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 Insurance Talk V7!, Your one stop Insurance Discussion

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MUM
post Mar 27 2024, 01:15 PM

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QUOTE(notmycupoftea @ Mar 27 2024, 01:07 PM)
I thought he or she was throlling hahaha
Nowadays no IC not likely to receive western medical treatment. TCM may work with no IC lah
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Yarlor, also if had past surgery,...once open shirts or pants can see the scars liao.

lifebalance
post Mar 27 2024, 01:17 PM

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QUOTE(notmycupoftea @ Mar 27 2024, 01:07 PM)
I thought he or she was throlling hahaha
Nowadays no IC not likely to receive western medical treatment. TCM may work with no IC lah
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You can tell lies to everyone but your body don't tell lies. Doctor can tell if you did anything to your body haha
BL98
post Mar 27 2024, 02:40 PM

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QUOTE(MUM @ Mar 27 2024, 01:12 PM)

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What "pre-existing" condition is required to report? Mild, moderate or severe? This instruction is very vague.

Anxiety and low back pain is as common as a common cold/flu. So having history of common cold/lausai/sore throat also need to report?

Feels like insurance company just finding fault to deny claim...?
MUM
post Mar 27 2024, 03:11 PM

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QUOTE(BL98 @ Mar 27 2024, 02:40 PM)
What "pre-existing" condition is required to report? Mild, moderate or severe? This instruction is very vague.
did they ask you to rate "mild, moderate or severe" in that application form?
Anxiety and low back pain is as common as a common cold/flu. So having history of common cold/lausai/sore throat also need to report?
check the application form and declare truthfully as and when asked in the application form.
Feels like insurance company just finding fault to deny claim...?
If there is any grievances or unhappiness about that, there is BNM and OFS to help you other than complaint unit of that insurance company.
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X-SenZ
post Mar 27 2024, 10:36 PM

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Guys, I need you all opinion:

If you purchase RM 200 ILP insurance (no matter it's medical / life / critical illness), you pay RM 200 for consecutively 10 years.

RM 200 x 12 months x 10 year = RM 24,000 (paid)

Then you decided to terminate the ILP insurance and to withdraw cash value balance. The cash value has RM 8,000. If you consider the actual paid amount to ILP insurance, the calculation would be:

RM 24,000 - RM 8,000 = RM 16,000

If I want to calculate actual paid amount per month, then the calculation:

RM 16,000 / 120 months (10 years) = RM 133.33

Meaning that I use around RM 133.33 to purchase higher coverage in ILP rather than RM 200 per month? And RM 133.33 premium is lower than traditional (standalone) policy, only if I have better return that leads to high cash value.

Can I say like this?
Ramjade
post Mar 27 2024, 10:42 PM

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QUOTE(X-SenZ @ Mar 27 2024, 10:36 PM)
Guys, I need you all opinion:

If you purchase RM 200 ILP insurance (no matter it's medical / life / critical illness), you pay RM 200 for consecutively 10 years.

RM 200 x 12 months x 10 year = RM 24,000 (paid)

Then you decided to terminate the ILP insurance and to withdraw cash value balance. The cash value has RM 8,000. If you consider the actual paid amount to ILP insurance, the calculation would be:

RM 24,000 - RM 8,000 = RM 16,000

If I want to calculate actual paid amount per month, then the calculation:

RM 16,000 / 120 months (10 years) = RM 133.33

Meaning that I use around RM 133.33 to purchase higher coverage in ILP rather than RM 200 per month? And RM 133.33 premium is lower than traditional (standalone) policy, only if I have better return that leads to high cash value.

Can I say like this?
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You haven't factor in 2 stuff
1. Repricing
2. Sustainability of the ILP

Any insurance agent telling you that you have cash value at the end of ILP is lying to you. Your cash value will be at best 0. At worse negative. (medical ILP). If life and critical illness maybe still got cash value.

This is say around 70-80 years old time. They can't tell you this as cannot close the sales. Something to think about.
Lancer07
post Mar 27 2024, 10:44 PM

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came across Fi-Life online medical insurance.

Not sure how good is it compare to conventional medical insurance?
lifebalance
post Mar 27 2024, 10:50 PM

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QUOTE(X-SenZ @ Mar 27 2024, 10:36 PM)
Guys, I need you all opinion:

If you purchase RM 200 ILP insurance (no matter it's medical / life / critical illness), you pay RM 200 for consecutively 10 years.

RM 200 x 12 months x 10 year = RM 24,000 (paid)

Then you decided to terminate the ILP insurance and to withdraw cash value balance. The cash value has RM 8,000. If you consider the actual paid amount to ILP insurance, the calculation would be:

RM 24,000 - RM 8,000 = RM 16,000

If I want to calculate actual paid amount per month, then the calculation:

RM 16,000 / 120 months (10 years) = RM 133.33

Meaning that I use around RM 133.33 to purchase higher coverage in ILP rather than RM 200 per month? And RM 133.33 premium is lower than traditional (standalone) policy, only if I have better return that leads to high cash value.

Can I say like this?
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You can use the indication given within the sales illustration
AgentVIDIC
post Mar 27 2024, 10:51 PM

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Hi , any Allianz agent here? I'm interested to purchase life policy... Thanks in advance.
lifebalance
post Mar 27 2024, 10:52 PM

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QUOTE(Lancer07 @ Mar 27 2024, 10:44 PM)
came across Fi-Life online medical insurance.

Not sure how good is it compare to conventional medical insurance?
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What is your definition of good? Coverage?

It may not be the best coverage in comparison to others but if it's what that fits you and your budget. Maybe it's suitable for you.
Lancer07
post Mar 27 2024, 10:56 PM

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QUOTE(lifebalance @ Mar 27 2024, 10:52 PM)
What is your definition of good? Coverage?

It may not be the best coverage in comparison to others but if it's what that fits you and your budget. Maybe it's suitable for you.
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Coverage?

Although I know online medical insurance is term only, and don't have cash value.
lifebalance
post Mar 27 2024, 10:58 PM

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QUOTE(Lancer07 @ Mar 27 2024, 10:56 PM)
Coverage?

Although I know online medical insurance is term only, and don't have cash value.
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I mean the package that is offered within the plan.

I.e room and board, annual limit, etc
Lancer07
post Mar 27 2024, 11:03 PM

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QUOTE(lifebalance @ Mar 27 2024, 10:58 PM)
I mean the package that is offered within the plan.

I.e room and board, annual limit, etc
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Understood, will take a look on it.
engyr
post Yesterday, 05:55 AM

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QUOTE(X-SenZ @ Mar 27 2024, 10:36 PM)
Guys, I need you all opinion:

If you purchase RM 200 ILP insurance (no matter it's medical / life / critical illness), you pay RM 200 for consecutively 10 years.

RM 200 x 12 months x 10 year = RM 24,000 (paid)

Then you decided to terminate the ILP insurance and to withdraw cash value balance. The cash value has RM 8,000. If you consider the actual paid amount to ILP insurance, the calculation would be:

RM 24,000 - RM 8,000 = RM 16,000

If I want to calculate actual paid amount per month, then the calculation:

RM 16,000 / 120 months (10 years) = RM 133.33

Meaning that I use around RM 133.33 to purchase higher coverage in ILP rather than RM 200 per month? And RM 133.33 premium is lower than traditional (standalone) policy, only if I have better return that leads to high cash value.

Can I say like this?
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If you plan to surrender it, better take standalone one. For ILP, there will be unallocated premium within first 6 years of policy. You will get zero value for that part. ILP needs long term commitment.

This post has been edited by engyr: Yesterday, 03:03 PM
JIUHWEI
post Yesterday, 11:15 PM

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For those who are thinking that it makes perfect sense that an epiphany/brain fart could outsmart an ultra regulated industry, by all means, nobody is stopping you from enlisting into becoming yet another case study.

On the other hand, those who are still thinking if insurance is worth it...
I personally would advice to take a trip to get away from it all, for as long as you need to, to think about what is it that you actually want.
Don't be a lalang or a pushover, easily swayed by what other people think.
What do YOU think?
What do YOU want?

 

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