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Insurance At what age do you start buying your own insurance, And what is the reason you buy?

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Ewa Wa
post Oct 17 2019, 04:23 PM

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bought when I'm 25yo when i have my 1st job. No claim thus far * thank God.

Ewa Wa
post Oct 17 2019, 04:26 PM

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QUOTE(myroy @ Oct 16 2019, 11:36 AM)
same thing
if you get fired then how can you pay insurance?
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Get hard sick (kena any of the 45 Critical illness- Premium Waive insurance company paid for u). that's is the wonderful of medical plan.
Ewa Wa
post Oct 17 2019, 04:35 PM

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QUOTE(vanitas @ Oct 15 2019, 10:29 PM)
Now you don't need agent... every info can be found online..
Also you can buy online without agent commission as well..

But previously doesn't have such option.. would suggest anyone who are yet to take insurance, and wanted to take... research yourself and buy online..
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Online medical plan has certain limit, the research i have done on AXA, AIA and GE. They only offer terms life, term critical plan and standalone medical card. The standalone medical card annual limit up to 100K/year only. No higher than that.

Pro: Cheap bcoz no commission is paid out.

Con: take in standard case only, an answer with NO declined directly, no 1 Mil annual limit available, no agent service etc.
vanitas
post Oct 17 2019, 05:19 PM

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QUOTE(Ewa Wa @ Oct 17 2019, 04:35 PM)
Online medical plan has certain limit, the research i have done on AXA, AIA and GE. They only offer terms life, term critical plan and standalone medical card. The standalone medical card annual limit up to 100K/year only. No higher than that. 

Pro: Cheap bcoz no commission is paid out.

Con: take in standard case only, an answer with NO declined directly, no 1 Mil annual limit available, no agent service etc.
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In most cases, you don't need more than 100k limit per year.
But if you really want more than that, you can buy several medical cards. Also, you can call the insurance company directly for any problems. I don't see agent service is necessary as some of them are actually misleading customers. Better read the policy word by word yourself.

And I don't understand the cons you listed,
- take in standard case only, an answer with NO declined directly,
please elaborate.
JIUHWEI
post Oct 17 2019, 10:48 PM

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I bought a medical and a pa policy when I first started working.

Then I bought a large amount life insurance when I signed ROM.
And another one when we concluded our wedding banquet.

Ewa Wa
post Oct 18 2019, 10:00 AM

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QUOTE(vanitas @ Oct 17 2019, 05:19 PM)
In most cases, you don't need more than 100k limit per year.
But if you really want more than that, you can buy several medical cards. Also, you can call the insurance company directly for any problems. I don't see agent service is necessary as some of them are actually misleading customers. Better read the policy word by word yourself.

And I don't understand the cons you listed,
- take in standard case only, an answer with NO declined directly,
please elaborate.
*
Can’t deny that some customers do experience unpleasant agent service as u mentioned above but also can’t deny the effort of an agent too.

Online medical card application only accept standard case (for those who has not admitted to hospital b4) bcoz it’s underwriting by system. Eg if u have admitted for Gastritis before probably unable to proceed for this medical plan. You may try on the online medical card platform to find out more.



Jordy
post Oct 19 2019, 11:29 AM

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Just started buying my first ever medical ILP 3 months back at 34, but opted out of the CI rider to reduce annual COI.
I figured that it is the right time to start buying insurance to cover medical as I am in high-risk category now (my mom just got diagnosed with colon cancer and now going through treatment).
Total cost spent for surgery + follow up was already about 80k, now undergoing radiotherapy and followed by chemo after that, luckily got referred to IKN, can do cheaper. If perform the treatment in KPJ, have to prepare another 50k.

Reason for buying is because I don't want to end up digging into my retirement nest egg which I have been working so hard to build up when I need to seek treatment.
Let insurance pay for everything while my investments are kept intact and able to provide me with passive income in case I could not work.
aspartame
post Oct 19 2019, 12:30 PM

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QUOTE(Jordy @ Oct 19 2019, 11:29 AM)
Just started buying my first ever medical ILP 3 months back at 34, but opted out of the CI rider to reduce annual COI.
I figured that it is the right time to start buying insurance to cover medical as I am in high-risk category now (my mom just got diagnosed with colon cancer and now going through treatment).
Total cost spent for surgery + follow up was already about 80k, now undergoing radiotherapy and followed by chemo after that, luckily got referred to IKN, can do cheaper. If perform the treatment in KPJ, have to prepare another 50k.

Reason for buying is because I don't want to end up digging into my retirement nest egg which I have been working so hard to build up when I need to seek treatment.
Let insurance pay for everything while my investments are kept intact and able to provide me with passive income in case I could not work.
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How much is your medical coverage? In my opinion, you can consider reducing medical coverage annual limit (no need so high) but add the CI. The CI is useful for income replacement/alternative(adjunct) treatment cost..
My personal opinion ... not an expert

This post has been edited by aspartame: Oct 19 2019, 12:30 PM
Jordy
post Oct 19 2019, 11:53 PM

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QUOTE(aspartame @ Oct 19 2019, 12:30 PM)
How much is your medical coverage? In my opinion, you can consider reducing medical coverage annual limit (no need so high) but add the CI. The CI is useful for income replacement/alternative(adjunct)  treatment cost..
My personal opinion ... not an expert
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The annual medical coverage is RM1.5 mil. It's fixed by the policy, can't be lowered unfortunately. I could add RM100k CI for additional RM400 annual premium but that would not help much. Any higher CI amount will be too costly. So I decided to let go CI and focus on medical.
SUSMNet
post Nov 17 2019, 05:23 PM

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QUOTE(Jordy @ Oct 19 2019, 11:29 AM)
Just started buying my first ever medical ILP 3 months back at 34, but opted out of the CI rider to reduce annual COI.
I figured that it is the right time to start buying insurance to cover medical as I am in high-risk category now (my mom just got diagnosed with colon cancer and now going through treatment).
Total cost spent for surgery + follow up was already about 80k, now undergoing radiotherapy and followed by chemo after that, luckily got referred to IKN, can do cheaper. If perform the treatment in KPJ, have to prepare another 50k.

Reason for buying is because I don't want to end up digging into my retirement nest egg which I have been working so hard to build up when I need to seek treatment.
Let insurance pay for everything while my investments are kept intact and able to provide me with passive income in case I could not work.
*
Sorry to hear that.
Colon cancer is genetic transferable?
U purchasing which insurance ILP?

Jordy
post Nov 17 2019, 05:45 PM

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QUOTE(MNet @ Nov 17 2019, 05:23 PM)
Sorry to hear that.
Colon cancer is genetic transferable?
U purchasing which insurance ILP?
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It is not genetically transferrable, but I am considered as high-risk for cancer as I have an immediate family with cancer. This is what my mom's doctor mentioned to me, he advised me to do more regular check-ups for early detection. So I figured it would be safer for me to purchase an insurance policy to cover myself.

I bought AIA LifeLink2 with RM1.5mil annual coverage.
kevyeoh
post Nov 17 2019, 05:51 PM

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Buy as soon as you can and probably buy medical first if you are still single...then as you move on and build your family...then you can consider buy life/critical illness... try to buy the cheapest plan you can afford and don’t listen too much to insurance agent who is trying to push all maximum amount sum insured to you.... for medical...if you have company coverage...then you can consider buying the top up plan offered which is very very cheap....

Although I strongly believe insurance is important and is a must as part of your financial planning...you should not over commit as well on buying too much and buying what you don’t need....

Good luck and cheers!
SUSMNet
post Nov 17 2019, 06:15 PM

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QUOTE(Jordy @ Nov 17 2019, 05:45 PM)
It is not genetically transferrable, but I am considered as high-risk for cancer as I have an immediate family with cancer. This is what my mom's doctor mentioned to me, he advised me to do more regular check-ups for early detection. So I figured it would be safer for me to purchase an insurance policy to cover myself.

I bought AIA LifeLink2 with RM1.5mil annual coverage.
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Cancer consist of many stages, 36CI only kick in on stage 3.
U can consider buy the early 36CI plan, so that in the event diagnosed with stage 1 cancer, u still able to claim.
Jordy
post Nov 18 2019, 09:18 AM

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QUOTE(MNet @ Nov 17 2019, 06:15 PM)
Cancer consist of many stages, 36CI only kick in on stage 3.
U can consider buy the early 36CI plan, so that in the event diagnosed with stage 1 cancer, u still able to claim.
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That is why I do not buy 36CI (or 39CI now with AIA). CI only pays a lump sum of cash and that's all about it.
My insurance policy covers for my hospitalisation charges, so whenever I am admitted to a panel hospital, my fees will be covered by my insurer.
Medical ILPs these days cover every type of illness that is not historically diagnosed by the insured. There is no more separate claims for normal illness and CI.
Zaire.Ver
post Nov 18 2019, 09:23 AM

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QUOTE(vanitas @ Oct 17 2019, 05:19 PM)
In most cases, you don't need more than 100k limit per year.
But if you really want more than that, you can buy several medical cards. Also, you can call the insurance company directly for any problems. I don't see agent service is necessary as some of them are actually misleading customers. Better read the policy word by word yourself.

And I don't understand the cons you listed,
- take in standard case only, an answer with NO declined directly,
please elaborate.
*
just like car insurance....long long time ago need agents
but now everything online...cheaper easier

soon medical insurance will also like that

agree with you. i dont see how agents will assist other than initial purchase...for claim and GL, just need to call the company

This post has been edited by Zaire.Ver: Nov 18 2019, 09:25 AM
-CoupeFanatic-
post Nov 18 2019, 10:26 AM

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What do you guys think about buying medical insurance from online vendors, for example AXA eMedic?

is it fair to say that it is more suitable for young people / younger generation?

I personally don't like the service of an agent, especially those young chaps, have experienced before with family member's agent. irresponsible agent, i have a stigma against insurance agents because of this incident.
SUSMNet
post Nov 18 2019, 07:08 PM

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Medical better buy from agent as it will helpful during claim issue
Holocene
post Nov 18 2019, 07:12 PM

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QUOTE(-CoupeFanatic- @ Nov 18 2019, 10:26 AM)
What do you guys think about buying medical insurance from online vendors, for example AXA eMedic?

is it fair to say that it is more suitable for young people / younger generation?

I personally don't like the service of an agent, especially those young chaps, have experienced before with family member's agent. irresponsible agent, i have a stigma against insurance agents because of this incident.
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Interview a couple of agents and work with the one you're most comfortable with. Ask the hard questions and understand that you have the right to say no to them.

Best,
Jiansheng

 

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