Congrats on the new thread and thank you for keeping the thread tidy

👍

This post has been edited by lifebalance: Jan 31 2021, 11:02 AM

Thanks for sharing. This will help affirm consumers that if they're seeking for a coverage for covid 19, they'll need to opt for life companies.

Don't think that's the real reason, some threads has 250 pages ~ 850 pages



But then again, how is this related to insurance talk ? XD

I think it's good to start in a new thread otherwise if you want to search through 500 pages of post, no one will bother to, lol

This post has been edited by lifebalance: Jan 31 2021, 12:56 PM

1. Life insurance if you got debts to settle and wish to pass down the assets debt free to charity or extended family

2. The life insurance normally comes with total permanent disability so if you want to take care of yourself should you be disabled permanently one day, then the insurance payout will help with your living expenses

You may also want to look into personal accident coverage. Which covers into loss of any one limbs, accidental death.

3. Critical Illness if you wish to cover in the event you're unable to work for a period of time due to critical illnesses, the payout will be able to help you pay off your living expenses

4. Medical card basically pays for the hospitalization fee only. What happens after you are discharged / finish with follow up is pretty much on how healthy is your cash flow.

This post has been edited by lifebalance: Jan 31 2021, 04:22 PM

It's definitely more than just a medical card which is just one aspect in insurance planning.

Hence its always advisable to get a comprehensive plan so that all aspect are covered.

1. Depends on how long you plan to stay with this company [Possible scenarios: Laid off/Change of job instead of retirement]

That being said, it'll be subject to your health at later part of your life if you'd like to change it back to a lower or non-deductible plans.

There is however a plan that allows you to convert to a non-deductible @ Age 60 which is Allianz atm.

2. Consult a Financial Adviser Representative and they'll be able to give you a non-bias fair comparison

3. Premium is not necessary the same as the cost of insurance is different for each company as well as the benefits. For a better comparison and review, best to consult a Financial Adviser.

4. That depends on what's your expectation from your insurance policy to payout to you when you're hospitalized. Will you be satisfied if the insurance company pays only RM150 at the moment? if not, what will be the amount that you're happy with ?

Again that could boil down to the level of care that you want the hospital to provide to you without you having to fork out extras for it.

Hope that answers your questions.

You can use it for funeral expenses purposes.

As for the death claim timeframe, it ranges from 9 working days - TBC depending on whether the case involves any investigation or it's very straight forward case

However, the above timeframe is not general, depends on how quick you can assemble the docs as well and hand in.

Some death claim benefit can be rejected due to:
1. the cause of death does not under the ambit policy/contract/certificate’s benefit,
2. breach of terms and conditions under the policy/contract/certificate,
3. death due to suicide within the specified time-frame mentioned under the terms and conditions of the policy/contract/certificate. (Commonly this would be for a-12 month period),
4. policy/contract/certificate is not in-force,
5. non-disclosure or incorrect information provided at time of proposal/application,
6. pre-existing conditions (depending on the terms and conditions of the policy/contract/certificate).

What doc you need to prepare for Death Claim?
1. Claimant Statement – Death Claim
2. Certified Death Certificate
3. Claimant's proof of relationship to the Deceased (i.e. marriage certificate, birth certificate, etc.)
4. Certified IC of Claimant
5. Policy Contract / Bond of Indemnity with Stamp Duty

Additional documents for death occurring within 2 years from date of issue or reinstatement:
1.Attending Physician’s Statement - Death
2. 5 copies of Consent Form & Patient’s Card

Additional document for Accidental Death:
1. Certified Police Report
2. Certified Third Party Police Report (if any)
3. Certified Post-mortem & Toxicology report
4. Certified Burial Permit
5. Newspaper cutting (if any)

Additional document if death occurred in overseas:
1. Certified JPN Letter
2. Certified death certificate issued by the country where the Assured had passed away

This post has been edited by lifebalance: Jan 31 2021, 09:55 PM

1. If you're using a deductible plan, you'll be forced to use your company card first otherwise you'll have to pay fork out to pay for the deductible before the deductible medical card can be used.

As mentioned in the earlier post, as long as you're still healthy, you can make a request to change by re-declaring your health status at that point of time, if the insurance company finds it unfavorable then they'll reject your application to change the deductible to a non-deductible plan.

So if you have a 80k deductible plan for example then you'll be forced to pay the 80k upfront first before the balance is covered by the insurance company throughout your policy lifetime.

On the other side of the coin, you pay a low premium for your insurance but at the same time, will it be worth paying 80k upfront?

That depends on what is offered by the insurance company for the 80k deductible. (Different company have different % of discount)

For example, the normal premium is RM1,000 monthly, but someone with an 80k deductible could be paying RM200 monthly.

nah doesn't exist, only giving it as an example.

The highest deductible you can set now is either 75k - 100k

This is not considered a "reimbursement", it's a payout from the policy benefit. Consider that the policy has been fulfilled by the insurance company once the insured has passed away.

If you have a trust set up, the payment of funds will be much faster as the money is already there, and you'll just need to submit the necessary documents for the trust to hand out the money. (This is provided you have park some initial asset/cash into the trust).

However if your trust depends on insurance payout, the processing time is similar to what I've mentioned earlier.

This post has been edited by lifebalance: Feb 1 2021, 10:40 AM

You may want to get a few quote or check out the online brochures directly with the insurance company and do your own studies.

If you want to deal direct with the insurance company, then you may opt to get their term policies available on their website, just key in your details, choose the plan & make the payment, I believe Google will be your best friend.

If you wish to get comprehensive policies, you'll have to deal with an agent. Nowadays, you'll be able to buy a policy with the agent without having to meet the agent face to face.

This post has been edited by lifebalance: Feb 2 2021, 03:06 PM

What amount would you like to Hibah?

Will need Husband and Wife details as below
DOB
Gender
Smoker or Not
Occupation
Hibah Amount

All medical benefit insurance requires an underwriting unless it's a Guaranteed Issue by the insurance company to you (normally provided you've been with them (the insurance company as a policy holder) for many years with no health issue/claims). Otherwise it's quite impossible.

However, there are guaranteed renewal medical card out there as well as non-portfolio withdrawal products. Just not "without any underwriting required".

This post has been edited by lifebalance: Feb 3 2021, 03:45 PM

No, only upon 60 years old

You mean cash value? that will really depends as the figures upon maturity are non-guaranteed.

However some company do offer extra payout upon maturity

I'm afraid I can't disclose here, later kena flag hehe

It'll subject to the policy that you've bought with the insurance company, if the company provides coverage, then it'll be within their discretion and T&C as not all insurance company covers COVID at the moment.

With regards to future undertaking on COVID recovered patient, they may have new guidelines should there be risk factor involved with recovered patient.

All insurance companies and takaful operators under the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) have confirmed that they will provide hospitalisation and treatment coverage for COVID-19 – but your policy may differ in terms of specific benefits, terms and conditions.

Here are the list of LIAM insurance and takaful operators providing COVID-19 coverage:

AIA Bhd
Allianz Life Insurance Malaysia Berhad
AmMetLife Insurance Berhad
AXA AFFIN Life Insurance Berhad
Etiqa Life Insurance Berhad
Gibraltar BSN Life Berhad
Great Eastern Life Assurance (Malaysia) Berhad
Hannover Rueck SE, Malaysian Branch
Hong Leong Assurance Berhad
Malaysian Life Reinsurance Group Berhad
Manulife Insurance Berhad
MCIS Insurance Berhad
Prudential Assurance Malaysia Berhad
Sun Life Malaysia Assurance Berhad
Tokio Marine Life Insurance Malaysia Bhd.
Zurich Life Insurance Malaysia Berhad

Benefits such as: (Depends on the company)
- Hospitalisation benefit of RM200 per day up to 30 days
- Death benefit
- Hospitalisation cash relief
- One time payoff upon diagnosis

1. Your policy will enter into a premium holiday mode whereby the policy will continue to deduct the cost of insurance + other fees by the insurance company until your policy has RM0 where it'll lapse.

2. Great Ideal Living is a different plan compared to the GE SPE2. Which is a traditional plan, if you choose not to pay, same thing it will not lapse but the policy will enter into a automatic premium loan whereby the insurance company will charge you an interest for the loan, at the end of the period, it'll lapse if the loan interest owed >= your surrender value.

If you're not really in need of that cash on hand that urgently, it'll be wise to keep the funds with the insurance company as they'll continue to re-invest your money for you (ILP) and not incur any loan interest (Traditional Plan).

If you're feeling the burden to pay for the premium, maybe then it's advisable to go for a premium holiday until you recover your cash flow or maybe choose to reduce your existing benefit so that you can pay lesser premium if that will help you financially.

1. You mention your priority is Medical and CI coverage, have you figure out how much you're looking to cover? - there are few methods of finding it out

2. Perhaps you can look into consolidating into a single policy if you'd prefer an ease of making claims / managing your policies. I.e a single medical card with high annual limit (nowadays they come min RM1 mil annual limit and above) instead of the current set up which has low annual limit + covering another card's deductible/co-insurance.

3. You can look into upgrading on the existing policy (if it is allowed). Probably get your servicing to quote for you.

4. I can only give a general comment as I don't know you personally.

For CI, it depends on your existing monthly commitment that you'll need to sustain yourself for a period of time that you're unable to work, if you feel that 3 years is good enough for you to get back to your feet, then yes, 3 years will be enough for you then.

You can either cover based on your current annual income or based on the monthly commitment + some extras (to cater for any extra medication / supplements / etc)

There are standalone CI as well as ILPs which you can set low death coverage but more to the CI benefit.

As far as AIA is concern, nothing much you can do with the old policies unless you choose to buy a newer AIA policy.