Got such thing of guaranteed renewal clause of medical insurance?

To clear up the medical and PA insurance

Medical insurance -> purely cover medical cost but not compensating lost of income.

PA -> cover lost of income due to accident case. But if one cannot work because of disease then PA won't pay you a single cent.
Remember PA only cover case due to accident, anything happens not due to accident (like sick or diseases etc), PA won't cover one. That's why PA insurance is cheap compared to others types.

This post has been edited by cherroy: Apr 16 2008, 02:20 PM

aha....you got it wrong.
See cherroy's explanation.

What is known as PA in M'sia is basically covering for disability caused by accidents.
Life insurance is on "death". Thus I often joked that Life Insurance would only benefit after the person dies.

Thus the fine print indeed is a must to read.

yes there is the Guaranteed Renewal clause for medical insurance . . .
which mean you need to buy a term . . . . for example up to age 70 / 80.
Mention is the previous post, there is 2 types of medical insurance now.
The renewal basis & term basis.

Thanks for the information, no aware of it.

How does it works actually? mind to explain briefly. Thanks in advance.

If I'm not wrong, there's still a little "clause" on Insurance company had the right to terminate a policy based on their discretion.

read through your policy in the RENEWAL clause
for a renewable policy normally it will mention a conditional renewable & subject to terms & conditions
on each Policy Annivesary

for a term policy, normally its guarenteed renewable as long as premiud paid up

what you are saying in fact from my point of view is regarding the Cost of Insurance which is NOT GUARENTEED
which all of the insurance company have this clause to protect themself agaist lost if the claim ratio is very high
& as we know the medical expenses is getting higher day by day

that's why we see some companies increase their premium for medical or mayb have introduce 90/10 cost sharing/core insurance with the policy holder

This post has been edited by Colaboy: Apr 16 2008, 03:57 PM

Hi all,

I found this insurance covering 100K on life, tpd, pa and critical illness, also 25k on medical. all for RM 1228 only.

http://www.safepay.com.my/ins101.asp

can I find cheaper insurance else where ?

b00n,

<<What is known as PA in M'sia is basically covering for disability caused by ACCIDENT>>

There is such a thing as DISABILITY insurance that cover disability cause MORE than death or accident.

In USA, it covers even more. As long as you cannot work (it can be psychological), it pays.

Dreamer

boon,

Last I remember, life insurance always comes with Total and Permanent Disability (TPD) which covers stuffs like loss of both legs, or both arms, etc... basically meaning you are still alive, but the possibility to get a job to support yourself is near zero.

PA policy (that I've read before) on the other hand can gives incremental amount of compensation based on permanent damages incurred (i.e. loss of a couple of fingers they might give 5% of the total coverage amount, loss of right hand (if right handed) then maybe 15%, etc..).

Guess TPD and Critical Illness is now covered and promoted in most "life insurance" plan.
Thanks for clearing the doubts.

There are 3 types of renewal conditions:
(i) Renewal at option of policy-holder

Over the last few years, the phrase 'guaranteed renewable' has been widely used. However, nowadays, it has been replaced by 'renewal at option of the policy-holder'. In other words, the insurance company cannot cancel (refuse to renew) your policy as long as you continue to pay your premium on time.

However, this renewal option does not mean you have 100% control over the renewal of your policy. This renewal option stops when any of the following events occur:
- Non-payment of premium
- Premium not paid on time
- Fraud or misprensentations of facts during this application
- The insurance company withdrawing policy completely from market in accordance with portfolio withdrawal condition. This withdrawal gives all insurance companies the right to protect themselves from future losses.

(ii) Renewal at the option of insurance company
The insurance has the right to accept or refuse your policy renewal. However, the premium is cheaper and the annual limit is refresh every year.

(iii) Combination of (i) and (ii)
Your policy must be claim-free (claim never made previously) and must be in force for a period of 1 or 2 consecutive years in order for you to qualify for the 'renewal at option of policy-holder' condition.

Wow,I am impressed.Then one question for you Mr Dyong, do you pay for insurance premium?Tell us frankly.
Humbble

---

Added on August 28, 2008, 8:10 pmWhen I review policies, there are two things which I am very particular in."Outpatient Cancer treatment" and "Outpatient Kidney Dialysis". This Chinese forum is for sharing and it does not constitute my opinion. Just for more education for people who are confused what to buy.

http://www.jbtalks.cc/thread-274060-1-1.html


humbble

---

Added on August 28, 2008, 8:19 pmWhether Warren Buffet and Bill Gates needs insurance or not I am not sure.For your info,the top 10 richest Americans in 2006, 4 are from Walton family (Walmart) Their father passed away and created so much wealth through it that his 4 children were the Top 10 richest Americans in 2006.

1. Bill Gates, $53 billion, Microsoft
2. Warren Buffett, $46 billion, Berkshire Hathaway
3. Sheldon Adelson, $20.5 billion, Casinos
4. Larry Ellison, $19.5 billion, Oracle
5. Paul Allen, $16 billion, Microsoft
6. Jim Walton, $15.7 billion, Wal-Mart
7. Christy Walton, $15.6 billion, Wal-Mart
8. S. Robson Walton, $15.6 billion, Wal-Mart
9. Michael Dell, $15.5 billion, Dell
10. Alice Walton, $15.5 billion, Wal-Mart


Humbble

This post has been edited by humbble: Aug 28 2008, 08:19 PM

Very true. Thats the only reason I took up a policy for my kid. Agent said in chinese, "why pay the govt $$$ to send other kids to school?". Quite a good sales line lol. Anyway, you can get the agent to calculate your tax exemption benefit to match it with the right premium amount. At higher tax brackets, its a good move.

This post has been edited by GeekinE90: Aug 31 2008, 12:02 AM

i have found a insurance company which they included a package of medical card worth rm400 permonth.
after subscribe for 10 years i wont have to pay anymore as they will send a cheque with cash voucher in it till i 88 years old.
even if i want to stop after 20 i still dont have any loss
i used it to pay for the medical card and the rest i can use for my own expenses for free.
it is a good offer anyways.
i have one of the agent contact no. 0167255322 his name is andy

u can contact him if u want

This post has been edited by kinchow: Sep 5 2008, 02:15 PM

Malaysia's insurance industry reports positive growth in 2005



Malaysia's insurance industry continued to report a positive growth in 2005, the Malaysian central bank said on Wednesday.

Combined premium income for life and general insurance business stood at 23.56 billion ringgit (6.37 billion U.S. dollars), up 6.9 percent from the previous year, due to the sustained economic activity and strong private consumption, the bank said in a report released in Kuala Lumpur.

The life insurance sector saw a moderate growth in the year as demand conditions had remained positive with the improving risk awareness and increasing affluence of the population, the bank said.

Overall, operating results remained favorable for both life and general businesses, supported by improved underwriting results, higher productivity, greater economies of scale, as well as the more efficient utilization of capital, particularly among general insurers, it said.

The level of insurance coverage continued to expand in 2005, according to the bank. Market penetration, measured in terms of life policies in force to the total population, deepened further to 38.7 percent, a little bit higher than the previous year's 37.9 percent.

The higher penetration in the life sector and increase in demand for general insurance, in turn, supported further increases in per capita spending on insurance.

Total assets of the insurance funds expanded to 96.74 billion ringgit (26.15 billion U.S. dollars) in 2005, up 11.4 percent from the previous year.

Source: Xinhua

We all can argue until the cows come home. The insurance industry is growing and more jobs are created from this industry. You decide for yourself whether can this product serves its purpose or not.

It surely takes some credibility and financial stability for some companies to be able to the following:
AIG/AIA sponsors Manchester United Football Club.
ING sponsors the Renault F1 team.

List down the benefits and total protection amount.
We're talking about RM400 per month which is a lot!

it is not necessary if u dun need it, but when the time u need it & u dun have one, it is already too late...

Someone told me>

Life insurance, medical card, 36 critical illnesses, and personal accident policies should be sufficient for normal individuals. Insurance is to protect our wealth, it is not to earn money. It is advisable that we invest in other investment tools to gain return instead of signing up investment-linked policy

can forumers give your opinion on this...

tq

This post has been edited by staggerler: Nov 2 2008, 05:52 PM

Yes, I'm 100% agree with it. Insurance is for protection or saving but NOT for investment. The main reason is let say the market down (as now), then the protection of insurance will reduce. I'm feel pity to those who need the protection during market down.

For better financial planning, we should separate insurance and investment. I strongly suggest those who want to invest may go for unit trust(almost same as investment-link), share, futures, forex, property and so on.

Dude, actually it is not applicable to everybody though.
Life insurance is only suitable for somebody who has dependents on him/her.

Actually I am a bit skeptical this after being mention by dreamer101, but after reading 4-5books on insurance topic, all of them are basically saying those lines. The arguments was it cost 6-8 times more compare to term insurance for the same protection but sadly we do not has any term insurance here in malaysia.

I am in a midst of searching for my Health and PA insurance but currently haven't find any to satisfy my insurance needs.

ch

KANot

|[QUOTE]

---

Added on November 2, 2008, 11:45 pm[quote=staggerler,Nov 2 2008, 05:51 PM]
Someone told me>

Life insurance, medical card, 36 critical illnesses, and personal accident policies should be sufficient for normal individuals. Insurance is to protect our wealth, it is not to earn money. It is advisable that we invest in other investment tools to gain return instead of signing up investment-linked policy

can forumers give your opinion on this...

tq

[/quote]


This post has been edited by chikanot: Nov 2 2008, 11:46 PM