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 Insurance Talk V7!, Your one stop Insurance Discussion

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lawrencehl
post Jan 28 2023, 11:59 AM

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QUOTE(lifebalance @ Jan 28 2023, 11:04 AM)
An investment link plan is a flexible plan that you can add on or remove riders. What you see are not different plans but different riders.

This allows you make necessary changes under one policy as you deem to fit your need over the different phase in your life (from single > married > having a family > getting old).

However you may also want to look into adding different policies as one insurance policy will not cover everything.
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Yes, ur right. I'm going to married soon so I would like to make some adjustments on it.

QUOTE(adele123 @ Jan 28 2023, 11:12 AM)
Ppl like you memang should continue with aia vitality. You got dependent? Any rush to increase life?

As for CI, i agree, 200k better. I myself increase coverage for ci also last year.

I saw your plan, it's like "nasi lemak" plan from agent i think.

If budget constraint, i suggest remove hospital income.

Hospital income means when you stay in hospital, you get rm x per day. If you are salaried employee, who gets MC, i dont see why you need this rm x per day. It may make more sense for self employed. But some people do think this is necessary, hence it's part of the "nasi lemak". I am on the side of "buy for what"?

Are you eyeing a-life beyond critical care? You probably will achieve the yearly bonus or something as platinum aia vitality member.
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Life I think will maintain 100k first until I have children then will review back financial status see whether to increase or anot. As currently I think my asset able to cover it in case anything happen.

I will focus on increase CI 200K first.

I plan to remove hospital income as you said because in case anything happens I can claim MC or hospitalisation leave up to 60days.

I plan to add PA 200k, not sure 30/month able to make it or not?


a-life beyond critical care look good but the annual premium if I'm not mistaken is around 3k+ for my age 32

Btw my current CI plan is cover 36types is that sufficient because I saw a-life beyond critical care cover 76types
lifebalance
post Jan 28 2023, 12:11 PM

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QUOTE(lawrencehl @ Jan 28 2023, 11:59 AM)
Yes, ur right. I'm going to married soon so I would like to make some adjustments on it.
Life I think will maintain 100k first until I have children then will review back financial status see whether to increase or anot. As currently I think my asset able to cover it in case anything happen.

I will focus on increase CI 200K first.

I plan to remove hospital income as you said because in case anything happens I can claim MC or hospitalisation leave up to 60days.

I plan to add PA 200k, not sure 30/month able to make it or not?
a-life beyond critical care look good but the annual premium if I'm not mistaken is around 3k+ for my age 32

Btw my current CI plan is cover 36types is that sufficient because I saw a-life beyond critical care cover 76types
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36 types of CI normally only cover late stages. Which means, you'll need to be really critical / near death before the claim will be paid out.

Whereas there are policies now that cover up to 194 types of CI which makes payout much more likely. Premium can be affordable, 100k is about 127/m for a 32 yr old.

There are plenty of good PA that can get you 300k coverage at 30/mth. Some with renewal bonuses up to 150% incremental (That means getting up to up to 750k PA for the price of 30/mth). It will also cover you all other sorts of things besides just accidental death / loss of limbs.

This post has been edited by lifebalance: Jan 28 2023, 12:12 PM
adele123
post Jan 28 2023, 12:25 PM

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QUOTE(lawrencehl @ Jan 28 2023, 11:59 AM)
Yes, ur right. I'm going to married soon so I would like to make some adjustments on it.
Life I think will maintain 100k first until I have children then will review back financial status see whether to increase or anot. As currently I think my asset able to cover it in case anything happen.

I will focus on increase CI 200K first.

I plan to remove hospital income as you said because in case anything happens I can claim MC or hospitalisation leave up to 60days.

I plan to add PA 200k, not sure 30/month able to make it or not?
a-life beyond critical care look good but the annual premium if I'm not mistaken is around 3k+ for my age 32

Btw my current CI plan is cover 36types is that sufficient because I saw a-life beyond critical care cover 76types
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This one you discuss with your agent. But you can ask him whether there is option to add 75 CI in your current plan, A-Life Link.

Cause 3k per year, not a small amount of money also. Cause later down the road, you may want to save this money to increase/add life coverage when got more dependent.
Ramjade
post Jan 28 2023, 01:43 PM

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QUOTE(lawrencehl @ Jan 28 2023, 11:59 AM)
Yes, ur right. I'm going to married soon so I would like to make some adjustments on it.
Life I think will maintain 100k first until I have children then will review back financial status see whether to increase or anot. As currently I think my asset able to cover it in case anything happen.

I will focus on increase CI 200K first.

I plan to remove hospital income as you said because in case anything happens I can claim MC or hospitalisation leave up to 60days.

I plan to add PA 200k, not sure 30/month able to make it or not?
a-life beyond critical care look good but the annual premium if I'm not mistaken is around 3k+ for my age 32

Btw my current CI plan is cover 36types is that sufficient because I saw a-life beyond critical care cover 76types
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Keep in mind for everything you add to your ILP, the less sustainable the current premium going to be. I.e you need to topup somewhere in the future or you need to increase the amount of premium you pay. Something to keep in mind.
OptimusStar
post Jan 29 2023, 01:32 PM

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QUOTE(Ramjade @ Jan 27 2023, 09:37 PM)
True. That's why I try to avoid ILP where possible. If you pick the wrong fund, it cannot even beat FD returns. That's pathetic.

So just buy term, any savings just buy S&P500 etf and you will beat like 90% of the ILP in Malaysia or SG. Of course if you use the money and buy other stuff or gamble on penny stocks or speculative stocks then you are better off with an ILP.

You saved on
1. Agent commission
2. Annual fund management fees
3. Avoiding long term lousy performance

I am going to get some heat from from someone but this is fact. Majority of unit trust cannot even best the simple S&P500 etf over say 30 years. And this applies to ILP in Malaysia and Singapore. If you have been shopping for stuff like me in Malaysia, you will know most ILP in Malaysia have unit trust which focus on Malaysia market.

Disclaimer I am not an insurance agent or anyway a financial planner but a person who have been DIY his own investment overseas for 7 years+
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Hi , is there somewhere a newbie can start learning or investing in what you mentioned S&P500 etf?
lifebalance
post Jan 29 2023, 01:55 PM

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QUOTE(OptimusStar @ Jan 29 2023, 01:32 PM)
Hi , is there somewhere a newbie can start learning or investing in what you mentioned S&P500 etf?
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You may read up on https://www.imoney.my/articles/invest-exchange-traded-funds/

https://www.bursamalaysia.com/trade/our_pro...ge_traded_funds

However, please keep investment topic out of this thread unless its fund related to the insurance companies.

This post has been edited by lifebalance: Jan 29 2023, 01:57 PM
JIUHWEI
post Jan 29 2023, 05:29 PM

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I believe there's an over-emphasis on costs, as opposed to what the objectives are in acquiring personal insurance here, be it a Life policy, a Hospitalization plan, Critical Illness, etc.

While it is prudent to be mindful of cashflow, my personal suggestion is to allow for your meetings with my fellow colleagues and myself to be open, transparent, to speak and share freely. And more importantly, to allocate adequate time for these discussions to happen.

Yes, we do get remunerated for whatever transaction that happens.
Since that is the case, why not allocate the time to arrive at what is suitable and relevant for you?
The industry is moving in the right direction with the right trainings, and a monitored, regulated emphasis on ethics, treating customers fairly, Financial Health Checks, all the good stuff.

Among my best customers have quickly become my family friends over the years, simply from the quality derived out of the time we spend together. People of the similar profiles can have very different outcomes and executions, because it's about the person, not the product, not the plan, it's about you.
No two outcomes from going through the due process in fact-finding will be the same due.

At least I have a lot of faith in today's standard of trainings, monitoring, regulations, etc.

Let's talk more about the objectives!
Who knows? You might just get exactly what you want, as opposed to anything else, or worse, everything else.
adele123
post Jan 29 2023, 06:27 PM

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QUOTE(Ramjade @ Jan 28 2023, 01:43 PM)
Keep in mind for everything you add  to your ILP, the less sustainable the current premium going to be. I.e you need to topup somewhere in the future or you need to increase the amount of premium you pay. Something to keep in mind.
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Erm... Yes. You are repeating, that is why the person who posted expected to pay more. That additional premium will help with the sustainability. It may still be insufficient but in theory, it helps.
lawrencehl
post Jan 30 2023, 01:22 PM

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QUOTE(lifebalance @ Jan 28 2023, 12:11 PM)
36 types of CI normally only cover late stages. Which means, you'll need to be really critical / near death before the claim will be paid out.

Whereas there are policies now that cover up to 194 types of CI which makes payout much more likely. Premium can be affordable, 100k is about 127/m for a 32 yr old.

There are plenty of good PA that can get you 300k coverage at 30/mth. Some with renewal bonuses up to 150% incremental (That means getting up to up to 750k PA for the price of 30/mth). It will also cover you all other sorts of things besides just accidental death / loss of limbs.
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May I know which PA up to 150% renewal bonus?

Is PA ok to purchase online? Will there be any claim issue?

This post has been edited by lawrencehl: Jan 30 2023, 08:36 PM
soules83
post Jan 31 2023, 10:50 PM

Hohoho I dunno
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upgrade vs replace. what are their difference?
JIUHWEI
post Jan 31 2023, 11:31 PM

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QUOTE(soules83 @ Jan 31 2023, 10:50 PM)
upgrade vs replace. what are their difference?
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What's the context?
mini orchard
post Feb 1 2023, 08:18 AM

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QUOTE(soules83 @ Jan 31 2023, 10:50 PM)
upgrade vs replace. what are their difference?
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Upgrade ... continuity with certain or limited addition

Replace .... start new
lifebalance
post Feb 1 2023, 11:08 AM

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QUOTE(soules83 @ Jan 31 2023, 10:50 PM)
upgrade vs replace. what are their difference?
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Perhaps you should elaborate more on this? It could be interpreted into many different meanings.
shanjuen
post Feb 1 2023, 04:18 PM

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Hi all, I was trying to get myself a medical card recently, but was told by the agent I will need to add another 20% of the premium due to my BMI (Obese??). My height is 172 cm and weight is 82 kg, BMI 27++, is should be categorized as overweight, but not obese. Just would like to check this is something correct or not? A common practise in the industry? As if BMI 27 also considered obese?

I tried to use the AXA eMedic self quote but didnt come out with this issue also.

This post has been edited by shanjuen: Feb 1 2023, 04:36 PM
denion
post Feb 1 2023, 08:34 PM

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QUOTE(shanjuen @ Feb 1 2023, 04:18 PM)
Hi all, I was trying to get myself a medical card recently, but was told by the agent I will need to add another 20% of the premium due to my BMI (Obese??). My height is 172 cm and weight is 82 kg, BMI 27++, is should be categorized as overweight, but not obese. Just would like to check this is something correct or not? A common practise in the industry? As if BMI 27 also considered obese? 

I tried to use the AXA eMedic self quote but didnt come out with this issue also.
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hi shanjuen, based on my experience, this BMI isn't consider as obese. any other health disclosure? or any check up done upon applying this insurance policy?
shanjuen
post Feb 1 2023, 09:54 PM

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QUOTE(denion @ Feb 1 2023, 08:34 PM)
hi shanjuen, based on my experience, this BMI isn't consider as obese. any other health disclosure? or any check up done upon applying this insurance policy?
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Hi Sir. Nope. No other health disclosure or check up was performed. Was asking the agent propose me a standalone medical card, and he came back with this after I gave him my weight and height. I am quite surprised to see this actually. Gonna call Allianz tomorrow to verify this.

This post has been edited by shanjuen: Feb 1 2023, 09:55 PM
denion
post Feb 1 2023, 10:33 PM

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QUOTE(shanjuen @ Feb 1 2023, 09:54 PM)
Hi Sir. Nope. No other health disclosure or check up was performed. Was asking the agent propose me a standalone medical card, and he came back with this after I gave him my weight and height. I am quite surprised to see this actually. Gonna call Allianz tomorrow to verify this.
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if there is an offer to impose loading, supposedly your agent has the letter to show you. btw, after you call and ask Allianz, do update here on this matter. wink.gif
lifebalance
post Feb 1 2023, 10:38 PM

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QUOTE(shanjuen @ Feb 1 2023, 04:18 PM)
Hi all, I was trying to get myself a medical card recently, but was told by the agent I will need to add another 20% of the premium due to my BMI (Obese??). My height is 172 cm and weight is 82 kg, BMI 27++, is should be categorized as overweight, but not obese. Just would like to check this is something correct or not? A common practise in the industry? As if BMI 27 also considered obese? 

I tried to use the AXA eMedic self quote but didnt come out with this issue also.
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This happens when your application is not comfortable with the insurance company underwriter.

You may try another insurer. It happens to me when I tried to apply for one of my client with insurer A but came with loading but I also applied with insurer B and didn't have any loading.

 

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