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 Do i over-insured, anyone?

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lwb
post May 9 2008, 07:23 PM

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paying 10% for those expensive insurance?
you may have a better chance at getting yourself a term insurance.

annuities, investment-link sort of insurance are the most expensive and costly product for a budding guy like you.

since there're dependents on your side, insurance is important.. but not all insurance are created the same.. take note!

i'll say.. you've paying this insurance through your nose! (it's too expensive for you)

This post has been edited by lwb: May 9 2008, 07:26 PM
lwb
post May 9 2008, 11:54 PM

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hi googlesyyl,

risk and return are both a variable in the future..

but one thing is absolutely certain and factual is:
the cost of the insurance that you're carrying or the product of this sort of insurance is expensive and not cost effective as a tool of investment to even begin with.

there're better ways to achieve what you're doing at a fractual of the cost..

and the other thing about unit trust is.. it's your own eye that is responsible to your own investment and NOT your agent's eye. be reminded that agent are equipped to sell but they don't fit the shoe of a financial advisor, unless they're certified.. the best eye is still your own eyes.

you lost money because you don't know how to discern cost and value in an investment.

QUOTE(g00glesYYl @ May 9 2008, 10:55 PM)
i already having the plan.

i think, most of the people know, insurance is for protection.

RM200 is about my 7% of nett income. So, i think i am still afford especially when i am single as now.

investment is bomnus for it. Investment link does not gurantee the return, and this is the risk. Yet, it can create more return than Life insurance.

When there is a risk, there is a chance.

With this amount, i can have the protection and may be the return. Why not?

The only risk i forseen is, i lost my return. And just like unit trust. i need force to cancel it. So, i need to take an eye on it always... And, i told my agent to alert me on this.
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lwb
post May 10 2008, 12:01 AM

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hi bbjslee,

for this, i really have to say.. you probably haven't been through any recession before.. you're probably young and naive (tending towards ignorance).

QUOTE(bbjslee @ May 9 2008, 10:42 PM)

4. How likely is a person to be unemployed for 3 months in Malaysia? (Not even a cashier / waitress job?)
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lwb
post May 10 2008, 12:32 PM

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hi dreamer101,

should never argue/debate with an insurance seller.. that's his bread & butter. there's a lot of pride to be defended here.

let it be.. for he needs the conviction to keep on selling. you know your risk allocation and it might better serve to those who really need(advice) them.

this is my 2cents
lwb
post May 10 2008, 12:40 PM

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hi googlesyyl,

i really enjoy your ignorance here..
you're actually considering going from one hot water to another pot of hot water?

foreign fd is not a place where you make your money if you don't know what you're doing and simply buy into the marketing/advertisement.

for one, you need to pay attention to alot of minute details (e.g one of them is the bid-ask spread of currency trading)

since you've small money to play with.. my as well you go ahead and learn some real hard-knock lessons.. i'll double your 'haha' for you.. should be enjoyable watching you make such mistakes in life and being happy for it.

that's why, ignorance is bliss.. haha(again)

QUOTE(g00glesYYl @ May 10 2008, 08:07 AM)
smile.gif  haha. ya, i nvr mention how is my saving level. To be honest, last time, when i have no credit card in my hand. i am still able to keep track how much i really save from my income, using simple excel form. Now, i does not able to do so. Yes, i am lazy. I know i am.  But, i believe that, i am able to save 15% from my income.

Since one of my FD is mature and i do not plan to renew it. As, i plan to put the cash in bank -> RM10k to public bank foreign currency FD very soon. And, i have no unit trust and other investment.

I will clear the credit card debt in every statement. i never kena interest before.  smile.gif

The major expenses is my car, installment RM500 and the petrol. also some dating fee.

When i read thru the post, my concern is that, i buy wrong insurance as investment link is not the one for me.
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lwb
post May 10 2008, 12:49 PM

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perhaps you overly generalized and attempted a mass-attack by your statement that got others ticked off?

it's irresponsible to say what you've said and since you haven't been thru real recessions, being insensitive to those who have been through one, is not really a good way to provoke others.

i however can respect your position as an insurance seller, it's a honorable vocation and you have to sell to make a living out of it.

i do hope that you'll go through tough financial times like a recession and perhaps able to learn and profit from it.

QUOTE(bbjslee @ May 10 2008, 12:04 AM)

I grad in 2002 almost into 30s now. I've never been out of job for a week. Perhaps I was lucky  laugh.gif

Anyway, the way you put it, is almost like personal attack.  cool2.gif

We're here to share our POV on the subject "over-insured".
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