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 Insurance Talk V6!, Everything about Insurance

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GE-DavidK
post Mar 9 2020, 12:36 PM

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QUOTE(loquelevesque26 @ Mar 9 2020, 01:33 AM)
Hi,

Im gaining interest for AXA E-Medic family plan insurance which affordable for me (Rm 270/month).

Please share your honest experience good and bad for this AXA E-Medic.

i saw some review said during claiming not so well.

Thanks
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AXA E-Medic family plan is a standalone medical card, so it does not come with any life insurance or critical illness. Since it's a standalone medical card, the premium will increase every 5 years based on your age.

It only covers children up to 15 years old. If your children are 16 years old and above, they would be excluded from this plan.

Another thing is that the annual limit for the most expensive plan is only RM100,000 which is not enough for serious illnesses like cancer. The good thing is that each family member will have his own annual limit and doesn't affect each other.

Personally, I would suggest you to get invidividual medical insurance if your budget allows because it is more future proof. Investment-linked medical insurance is more comprehensive which comes with life, critical illness coverage and waiver too.
GE-DavidK
post Mar 12 2020, 08:17 AM

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QUOTE(anwa @ Mar 10 2020, 11:26 AM)
In that case, it might be better to follow the adage, don't confuse insurance with investment? Just get a standalone medical card, money invest elsewhere and hope rich enough when elderly, or hope die young if poor investment skill.
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It's ok to get a standalone medical card if you have the discipline to set out a portion of money into investment. Standalone will increase price every 5 years so in the end, the premium would be higher than investment linked. Also, you will need to get a second policy for life/critical illness coverage because standalone doesn't come with any of these.

I only propose standalone medical card for those people who have
1) Limited budget
2) Expatriates who are working in Malaysia and planning to stay in the country for short term.

QUOTE(thomasjames @ Mar 10 2020, 02:20 PM)
Hmm. Well said. My current premium monthly is 210. 
Sometimes made me wonder if this package too extreme comprehensive.

Agent said can reduce some of those coverage sum insured. Maybe in future I might consider lower down it so that lower premium
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RM210 is quite standard nowadays and I wouldn't say it's too comprehensive at this premium. I would say it's at its bare minimum for the life/critical illness coverage. You need the sum insured so that your debts won't pass down to the people around you.
GE-DavidK
post Mar 12 2020, 05:03 PM

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QUOTE(GloryKnight @ Mar 12 2020, 08:54 AM)
Can anybody give me your opinions towards Great Easterns Great Family Care plan?

Thanks!
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I believe Great Family Care is known as Great Generation Care in Malaysia.

It's a good plan if you have parents who don't have any critical illness coverage and it covers your future children as well. Parents don't have to go through any medical underwriting for this (of course cannot have any pre-existing conditions).

Also, if the proposer survive up to 80 years old, you will be getting the premiums you paid back. (If you pass away before that, you get the sum assured)

I would suggest this plan to clients who have:
1) Family history of getting cancer, Alzheimer or Parkinson.
2) Clients who have parents before age 80 and medical card is too expensive for the parents.
3) As an additional boost to own critical illness coverage as well as for parents and children.
GE-DavidK
post Mar 12 2020, 11:42 PM

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QUOTE(TK801808 @ Mar 12 2020, 07:08 PM)
Dear All Master,

Would appreciate your view on the following term quoted by GE agent to me.

I'm 33 yo single, non-smoker, drinker, OL with medical insurance currently covered by company.
Thinking of purchase medical insurance in case im not with the company.

Monthly RM220

Life, TPD and 45 CI until 80 yo (RM50K)

RM150 room
Annual limit rm990k
Lifetime unlimited

Is it worth to go for it?
Tks for advise.
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Make sure it comes with waiver extra rider because you didn’t mention it in your post. Ask if SEPCC is included (early stage CI).
GE-DavidK
post Mar 19 2020, 03:02 AM

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QUOTE(JustcallmeLarry @ Mar 19 2020, 01:53 AM)
So when insurance company say they are covering covid 19 what they mean by that is they will pay you for each day you are admitted to the hospital??? Bcs currently no private hospital taking in covid 19 patient...
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Yes, that is correct, insurance companies will pay you hospitalisation cash if you are hospitalised due to Covid-19. This only applies to insurance companies which have waived the exclusion on communicable disease requiring quarantine by law.

The reason private hospitals are not taking in Covid-19 patients is due to government instruction to send any Covid-19 patient to centre for infection disease like Sungai Buloh Hospital. When Sungai Buloh Hospital reaches its limit, private hospitals might have to come into play, and patients without medical card will have to pay with their own money for the treatment.
GE-DavidK
post Mar 23 2020, 05:32 PM

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QUOTE(SwarmTroll @ Mar 23 2020, 02:05 PM)
I've been told the COI for ILP is lower than Standalone but is that true? I understand that ILP has cash value and investment to offset the rise in cost compared to standalone. However, if we just look at COI perspective it is the same for both no?
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I couldn't check the exact insurance charges for standalone. Generally, standalone is much cheaper if you plan to pay for short term but will be more expensive than ILP in long term.
GE-DavidK
post Mar 27 2020, 04:01 PM

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QUOTE(Zoo Howl @ Mar 27 2020, 03:15 PM)
Hi sure,

The price is based on my gender and DOB
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Hi Zoo Howl, this Axa plan is a standalone medical card which means it does not come with any life and CI coverage as well as waiver.
GE-DavidK
post Mar 27 2020, 11:35 PM

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QUOTE(Zoo Howl @ Mar 27 2020, 10:08 PM)
Unfortunately theres no CI

Life insurance for 200k seems ok for me
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Take note that eLife protector from AXA is a yearly renewable plan which means every year the premium would be revised based on your age. The renewal will only be up to age 75 and there is no more extension after that.
GE-DavidK
post Mar 28 2020, 09:29 PM

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QUOTE(Aurora Boreali @ Mar 28 2020, 08:09 PM)
Question on changing nominees: currently my nominee is my sibling, but I want to change it. Do I have to get their signature? Because when I nominated them, they don't know about it. And now because our relationship has soured, I want to revoke their nomination. Question is as above, do they need to agree and sign on the change of nominee form?

Edit: More information from this PDF file: http://www.insuranceinfo.com.my/_system/me...nominations.pdf
And from here: https://www.rockwills.info/insurance-policy...on-in-malaysia/
So then, in the case of a sibling nominee, if in my will, I specify a different person (not my sibling, as nominated in my insurance policy) as the beneficiary of insurance payout, my sibling can only receive the money and will need to pass the money to the executor for him to distribute according to my will?
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Hi Aurora Boreali, in your case, your brother is a non-trust nominee and you can change the nomination without his consent. According to Section 167 of Insurance Act 1996, your brother is only acting as an executor even though he is the nominee of your insurance policy and he has to distribute the insurance money according to your will/distribution law.

If you are single and your parents are still living, then your parents are trust nominees. If you nominated your parents, you will need to get consent from your parents to change the nomination because your parents are trust nominees.

However, I would advise that you change your nominee as soon as possible to avoid any complications in the future.
GE-DavidK
post Mar 28 2020, 09:56 PM

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QUOTE(GE-DavidK @ Mar 28 2020, 09:29 PM)
Hi Aurora Boreali, in your case, your brother is a non-trust nominee and you can change the nomination without his consent. According to Section 167 of Insurance Act 1996, your brother is only acting as an executor even though he is the nominee of your insurance policy and he has to distribute the insurance money according to your will/distribution law.

If you are single and your parents are still living, then your parents are trust nominees. If you nominated your parents, you will need to get consent from your parents to change the nomination because your parents are trust nominees.

However, I would advise that you change your nominee as soon as possible to avoid any complications in the future.
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Update on my post: Financial Services Act 2013 (FSA) is the governing law in this matter and replaced Insurance Act 1996.

FSA also reconfirms that the non-trust nominee under Schedule 10 Paragraph 6 ( Section 167 Insurance Act 1996 previously) who receive the policy moneys will do so as executors and will have to distribute the same in accordance with your will or the relevant estate distribution laws.

In fact in the nomination form (from Great Eastern), it has clearly stated that if the appointed nominee is other than spouse, child or parent shall receive the policy money as an executor and not beneficiary. For your brother to receive the policy benefits and not as an executor, the policy need to be assigned to him and he needs to sign an assignment form.
GE-DavidK
post Mar 28 2020, 10:15 PM

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QUOTE(smokymcpot @ Mar 28 2020, 10:09 PM)
Hi everyone,
I am currently using pruhealth plan and my annual limit is 100k but life time limit is 1 million.
I wanted to upgrade to a plan with no annual limit and focuses purely or mostly on just the medical card and prefer to have as little investment as possible.

My agent recommended me to get pru value med, would this fit my needs?

Thanks!
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Yes, I think your agent proposed the right plan for Prudential policies. Technically PRUValue Med has no annual limit, but it's a co-insurance so every hospitalisation visit you have to pay a certain amount of deductible (RM300) to claim from Prudential.
GE-DavidK
post Mar 30 2020, 05:47 PM

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QUOTE(RAL @ Mar 30 2020, 02:10 PM)
Hello All,  smile.gif

I'm looking for medical insurance for myself(33, Non-smoker) & wife(28, Non-smoker)

I'm an expat staying in Malaysia on EP.

Please suggest.

And also, if I should go for a medical card or investment-linked.

Thanks.
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QUOTE(RAL @ Mar 30 2020, 05:17 PM)
I'm from India & working in Malaysia since 2018
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I would advise that if you are planning to stay in Malaysia for long-term, i.e. settle down in Malaysia, go for investment-linked. If you are planning to leave Malaysia in the next few years, standalone medical card would be better.
GE-DavidK
post Mar 31 2020, 01:07 AM

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QUOTE(ezryezan @ Mar 30 2020, 11:56 PM)
Hello all !

I'm surveying an insurance right now and not sure which is good but currently looking at Great Eastern takaful product called i-Great Aman.

1. I would like to know if its the right Company to start my insurance journey with due this is my first insurance ? Any tips ?

2. Do I always need to depend on my agent ?

3. Will there be any issues that I will face for claiming or hospitalisation when needed ?

4.Here is what were offered to me as below:

Monthly contribution: RM 200
Yearly contribution: RM 2400
Perlindungan Total Permanent Disability/Death : RM 60,000
Manfaat Khairat Kematian : RM 2,000
Manfaat Tambahan Pampasan penyakit kritikal : RM 25,000
Manfaat Kematian Kemalangan : RM 10,000
Manfaat Cacat Kekal Kemalangan : RM 10,000
Manfaat Emergency Accident Outpatient Treatment : RM 3,000

Medical Card Benefit
=============================
✔Room & board RM150
Coverage up to 180 days
✔Annual limit RM 900,000
✔Lifetime limit = Unlimited
✔Full coverage Takaful (100% Great Eastern Takaful cover)
✔Hospitalisation Benefit. Daily Cash Allowance RM100, tambahan RM50 jika mendapat rawatan di hospital kerajaan.
✔Manfaat waiver. -Sekiranya peserta didiagnos salah satu dari 45 penyakit kritikal atau cacat kekal, caruman takaful peserta akan dipercumakan sehingga berumur 70 tahun.

Saving fund
=============================
10YRS - RM 9,588
15YRS - RM 16,811
20YRS - RM 22,819
30YRS - RM 25,260

Free Car Assistance program: 1 No. Plate Kereta
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1. Looks good to me. Every agent has their own style of designing a policy. So make sure you understand how each rider can satisfy your needs. You can consider conventional plans if you are ok to explore.

2. There is a reason why you pay commission to your agent. It is to rely on him whenever you have a question or claim arises. It is all about the professional service to keep you informed. The agent also has to be able to commit to this career long term.

3. Preferably if your agent can do the claim process for you because agent understands your policy better and can do the follow up process for you.
GE-DavidK
post Apr 5 2020, 04:55 PM

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QUOTE(MNet @ Apr 4 2020, 07:47 PM)
Why insurance co did not offer deferement of the premium paid?
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It depends on your insurance company. For Great Eastern, it's only for policyholders who have been:

1) infected by covid-19
2) under mandatory home quarantine
3) suffer loss of income due to covid-19 (need to submit retrenchment letters or any documents related)

The premium deferment is only for 3 months and you need to pay back the deferred premium.


GE-DavidK
post Apr 6 2020, 05:09 PM

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QUOTE(RAL @ Apr 5 2020, 09:07 PM)
thanks for the info guys!

Any plans for pregnant women that you can suggest?
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You can consider SmartProtect Junior like the previous post mentioned. It includes coverage for pregnant mother until one month after birth and coverage for the child including life and CI.

For pregnant mother's coverage, it includes coverage for pregnancy complications and birth defects of the child.

Take note that there is an entry age limit for pregnant mother which is 13 weeks to 35 weeks of gestational period.
GE-DavidK
post Apr 8 2020, 03:53 PM

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QUOTE(darksin_90 @ Apr 6 2020, 11:08 PM)
I was quoted by GE and Pru agent with the following plan,

Pru
Life: RM 100,000
160 types CI: RM 100,000
Accidental death & disablement: RM 30,000
Accidental Medical Reimbursement: RM 3,000
Medical card:
1) Room: 200
2) Annual Limit: RM 1,380,000
3) Co-insurance: RM 300
4) Sustainability - 70 YO
Monthly premium: RM 250

GE
Life: RM 100,000 +1%p.a. + cash value
45 types CI: RM 100,000 (early payout)
Accidental death & disablement: RM 15,000
Medical Allowance: RM 100 per day
Medical card:
1) Room: 200
2) Annual Limit: RM 1,320,000
3) Sustainability - 80 YO
Monthly premium: RM 270

I am in dilemma don't know which to go for confused.gif

By the way, I am 1992, M, non smoker, class 1
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For your budget and age, I wouldn't advise to go for co-insurance. Technically 160 types of CI is inclusive of early stage and late stage of CI, so it's equivalent to GE's 45 types of CI coverage. If you want to lower your budget, you can consider to decrease the annual limit.

Waiver is not mentioned in both of the quotation. So you have to take note of that as well. You won't be required to pay for the premium when you get CI/TPD if you have waiver rider.
GE-DavidK
post Apr 14 2020, 04:20 PM

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QUOTE(drbone @ Apr 14 2020, 03:24 PM)
Which would the best pregnancy coverage for one who is at 6weeks pregnancy now? She only has HLA medical card.
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You can consider SmartProtect Junior from Great Eastern.

For pregnant mother's coverage, it includes coverage including life, accidental death and premature delivery of the baby. For pregnancy complications, it includes 7 types of conditions like fatty liver pregnancy and placenta increta.

19 types of congenital conditions or birth defects of the child is also included in the coverage like Down’s Syndrome and Cerebral Palsy.

Take note that there is an entry age limit for pregnant mother which is 13 weeks to 35 weeks of gestational period. Gestational age refers to the length of pregnancy after the first day of the last menstrual period. So she still need to wait for 2 more months to be eligible.
GE-DavidK
post Apr 17 2020, 04:32 PM

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QUOTE(RoGuEWaVe @ Apr 17 2020, 12:47 AM)
Hie... Looking for suggestions for life insurance.
Planning to take 2M coverage for life and 500k for critical illness. Is it advisable to take under 1 company or multiple company ex 500k per comp to diversify. Kindly advise
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Adding on to the suggestions above, different plans have different coverage. 20 years plan coverage will be significantly cheaper than a whole life plan. So it depends on your budget and your needs on how long the coverage is.

Another thing to consider is the fund performance if you are opting for an investment-linked policy. Have to take note at the sustainability of the policy as well which will affect your budget as well.
GE-DavidK
post Apr 18 2020, 09:30 PM

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QUOTE(Angel-Look @ Apr 18 2020, 09:38 AM)
I am surveying which insurance company i should get my first coverage from. I currently have a stand-alone medical card from AIA since when young (annual limit is very low).

I got quoted and proposal from AIA and GE. GE is wayyyy cheaper than AIA and GE provide  higher protection with same premium.

But im curious hows the claim like with GE? Cus i heard some company very difficult to make claim? Advice pls? In dilemma.
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In my experience, GE is relatively easy to claim and clear cut for my clients as long as you can provide the hospital receipts and doctor's statement. You can ask your agent to do all the follow ups for you.
GE-DavidK
post Apr 24 2020, 08:12 PM

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QUOTE(RAL @ Apr 24 2020, 07:09 PM)
user posted image
user posted image

Hi guys, what is your feedback about the above child plan to cover the baby in the womb. This one is from Prudential (Pru_my_child) & will cost around 201rm per month.

Suggestions please..
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I believe it's a medical card for the child + pregnancy coverage for the mother as well. You can consider adding in coverage for child critical illnesses and adult's critical illnesses into the coverage. Also ensure that waivers for both the child and the payer is included in the design.

You can consider similar plans from Great Eastern's SmartProtect Junior as well.
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