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 Insurance Talk V6!, Everything about Insurance

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Cyclopes
post May 27 2020, 05:37 PM

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QUOTE(Eurobeater @ May 27 2020, 04:49 PM)
That seems nice. What's that policy name under AIA? I might check it out.
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A Life Protect Term
Holocene
post May 27 2020, 06:00 PM

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QUOTE(spacelion @ May 27 2020, 05:09 PM)
Hi, can I ask one thing in regards to your industry.

Many times I have to sit down and listen to an agent talk for 1-2 hours about the product offering. I'm aware most features are standard. When I ask about their competitors and how their plan differs and what are the advantages / selling strengths, they are unable to give any meaningful points. Most of it boils down to "Let me see the policy and I'll advise you."

Is there a lot of obfuscation in regards to competing policies or is it just smoke and mirrors ? I understand a sale is hard to make in this time and age but I really despise having to sit down for an hour or two to make small talk for this sort of thing.
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Google best medical card in Malaysia, there should be a link to a website called howtofinance. The guy actually does a comparison between different medical card.

Best,
Jiansheng

This post has been edited by Holocene: May 27 2020, 07:16 PM
Cyclopes
post May 27 2020, 06:38 PM

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QUOTE(spacelion @ May 27 2020, 05:09 PM)
Hi, can I ask one thing in regards to your industry.

Many times I have to sit down and listen to an agent talk for 1-2 hours about the product offering. I'm aware most features are standard. When I ask about their competitors and how their plan differs and what are the advantages / selling strengths, they are unable to give any meaningful points. Most of it boils down to "Let me see the policy and I'll advise you."

Is there a lot of obfuscation in regards to competing policies or is it just smoke and mirrors ? I understand a sale is hard to make in this time and age but I really despise having to sit down for an hour or two to make small talk for this sort of thing.
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Nothing of that sort lah 😂.  I believe the Agents are genuine in wanting to provide you the best advice possible and the right product.

As you noted, most products are very similar in benefits. The Agent would be very much informed about the advantages and salient points of his products. Whereas in terms of the competitor's product, s/he will probably have general knowledge about the product, and should be able to make comparison, especially areas where you draw their attention.

But given the many products in the market, if you can narrow down what products you want compared, he will have to make too many comparisons.

Likely the Agent don't want to take more of your time than necessary too 😂.

You have a blessed day.
ckdenion
post May 28 2020, 10:03 AM

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QUOTE(Eurobeater @ May 27 2020, 01:00 AM)
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hi Eurobeater, guess what you want is a simple term life insurance, purely just insurance. most insurance companies have it. btw for the ETIQA plan that is less than RM50/month, what is the coverage amount and term? you can also check Fi Life for online life insurance.

the reason why most people wanna opt for term life is mainly because of the cost. normally what i will do is compare the cost of term and ILP in the long run, say 20 years. compare both and see which one end up with more cash in the end on your side (include the investment that you personally do), of course final decision is still yours wink.gif

QUOTE(veloos @ May 27 2020, 01:26 AM)
» Click to show Spoiler - click again to hide... «
hi veloos, i assumed that your house loan is covered by a separate insurance and if that's so, then we can exclude that. for your parents medical, how long do you need to support this?

QUOTE(spacelion @ May 27 2020, 05:09 PM)
» Click to show Spoiler - click again to hide... «
hi spacelion, are you asking more on life insurance side or medical insurance or just in general? then i believe your own insurance agent is a very capable one i believe because the agent you bought from definitely have a fruitful discussion with you about the topic you mentioned. biggrin.gif
Eurobeater
post May 28 2020, 01:27 PM

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QUOTE(ckdenion @ May 28 2020, 10:03 AM)
hi Eurobeater, guess what you want is a simple term life insurance, purely just insurance. most insurance companies have it. btw for the ETIQA plan that is less than RM50/month, what is the coverage amount and term? you can also check Fi Life for online life insurance.

the reason why most people wanna opt for term life is mainly because of the cost. normally what i will do is compare the cost of term and ILP in the long run, say 20 years. compare both and see which one end up with more cash in the end on your side (include the investment that you personally do), of course final decision is still yours wink.gif

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Yeah. Mainly because I expect the investment portion that I'm doing atm to outperform most UT funds in the long run.

In eTiQA's plan, coverage is 500k for 20 years, but its yearly renewable. But the projections seem to be alright as in the last policy year, they expect a premium of around 2.7k per year, which is reasonable as current IL policies I'm getting require me to pay 2.4k per year for the next 20 or 30 years.

In terms of doing the cost comparing, I kinda did one myself using an ILP quotation from a GE agent. Based on it, the idea was if my own portfolio can grow at least 6% p.a., then the term insurance is better. And I expect the average growth of my portfolio is be around 8 - 10% p.a in the long run. However, the problem is I couldn't value the protection element since I wouldn't know when and how likely I will get the payout. In terms of payout, ILP is def better, but I'm not sure if it is worth the price only.
zack.gap
post May 28 2020, 01:56 PM

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Looking for a pure no-frills standalone medical card.

I’m a 30 year old bank exec (group covered), single and a casual smoker. No pre existing medical conditions.

Budget is 3k/year and hoping to get the widest coverage with highest single bed R&B. No investment-linked plan pls. I do my own stock picking. Hope any sifus here can help me out.
GE-DavidK
post May 28 2020, 03:01 PM

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QUOTE(zack.gap @ May 28 2020, 01:56 PM)
Looking for a pure no-frills standalone medical card.

I’m a 30 year old bank exec (group covered), single and a casual smoker. No pre existing medical conditions.

Budget is 3k/year and hoping to get the widest coverage with highest single bed R&B. No investment-linked plan pls. I do my own stock picking. Hope any sifus here can help me out.
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For your budget of 3k/year, you can easily get an investment-linked with coverage for life insurance, critical illness, waiver and hospitalisation.

As for standalone medical card with the highest single bed R&B and annual limit, it can be done with approximately RM100 per month.
zack.gap
post May 28 2020, 03:23 PM

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QUOTE(GE-DavidK @ May 28 2020, 03:01 PM)
For your budget of 3k/year, you can easily get an investment-linked with coverage for life insurance, critical illness, waiver and hospitalisation.

As for standalone medical card with the highest single bed R&B and annual limit, it can be done with approximately RM100 per month.
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Thanks for your reply! I'm planning on getting a separate life insurance plan but not just yet. Main priority is to shop for the best medical card in the market in the event I get diagnosed with anything. Do medical cards generally not cover critical illnesses?
cherroy
post May 28 2020, 03:31 PM

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QUOTE(zack.gap @ May 28 2020, 01:56 PM)
Looking for a pure no-frills standalone medical card.

I’m a 30 year old bank exec (group covered), single and a casual smoker. No pre existing medical conditions.

Budget is 3k/year and hoping to get the widest coverage with highest single bed R&B. No investment-linked plan pls. I do my own stock picking. Hope any sifus here can help me out.
*
1K plus already can get quite higher and decent amount of coverage and room rate.

The widest coverage only can come from your own saving. Insurance always has its specific scope of coverage, it cannot cover everything.
GE-DavidK
post May 28 2020, 03:32 PM

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QUOTE(zack.gap @ May 28 2020, 03:23 PM)
Thanks for your reply! I'm planning on getting a separate life insurance plan but not just yet. Main priority is to shop for the best medical card in the market in the event I get diagnosed with anything. Do medical cards generally not cover critical illnesses?
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Medical card will cover any hospitalisation bills caused by critical illness.

For example, one day you get cancer and you need to undergo chemotherapy treatment in the hospital. Medical card will pay for any treatment costs incurred to the hospital.

If you have critical illness coverage (investment-linked medical policy), you will get additional cash lump sum depending on the amount you signed up. The medical card in the investment-link will still pay for hospital bills.


You will need the critical illness cash lump sum for the reasons below:

- If you get cancer, you are unable to work and therefore you need money to survive, hence this critical illness coverage can help you
- The money can be used as living expenses, buy medical supplements, travelling, children's education etc.
- A good critical illness coverage would be able to cover for at least 3 years of income replacement or approximately RM180,000 coverage (Assuming RM5,000 monthly expenses)
- You can spend 3 years to recover from cancer and return to workforce after your recovery.
zack.gap
post May 28 2020, 03:36 PM

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QUOTE(cherroy @ May 28 2020, 03:31 PM)
1K plus already can get quite higher and decent amount of coverage and room rate.

The widest coverage only can come from your own saving. Insurance always has its specific scope of coverage, it cannot cover everything.
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Is it advisable then to buy multiple medical cards from different providers so that coverage is more comprehensive (as in can use such and such medical card in event of that specific disease) ?
SUSMNet
post May 28 2020, 03:39 PM

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Yes, no one of the medical card is perfect
so u can buy multiple to compliment each other
GE-DavidK
post May 28 2020, 03:41 PM

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QUOTE(zack.gap @ May 28 2020, 03:36 PM)
Is it advisable then to buy multiple medical cards from different providers so that coverage is more comprehensive (as in can use such and such medical card in event of that specific disease) ?
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For medical card, usually just one medical card will do as the annual limit is usually more than enough to be future proof. As for life insurance/critical illness policies, it is common to own multiple policies at one time.

In some cases, like clients who bought medical card 10 years ago, their annual limit could be as low as RM50k per year. It would be wasteful to terminate the old medical card and get a totally new one, so we usually advise to get a second medical card with deductible to supplement the first one.
zack.gap
post May 28 2020, 03:47 PM

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QUOTE(GE-DavidK @ May 28 2020, 03:41 PM)
For medical card, usually just one medical card will do as the annual limit is usually more than enough to be future proof. As for life insurance/critical illness policies, it is common to own multiple policies at one time.

In some cases, like clients who bought medical card 10 years ago, their annual limit could be as low as RM50k per year. It would be wasteful to terminate the old medical card and get a totally new one, so we usually advise to get a second medical card with deductible to supplement the first one.
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So would a good solution in this case be to get a good main medical card (AIA maybe since almost everywhere is accepted with those stickers) as well as a secondary deductible medical card (given that deductible cards are cheaper?)
GE-DavidK
post May 28 2020, 04:01 PM

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QUOTE(zack.gap @ May 28 2020, 03:47 PM)
So would a good solution in this case be to get a good main medical card (AIA maybe since almost everywhere is accepted with those stickers) as well as a secondary deductible medical card (given that deductible cards are cheaper?)
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A good medical card usually has the following features:

- No deductible
- High annual limit (At least one million to be future proof)
- Covers outpatient cancer treatment and kidney dialysis
- No lifetime limit

There would be no need for a secondary medical card if the first medical card can cover for everything. I would advise to increase your life insurance or critical illness coverage as your second policy.
lifebalance
post May 28 2020, 04:16 PM

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QUOTE(zack.gap @ May 28 2020, 01:56 PM)
Looking for a pure no-frills standalone medical card.

I’m a 30 year old bank exec (group covered), single and a casual smoker. No pre existing medical conditions.

Budget is 3k/year and hoping to get the widest coverage with highest single bed R&B. No investment-linked plan pls. I do my own stock picking. Hope any sifus here can help me out.
*
Well I can give you a list of it

QUOTE(zack.gap @ May 28 2020, 03:23 PM)
Thanks for your reply! I'm planning on getting a separate life insurance plan but not just yet. Main priority is to shop for the best medical card in the market in the event I get diagnosed with anything. Do medical cards generally not cover critical illnesses?
*
Medical card covers for all hospitalization which includes critical illnesses.

QUOTE(zack.gap @ May 28 2020, 03:36 PM)
Is it advisable then to buy multiple medical cards from different providers so that coverage is more comprehensive (as in can use such and such medical card in event of that specific disease) ?
*
Not necessary, it's a waste of money imo.

QUOTE(zack.gap @ May 28 2020, 03:47 PM)
So would a good solution in this case be to get a good main medical card (AIA maybe since almost everywhere is accepted with those stickers) as well as a secondary deductible medical card (given that deductible cards are cheaper?)
*
If a single card with high annual limit does the job, there's no point in buying a separate card.
zack.gap
post May 28 2020, 04:24 PM

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QUOTE(GE-DavidK @ May 28 2020, 04:01 PM)
A good medical card usually has the following features:

- No deductible
- High annual limit (At least one million to be future proof)
- Covers outpatient cancer treatment and kidney dialysis
- No lifetime limit

There would be no need for a secondary medical card if the first medical card can cover for everything. I would advise to increase your life insurance or critical illness coverage as your second policy.
*
I was advised by another forummer above that I run the risk of not being fully covered if I were to put all my eggs in a proverbial basket?

Also as discussed David, pure term life insurance can be bought for cheap online since BNM mandated the offering. Am planning to do so but at a much later date. Frankly I don't feel the critical illness payout is important since the bulk of the cost would be in treatments anyway which ought to be covered by the medical card no?
lifebalance
post May 28 2020, 04:28 PM

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QUOTE(zack.gap @ May 28 2020, 04:24 PM)
I was advised by another forummer above that I run the risk of not being fully covered if I were to put all my eggs in a proverbial basket?

Also as discussed David, pure term life insurance can be bought for cheap online since BNM mandated the offering. Am planning to do so but at a much later date. Frankly I don't feel the critical illness payout is important since the bulk of the cost would be in treatments anyway which ought to be covered by the medical card no?
*
rolleyes.gif that person may meant that
1. Insurance company not honoring the claims
2. The insurance plan may not cover all aspect (which may be true as not all insurance plan are the same, some medical card may be more comprehensive on certain type of diseases).

Then again we ask ourselves, the industry is governed by BNM, how far can an insurance company deny a claim if it’s genuine?

I’m sure the insurance company also won’t simply reject a claim unless otherwise.

As per your second question.

As per your statement, critical illness is a form of income replacement in the event you succumb to any of the critical illness. Your medical card may cover for the hospitalization cost, but what comes after you’re discharged ?

if you’re unable to work for a period of time then that’s a loss of income. if you have a strong savings account then you’ll rely on it.

However if you don’t, then the payout from the critical illness will help you out

This post has been edited by lifebalance: May 28 2020, 04:30 PM
cherroy
post May 28 2020, 04:35 PM

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QUOTE(zack.gap @ May 28 2020, 03:36 PM)
Is it advisable then to buy multiple medical cards from different providers so that coverage is more comprehensive (as in can use such and such medical card in event of that specific disease) ?
*
Medical card mostly more and less the same across in term of coverage.

Eg. Dental problem, generally no covers, despite you have 10 medical card across. If there is, please share it, I would like to have it.

As we know, dental treatment is one of many expensive medical bill that we may face.
One tooth of implant already can cost a few K, even an ordinary teeth root canal treatment, removing root and crowning easily cost hundred up to thousand plus.

So you need your own saving to pay those bills.

Normally, one medical card is sufficient.
If the previous one is insufficient, you can add on in the future, or get another new one.

Just like car, you can have 2 cars, but in most situation, you just drive one car.
If you have a lot of money to burn, then no problem, you can have 5 cars as well, it is your choice. Just you need to pay 5x insurance premium only.

Normally, secondary medical card only needed if the first one out of limit, but with few hundred K limit set by most medical card nowadays, normally it won't hit the limit.
cherroy
post May 28 2020, 04:44 PM

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QUOTE(zack.gap @ May 28 2020, 04:24 PM)
I was advised by another forummer above that I run the risk of not being fully covered if I were to put all my eggs in a proverbial basket?

Also as discussed David, pure term life insurance can be bought for cheap online since BNM mandated the offering. Am planning to do so but at a much later date. Frankly I don't feel the critical illness payout is important since the bulk of the cost would be in treatments anyway which ought to be covered by the medical card no?
*
You need to understand each insurance function.

Life insurance - is to cover your loss of income once you dead, or CI, it is mainly a income replacement that may important to support your family after you died.
But if you have no income currently, or family doesn't rely your income to support their daily life, then life insurance priority become less.

Medical insurance - is to prevent a sudden shock of medical bill needs for illness, but subjected to with medical card coverage. Not all medical bill will be covered across, just like my above dental bill example.

CI insurance - an income replacement to support your life after CI.

Each insurance has its own specific function and scope of coverage. No such thing of total comprehensive coverage on everything. It is not like I have insurance, I need not to worry anything already, or don't need to pay any bills further.
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