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 Insurance Talk V6!, Everything about Insurance

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ckdenion
post Mar 9 2020, 03:26 PM

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QUOTE(loquelevesque26 @ Mar 9 2020, 01:33 AM)
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Good day loquelevesque26, I'd deal with AXA medical claims, it is straightforward (so long the needed documents are submitted). More or less the SOP to do claims for every company is similar.

QUOTE(wayton @ Mar 9 2020, 12:56 PM)
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hi wayton, if you are buying ILP, just treat it as a "sure loss" product. Reason being is there are agents selling it to you as something you will get back in return. You can only get back portion of what you have "saved" only if you do partial withdrawal/surrender when you do not want it whereby the reason we look into insurance is mainly for financial risk management. so yea, when i told that to my clients, they don't expect any return out of it, when it runs till the end of the term, mostly the cash value will be near to 0.

QUOTE(anwa @ Mar 9 2020, 01:11 PM)
For children, do we buy medical insurance till say 25yo then they are working they can buy their own, or buy till 80-100 yo also? Opinion?
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hi anwa, for medical insurance, just prepare one for the children until they decided to take over and manage it themselves, most likely when they graduated and step out to pursue for their career.
ckdenion
post Mar 12 2020, 03:45 PM

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QUOTE(BacktoBasics @ Mar 9 2020, 03:31 PM)
guys, usually do we need to purchase medical insurance when we are already employed in a company?
yes, more recommended to have. just in case you are not working in that company anymore, at least you have something for yourself

how much coverage should i be looking at?
For a long term one, most companies offer RM1million annual limit.

on average is how much? I am 31 btw. Male - non smoking.
average of RM250-RM300/month for something that provides critical illness payout and medical insurance.
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hi BacktoBasics, hope the above can help you nod.gif

QUOTE(TechnoG @ Mar 9 2020, 09:44 PM)
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hey bro TechnoG, based on the premium you are paying, I will your plan covers quite good. cannot comment much on your medical card. the top 2 priorities I will look into is usually medical card and critical illness payout amount (to replace income during recuperation/treatment period).

QUOTE(anwa @ Mar 10 2020, 06:29 AM)
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hi anwa, there is no right or wrong. different people got different thoughts. love your input here. for financial and risk planning, ideally its good to plan till at least 80 (yea you are right average lifespan for male is 72~75 and female 75~78). However, insurance plans now have the option to extend when it reaches its plan term. so yea this really solved most of the consumers' problem.

QUOTE(thomasjames @ Mar 10 2020, 06:41 AM)
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hi thomasjames, in that case you check whether your medical insurance covers outpatient accidental treatment? because most medical card has this benefit attached to it.

QUOTE(kazekage_09 @ Mar 10 2020, 12:28 PM)
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hi kazekage, very good question that you brought up thumbsup.gif answer in spoiler tongue.gif
ckdenion
post Mar 12 2020, 03:47 PM

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

Thanks!
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hi GloryKnight, my opinion towards the plan is if you are looking into getting yourself protected, then you can consider getting that plan (best utilize if you are looking to cover your parents and children too). What other areas you wanna know? Can't really give much opinion. hmm.gif
ckdenion
post Mar 12 2020, 07:11 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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Hi TK, with the premium quoted, the benefits look worth it to me.
ckdenion
post Mar 13 2020, 12:36 AM

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QUOTE(TK801808 @ Mar 12 2020, 07:15 PM)
Ckdenion, is it? Thanks for your comments.
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perhaps you can also consider increasing the critical illness payout and shorten the term of the plan to 70 years old (extend the coverage term when it reaches 70)

Life, TPD and 45 CI until 70 yo (RM80K)

RM150 room
Annual limit rm990k
Lifetime unlimited
with TPD/CI premium waiver till 70 yo

the additional 30k CI payout does help. just a suggestion. hope to hear from your good news upon getting the plan that you want. thumbsup.gif
ckdenion
post Mar 15 2020, 02:05 AM

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QUOTE(thinkgoodpositive @ Mar 14 2020, 10:36 PM)
Hi,
I just bought the Allianz for MediSafe Infinite+ base plan with other rides like power link, etc.. In the policy schedule summary page where it listed benefits summary and premium dates, it stated the maturity / expiry date for all benefits is 2040 (which mean i will be 67 years old that time). But the agent said it is cover till 100 years old and will renew to 100 years old when it mature at 2040.
Is it true that it will be auto renew till 100 years without any terms?
Just worry when mature at 2040 that time, suddenly it will say other terms like health, etc.
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Yo thinkgoodpositive (love your user id here tongue.gif)

Yea in this case, you are currently buying a plan with 20 years term. That plan itself is renewable till age 100. Upon reaching the 20th year, you will be prompt to extend the coverage and top up premium when necessary to run the policy longer.
ckdenion
post Mar 17 2020, 05:25 PM

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QUOTE(RigerZ @ Mar 15 2020, 05:26 PM)
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QUOTE(RigerZ @ Mar 16 2020, 06:59 AM)
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hi RigerZ, my guess is your main concern is not feeling good because you are getting something that you are not aware of. If you really look into term life + standalone medical compared to ILP (with the exact same benefits), actually till the end of the day, you wont have any investment return, unless you terminated the ILP before age 70/80 where by it wont be a lot too. of course this itself is very subjective depending on what age you bought at.

perhaps you can let us know what do you wanna do next? look into a re-planning for your financial risk?

QUOTE(thinkgoodpositive @ Mar 15 2020, 06:30 PM)
Ya, top up is understood. I just worried when that time dunno will ask or check my health status again before approve or extend my coverage.
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regarding that term renewal it is a renewal without needing to check health status (provided you agree to extend before it reaches the end of the term, company will send a letter of request to you).



ckdenion
post Mar 18 2020, 12:51 PM

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QUOTE(RigerZ @ Mar 17 2020, 09:49 PM)
I just want my medical insurance to cover for my medical expenses and critical illnesses, period.

What I thought I had was::

Smart Medic as the main policy

+ Premium Waiver
+ Critical Illness
+ Hospitalisation Benefits
+ Smart Early Payout
+ SMXtra

As you have quoted me, I do not and did not intend for my medical policy to be mixed with any sort of investing nonsense which may affect my premium when I'm old.

Nor do I want to be talking about investment returns and financial risks when it is a medical policy.

However, based on earlier replies, it seems that the main policy + riders I have now is already the best option.

Unless you have other inputs?
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hi Rigerz, I couldn't really determine whats the best option for you because I'm not sure of the amount of critical illness payout you want. Perhaps what I can share is, you can compare your ILP benefits & premium paid vs. term life (that comes with CI) + standalone medical card. then you decide which one is the most cost effective with the coverage you get.
ckdenion
post Mar 18 2020, 06:49 PM

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QUOTE(moneyd9 @ Mar 18 2020, 01:18 PM)
If under any insurance plan , Kena covid 19 , what will the insurance agent will do for me ? Wanna hear other opinions here
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hi moneyd9, first it depends which insurance company you bought from.

COVID-19 Financial Assitance by insurance companies

You and your family members will be able to get the stated financial assistance stated in the link above. Hope it helps. Insurance agent will help you to file the claims to the respective companies for the financial assitance.
ckdenion
post Mar 19 2020, 08:07 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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hi Larry, even if you are admitted to gov. hospital, you will be given hospitalization cash benefit as well in this case wink.gif
ckdenion
post Mar 21 2020, 01:54 PM

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QUOTE(edmund_yung @ Mar 21 2020, 11:48 AM)
Meaning if I have been saving money for rainy days instead of investing in insurance, insurance isn't helping much for COVID-19 in Malaysia. Those non-investment insurance is more than good enough.
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hi edmund, depends on what angle you are coming from. first thing first, insurance is not for wealth growth (investment). saving money for rainy days I will usually suggest you to put in FD, a minimum of 3 months living expenses in FD is a good start. Insurance is used to cover risk that we cannot bear, say diagnosed with critical illness then need a big sum for treatment and during the recuperation period. COVID-19 is something that is out of our expectation. insurance companies are trying their best to provide financial assistance to those diagnosed with COVID-19. Here's a summary of the financial assistance given by various insurance companies

https://www.facebook.com/advancefa/posts/1333076160212268
ckdenion
post Mar 21 2020, 02:58 PM

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QUOTE(rapple @ Mar 21 2020, 02:35 PM)
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hi rapple, you are right on the agent misleading client part using the term "investing". basically when it comes to claims procedure, the main job of the agent is to represent you to do all the procedures. true enough that company wont call/email/sms to notify, they will only use hardcopy mail or directly inform the agent so it is the agent to follow up the required documents. Customer/agent need to follow up with the company regarding the claim status.
ckdenion
post Mar 21 2020, 08:47 PM

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QUOTE(rapple @ Mar 21 2020, 03:43 PM)
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Hi rapple, I have no experience buying through FSM and thanks for the info you shared. I believe HLA will directly deal with you regarding the claims. Not sure about the agent though. I too is kinda fed up about the hardcopy mail because it always reaches super late (irregardless of any insurance company). It seems like they send letters batches by batches in one go.

You are right on the ILP plan structure and that is exactly how it works. so long customers dont buy it for investment purpose and purely for insurance purpose, then yes at least they are not misled. I have a friend that he met an agent telling him that the return of the ILP plan is 9% p.a. doh.gif

Standalone medical cards now also have unlimited lifetime limit with high annual limit. So yea definitely you can get one early before the current one is due. Happy researching wink.gif

QUOTE(blibala @ Mar 21 2020, 05:10 PM)
Hi all. Just want to ask if someone get infected and pass away due to covid-19, can he/she claim the medical benefit and life insurance after death?
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hi blibala, yes he can claim medical benefit and life insurance.
ckdenion
post Mar 22 2020, 11:29 AM

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QUOTE(lovebird51 @ Mar 21 2020, 10:38 PM)
Does anyone have bad experience to PA bought from MPI Generali?

Can anyone share pro and con of Allianz versus GE medical plan?

Which insurance company offers trustworth life insurance (life + CI) - 100K for 48 years old female?
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hi lovebird51, i didn't deal with MPI before, cant comment much on that.

As for medical card plan, coverage wise, Allianz's is more comprehensive because it's outpatient cancer treatment covers not only Chemo and Radiotherapy, it also covers Targeted, Immuno and Hormonal Therapy.

For life insurance (life + CI), if you are getting the Allianz medical card, just get the CI riders together.
ckdenion
post Mar 23 2020, 08:41 PM

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QUOTE(SwarmTroll @ Mar 23 2020, 11:56 AM)
Are there repercussions if I switch from ILP to Standalone? Im currently about 9 months in my ILP.
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Basically the only thing is you start the waiting period all over again.

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?
*

if you are mentioning about medical plan, most likely yes. say for example, the GE standalone medical card has higher cost compared to the one in ILP rider (assuming the medical card has the same benefits, fair comparison).
Great Medic Xtra + Great Extender (GE Standalone Medical Card)
Smart Medic Xtra + Enhancer (GE ILP Medical Card Rider)
Smart Extender (GE ILP Medical Card Rider)

Assume 30y/o male (class 1 occ, non-smoker) purchase a RM200 R&B medical card.
Standalone: 1060 (no breakdown in terms of where the charges goes)
ILP Rider: 793
QUOTE(SwarmTroll @ Mar 23 2020, 06:46 PM)
but its more expensive because of COI rises much more for standalone than ILP? Or is it because ILP has investment portion to cover the increase in COI so its more cheaper?
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the COI increment cannot be compared like that. you can refer to the 2 product links i attached for you as reference.

Hi SwarmTroll, reply as per above.
ckdenion
post Mar 24 2020, 02:59 PM

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QUOTE(JustcallmeLarry @ Mar 24 2020, 04:38 AM)
Hi agents, do any of your have info how come the price of my insurance increase for 2 years in a row? Last year I know from the letter it was due to the rise of cost of living. But this year what is their excuse for raising the price again???

When I sign up for my current age I was just suppose to be paying rm800++, last year they increased it to rm1000++ and this year it is a whopping rm1300++. Would it be a waste of time if I call them up to argue???
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hi Larry, cant comment much without knowing the details. If you don't mind, maybe you wanna attach the letter so we can clarify for you?
ckdenion
post Mar 25 2020, 12:39 AM

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QUOTE(cringe @ Mar 24 2020, 11:17 PM)
Hi, serious question about Insurance.

I decide to purchase Medical insurance from Etiqa, and also decide to buy Life insurance from Hong Leong Assurance.

No issue right if I purchase separate insurance at different companies?
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hi cringe, not an issue at all smile.gif you can purchase even life insurance from multiple companies.
ckdenion
post Mar 27 2020, 02:46 PM

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QUOTE(Zoo Howl @ Mar 27 2020, 01:31 AM)
Hi,

I’m class 1 worker, age 23, non smoker, dont want ILP, budget RM200 and below

1. AXA insurance is it good? Very affordable, RM52 can be bought already

2. Just looking for insurance plan between GE and Allianz. Which is better? I want to protection for CI, TPD/death, Life, R&B, medical.
Pls recommend me. TQ
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hi Zoo Howl, do you have the plan illustration from AXA?
ckdenion
post Mar 27 2020, 04:25 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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Ah okay, it is indeed low price. Normally i will advise to take up medical card with higher limit if it is within your budget. For your case, try looking for 100k-150k CI + a million yearly limit medical card. RM200/month is able to do that.

Do take note on the premium rate of every age ya since you are getting standalone medical. Check Page 2 for the premium rate.
AXA eMedic brochure

This is CI Term Insurance from Great Eastern, check Page 5 for premium rate
Great Eastern CI Term Insurance

Hope the above helps! wink.gif
ckdenion
post Mar 27 2020, 08:19 PM

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QUOTE(Zoo Howl @ Mar 27 2020, 05:13 PM)
I have check if i add on their “eLife protector” from AXA, my total for eLife protector + eMedic” would come up to RM83.65/month

Life protector is death or TPD covered up to RM200,000
Medic for hospitalisation up to RM100,000

Is it a good deal?
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is there CI coverage? btw since i cant do any analysis with you, how much is the life insurance and CI insurance you need?

life insurance (death/tpd) 200k
ci xxx
hospitalization annual limit 100k

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