one needs it.
If we have the financial strength to build up this pool of fund, then by all means this would be the best way out. Otherwise then insurance is the next best alternative.

I agree with the statements by yourself and yklooi, but what chances does critical illness really strike that early in life? We are talking about those below 35 in this context as I am an advocate of early financial planning.
But let's make it clear before any misunderstanding escalates from this discussion. I am not totally condemning insurance for critical illness. Through this discussion, I am just opening up our minds to a possible better alternative to "insure" against critical illness or other medical complications.

i think there is this legacy protection needs consideration too...
like creditors can chase your saved assets, not insurances money

I understand where you're coming from. As you pointed out, what are the chances of one contracting critical illness before 35? Nobody can answer that.
And how sure are you that you will be able to afford a lump sump payment for medical procedures if critical illness strikes at, say, 40 years old? And the lump sum compensation will come in handy too.

My wife's cousin was diagnosed with cancer at age 30-plus. And I'm sure, given our modern lifestyle, the median age when the proverbial shit hits the fan is trending downwards.

I can agree with you that if you can afford it, you don't need to buy medical and life insurance. Question is, how many cannot afford their medical fees now and yet think that when major illness strikes, they will have saved up sufficient monies to afford treatment.