https://blog.moneysmart.sg/life-insurance/e...-your-policies/

Can refer to the above guide. Though it is in Sg, it should be around the same in Msia

Not 30-40, in Singapore it's 40-50% for first year. It's called FYC (first year commission). Then it drops over time to mid-high single digit over time. (Go to agent office you will see a scoreboard with how much FYC agents earn in that particular month or year). This kind of system is purposely created to encourage agents to keeping looking for new business revenues for the insurance company.

Profits for ILPs are slighter higher than traditional life. So if you know how to invest, try not to subscribe to ILPs.

This only applied to life insurance, which is highly profitable for agents and companies. PA insurance on the other hand only low single digit range of commission over the tenure the policy. So agents have greater incentive to sell life insurance over others. Medical insurance is a lose-money business. Basically the insurance companies are using profits from life insurance business to cover their loses in medical insurance.

The BMW thing is very true. I did a short intern at AIA SG once and their kick-off event grand prize is mercedez with COE fully paid. As an AIA insured, that's very heartbreaking to see. Would rather have the premium paid used to donate to the unfortunate rather than paying for a luxurious car, more so in Singapore.

Insurance agents tend to drive merz or bmw to show that they are wealthy and successful. Potential client would think he so rich so he wont cheat me. Little does the client know that he so rich bcoz of the premium paid by all his previous clients.

Insurance are basically to suck from the poor to the rich hence it is basically useless when it come to claims

Better off putting your money liquid investments like gold or ETFs as your insurance fund in case of emergency

Why bother making others rich while you suffer humiliation when you submit claims it will reject up to certain amounts 

gg lor.. i just only got GE with my friend... so... every month i pay, they will take a sum right? lol any insurance agent can come and explain a bit the payout structure for you guys. I see my friend like super chill only. lol. hahaha.. i just started to invest little by little using Luno and stashaway. so far seems okay, but i am yet to put more money in.. xD still learning this luno and stashaway. no idea about financial investments like these. xD haha. anyone care to help also can. Just basic knowledge la.. xD I also have insurance from direct PB and hong leong. fml. better cancel both. waste money lol

Not 30-40, in Singapore it's 40-50% for first year. It's called FYC (first year commission). Then it drops over time to mid-high single digit over time. (Go to agent office you will see a scoreboard with how much FYC agents earn in that particular month or year). This kind of system is purposely created to encourage agents to keeping looking for new business revenues for the insurance company.

Profits for ILPs are slighter higher than traditional life. So if you know how to invest, try not to subscribe to ILPs.

This only applied to life insurance, which is highly profitable for agents and companies. PA insurance on the other hand only low single digit range of commission over the tenure the policy. So agents have greater incentive to sell life insurance over others. Medical insurance is a lose-money business. Basically the insurance companies are using profits from life insurance business to cover their loses in medical insurance.

The BMW thing is very true. I did a short intern at AIA SG once and their kick-off event grand prize is mercedez with COE fully paid. As an AIA insured, that's very heartbreaking to see. Would rather have the premium paid used to donate to the unfortunate rather than paying for a luxurious car, more so in Singapore.

As long as you have health insurance, the rest of so called investment, life or anything else just stay away

Take the money put into direct ETFs since you have Luno and StashAway

If you just start paying, then you still can cut losses but for those who has paid for more than 3yrs sorry to say you just need to keep paying otherwise it will lapse

All insurance premiums are calculated using actuarial math to derive a profit.. no such thing loss making insurance

Ah.. Apparently my friend said its like a package lol. but anyway, its only 250 a month so no worries on GE one. Its the other 2 I am worried, although its just a mere RM100+ and RM60+ respectively. xD And yeah, i just started for a few months only, probably should cut both ASAP. Problem is finding out how to cut as ive been approached by their telemarketing team.. xD They did send me policy. Will work from there. Hehe. Thanks for your info man. Better start being stingy a bit lol

Do not buy insurance. You are enriching the agent

Did anyone realise past year insurance agent all are very silent?

Used to always talk about million round table and splashes in media and advertisement and galas

And now most in hiding thinking how to pay off their luxury car and houses 

Yes, but reality does not always agree with actuarial maths.

I remember margin for medical insurance is very low, came across articles on The Edge/The Star that it is actually a lose money business (in Malaysia, if memory serves) and the companies have to "cross-subsidize". I couldn't find it, but here's one not-so-related article to show that insurance can actually lose money if the maths don't agree with reality.

https://www.theedgemarkets.com/article/stra...iff-free-regime

In any case, it's hard to fake or be mistaken about someone's death, but complications in/on your body are a different story.

I will post the article on lose-money medical insurance business here if I found it.

In chronological order...
Feb 2014 - Aware of her psychological illness
Apr 2014 - had a psychological consultation history
---  2015 - Bought 1st GE policy - without declaring that she did not have depression or anxiety at all material times
Feb 2017 - diagnosed with anxiety attack and was prescribed Xanax
Feb 2017 - consulted with another doctor + infection in body
---  2018 - Bought 2nd GE policy - without declaring that she did not have depression or anxiety at all material times

In summary, GE's defense
I guess the matter is non-disclosure rather than the critical illness payout being the problem.

The case is not totally "won" yet as quote:
Next hearing 14th Apr

Then again, I'd like to bring up important notices when applying for insurance that people always miss out / trust what the agent say too much.

https://blog.moneysmart.sg/life-insurance/e...-your-policies/

Can refer to the above guide. Though it is in Sg, it should be around the same in Msia