Your employer should be providing you with a medical insurance.
Do check with HR on that first, and then you will have clarity on what kind of coverage you would require.

Hi Roguewave,

I have been working together with a GE and Allianz agent for reasons being some clauses that we like in each other's products.

But it's what you want that matters and we'll see what we can work out for you, and we can proceed from there.

Will it be necessary to have own medical insurance assuming working till retirement age at 55 years old?
No, it is not necessary. No laws dictate that you HAVE to have it.

It is your decision, and you decide if you would like to take the risk, or transfer it to the insurance company.

The risk I am referring to, is the risk of hospitalization. For most of us, if the illness doesn't kill us, the hospital bill will.
"But I have my company insurance to pay for it."
Yes, you do! For now, while you are still employed by the company.
As long as you are an employee of your company, you are an insurable interest.
After you retire, you are no longer an insurable interest to the company.
So what do you do? You go shopping for a personal health insurance plan.

At age 55, we are not as healthy, our risk of a critical illness are higher, and for some of us, we already have some medical history.
While you're out shopping for a personal health insurance plan, you may or may not get one, no matter how much money you are willing to pay.

I believe the real question is, WHEN is the best time to get your own medical insurance?
I can't predict your future, but the answer is YESTERDAY.

Maybe I'm an insurance salesmen, and I do this for a living.
But I only ask that you seriously consider getting yourself insured.

Yes, most of us are covered by our employee benefits throughout the tenure of our employment.
By the time you're 55, yes, you would have saved up an amount for lots of various purposes, insurance can be one of your purposes.
But money is actually the secondary factor in buying personal insurance. First, we have to ensure that we are in reasonable health condition to be "insurable".

Buying now at 30 vs buying later at 55. The premium will ROUGHLY be the same, CONSIDERING in 25 years from now, there is no improvement in product, no inflation, no improvement in coverage, and no change in your health condition.
If all these conditions are met, then yes, your statement is correct.

No its not the same.
Standalone is higher than ILP across all insurers, COI wise.

I believe only term products are available online.

What you can do is get a quote online, and from the quote, pull out the schedule where you have a projected premiums year-on-year.
In the same schedule, you should be able to pull out all the necessary info such as COI and surrender value (if any).
Then what you need to calculate, calculate lah.
Finally, you can compare it with a quote from your agent.

Banks very cham now. They hunting down business like mad.

Even someone like me who push bank officers very hard, last week still the bank persist on minimum 5 years MRTA.
So my customer accept lo. The branch manager also very pening, kiap between us and his superiors.

You can always buy a Term Life and assign it against your loan.
For the bank, it is just paper work.
For us as consumers, it is our family and our lives.
Just take up a 20-year Term Life la.

Term Life prolly run you around 1k annually for 200k, plus-minus depending on your age.

This post has been edited by JIUHWEI: Jul 7 2020, 11:01 AM

I have 11 policies under my name.
No such thing as "overlap" in terms of coverage ah.

Any practical consideration on doing so
Got ah, I have 6 Life Policies assigned against my loans.
Then some others for different areas of my ventures, and for different purposes.

What's your concern?

Is she already insured?

If she is already insured, I encourage you to not change around.

Each time you change it around, you are subjecting her to another round of underwriting.

You buy insurance with your health and age first before you can buy it with money.

There is always something cheaper, always someone willing to bend lower.

Worth it or not, only you can be the judge for it.

Betul.

Very rare to have to look for this topic thread.

I guess a lot of people are very active on share counters nowadays.

Only if there is a treatment required. And said treatment is performed at the same facility where the xray was done, by your attending physician.

I believe anyone that is "good" is someone who would help you and be on your team.
And to get there, maybe it's best if we both know where you stand financially, your cashflow, your affordability, and your objectives.
Only then could we begin to understand what you need to make it happen.

So we worked out what you need, and you want to buy a product that we both know you need. How do you know you can confidently buy from this agent?
Maybe arrange for the sales appointment at their agency office.
This gives you the opportunity to get acquainted with their agency staff, and you can take a look at how things are run there.
If it's messy, maybe look for someone else?
If you like what you see, hey, come often! We also got down periods wan, sometimes you come visit us, we also very happy to see you.

So in short, how to spot a good agent? Go see their office and then maybe if you like what you see, and the approach checks all your boxes, open up to them about your finances, and visit them regularly. It's always a work in progress.

Just my 2 cents.

Chill bruh, I think he meant well.
Yes, there are a lot of "What ifs", that's why people buy insurance (or Kuda, Toto, Magnum or make trips to Genting).

Changing lifestyle is always good, just like how we review and readjust ourselves from time to time.
It's not about balance, but we do it because it is always a balancing process. We're always balancing, always readjusting.

In fact, the person want to buy or not, the person already bought.
It is only the difference between
1. buying from an insurance company (so premiums are paid to the insurance company)
or
2. buying from oneself (so the premiums are paid to his/her own banking account)

At the end of the day, we choose the route with less pain.
Regret due to paying premiums "for nothing";
or
Regret didn't buy or didn't buy enough.

Insurance is like that, betting also the same, play share market also the same.

Don't angry ah, he meant well.
Always good to have good reminders around mah.
Like having a mom around.



I really really miss my mom bruh...

Unless that also checks one of your boxes lah...
Otherwise, why linger around?

If lidat also you stay and still buy, you better find out what coffee the bugger serve you.
Must be some damn good coffee.

If the person is selling you what you don't need, not aligned with your objectives, then why buy leh?

What else ah, I also not very sure.
But I'd love to discuss the topic with you to better improve on my training to my agents.
Would you be so kind to help me?

I don't think he is gambling lah. After all, it is using $6 to buy $10. The only real cost to the person is opportunity cost.

Then again, I feel is a bit unfair to say "CI insurance is not needed after achieving FI".
Maybe this works for you, but for the rest of us still swimming in the ocean, or those of us "almost-there", a CI event can really impact our lives, our family, etc.
So we buy and keep our CI policies la, "what if" mah.

I'm in no way encouraging gambling, I was just elaborating on the many "What ifs" that could happen due to the choices we make.

And we're not living in an either-or scenario between paying premiums and everything else we need to live (ie: roof over our heads, car, investments, occasional luxuries, etc).

But yes, I do regret didn't put more into technology and glove makers.
But ship already sailed. So what to do? Readjust portfolio, read read and read, and reinvest into other counters / channels.
XOX let's go!

This post has been edited by JIUHWEI: Aug 10 2020, 11:46 PM

Is a rough estimate of total premiums paid vs the sum insured over the duration of the policy lah.

Aiseh, people can have different game plan and different priorities mah.

I prefer to goreng in share market, some others prefer to jump on funds. No right no wrong wan mah.

But I can see where he is coming from lah. He meant well lah.

Come down to it, fact finding most important.

If it is not suitable, then it is not suitable. The plan how good also no use.

K lets end this meaningless back and forth.

I urge you to consider taking up a personal medical cover now.

Why?

1. You are now healthy and very insurable (i assume).
So underwriters are happy to take you in with the standard rates, no exclusions. This is such a wonderful thing, isn't it?
We buy insurance first with our health.
If our health is accepted, then comes the money to feed the premiums/contributions.
If our health is less than favorable, so is the premiums/contributions (loading/exclusions).
If our health is not welcomed, then our premiums also not welcomed (reject).

2. You do not know your health condition in the future (i also don't know).
When you leave your company, the coverage stops. Nobody wishes ill on anyone, but when reality strikes, it just strikes.
Your company medical benefit may take care of your bill now.
When you are finally ready to take up your own personal medical insurance, the insurance company may not be as ready/keen to take you up.
Which scenario would you regret more?
i. Having paid the premiums over the years with no claims?
Or
ii. Saving up the premiums over the years and faced with a hospital bill?

If you're lucky, it is only a one-time bill. Otherwise, the follow-ups may not clean you out, but it's definitely a considerable dent in your finances.

Either way, you will have to pay.
So now you have the luxury of an option between paying the bill, or paying the premiums.
Which one do you think is cheaper?

Why are we focusing on returns with insurance products?