Wow post reported just for telling that AIA is expensive?

cherroy is it wrong to post that there are better and cheaper options for insurance exist? I don't see any wrong with that.

This post has been edited by Ramjade: Jun 7 2024, 11:48 AM

Taking away their business so kena report lo. I am just sharing cheaper insurance with more coverage exist. Lol.

Then you need to be ok to pay more for lesser coverage.

I am talking about Ci insurance. I did a head to head test of AIA and the Singapore insurance. No matter how I tweak I cannot make AIA cheaper than what is offer to me in Singapore.

Just because Malaysia does not allow non Malaysian to buy insurance without staying in Malaysia, Singapore is different. They allow you to buy life insurance, critical illness insurance and still claim from sg side. All you need is for the documents to be in English and signed by a notary. You don't even need to be there. Just the signing part need to be there.

Who would it not be better? Half the premium for double the coverage with more payout.

Sure.
AIA A-life Beyond critical care
Premium RM14k/year
Coverage amount RM500k

Singlife multipay critical illness
Premium RM7k
Coverage amount RM500k+ with booster and multiple payment.

38 years coverage
Yearly payment

This post has been edited by Ramjade: Jun 10 2024, 10:37 PM

I don't care about cash value in case you don't know. I care more on payout.

Don't try to misled people with payout at maturity. Yes payout 100-150% provided no claim. But if you do calculations the money given back is either zero interest or less than FD interest of 3%. There is a thing call time value of money.

I did the calculations already. It's not worth getting AIA beyond critical care.

This post has been edited by Ramjade: Jun 10 2024, 11:06 PM

Bro, I am comparing critical illness insurance with payout amount and premium paid. You buy insurance is to protect yourself and assume all money burn. Never expect any money back from insurance. If you use the reason can get money back, well that is one good marketing trick. People like the feeling of paying and getting something back.

Well not me. For me, all insurance is to protect myself and I assume all money burned.

Now, ask your customer you buy insurance is for protection or to get full refund back at maturity.

14k for 500k coverage Vs 7k for 500k coverage (with booster it's > 500k) it's no brainer to pick the one which have higher coverage for lesser premium paid even if money will be burn. At least for me.

This post has been edited by Ramjade: Jun 10 2024, 11:12 PM

Ok. Show me a term product from AIA then that can beat what I found in Singapore.
Criteria:
38 years of coverage
32 yo, male, non smoker.
Coverage amount RM500k
Covers for early critical illness, relapses, payout for all stages of critical illness.
No ILP.

This post has been edited by Ramjade: Jun 10 2024, 11:20 PM

You are welcome to come out with a quotation and see if yours is better than what I found.

You can PM if you don't want to post it in the open.

You can post it openly.

What 2x cheaper?
RM14K for RM500k coverage Vs RM7k for RM500k coverage?

I prefer without cash value.

This post has been edited by Ramjade: Jun 11 2024, 12:02 AM

So many online options available for that low coverage. Checkout deartime, Manulife, fwd.

Already pay how long? Does the family need the money at her death? Same question I told my parents. But they have this concept like everyone pay so much already must get something back. So continue paying. For me very simple. Insurance is something you need to take to cover your family in case you died or something happen to you. I am totally ok with removing insurance once I don't need it. That's why
The RM50k is good money to received. It can help with funeral expenses. Can she afford the RM2800? Will the saved RM2800 payment change her quality of life? These are question you need to ask yourself. I follow the concept of pay for what you need and until when you need it and not pay for whole life.

Like I said you want cash value or no cash value? I am totally ok with no cash value as like I said you want them to protect you and payout. Cash value is marketing if you do the calculations. 100% refund at maturity if not claim at zero interest? Time value of money man. When you buy insurance always go with the mindset that money will be burn. It's a protection tool. Nothing else. Like bodyguard. You pay for bodyguard. Do you expect your bodyguard to give you back your money after their service? Nope. At least that is me.

This post has been edited by Ramjade: Jun 11 2024, 08:25 AM

I am not an agent. I got nothing to sell. I am an end user. This is what I learned from the financial bloggers either in Singapore or in the US.

adele123 what do you mean it is not realistic? It is not that hard. I travelled down to Singapore to open bank account as a student (no student pass/working pass in Singapore as I don't study or work in Singapore).

All you need to travel one time down to Singapore to sign the contract. That is it. Subsequent payment just make payment from Malaysia via banks (which I don't recommend). Is that hard to travel down once?

One can travel overseas but cannot travel down there for cheaper and better insurance? You can go by bus, train and plane for goodness sake. Is it difficult to go to Singapore? Not at all. It's all about whether you want to make the drip. It's about giving one the excuse and feel good that oh it's not realistic. It's not like you are going to North Korea.

I am talking about critical illness insurance. It's not the same same as mango. I have compare 2 Singapore insurance. Both same thing. Cheaper premium for more coverage than what we have in Malaysia.
I am talking about more coverage for lesser premium. You want to use mango example, ok let's ok with it.
You pay RM5 for 5kg or mango or do you want to pay RM2.50 for 7.5kg of mango? See easy to understand right?

Btw normal critical illness is cheap. It's those multipay and cover all stage of critical illness and relapses that is expensive. I am not going to go through ILP route. You don't need to bring it up again. I standby and vote with my money. I go by the standalone route. I am person who don't just NATO but walk the talk.

This post has been edited by Ramjade: Jun 11 2024, 03:20 PM

For me it's worth it. It's worth paying 7k for more coverage Vs 14k for less coverage. It's one time hassle. Yes no cash benefit. Not an issue for me. Same with me opening my Singapore bank account time as a student. It's a one time hassle which is very worth it. If I didn't make the trip that time, I won't have my Singapore bank account today. Likely unable to open today.

Er you know right I was comparing a critical illness insurance which cover all stages and relapses. We cannot compare basic critical illness with those complete critical illness.

Like I said basic critical illness is very cheap. It's those early stages cancer, multi pay which is expensive.

If you are looking for basic critical illness, it's cheap to get whether you get it in Malaysia or Singapore. I didn't look at the cost deeply as I was not interested in the basic one. I just look through quickly. But I what I saw confirm what the Singapore side said. Basic is cheap. Those early stage cancer, multipay, relapses is the one which is expensive.

I know not everyone is like me. If everyone like me, economy will die. Lol. But if you are telling me hard to travel, it's not a valid excuse. A student with no income can make a one day trip to Singapore, it's not a good valid excuse IMO.

This post has been edited by Ramjade: Jun 11 2024, 04:41 PM

I am posting that one can have cheaper premium with more coverage. All you need is one day trip. Up to one how they want to use their money. They want it to work efficiently or less efficiently? For me, every ringgit I have will have to fight for their place.

Like I said, I am the odd one. So be it. I value efficiency and making money my money work harder.

This post has been edited by Ramjade: Jun 11 2024, 05:25 PM

Bro it's ok. No need defend me. Like he said. I am odd one out. I am not gold standard. So I do me and they do them.

I didn't get to where I am today if I did things the traditional way (I can choose not to work if I want). It is ok. Sometimes, better not say anything. For me, I share because it is very simple. I had help from strangers when I started out. It is because of these strangers, I am where I am today.

When you touched on things people don't agree on or not the norm, be prepared for backlash. It's ok. I am totally cool.

Er you know right, a one time one day trip Vs back forth the causeway is totally different.

Actually you are not wrong. Some Singaporeans are starting to do that. Based off what I see in telegram groups.

This post has been edited by Ramjade: Jun 11 2024, 06:28 PM

1. I only care about protection. Like I said insurance is money burned. I am sure such policy exist. I don't care about cash value cause it's more of marketing and make you pay more. I only want to pay for insurance. Nothing else.

2. I don't look at cheapness of premium alone. I look at coverage it provided. The Singapore part covers for relapses and multiple payout up to 6x. The AIA part doesn't. That is already good enough for me. Assuming both same price 14k, I would pick the Singapore one. Why? Better coverage for same price. I went in with open minded and was let see how expensive it was. I was shocked to be honest when I found out that their insurance is cheaper.

3. Actually the policy is more or less the same. Word for word. Even their definition of critical illness is word for word like our Malaysian critical illness. I was surprised at this. I did. That was one of my main priority. Had to be claimable as a Malaysian staying in Malaysia. I was presented with 2 policy. One accept Singapore hospital diagnosis only. 2nd one anyone around the world as long as report is in English and certified by notary/lawyer. Think I only look at cheapness and coverage only? No way. Like I said so many times. Insurance is something that burns money, you wish you never need it but you are glad you get it. So if I get insurance which don't want to pay me, for what I get the insurance right? I need insurance to be able to payout. There is no need to go down. Just mail it down to Singapore. If you know critical illness, you might just claim max 2-3x in your life.
3 thing I look for critical illness:
1. Coverage amount and how many times can claim
2. Can payout as Malaysian staying in Malaysia, being treated in Malaysia hospital.
3. Lastly the premium.

4. Why they allow? Here are the reasons I gathered
a) lots of expats buy insurance, then leave Singapore and claim it for in their home country.
b) stable currency Vs their home currency.
c) true you are a foreigner but as long as you are treated in a Malaysian hospital, it's accepted.
d) their central bank (MAS)allows it. Like I said. You only need to go there once to sign the documents. Singapore govt not stupid. Other country hate consert, nevermind we bring in Taylor swift. Pay Taylor swift so she can bring money to Singapore. By allowing other people to buy insurance, they get money from external sources.

This post has been edited by Ramjade: Jun 11 2024, 07:12 PM

I am open to anyone who can give me a better deal. I got no loyalty to be honest. My loyalty is to my bank account.

I want to correct you on this bolded part. You cannot get insurance in Singapore without stepping foot in Singapore. They need your signature to be on Singapore soil. Don't ask me why are they so old fashion.

Later I share. Don't worry. I don't PM tepi. It's all open. So anyone can contact them.

This post has been edited by Ramjade: Jun 11 2024, 08:18 PM

Well depends on what you want. I want insurance alone and I want to pay as low as possible for my premium while having more coverage.

Other people want to pay more premium for lower coverage, not my issue. Not my money. I only bother about my own money.

Come back to the basic question. Why do you buy insurance? For investment, cash value or protection? I buy for protection. End of story.

Depending on insurer.
The only 3 requirements
1. You need to travel there to sign the documents. One time event.
2. Premiums priced in SGD. So if you are earning RM, it's going to be more expensive with time
3. Claims need to be send down to Singapore. Whether sign off by Singapore lawyers or Malaysian lawyers depends on insurer.

What was offered to me doesn't need me to die or have disability or have CI in Singapore.

There was 3 products offered to me.
Manulife and 2 singlife product. Both singlife doesn't need me to be in Singapore. They only need me to sign the documents in Singapore.

Read carefully the rules of the insurance.

Hopefully that answer your question. Depends on their terms and conditions.

This post has been edited by Ramjade: Jun 12 2024, 12:40 PM