Jul 15 2014, 04:26 PM
QUOTE(conqu3ror @ Jul 15 2014, 01:54 PM)
Bro, you may right, I miss out the point. It is common that health risk is increase by age, so to the Cost of Insurance.
It just had so much to explain and I can't put in a single statement. Just a simple quotation is 20-40 pages.
Of cause it is agent job to educate their client, just it will spend hours to explain the everything from scratch.
Different client have different expectation, some they just want to know every single line like lawyer, some just want to know what they getting and the coverage only.
Now the trend is going towards ILP instead of Traditional Insurance Plan due to many advantage to it. You can check out my page as the link below.
This could a big miss, and potential lead to people to misunderstand the standalone medical premium keep on increase, while with ILP, its premium of medical coverage doesn't. It just had so much to explain and I can't put in a single statement. Just a simple quotation is 20-40 pages.
Of cause it is agent job to educate their client, just it will spend hours to explain the everything from scratch.
Different client have different expectation, some they just want to know every single line like lawyer, some just want to know what they getting and the coverage only.
Now the trend is going towards ILP instead of Traditional Insurance Plan due to many advantage to it. You can check out my page as the link below.
The fact, ILP never state the premium is guaranteed forever the same.
It depends on the cash value to compensate the COI.
QUOTE(conqu3ror @ Jul 11 2014, 03:58 PM)
For standalone medical plan, the premium will increase gradually & will be very expensive when come to golden age. Of cause someone hidden clause that client may not notice.
For an Investment Link plan(ILP) at age 35, a comprehensive coverage with premium monthly RM250 is pretty common. Generally ILP offer comprehensive coverage, remain the same premium till the maturity and it come with cash value (saving).
Imagine after listen to an agent saying ILP premium will be the same until maturity, after 20 years later, insurance company sent a letter stated, cash value of ILP not enough to cover, need to top up premium, if not risk of cease of coverage. For an Investment Link plan(ILP) at age 35, a comprehensive coverage with premium monthly RM250 is pretty common. Generally ILP offer comprehensive coverage, remain the same premium till the maturity and it come with cash value (saving).
How do you feel about the "miss" done by the agent only after 20 years later on?
This post has been edited by cherroy: Jul 15 2014, 04:30 PM
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