Hi RigerZ,

I was once in your predicament as well when it comes to insurance planning=financial freedom?, when we all starting out in the workforce and many agents were quick to pounce on us offering many financial wisdom.
Now i am in my late 30s and i am glad i made firm decision to turnaround my life.
If i can go back in time, i would have done exactly what i am going to advise u, and having said that i am not certified financial planner or sort and none would it matter at least for my case.
When they sell u, its always showing u best scenario projection, when maturity, then grandfather story comes out.

1st, u mentioned u were living on very tight budget due to over-commitment on those plans. Now, u have to get your life back.
since its still early in the plan, you can cut off some/all the policies. get back financial control NOW. cut the losses and consider that as paid lessons.
Next, just get a medical card with unlimited claims, this should cost<RM200/mth for your age and commit to it religiously.
(this is where insurance company very pandai, every few years they will adjust the premium based on whatever reason la, so what happen to what I sign??)
Then, buy life insurance/PA ONLY to protect your asset like house outstanding loan OR MRTA to replace it.
If the company you working for provides medical benefits e.g. outpatient/hospitalisation or even PA coverage then utilize this first if any unfortunate occurs. Or get into large corporate company/MNC to have these benefits (some company offers higher 16/17% EPF contribution).

2nd, from your combined plans monthly commitment, u were paying up to RM2,500 everymonth. the rule of thumb for insurance is never more than 10% from your nett income.
Get this right in your head, Insurance=medical protection, dont mix investment with insurance companies.
Now with min RM2,000 disposable income at your control, invest it wisely according to your risk profile. never invest in something u dont understand and "hope" for the best outcome.
you would rather spend time to upskill, learn new things that will eventually be earning income for yourself (hobbies, youtuber, coding, etc).
On credit card, combine all your expenses into 1 credit card, make payment on time and over time ask to up your credit limit. this will serve as your lifeline when u truly needs it as it is liquid enough.
On personal loan, do not be entice with low interest%, 3,4 or 6%p.a (just dont)
a simple 50k loan can ended up with total payout up to 80k, so its not worth it.
On car, dont listen to all those YOLO shit, just get perodua and dont spend your time/money anymore on depreciating liability.

Run simulation on your financial target using this -> https://www.thecalculatorsite.com/finance/c...tcalculator.php
even at 5% p.a, with RM2,000 monthly, you would have ended up >RM2mil in your 60. This could be higher as your contribution increases along with yearly increment.
Inflation is another thing altogether but hey,at least u could survive with the interest from the entire fund.
just make sure u do not have any more commitment by that time.

so thank me later in 2050, if i am still around

very insightful read ---> https://e27.co/li-ka-shing-teaches-buy-car-...years-20150408/

Hi RigerZ,

I was once in your predicament as well when it comes to insurance planning=financial freedom?, when we all starting out in the workforce and many agents were quick to pounce on us offering many financial wisdom.
Now i am in my late 30s and i am glad i made firm decision to turnaround my life.
If i can go back in time, i would have done exactly what i am going to advise u, and having said that i am not certified financial planner or sort and none would it matter at least for my case.
When they sell u, its always showing u best scenario projection, when maturity, then grandfather story comes out.

1st, u mentioned u were living on very tight budget due to over-commitment on those plans. Now, u have to get your life back.
since its still early in the plan, you can cut off some/all the policies. get back financial control NOW. cut the losses and consider that as paid lessons.
Next, just get a medical card with unlimited claims, this should cost<RM200/mth for your age and commit to it religiously.
(this is where insurance company very pandai, every few years they will adjust the premium based on whatever reason la, so what happen to what I sign??)
Then, buy life insurance/PA ONLY to protect your asset like house outstanding loan OR MRTA to replace it.
If the company you working for provides medical benefits e.g. outpatient/hospitalisation or even PA coverage then utilize this first if any unfortunate occurs. Or get into large corporate company/MNC to have these benefits (some company offers higher 16/17% EPF contribution).

2nd, from your combined plans monthly commitment, u were paying up to RM2,500 everymonth. the rule of thumb for insurance is never more than 10% from your nett income.
Get this right in your head, Insurance=medical protection, dont mix investment with insurance companies.
Now with min RM2,000 disposable income at your control, invest it wisely according to your risk profile. never invest in something u dont understand and "hope" for the best outcome.
you would rather spend time to upskill, learn new things that will eventually be earning income for yourself (hobbies, youtuber, coding, etc).
On credit card, combine all your expenses into 1 credit card, make payment on time and over time ask to up your credit limit. this will serve as your lifeline when u truly needs it as it is liquid enough.
On personal loan, do not be entice with low interest%, 3,4 or 6%p.a (just dont)
a simple 50k loan can ended up with total payout up to 80k, so its not worth it.
On car, dont listen to all those YOLO shit, just get perodua and dont spend your time/money anymore on depreciating liability.

Run simulation on your financial target using this -> https://www.thecalculatorsite.com/finance/c...tcalculator.php
even at 5% p.a, with RM2,000 monthly, you would have ended up >RM2mil in your 60. This could be higher as your contribution increases along with yearly increment.
Inflation is another thing altogether but hey,at least u could survive with the interest from the entire fund.
just make sure u do not have any more commitment by that time.

so thank me later in 2050, if i am still around

very insightful read ---> https://e27.co/li-ka-shing-teaches-buy-car-...years-20150408/

Hi RigerZ,

I was once in your predicament as well when it comes to insurance planning=financial freedom?, when we all starting out in the workforce and many agents were quick to pounce on us offering many financial wisdom.
Now i am in my late 30s and i am glad i made firm decision to turnaround my life.

Update:

I confronted my agent about the situation, initially he promised to refund me the full amount I demanded (agent commission + policy surrender losses).
Then he kept delaying and gave excuses for not being able to pay me back, and now he says he will hire his own lawyer if I decide to escalate this to my insurance and/or Bank Negara.

I know my chances are slim since there was nothing illegal or fraudulent in nature, but I do not want to leave this lying down.

I dont see how filing a formal complaint to my insurance will help me get my money back, but I think for record/legal purposes, this should be the next step?

Ramjade MUM neverfap Reventon kbandito  summoning any advice you may have (max can only tag 5 people)

worse come to worst, just take it as a lesson and learn to swallow up

1. your degradation of income does not mean you can fully discharge your duty to pay up your commitment

2. you were assumed to be fully understood the RISK before you sign the paper. the projected return is correct. but if factoring compounding effect and inflation. it is worse than a typical investment out there

you are still around 25 of age. life goes on.

Legal fee is expensive. If he can hire a lawyer, he could have return your money already, assuming the sum is not that much.

Update:

I confronted my agent about the situation, initially he promised to refund me the full amount I demanded (agent commission + policy surrender losses).
Then he kept delaying and gave excuses for not being able to pay me back, and now he says he will hire his own lawyer if I decide to escalate this to my insurance and/or Bank Negara.

I know my chances are slim since there was nothing illegal or fraudulent in nature, but I do not want to leave this lying down.

I dont see how filing a formal complaint to my insurance will help me get my money back, but I think for record/legal purposes, this should be the next step?

Ramjade MUM neverfap Reventon kbandito  summoning any advice you may have (max can only tag 5 people)

but it it was solely the case of the "agent" itself...then the above "May" not works....thus a civil claims is the only route i think you may try to proceed
WHAT IS A CIVIL CLAIM?

A civil claim is a legal and factual dispute between two or more parties claiming for remedies, damages or compensation.

Filing a Civil Claim
A claim by an individual not more than RM5,000.00 can be filed in the Small Claims Court.
The Magistrates’ Court will hear all civil claims up to RM100,000.00.
The Sessions Court will hear all civil claims between RM100,001.00 to RM1,000,000.00
The High Court can hear all monetary claims (unlimited jurisdiction).

http://www.kehakiman.gov.my/en/procedures-civil-cases

HOW TO FILE A CLAIM

Before you file a claim in Court you should first consider the following:
http://www.kehakiman.gov.my/ms/how-file-claim

another problem. i dont have solid evidence to pin him....

Instead, why dont you call BNM for advice?

Also, is your agent a high performing agent? You know, the one who appears in newspapers/billboards etc after qualifying for MDRT/COT or whatever big awards thingy... or maybe is an "Agency Manager"?

It's really very distressing to read that a customer is being challenged by an insurance agent. They are supposed to 'serve' us, not 'con' us!!

Update:

I confronted my agent about the situation, initially he promised to refund me the full amount I demanded (agent commission + policy surrender losses).
Then he kept delaying and gave excuses for not being able to pay me back, and now he says he will hire his own lawyer if I decide to escalate this to my insurance and/or Bank Negara.

I know my chances are slim since there was nothing illegal or fraudulent in nature, but I do not want to leave this lying down.

I dont see how filing a formal complaint to my insurance will help me get my money back, but I think for record/legal purposes, this should be the next step?

Ramjade MUM neverfap Reventon kbandito  summoning any advice you may have (max can only tag 5 people)

The case is not on your side because as in most things in insurance policies, there are documents being given to you, including the policy contract which you are supposed to read and understand your obligation as policyholder and if you dont agree and, you can cancel within 15 days, you will get a full refund. although your beef is with the agent and not the insurance company which you have stated as well.

What you can do is you can go to OFS for advice. after all, the advice is free.

Next, you can put up a case of being mis-advised by your agent. One of the points i can think of to complaint is your agent did not provide appropriate advice on the insurance policies bought and premium paid, vs your (earlier) income. However, given that your income prior to your job change is not disclosed, it is up to you to think whether this point is strong enough or not. FYI, agents are supposed to do "customer fact find" before proposing a suitable policy to you.

but i would say you still can contact OFS for a quick check and see what they can say (using my point of premium paid vs income earned then and just generally whether the advice given was appropriate for your profile then).

Ombudsman for Financial Services <---- please google.