Conclusion:

ILP need to pay yearly fund management fee 1-2%. Return is so so at 3-4% ..

Ignorance people get mislead into buying ILP thinking the Investment can help to offset premium later. They pay a higher monthly fee to cover insurance and investment. Agent also get a higher commission.

The truth is, you can actually buy a standalone and invest the extra money your own way. You can offset the premium in the future using your own investment . Pay zero fee for investment and potentially higher return if you know how.

ILP is just a way for them to make more money. The fund manager charge u 1-2% every year and agent drive bmw.

not sure how your 1-2% extra maybe rm3-4 extra can make an agent drive BMW lol...

But some one pointed out above GE scenario the standalone policy commission is higher than ILP how leh ?

they don't mind, because no investment agent earn RM3-4 less maybe but 30-40 more...

so agent don't drive BMW but Ferrari. as long no BMW... lol

Only stupid people buy ILP medical card.

tipu. masih kena bayar juga kenaikan tersebut...

can share non ILP insurance?
if got i update my first post

This post has been edited by theberry: Oct 24 2022, 11:26 AM

Yes is a scam
20 pay, 1 claim on average
U only pay agent's recond car

The management fee don't go to agent. It's for fund manager that manage your investment fund. If you think 1% is low, times with the size of their fund then you know. Remember fund manager usually manage ten to hundreds of millions.

If....

Might as well say don't buy any insurance if one is rich enough to cover potential medical fee.

That one I have no idea. But think about this. ILP usually pay 3-4 times more per month.

The fee is in percentage. So who pay more at the end?

100 x 10% = 10
300 x 8% = 24

What u talking about? Even rich people buy insurance. Insurance is a good thing, protect you from the risk. Not the ILP.

It's better to rely on the payment schedule of the insurance plan to see how it scales as one ages.

Some non ILP plans like standalone medical card or term plan pricing towards older age scales up very high.

But as 4D is not compulsory to buy, i think insurance is also in that sense not compulsory. It's like how we see people queue up buy 4D hoping to kena and this is other way round. Hope don't kena then Win.

i hope BNM ban ILP insurance

Just get a term life policy ?

Some members said Lonoac has non ILP medical card, gaodim lo ?

LELS.

fired and revoked license are two different things.

misleading rarely because of the products itself. is how the agency want to tackle the product to the masses.

the guideline of the product is prepared and agreed by both parties, providers and BNM.

how to sell it, is up to the agency forces. this is where the mislead came. although BNM already came out sales guidelines or code and ethics in dealing to the masses, well, still up to the agent how to win sales.

im already out from the agency line because of this loophole. more to license financial advisers now. direct license with BNM. much better ethics in doing sales.

you get back your ROI on the insurance products you bought if you get sick and hospitalized

so pray you get severely sick so you can get more than your money's worth lulz

ILP benefits agent more yes, it's quite obvious, IIRC agent take like almost 30-40% of the premium as bonus first year then reduce 10% every year

that's why agent always ask you to renew insurance (top up/etc) so they can continue get bonus from your plan

but I don't mind paying my agent la cause she is really helpful
already help my family many times, handle 0-100 for us even come to us to collect receipt for claim, and we already claimed like 5-6 times (clinic, hospital also got)

I also hope BNM ban licensed insurer hiring agents to sell insurance.. They basically don't know anything and sometime misleading too!! What these agents want are just the comms

This post has been edited by LuckyBai: Oct 24 2022, 01:52 PM