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 Insurance Talk V6!, Everything about Insurance

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lifebalance
post Mar 8 2020, 10:06 PM

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QUOTE(TanHJ @ Mar 8 2020, 09:15 PM)
Hi,i have a medical card but my parents bought it for me so im not sure which do i have,if i wasn't vaping before hand and i ticked the non-smoking box.Do i have to update them and pay a premium for my insurance?

Edit:Currently vaping
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You will need to update your insurance company on your current status and pay a premium for it. Otherwise it will compromise on your future claims if you fail to do so.
lifebalance
post Mar 9 2020, 01:41 PM

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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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ILP plans are flexible to extend the benefit longer at the later period of time. Your kids can take over once they've start earning a living.

By then things would have changed depending on the economy.

Get the basic covered and worry later for the future as it comes.
lifebalance
post Mar 9 2020, 03:54 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?
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It will be advisable to have a personal insurance at all time as companies will not cover you sufficiently (low annual limit) or you may not be covered once you resign from the company and move to another company that may/may not offer an insurance coverage.

A personal insurance will have a higher annual limit and a more comprehensive coverage that covers you up to 100 years old.
lifebalance
post Mar 9 2020, 04:39 PM

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QUOTE(BacktoBasics @ Mar 9 2020, 04:34 PM)
so in other words, it will be not less cost effective for me to start later on if i do require more coverage?
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Insurance will not be cheaper overtime even if you choose to delay your purchase now as the premium will hike up in the future to match your age.

Instead, you should buy as early as you’re still insurance.

QUOTE(BacktoBasics @ Mar 9 2020, 04:35 PM)
how much does it cost for a medical insurance?

how much coverage should i be looking at?
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That depends on your budget as well as your selection of your room and board, whether you want to afford to stay at least in a 2 bedded room or single bedded or etc.
lifebalance
post Mar 10 2020, 10:15 AM

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QUOTE(TechnoG @ Mar 9 2020, 09:44 PM)
I am currently paying RM189 p/month on Allianz PowerLink,
150k on Life,
150k on TPD
150 Medical

Currently my agent is trying to aggressively push some Allianz Rider which cost another RM200 on top of my existing RM189 which I have no idea what is it about.

Do you think I am over insured for a 24 healthy male? social smoker and no known health issue.
feel like cancelling my medical because health coverage is unlimited by employer
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Looks quite sufficient to cover for a 24 year old especially if you're not married. But you may want to consider a top up to cover for critical illness as income replacement if you're critically ill.

However you may be required to do a top up if you wish to prolong your policy benefit for a longer duration.

QUOTE(anwa @ Mar 10 2020, 06:29 AM)
When I was looking for medical insurance 4 years ago, the reason I took manulife was I think it's the only one with coverage till 99yo. Only now most company follow, otherwise most only offer till 80. I differ regarding what you say that we don't need insurance after 80. With medical advances and also statistics have shown, high chance most of us will live more than 80yo. If not mistaken, average lifespan of Malaysian male currently is 76 already. Furthermore, statistics have shown we spend 80% of our medical treatment cost during the last 5 years of our lives. I wouldn't want my family to be burden with high treatment cost when I get sick at 85yo.
Not sure if my thinking is correct. Would love to hear opinions from others.
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When a policy says it's sustainable until 80 years old, it means your current premium payable may last until that age, but you have the flexibility to stop anytime or to reduce the premium if you don't wish to continue until that long.

QUOTE(thomasjames @ Mar 10 2020, 06:41 AM)
Recently bought an accidental coverage package. I been thinking. If accidental injuries and visit normal GP then can claim but the thing is is it really necessary ?

Because only accidental causes that can be claim. And if injuries medium might as well admitted to hospital to claim medical insurance.

Thoughts ?
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Personal accident besides just accidental injuries, it also covers for lost of limbs, so it's not necessary just for the accidental reimbursement.
lifebalance
post Mar 10 2020, 10:52 AM

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QUOTE(anwa @ Mar 10 2020, 10:50 AM)
I take your point. But would you then say its better to start a medical insurance investment linked early, so that there is more time for the investment to grow (ups and downs of market) so eventually at the end of the day, enough to cover the tens of thousand in premium at age 80-99? Or, is it better to just buy enough till 80, extra money do own investment (buy house etc, can sell to fund the surgery or chemo at age 80-99)?
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if you have the discipline to invest yourself and pay the different back to your insurance, then do so. Otherwise the purpose of the investment link policy is to give you a peace of mind that your policy still covers you even if you are struggling financially during a period of time or unable to pay for your insurance premium.
lifebalance
post Mar 10 2020, 11:20 AM

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QUOTE(cherroy @ Mar 10 2020, 11:17 AM)
Don't think there is investment linked that being structured to be self sustained until 99, I could be wrong.
Also, the longer the ILP is designed to self-sustained, the higher the premium could be.

Also, investment linked is just investing in unit trust, and those unit trust may not perform as good to be self-sustained until an ages as projected.
That's why you hear some investment linked send letter to policy owner to increase their annual premium, especially with recent financial market lackluster performance and turmoil.

Some investment linked unit trust may as well result in a loss instead of gain, even putting FD can beat those unit trust.

Basically, there is no guarantee the investment linked will make enough to cover or self-sustained, it may or may not.

Basically, there is no free lunch in insurance coverage, you can't "beat" insurance, and never think of trying to "beat" them.

Buy it if you needs it and when can afford it, should be the mindset.
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Well said, unfortunately many agents out there are playing too much with sustainability to create unnecessary fear in order to get sales.
lifebalance
post Mar 10 2020, 11:28 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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standalone medical card are never meant for long term coverage since it doesn't allow you to add-on any other riders.

However if it fits your bill, go ahead.
lifebalance
post Mar 10 2020, 12:02 PM

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QUOTE(anwa @ Mar 10 2020, 11:43 AM)
I see...the life insurance portion is the one that allow rider. Thanks for the info. Appreciate it.
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You will also have to take note that standalone medical card benefits may differ from the ones offered in Investment Linked Policy within the same company. Usually the benefit will be lower / similar.
lifebalance
post Mar 10 2020, 02:20 PM

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QUOTE(thomasjames @ Mar 10 2020, 01:35 PM)
Got it. PA reimburse us of the loss/ injuries due to accident
And also can claim the GP cost.

Is this means medical card only covers room or those procedures/cost
But not reimburse the loss/ injuries ?

I wonder in general does one need PA ? I mean usually lifestyle not extreme hardcore. Staying at Urban city area.
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As long as you drive a car or motorbike, it's advisable to get PA more than you are a housewife since motor accident are high in Malaysia
lifebalance
post Mar 13 2020, 11:44 AM

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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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If that’s your given budget then it looks maximized. Unless you are buying based on needs then you’ll need to see if your agent have recommended you the right plan beside just medical coverage.

QUOTE(moneyd9 @ Mar 13 2020, 01:49 AM)
Looking for best medical insurance

Age 30-35

No budget

Any recommend ?
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What’s your gender, occupation and do you smoke or not ?
lifebalance
post Mar 16 2020, 10:33 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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No worries as you may top up on your policy from time to time to increase the sustainability of the policy.

QUOTE(RigerZ @ Mar 15 2020, 05:26 PM)
Hi masters,

I realised that my Great Eastern medical insurance was actually an investment-linked life insurance with medical cover packaged together.

What I have is Smartprotect Essential 2, with add ons:

Premium Waiver
Critical Illness
Smart Medic + SMX
Hospitalisation Benefits
Smart Early Payout

I feel like my agent duped me into signing up for this whole bundle so he could earn more commission. This was the first product I bought from him and I knew nothing about insurance at that time.

Is there anything I can/should do about this?
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Did your agent explain to you the entire plan?

QUOTE(RigerZ @ Mar 16 2020, 06:59 AM)
I bought this solely for protection and not for investing. I do not want to end up paying extra in my later years if because the investment funds are not doing well and doesnt cover the insurance charges.

I've had this policy for about 5 years already
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Most insurance companies sell investment link policies nowadays so unless you opt for whole life or term insurance (medical card), the other option is just investment link.
lifebalance
post Mar 16 2020, 11:26 AM

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QUOTE(RigerZ @ Mar 16 2020, 11:05 AM)
No he did not explain it entirely. We only briefly went over the medical covers.

So even if i were to buy a medical policy now it will be ILP as well?
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You have an option to get it as a term insurance (stand alone medical card) that does not have investment involved.

Or through ILP if you want to add on other riders as well.

I will normally suggest my clients to go for ILP for a more complete coverage.
lifebalance
post Mar 21 2020, 03:23 PM

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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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Only certain government hospital is catering for this at the moment to avoid spread of the virus.

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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ILP is basically allowing the insurance to invest part of the premium for some returns in the future so that it will be used to pay for your future cost of insurance.

QUOTE(rapple @ Mar 21 2020, 03:17 PM)
At this era, a simple email would have done the job but yet they send out normal post that cost money and then the post takes weeks/months to arrived or worst lost.

I bought this HLA through FSM online. I know the agent is based in Penang but they didn't notified me either. That's just bad service from their side.

The claim experience is not bad but the normal post thing really piss me off. Anyway I will proceed to buy another medical card for my children while there are still under HLA coverage till Sep'2020..
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Well it's really "luck" dependent when it comes to servicing, you either get a good or bad agent, but in this case since it's through FSM, I don't know if they even service you since commission is little to none. You pay for what you get I guess. Want some extra service ? Be willing to pay for it or DIY everything yourself.

as for investment, it's really subjective to whether you want to allow other people to invest it for you or you invest it yourself. If you're a good fund manager yourself, go ahead and invest your own money and buy a standalone insurance. smile.gif
lifebalance
post Mar 22 2020, 10:51 AM

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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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Yes, death benefit can be claimed.

Treatment for Covid 19 will be covered.

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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As long as it's a life policy sold by a life insurance company in Malaysia which is licensed by Bank Negara Malaysia, the benefits will be honored by the insurance company no matter the reputation.

Allianz medical card and critical illness benefit is far superior to GE's FYI

This post has been edited by lifebalance: Mar 22 2020, 12:56 PM
lifebalance
post Mar 23 2020, 12:00 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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Your waiting period restarts and whatever investment you made is loss
lifebalance
post Mar 24 2020, 10:33 AM

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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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standalone ? probably because you reach another higher age range or there is an increase in the COI by the company.

Just like ur wantan mee hawker increase 0.50 cent, then next week increase another RM1, you still eat anot ? don't want then go elsewhere or don't eat at all.


lifebalance
post Mar 25 2020, 12:47 PM

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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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No issue
lifebalance
post Mar 27 2020, 01:41 AM

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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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Allianz don't sell non-ILP plans.

GE has some limited term insurance plan.

if you want all in one plan, you have to opt for ILP plans.
lifebalance
post Mar 27 2020, 08:06 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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Looks okay to me

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