bought when I'm 25yo when i have my 1st job. No claim thus far * thank God.
Insurance At what age do you start buying your own insurance, And what is the reason you buy?
Insurance At what age do you start buying your own insurance, And what is the reason you buy?
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Oct 17 2019, 04:23 PM
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#21
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Junior Member
662 posts Joined: Jul 2012 From: Kuala Lumpur |
bought when I'm 25yo when i have my 1st job. No claim thus far * thank God.
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Oct 17 2019, 04:26 PM
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#22
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Junior Member
662 posts Joined: Jul 2012 From: Kuala Lumpur |
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Oct 17 2019, 04:35 PM
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#23
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Junior Member
662 posts Joined: Jul 2012 From: Kuala Lumpur |
QUOTE(vanitas @ Oct 15 2019, 10:29 PM) Now you don't need agent... every info can be found online.. 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. 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.. 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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Oct 17 2019, 05:19 PM
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Senior Member
775 posts Joined: Mar 2012 |
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. In most cases, you don't need more than 100k limit per year.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. 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. |
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Oct 17 2019, 10:48 PM
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Senior Member
1,184 posts Joined: Nov 2008 |
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. |
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Oct 18 2019, 10:00 AM
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Junior Member
662 posts Joined: Jul 2012 From: Kuala Lumpur |
QUOTE(vanitas @ Oct 17 2019, 05:19 PM) In most cases, you don't need more than 100k limit per year. 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. 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. 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. |
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Oct 19 2019, 11:29 AM
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Elite
5,626 posts Joined: Nov 2004 From: Klang, Selangor |
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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Oct 19 2019, 12:30 PM
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Senior Member
3,165 posts Joined: Feb 2015 |
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. 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..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. My personal opinion ... not an expert This post has been edited by aspartame: Oct 19 2019, 12:30 PM |
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Oct 19 2019, 11:53 PM
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#29
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Elite
5,626 posts Joined: Nov 2004 From: Klang, Selangor |
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.. 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.My personal opinion ... not an expert |
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Nov 17 2019, 05:23 PM
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All Stars
11,954 posts Joined: May 2007 |
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. Sorry to hear that.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. Colon cancer is genetic transferable? U purchasing which insurance ILP? |
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Nov 17 2019, 05:45 PM
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Elite
5,626 posts Joined: Nov 2004 From: Klang, Selangor |
QUOTE(MNet @ Nov 17 2019, 05:23 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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Nov 17 2019, 05:51 PM
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Senior Member
4,526 posts Joined: Jan 2003 |
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! |
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Nov 17 2019, 06:15 PM
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All Stars
11,954 posts Joined: May 2007 |
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. Cancer consist of many stages, 36CI only kick in on stage 3.I bought AIA LifeLink2 with RM1.5mil annual coverage. 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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Nov 18 2019, 09:18 AM
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Elite
5,626 posts Joined: Nov 2004 From: Klang, Selangor |
QUOTE(MNet @ Nov 17 2019, 06:15 PM) Cancer consist of many stages, 36CI only kick in on stage 3. 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.U can consider buy the early 36CI plan, so that in the event diagnosed with stage 1 cancer, u still able to claim. 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. |
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Nov 18 2019, 09:23 AM
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Junior Member
245 posts Joined: Jun 2019 |
QUOTE(vanitas @ Oct 17 2019, 05:19 PM) In most cases, you don't need more than 100k limit per year. just like car insurance....long long time ago need agentsBut 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. 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 |
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Nov 18 2019, 10:26 AM
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#36
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Junior Member
804 posts Joined: May 2012 |
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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Nov 18 2019, 07:08 PM
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All Stars
11,954 posts Joined: May 2007 |
Medical better buy from agent as it will helpful during claim issue
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Nov 18 2019, 07:12 PM
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#38
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Senior Member
901 posts Joined: Jun 2012 |
QUOTE(-CoupeFanatic- @ Nov 18 2019, 10:26 AM) What do you guys think about buying medical insurance from online vendors, for example AXA eMedic? 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.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. Best, Jiansheng |
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