Hi as per topic. Anyone with an insurance savings?

What's your purpose of buying the insurance? Protection or saving?

savings =)
Just like prudential got savings
I'm wondering if I have other choices besides prudential

Great Estern lol....
i got mine since im form 3...
haha....

How much is your annualized return?

din go find out le....
let me find out then let u know....

most insurance company got saving plans , in a way or another,....

Well, if you're looking for savings plan, you could consider ING..
I think they're the leader now in insurance investment-linked plan..
I might be wrong though..

Hi xcutelil,

Just sent you a pm.

Thanks.

This post has been edited by Zarth: Oct 4 2007, 03:25 AM

ING ..I know my company's medical plan is ING and we have ING medical card, never heard of savings though

Zarth got your pm and replied =)

How do u justify a company is Leader in certain product ?

y do u need saving plan at the 1st plan?

Because a saving plan gives more benefits.
If every month you put rm 100 / rm 150 into a savings plan, you get more than putting rm 100 / rm 150 into the bank

What benefits you get depends on the saving plans and how much you plan to save.

i m looking for savings in insurance as well,.... but all da different companies seem to look better than each other in on way or another...

insurance is not meant as an investment vehicle. but it does protect well against unexpected events (touchwood) disability, death, critical illness etc.

10% of my salary goes to insurance wif AIA. pay until age 55, but got cover for the above unexpected events. if nothing happens, can take out money at age 55 or just leave it there to gain interest. some sort of EPF but wif protection.

U are sooooo right!!
remember guys....u are buying insurance as policy against unexpected events.
only invest if u have extra cash.....coz it is a lifetime commitment until your maturity age,which is 55 years.

those sales agent that show u your probable "high" investment return are only in paper as it still depend how the insurance using your monthly contribute to invest.

if u facing money problem lator ...like after 15 year of contribution and still got 18 year until 55 years old maturity date ,then your investment of cashing-in the policy is not worth your trouble.

this is an actual situation as it just happen to my sis recently...as she have migrated to UK last month.
she have decided to cash in her policy which she have been paying about Rm1k every year and what she got back is only a measly Rm3k only...
Don't force yourself to buy insurance if u really don't have spare cash...




This post has been edited by MakNok: Oct 4 2007, 08:24 AM

<<If every month you put rm 100 / rm 150 into a savings plan, you get more than putting rm 100 / rm 150 into the bank>>

How do you know that is true?? Do you know how to calculate and do a proper comparison?? I doubt that very much. And, you assume that insurance agent will give you a proper comparison. How smart is that??

Dreamer

I judge them by the field that they're involved in..
For this I judge by their capitalisation from my POV..
That's why I said I might be wrong..

You're comparing with the lowest of all savings..
I believe that there are more than insurance and banks..

How sure are you on that?
Like Jordy said, even it's true....there's other investment vehicle that gave you more returns if you're main concern is savings and investment.

For discussion:
A simple illustration that some might not understand.
2 plans which have the same investment amount and return same amount too.

1st Plan
1st Month - RM100
2nd Month - RM50
3rd Month - RM20
Total = RM170
After profit = RM200

2nd Plan
1st Month - RM20
2nd Month - RM50
3rd Month - RM100
Total = RM170
After profit = RM200

So in the long run....which do you think would earn more?
I would pick plan 2.

One needs to do this sort of comparison (obviously not as simple as that) to see whether or not the plan works or which plans are better in terms of returns.

Saving with insurance company ensures that you are force to save every month for the next 10-20 years. Just like EPF. You have to contribute like it or not if you are under employment. The main objective is that you will get a lump sum of money for your retirement.

If that's the case, that shows that you yourself is not committed. ALso, if that's the case, it's even dangerous.
If one day out of the blue you can't afford to pay the insurance cum saving plans that you owned....you'll eventually loose everything. Insurance + your savings.
Thus for insurance cum saving plans, I never recommend anyone to go long term or long tenor. You're risking both by putting them in the same bucket.

What I meant is if you are to separate it out, during crisis; you could drop either one. If you value insurance more, you could basically save lesser than usual to help up your daily life instead of being forced to pay the exact amount or risk having both insurance and all years savings gone.