QUOTE(0601430 @ Jun 12 2020, 04:32 PM)
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Insurance Talk V6!, Everything about Insurance
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 Jun 13 2020, 10:16 PM
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#701
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Senior Member
2,866 posts Joined: Sep 2008 From: Wangsa Maju, KL   
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indeed strange. i have a client who submitted her claims during the MCO (it did take longer than usual but not as long as yours) and the claims was approved and credited already. somemore yours is submitted before the MCO, can you login to your eConnect and see whether you can check the claims status? |
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Jun 13 2020, 10:41 PM
Show posts by this member only | IPv6 | Post
#702
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Senior Member
2,866 posts Joined: Sep 2008 From: Wangsa Maju, KL
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QUOTE(Hoochygal @ Jun 12 2020, 02:43 AM) » Click to show Spoiler - click again to hide... « QUOTE(Hoochygal @ Jun 12 2020, 02:24 PM) » Click to show Spoiler - click again to hide... « QUOTE(LostAndFound @ Jun 13 2020, 01:18 PM) When exploring options for insurance for female 35 years (next birthday) non smoker, I spoke to both a GE agent and an AIA agent. hi LostAndFound, if you don'd mind to show us the product illustration, then we know exactly what's the benefits and cost in the plan.GE agent said RM220 monthly for 990k annual limit room&board 150 (with minimal 12k life protection) AIA agent said RM300 for their 150 package (500k annual limit, 20k life protection). Seems like a huge difference for reduced coverage, which means I must be missing something, but I also dunno how to ask further as they seem directly comparable to me. Can the insurance agents here suggest what the possible differences could be to cause the huge difference in cost? Thanks for all who offered to meet me to draw up a plan, but I very much prefer posting publicly in LYN for everyone's benefit (if that's okay with you).  |
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Jun 15 2020, 10:33 AM
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#703
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All Stars
21,456 posts Joined: Jul 2012
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In the traditional insurance industry, only about 30% of premium revenue is used to pay claims, while the rest goes to marketing and administrative expenses.
https://asia.nikkei.com/Spotlight/Caixin/Ch...h-care-coverage |
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Jun 15 2020, 10:47 AM
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Probation
11 posts Joined: Jun 2020
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Hey guys,
I have some questions to ask regarding insurance. So I'll keep it simple. My mum is a widow aged 65, I've lost my dad 5 years ago. My mum goes for full-body health screening annually and is quite healthy. Non-smoker and non-drinker. She is obviously not young anymore, when I lost my father to liver cancer, it was a huge financial impact as he did not have any insurance. My family's income is normal, around 350k annually from dividends, rentals and salary etc. As my father left his business shareholdings to my mother's name. I am hoping to buy a nicer house for my mother to spend her advanced years in, with a better environment than my current place. However with my mother's old age I am worried that any sudden medical situations would put us at risks as you all know certain illnesses can be very expensive to treat. As such, my question is if it is possible for someone her age to still get medical insurance, what kind of insurance premiums should we be expecting to pay? and what are the limitations imposed considering her age. I would also love to hear any suggestions for any insurance policies. Thanks Guys, |
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Jun 15 2020, 10:55 AM
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All Stars
14,863 posts Joined: Mar 2015
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if you can't get any responses, or wanted more responses,
you can try post at the existing LYN thread Insurance Talk V6!, Everything about Insurance https://forum.lowyat.net/topic/4919324/+700#entry97142169 |
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Jun 15 2020, 11:04 AM
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Probation
11 posts Joined: Jun 2020
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Hey guys,
I have some questions to ask regarding insurance. So I'll keep it simple. My mum is a widow aged 65, I've lost my dad 5 years ago. My mum goes for full-body health screening annually and is quite healthy. Non-smoker and non-drinker. She is obviously not young anymore, when I lost my father to liver cancer, it was a huge financial impact as he did not have any insurance. My family's income is normal, around 350k annually from dividends, rentals and salary etc. As my father left his business shareholdings to my mother's name. I am hoping to buy a nicer house for my mother to spend her advanced years in, with a better environment than my current place. However with my mother's old age I am worried that any sudden medical situations would put us at risks as you all know certain illnesses can be very expensive to treat. As such, my question is if it is possible for someone her age to still get medical insurance, what kind of insurance premiums should we be expecting to pay? and what are the limitations imposed considering her age. I would also love to hear any suggestions for any insurance policies. Thanks Guys, |
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Jun 15 2020, 11:10 AM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(Housedude @ Jun 15 2020, 11:04 AM) Hey guys, Provided she is health, no limitation will be imposed.I have some questions to ask regarding insurance. So I'll keep it simple. My mum is a widow aged 65, I've lost my dad 5 years ago. My mum goes for full-body health screening annually and is quite healthy. Non-smoker and non-drinker. She is obviously not young anymore, when I lost my father to liver cancer, it was a huge financial impact as he did not have any insurance. My family's income is normal, around 350k annually from dividends, rentals and salary etc. As my father left his business shareholdings to my mother's name. I am hoping to buy a nicer house for my mother to spend her advanced years in, with a better environment than my current place. However with my mother's old age I am worried that any sudden medical situations would put us at risks as you all know certain illnesses can be very expensive to treat. As such, my question is if it is possible for someone her age to still get medical insurance, what kind of insurance premiums should we be expecting to pay? and what are the limitations imposed considering her age. I would also love to hear any suggestions for any insurance policies. Thanks Guys, Assuming Age 65 Coverage RM1,000,000 Premium 2,204 Yearly This post has been edited by lifebalance: Jun 15 2020, 11:11 AM |
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Jun 15 2020, 11:27 AM
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Junior Member
775 posts Joined: Nov 2015
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Go here for example:
https://www.kurnia.com/products-and-service...diguard-premier Click on MediGuard Premier Insurance Brochure (PDF, 1525.08KB ) So you see that age 65 is the last chance to start the insurance at Kurnia. Others have different limit. So you see there is quite a wide range what you can expect to pay. You need to compare. Note there are some discounts possible. For walk in clients not using an agent it is 15% at Kurnia, that is quite normal. If you have medical insurance you can add your mom to your policy that usually is worth a family bonus of 10%. Overall I agree totally with you that it is a great idea to get a medical insurance for your mom. You know the risks already from your dad. |
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Jun 15 2020, 12:33 PM
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Senior Member
945 posts Joined: Jun 2012
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QUOTE(Housedude @ Jun 15 2020, 11:04 AM) Hey guys, 1) Possible to get medical coverage at 65 years old?I have some questions to ask regarding insurance. So I'll keep it simple. My mum is a widow aged 65, I've lost my dad 5 years ago. My mum goes for full-body health screening annually and is quite healthy. Non-smoker and non-drinker. She is obviously not young anymore, when I lost my father to liver cancer, it was a huge financial impact as he did not have any insurance. My family's income is normal, around 350k annually from dividends, rentals and salary etc. As my father left his business shareholdings to my mother's name. I am hoping to buy a nicer house for my mother to spend her advanced years in, with a better environment than my current place. However with my mother's old age I am worried that any sudden medical situations would put us at risks as you all know certain illnesses can be very expensive to treat. As such, my question is if it is possible for someone her age to still get medical insurance, what kind of insurance premiums should we be expecting to pay? and what are the limitations imposed considering her age. I would also love to hear any suggestions for any insurance policies. Thanks Guys, Purely based on age factor she is still insurable. 2) Premium? Really depends on the kind of medical card that you will be purchasing for your mother. It ranges from RM2k (as highlighted by Lifebalance) plus to all the way in the RM10k range. Things affecting the premium: - Type of medical card (Standalone vs Rider) - Benefits - Term of coverage - Loading if any You might even want to consider a high deductible medical card if it is financially feasible. Best, Jiansheng |
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Jun 15 2020, 01:37 PM
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Junior Member
654 posts Joined: May 2020
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Hi, I would like to ask about auto insurance. If car more than 20 years old, still can purchase insurance from any party?
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Jun 15 2020, 02:02 PM
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Staff
25,802 posts Joined: Jan 2003 From: Penang
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Medical insurance premium at old age is quite expensive to start with even if they accepted it.
For a couple of hundred thousand coverage, the premium easily goes to 5 digit pa and keep on rising together with ages. Pay for 5 to 10 years insurance premium, easily more than 6 digit paid to the premium. With annual income 350k it is sufficient for self insured already. Save for 3 years then you have 1 mil of spared fund to cover all aspect of medical expenses. While insurance never cover every aspect. Don't get me wrong, it is not to discourage to have medical insurance, it is up to individual preference, no right or wrong. Just pointed up with such a high income, the importance of insurance become lesser. |
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Jun 15 2020, 02:23 PM
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Junior Member
685 posts Joined: Jul 2012 From: Kuala Lumpur 
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Hi TS,
Just for ur reference, medical card package for ur mom at the age of 65yo, female. RM 716/m with 12K life. |
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Jun 15 2020, 02:24 PM
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#713
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Junior Member
65 posts Joined: May 2020
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QUOTE(cherroy @ Jun 15 2020, 02:02 PM) Medical insurance premium at old age is quite expensive to start with even if they accepted it. beg to differ on this. for a whole family, an income of RM350k PA is not considered high at all, this plus any underlying commitments. For a couple of hundred thousand coverage, the premium easily goes to 5 digit pa and keep on rising together with ages. Pay for 5 to 10 years insurance premium, easily more than 6 digit paid to the premium. With annual income 350k it is sufficient for self insured already. Save for 3 years then you have 1 mil of spared fund to cover all aspect of medical expenses. While insurance never cover every aspect. Don't get me wrong, it is not to discourage to have medical insurance, it is up to individual preference, no right or wrong. Just pointed up with such a high income, the importance of insurance become lesser. even if the insurance costs 1k per month i'd say it's still worth it. no sense in gambling the family's savings on medical coverage. |
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Jun 15 2020, 02:44 PM
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Junior Member
154 posts Joined: Jun 2008
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QUOTE(rapple @ Jun 13 2020, 11:17 AM) When you submitted a claim, your agent supposed to received an email and also any request for more documentation. And you dont need to submit claim yourself since you paid him commission. Actually it was my agent help me submit all my documents thru online, i gave him all my docs on 3rd March, the next day he help me submit all the docs, he even screenshot the submission and send to me in whatsapp... i login online check and it is really submitted...your agent is not doing his work. I submitted my claim on 19th Feb and did all the follow up myselves. And get the payment back in March. The only thing I dont like is insurance company is sending us normal post letter to request additional document but send email to the agent. even the day the insurance reply for additional documents, he directly call me bout it on the day he received the notice... i guess my agent is really do his job... just that the insurance company process my claim is not QUOTE(ckdenion @ Jun 13 2020, 10:16 PM) indeed strange. i have a client who submitted her claims during the MCO (it did take longer than usual but not as long as yours) and the claims was approved and credited already. somemore yours is submitted before the MCO, can you login to your eConnect and see whether you can check the claims status? yea strange right? i send email last friday to ask bout the status again, as at today 2.30pm, no replylucky your client's claims go thru without problem... i got user online, but there is no where to see the claim status, only wait for online letter notification... i use credit card to pay my medical fee, now enter the 3rd month, i paid the interest almost 2k, pay for free, pay for nothing... too bad, couldnt claim the interest with the insurance due to their slow in process the claims... |
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Jun 15 2020, 02:49 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(0601430 @ Jun 15 2020, 02:44 PM) Actually it was my agent help me submit all my documents thru online, i gave him all my docs on 3rd March, the next day he help me submit all the docs, he even screenshot the submission and send to me in whatsapp... i login online check and it is really submitted... even the day the insurance reply for additional documents, he directly call me bout it on the day he received the notice... i guess my agent is really do his job... just that the insurance company process my claim is not yea strange right? i send email last friday to ask bout the status again, as at today 2.30pm, no reply lucky your client's claims go thru without problem... i got user online, but there is no where to see the claim status, only wait for online letter notification... i use credit card to pay my medical fee, now enter the 3rd month, i paid the interest almost 2k, pay for free, pay for nothing... too bad, couldnt claim the interest with the insurance due to their slow in process the claims...  would suggest that you write a complaint on the delay and see what they say. |
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Jun 15 2020, 02:55 PM
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Senior Member
1,802 posts Joined: Oct 2015
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QUOTE(lifebalance @ Jun 13 2020, 02:05 PM) No, it means that estimated years the policy may last provided no increase in price. If there is a revision, then the premium payable will need to be increased as well. Meaning your 300 monthly may not stay as 300 over 10 years if there is an increase then maybe you need to top up to 350 for example what do you think about the sustainability if I opt to top up one lump sum of lets say RM 2k to lengthen the sustainability rather than having a higher premium of RM 50 per month for the next 40 years.this would be a good idea? |
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Jun 15 2020, 02:55 PM
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Junior Member
154 posts Joined: Jun 2008
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QUOTE(lifebalance @ Jun 15 2020, 02:49 PM) would suggest that you write a complaint on the delay and see what they say.This post has been edited by 0601430: Jun 15 2020, 02:57 PM |
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Jun 15 2020, 03:00 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(BacktoBasics @ Jun 15 2020, 02:55 PM) what do you think about the sustainability if I opt to top up one lump sum of lets say RM 2k to lengthen the sustainability rather than having a higher premium of RM 50 per month for the next 40 years. Yeah you can do so, it's called a single premium top-up.this would be a good idea? No right and wrong whether to do it as a regular or single top-up. As long as you know that doing such top up is to lengthen your policy sustainability. QUOTE(0601430 @ Jun 15 2020, 02:55 PM) where to complain to where? all this while i send asking status and "angry" email to their customer service email, but it seems like no use also There is a complaint email address that insurance company would have. Another add-on is to CC Bank Negara Malaysia (BNM) for this matter. They will start to do their things very fast  |
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Jun 15 2020, 03:02 PM
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Senior Member
1,802 posts Joined: Oct 2015
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QUOTE(lifebalance @ Jun 15 2020, 03:00 PM) Yeah you can do so, it's called a single premium top-up. but again still there is no guarantee right as in if i do a single top-up but the sustainability may still drop maybe due to medical costs going up or the ILP part not doing well....No right and wrong whether to do it as a regular or single top-up. As long as you know that doing such top up is to lengthen your policy sustainability. There is a complaint email address that insurance company would have. Another add-on is to CC Bank Negara Malaysia (BNM) for this matter. They will start to do their things very fast what would be your best advice?> |
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Jun 15 2020, 03:05 PM
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All Stars
10,162 posts Joined: Nov 2014
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QUOTE(BacktoBasics @ Jun 15 2020, 03:02 PM) but again still there is no guarantee right as in if i do a single top-up but the sustainability may still drop maybe due to medical costs going up or the ILP part not doing well.... No one can guarantee their prices. Just like your Fish Seller at Market can't guarantee the fish price stays the same next 20 years.what would be your best advice?> Just get the necessary insurance coverage you need. Let the investment worry itself. The insurance company has shown their worse and best scenario and it's usually 2 - 3 years difference. 2% return by the insurance company is very achievable. Cheers. |
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