Welcome Guest ( Log In | Register )

Bump Topic Add Reply RSS Feed
16 Pages « < 5 6 7 8 9 > » Bottom

Outline · [ Standard ] · Linear+

 Insurance Talk V7!, Your one stop Insurance Discussion

views
     
adele123
post Sep 30 2023, 12:39 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(timeekit @ Sep 29 2023, 06:12 PM)
Hi Sifus,

My Insurance Agent shared this campaign to me.
Seems quite worthwhile as able to double my annual limit.

Just wanted to know your opinion if worth to take it up, if it doesn't increase my current premium (or increase by a little)

Great Eastern Double Annual Limit Campaign

user posted image
*
If you dont have a medical plan and you want to buy, go ahead. But as always best to compare with another 2 companies. Just so you know where it stands.

If you already have an existing medical plan, different story.

QUOTE(Alternate Gabriel @ Sep 29 2023, 11:23 PM)
I want to know why some of the Insurance Agents in Malaysia are resigning from their job?

Can I know what's the reason you all resigning?

I took an insurance from my ex colleagues previously and I noticed that he managed to get a lot of people to sign up insurance under him.

Fast forwards 2 year later, I got a letter from AIA mentioning that my ex colleague already resigned. Texted him, he said that he jumped to Hong Leong Assurance. It's pretty frustrated when I got the letter. He won't even bother to text me that he had resigned. I asked other persons that signed up insurance under him also didn't aware that he's already resigned.  shakehead.gif

Now my insurance is handled by random lady that I didn't know at all. The only text message that I received is wishing me Happy Birthday and encourage me to use AIA+.
*
One person resign, you make it sound like 300 ppl resign. You talk like my 60+ y/o old ppl at home with no notion.

Random lady who takes care of your insurance policy does not really matter. What matters is she does her job. At least not every single communication she give you is to ask you buy stuff.

You should ask your friend why he resigned.


This post has been edited by adele123: Sep 30 2023, 12:44 AM
adele123
post Oct 2 2023, 02:18 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(timeekit @ Oct 1 2023, 12:40 PM)
Hi Sifu, just wanted to clarify further. I do have an existing medical plan from same company also.
Getting this new plan is an "upgrade" to my current policy,
cause all benefit remain the same, but my annual limit increases.

So still worthwhile to take?
*
Then you need to ask
1) are you just switching out the old medical plan and replace with new? This is very important that your original ILP plan still remains the same, you are just changing the medical plan. Abit like your car changing the tyres, the car still the same good car where your car loan paid off, now just pay abit for new tyres.
2) if yes, is there any additional premium? How much increase in coverage? If it's 200k to 8mil, i think you should consider. If it's 1.32mil become 8mil, i want to ask you, any meaning in this increase in coverage? Feels like telco company going from 200gb to 300gb data. Got meaning?
3) if there is additional premium, how much? If he say pay additional rm1 per month, jump from 1.32mil to 8mil, why not? If rm30 per month then maybe not?

In short, find out what's the catch. There is a price for everything. And are you willing to pay?

QUOTE(Ramjade @ Oct 1 2023, 01:34 PM)
Take standalone. Forget about ILP. Get the one with the highest deductible to save in premium.

Cause likely if you retire or stop working they will continue to cover you. So you can use the medical insurance at old age time. Keep in mind the premium likely 5 digit per year then.
*
The person probably has an existing medical plan on ILP. This is not the kind of advice to be given without knowing existing.

This post has been edited by adele123: Oct 2 2023, 02:19 AM
adele123
post Oct 2 2023, 03:21 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(timeekit @ Oct 2 2023, 02:54 AM)
Thanks for the insight, yes indeed its switching from old medical plan to a new one, will get me to consider further. Really appreciate it !

Also appreciate Ramjade advise, always open to know more about standalone and ILP
*
You should find out more.

I might sound like a broken record BUT in your case, you already have an ILP plan, the considerations are different from someone who has not bought any plan yet. You have already paid some upfront initial cost, switching is usually not advisable. I usually dont have time to type long post, since mostly done on my phone now.

I also want to advise Ramjade, while your advice are not interest driven, they are not always applicable to everyone and have to take note the current situation someone is in. Not everyone has the temperament to manage their insurance policy to the dot, some people dont want to know every single details. Having said that those on the forum are more curious bunch which i acknowledge.

Not everyone on the street wants to squeeze every single drop from the toothpaste. Sometimes time is better spent with loved ones or just thinking how to make more money.
adele123
post Oct 3 2023, 07:45 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(poweredbydiscuz @ Oct 3 2023, 10:03 AM)
I too feel that many "qualified" n "licensed" forumers here are only giving common answers without any depth and at the end bring nothing to the table.

"Depends on your financial situation/goal blah blah blah..." basically just mean "PM me for details".
*
I am not an insurance agent. I have been contributing to the insurance forum to the best of my ability for the past 8 years i think. My writing style has also change over the years. I try my best to point in the right direction. But have to be practical about the time i can spend. Because i do have a full time job, family to take care, gym to hit. Where gor so much time...

One thing i have to give credit to ramjade, he really spend time reply here and also those that invest in ETF etc...
adele123
post Oct 4 2023, 04:16 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(Wedchar2912 @ Oct 3 2023, 06:08 PM)
long ago, I was told by a product manager that the agent gets commission on pretty much everything the insurance made (officially allowed to be recognized as revenue) from the policy sold, as per a schedule table. He hinted that includes the trailer fees from the investment funds.

decide what you will from this info (only disclaimer is that this info was a while back, and I don't know if the situation/rules are the same nowadays).
*
The insurance agent gets commission selling the policy to you. It is regulated by bank negara. However, BNM has liberated the commission limit for ILP products. Means there is no max limit, unlike years back. Anyhow, despite it being removed, no insurance company changed it. For now it's 40% first year. This 40% will be split between the upline and downline. Not all 40% go to the agent. Usually the agent got a small boss and a big boss. Abit like your team lead and head of department in corporate context.

I want to clarify further. Insurance agent DO NOT get the trailer fees for IL fund. I dunno what you call it. Dont mix it up with public mutual. Pretty sure someone mislead you on that. Actually for the last decade, the rules of the game did not change. So no, that is NOT the reason why agent sell IL plans.

But i have to also clarify, agents do get other income aside from commission but those are not guaranteed, insurance companies run contest, pays "bonuses" of some form, organise trips, etc. This is also regulated by BNM. Not simply spend also...
adele123
post Oct 4 2023, 12:44 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(Rinth @ Oct 4 2023, 11:15 AM)
So basically my understanding is correct. The things to take in consideration is to weightage between the existing illness VS new plan benefits.....

If the current illness is not serious illness and i'm afford to pay the bill myself without claiming insurance , Then can consider cancel old plan. If current illness need few hundred K every year to treat, then maintain the old plan of course.
*
There is alternative #3. Which i personally is somewhat doing.

My 1st policy i bought as fresh grad is 120k annual limit. That was 9 years ago. Instead of cancelling and buying new, i bought another plan with another company, which carries rm100k deductible.

If comes a situation where i need more than 120k limit, i have a separate plan covering me.
adele123
post Oct 4 2023, 03:36 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(WaCKy-Angel @ Oct 4 2023, 02:10 PM)
Deductible can nego? I thought its fixed, some companies ficed RM300 or 10% of total payable.

But wouldnt it be cheaper to cancel old policy and buy only 1?
Unless u have pre-existing condition.
*
You are right. Got pre existing condition.

QUOTE(Ramjade @ Oct 4 2023, 02:34 PM)
With that kind of super high deductible her medical insurance is super cheap. I am definitely sure of this.
*
You are also right. Sadly, the 100k deductible is not as cheap as i like it to be. You look at the price, it does not make sense to buy 100k deductible in a way. But at least do comparison first.

QUOTE(WaCKy-Angel @ Oct 4 2023, 02:45 PM)
How to go about asking for so high deductible?
Quite interesting
*
Some companies do offer, they just dont promote. I am not promoting prudential but they do offer 300, 1k, 3k, 5k, 10k, 20k, 50k, 100k for their pruvalue med. Actually many may have but we are just not aware. smile.gif

But i also discuss this with another friend who is buying for her 59 year old mother. The way they price it, feels like not worth going for 1k or 3k. Cause not that much cheaper from 300.

AIA standalone got 3 options. I asked my sister in law take the 20% copay version, max 3k. 3k is ok la. AIA got another option, 20k until age 60, then at age 60 auto drop to 500. This one is ok also.

HLA also got similar retirement option. I think their 20k or whatever deductible also quite competitively priced, they put in their brochure 40% cheaper at least, then at age 60 can go lower deductible. I think hla has abit more option can check brochure but i dont really follow their product offering.

This post has been edited by adele123: Oct 4 2023, 03:37 PM
adele123
post Oct 14 2023, 12:44 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(smallgiant @ Oct 13 2023, 09:53 PM)
I plan to go full mental, first try the comp first, that doesn't work bnm, -- if that doesn't well have to accept the loss.
*
I hope I don't sound like someone who is throwing stone at the guy inside the well. But have to be realistic about what is happening or what will happen.

While I sympathize with your situation, I think one of the things you can do now is discuss with mcis on how to reinstate the policy. But reinstate usually need to re underwrite and your mother is now in the hospital. I hope nothing serious though. This will get very sticky.

If you want to complaint why it lapsed in the 1st place in your case, if you want to "win", you need to prove mcis didn't you any SMS or letter that the policy has lapse. If you can prove this, then good lo. But I believe this is not likely the case. If you got receive notification from mcis, then onus is on you who to act on it. Which is also why they always say please update your information promptly.

Another red flag is, if 2 years no pay premium, customer should realise why no deduction (I know elderly mum probably don't use internet banking this tracking could be non existent, I can see that in the old ppl I am dealing with).

Btw, investigation by BNM takes time also. But got strict timeline imposed by BNM to the insurers based on my hearsay.
adele123
post Oct 21 2023, 03:39 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(GregPG01 @ Oct 21 2023, 01:46 PM)
I am looking at several medical card online quotes and all has the maximum coverage at 100K. Anything more and they want you to contact them for agents, calls, etc. Anyone know why this is so ?
*
Partly supply and demand, partly risk control (someone who wakes up one day and knows he want buy insurance maybe abit more risky compared to someone approached by an agent, my guess...), partly what ramjade said about having human to explain to you because of complexity, partly to jaga the rice bowl of agent.

QUOTE(Ramjade @ Oct 21 2023, 02:20 PM)
No idea. Cause maybe agent also need to make money? Just contact. Cannot run away from agent in this country sad.gif

My guess is maybe those high coverage insurance plan, you need a human being to talk to you explain the plan for you so you don't make a mistake when you buy it.
*
If I am not mistaken, other countries also can't run away from insurance agents. Not uniquely Malaysia. But maybe overseas got ABIT more online presence but probably not as much as we think also.
adele123
post Oct 25 2023, 06:15 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(contestchris @ Oct 24 2023, 03:48 PM)
I think there must be a revamp of medical insurance as it is. People should be incentivized to not make frivolous claims. Maybe something like NCD for motor insurance. Perhaps having deductibles is one way, but also some kind of rewards for no claims made.
*
Would you think about NCD if your 10 year old child is super sick?

I wont. My surgery i did in february... 18k. That one claim under company insurance.

If assuming i have my own plan, and got NCD, let's say 20% 30%, around 500 600 ringgit. I think i wont care.

What seems to work is coinsurance. Plans with coinsurance seems to have better claim experience. Still get repriced often enough though.
adele123
post Dec 31 2023, 12:21 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(Gaza @ Dec 28 2023, 03:31 PM)
If my spouse stops working and i take over the payment of her life or medical insurace, am i able to claim the income tax relief if policy owner and life insured is under my spouse's name?
*
I suggest you read the guidance note by LHDN. If i am not mistaken, LHDN say medical insurance can be for spouse and child. But i forgot if they mention you have to be owner, maybe not also.

Life insurance macam tak boleh...

But if you are reading it up, you can confirm on both.

EDIT: LIFE INSURANCE --> OWN + SPOUSE
MEDICAL INSURANCE --> OWN + SPOUSE + CHILD

SOURCE: 2022 guide

This post has been edited by adele123: Dec 31 2023, 12:26 AM
adele123
post Dec 31 2023, 12:29 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(zhengdek @ Dec 29 2023, 09:37 AM)
» Click to show Spoiler - click again to hide... «

*
Actually did you compare with say another standalone plan before you even say the price is good. Example if you look at aia medi flex, what's the price difference?
adele123
post Jan 5 2024, 12:01 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(enixcv123 @ Jan 4 2024, 11:54 PM)
Hello All,

Is there any plan in the market that comes with family coverage, like one package for all, need some recommendations.
*
I think you need to be specific. What kind of coverage? For hospitalisation aka medical card?

Answer is most likely... Nope. But I hope others can correct me...
adele123
post Jan 5 2024, 12:10 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(gedebe @ Jan 4 2024, 03:54 AM)
I am a Pru holder for life + medical insurance base on ILP, for the past 3 years, I've received 2 times of premium hike.
But upon asking AIA insurance holders, they rarely have it.
Is the premium hike not across all insurance company?
*
Everybody is doing it. The timing of such exercise will differ slightly but same same. Post covid claims have risen alot. People got revenge travel, but insurance company is seeing "revenge" claim.

What you REALLY want to know is, at the price you are paying, can you get better benefit elsewhere?

But as all insurance companies will make a disclaimer, INSURANCE is a long term contract... switching from one insurer to another may not be advantageous due to high initial cost...

QUOTE(Ramjade @ Jan 4 2024, 04:15 AM)
» Click to show Spoiler - click again to hide... «

*
Just want to say, 99% of price increase out there is due to medical claim worsening. Yes their investment probably suck but the real reason is still medical repricing.
adele123
post Jan 6 2024, 12:34 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(gedebe @ Jan 5 2024, 04:25 PM)
2-4 agents per company is a lot for you to cover every company in m'sia, i am just thinking of choosing 1 for each
*
Most normal people dont have the capacity to go with 2 to 4 agents per company. And not for every company also. It will be too time consumibg. If you have a clearer idea of what you want, you probably should list it down and let the agent know. This way, you dont waste your own time listen to their long sales pitch also.

I would say if you meet say 2 agents from AIA, GE, Pru, you probably has seen alot. These 3 are kinda like the bigger 3. You can throw in another one not from any of the 3 stated above to give you a different flavour.

One thing i notice my brother and SiL does enjoy. Both have the aia vitality membership due to their employment, so the employer helps pay for it. Both happen to shop at jaya grocer consistently. Even if they have to pay rm10 per month, they get savings from jaya grocer plus other perks from being somewhat active in using the aia vitality thing. This is something unique to AIA.
adele123
post Jan 6 2024, 09:39 AM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(MUM @ Jan 6 2024, 08:43 AM)
Not only due to age.....
There is also medical inflation.

I believes the quantum of premium increases for standalone will be more than ILP.
As there is no investment money to help reduces the impact of premium increases
I don't hv direct comparison data thus I just believes.

As you liked to advocates standalone policy in this forum, i think it would be better you check and confirm it out. Else those followers of your suggestions may be in for a surprise years later.
*
Your explanation is not wrong but not giving the full picture. For ILP you are paying more upfront, hence you got the investment money. At the end of the day, you have paid for it.
adele123
post Jan 6 2024, 12:06 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(gedebe @ Jan 6 2024, 03:44 AM)
This is my premium hike from PRU, which an ILP based medical/life plan, it does not say that my investment is doing poorly but instead blame the increase of medical cost as the reason for the hike.
And since I am already here, should I take up the option to reduce the hike?

...

Option to Convert
For lower insurance charges, you have an option to change your current medical plan to include a higher Med Saver Plan. This means you will need to pay the selected Med Saver amount to the hospital before your insurance plan starts to pay out any eligible claim. If you opt for the higher Med Saver Plan, your current Room & Board (R&B) Plan will also be revised from R&B RM100 Plan to R&B RM150 Plan.

Below is the new premium comparison of your current plan based on PRUValue Med Plan RM300 Med Saver with R&B RM100 Plan.

Your current plan
RM300 Med Saver with R&B RM100 Plan
RM 546.00 Monthly

Optional plan
RM1000 Med Saver with R&B RM150 Plan
RM 505.00 Monthly

*
Hi, eventually it's best to follow their recommendation to increase the premium so you ensure your policy will sustain. What i would like to suggest is that you take up that optional plan.

reason being that i honestly think R&B100 is abit low this day and age. no doubt, you probably can go into a 4-bed room without any problem. probably in smaller town, RM100 is sufficient for double bed too, but keeping in mind inflation, let's go with RM150. there may be some wastage but ya, part of the issue but i like to think about inflation too.

secondly, i always do advocate going for higher deductible to save some premium paid to the insurance company. at the end of the day the medical insurance is a just-in-case thing. i'm sure you can fork out RM1000 if you are hospitalised.

Note: Med Saver is prudential customer terminology for deductible.

QUOTE(MUM @ Jan 6 2024, 11:23 AM)
In the end, will it be the same amount of money paid?
*
who knows? The insurance company is not gonna be able to answer. I still think it's better to focus on what you want...

My analogy is this: you want value meal, ILP is more likely to be easier. you want ala carte, standalone. ala carte if you order too many sides, it may cost more than value meal. if you order value meal, but actually you can't finish it, it's also not worth it.

This post has been edited by adele123: Jan 6 2024, 12:11 PM
adele123
post Jan 6 2024, 06:38 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(ryansxs @ Jan 6 2024, 03:24 PM)
I am currently paying around RM5k annually for critical Illness coverage of RM230k at Prudential.

Can someone advice me, if i can get more/better coverage for the amount im paying?

Please drop me a PM directly, i am open to chat with insurance agents for advice. TYIA

Note : I have other policies that cover CI as well, but not as high as 230k
*
The thing is... you cannot just look at the 230k or 5k and just say can someone offer better.

Is mercedes more expensive than perodua axia? Yes. But are you saying then no one should buy mercedes. All buy axia.
adele123
post Jan 6 2024, 10:40 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(ryansxs @ Jan 6 2024, 10:00 PM)
Based on your analogy, to insurance.

Can you tell me what "mercedes" insurance has, that "axia" insurance will not have?
Which are the things, that are tell-signs of well-equpied insurance. In my case, critical illness insurance.
Please englighten me. Much appreciated.
*
Some points to look out for...

1) is the premium same or increase as you age? --> that may mean you prefund upfront.
2) is the critical illness covering early stage cancer? how many % can you claim? --> covering early stage CI is more expensive because you are more likely to claim.
3) is there a multi claim benefit?
4) is there maturity benefit at the end of term? --> maturity benefit is a benefit to you means indirectly you are also funding for it
5) other frills...
6) i dunno, honestly the sky is the limit. i can't pretend to be well verse with prudential. later you tell me actuallly 5k because it's a canggih plan from prudential covering both husband and wife which is probably not likely...

But there was also no context...?
1) how old are you when you bought?
2) did you have to pay more premium (loading) due to your health condition?
3) are you a smoker?

i would say, why not just share what's the name of the product you bought from prudential? if the information it's still on the website, i can still help explain further... right now, i'm talking about a car, knowing that there's 4 wheels and a steering wheel.
adele123
post Jan 11 2024, 05:34 PM

Look at all my stars!!
*******
Senior Member
4,725 posts

Joined: Jul 2013
QUOTE(ryansxs @ Jan 6 2024, 11:32 PM)
Thanx mate, well-explained.  thumbup.gif

Currently on the TMCC (Total Multi Crisis Care) of Prudential.
*
I forgot to reply this. since i did ask for the product name

so the key thing is this. TMCC is a rider means, you would have bought a base plan (pruwith you which provides the life insurance portion) together with potentially other riders. TMCC does come with abit more frills. you may appreciate it or you may not.

every auxiliary things you have will drive up the cost and in this case to 5k per annum. but without more information, i think i should stop speculating.
« Next Oldest · Finance, Business and Investment House · Next Newest »
 

16 Pages « < 5 6 7 8 9 > » Top
Add ReplyOptions
 

Change to:
| Lo-Fi Version
 0.0396sec    0.53    7 queries    GZIP Disabled
Time is now: 6th December 2025 - 06:35 AM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.