QUOTE(irving @ May 23 2020, 11:28 PM)
I am looking for Medical insurance for my dad.
Was quoted approx. RM8.3k with Life/TPD from Great Eastern. 990k annual limit with no lifetime limit. We didnt get to execute that because of MCO and his birthday just passed on May 2. Upon renewing the quote after his birthday(my dad is 65 this year) it has now risen to approx. RM13k annually which is a huge jump.
Life insurance/TPD is optional for me, medical is the priority. GE agent has quote me again approx. RM6k annually for medical only with the same 990k annual limit, no lifetime limit.
However seems that GE has the most negative claim experience so I am looking for options. Please PM!
Using the information provided and only quoting for medical only, you can get a much lower premium. Maybe your agent quoted some life and CI coverage for your father as well.
QUOTE(irving @ May 25 2020, 12:02 AM)
Just doing some simple search on the forums: https://forum.lowyat.net/index.php?showtopi...l=great+easternhttps://forum.lowyat.net/index.php?showtopi...l=great+easternhttps://forum.lowyat.net/topic/3123872/+100
I dont mean to undermine any GE agents just basing my opinion on what i've read. GE name seems to be coming up more than most
I am with Allianz now but my agent recently quit. So any Allianz agents out there do drop a PM please
GE claims have been ok for my clients as well so far. It's unfortunate that there are agents out there who are unaware of the fine prints before explaining to their clients. Non-invasive keyhole surgery or angioplasty is a common knowledge and only entitled for 10% of the critical illness coverage. As for the hospital bills such as surgeries and treatment costs incurred, it will be fully paid out.
QUOTE(jaredtay1994 @ May 25 2020, 10:45 AM)
Hi all, I am planning to get a life insurance with savings plan to maximise my tax relief. My friend recommended Great Eastern Flexi Plus. Do you guyz think it’s a good plan? Is there a better alternative? Thank you
Depends on what is your objective. You will need to pay for 20 years for Great Flexi Plus and the maturity is 30 years. You may consider Great Flexi Wealth which you can choose to pay for 5 or 10 years and maturity is 20 years.
Savings plan is good for:
1. Disciplined force savings
2. Low risk investment
3. Life insurance protection for accidental coverage
QUOTE(responsible poster @ May 25 2020, 12:10 PM)
hi guys, for life insurance i realised that the total payout is much cheaper for a 5 year plan instead of a 20-30 year old plan.
for example the yearly pay is higher on 5 years for example RM10k for 500k coverage, but RM4k for 20 years. however 10k for 5 years is only RM50k, while RM4k for 20 years is RM80k.
is it actually much more beneficial to get a shorter payment term?
Let me rephrase your statement to make it easier to understand:
Payment Term: 5 Years
Annual Premium: 10k
Payment Term: 20 Years
Annual Premium: 2k
Yes, you are correct. The shorter the payment term, the lower the premium is. This is because of the investment capital is larger in the first few years while the insurance charges is still low. Hence, the return on investment can cover for the sustainability of the policy. This is assuming the investment performance is up to benchmark. The waiver rider cost for a shorter payment term is lower as well, therefore the premium is cheaper for a shorter premium term.This post has been edited by GE-DavidK: Yesterday, 12:40 PM