INSURANCE fact

The rich doesnt need it, the poor longs for it

not who is entitle to get insurance...
actually everyone in here is required to get at least 1 protection.
u can get protection for your life, at the same time you are doing saving on it....

every 1 at here at least should bought 1 insurance for them.the basic should hav is medical card n 36 critical illness(cus for tis 1 is include life,accident n savings as well).all we noe tat medical fees is expensive de...we cant predict wen will happen to us y not we protect ourself b4 it happen...

Talk is easy as we know some insurance is somehow essential.
But in real life reality, things are not as simple as that when it comes to $$ term.

Really rich one doesn't need insurance, serve not much purposes anymore. Poor one, can't afford it, life is cruel sometimes, it is not a perfect world.
Insurance somehow better is a product that best suit for middle class people.

Insurance is needed when it suits ur protection need and ur budget, if it doesn't on either side, then u don need n can't have it.

Maybe they have their fingers insured for millions for the tiniest cut in their hand like Richard Clayderman. Or be like Jennifer Lopez who insured her butt for USD1 million(correction: USD 1 billion ). Probably Bill Gates would have to for his hands to sign cheques and type some geek coding


Why does the rich gets richer and the poor gets poorer? Even if they are rich, they still keep money in great value and to them, why not fork out say a few thousand to get oneself protected and skip paying the unnecessary bills? In the rich mind, everything is about profitability and feasibility. They are thrifty in their money, which is that's why they are rich.

Cases are many in London that wealthy people dies leaving a huge amount of assets and insurance money to their pets

I believe there are many products can be tailored in insurance accordingly to your budget. Just the matter of your luck with your insurance agent. In my case, I encountered 2 agents of the same company and one of them proposed me a higher insurance package which I couldn't dearly afford for my dad. Another agent showed me everything and asked how much I want to protect my dad for, do I need hospitalization allowences? etc etc until the price suit my liking.

This post has been edited by hamster9: Apr 6 2008, 10:08 AM

the actual use of insurance for (poor to middle class):
1) Protect their income.
2) Secure food on the table, shelter and clothes for their family.
3) Protect their hard earned money.
4) As a savings for retirement/child education

the actual use of insurance for (Upper and rich class):
1) Increase their business value
2) Provide a business continuation plan
3) Increase their assets

so, its on how we look at it... so if a person has responsibility (for himself and others) life insurance is a MUST! unless money is not the question.

This post has been edited by xeNOS: Apr 6 2008, 10:17 AM

lol...i'm just thinking to get buried or even cremated in Nirvana Memorial Park is already RM15K I wonder where to get such money after settling medical fees just like my late grandpa. Total cost already RM 30K inclusive of hospitalisation. I hate the insurance agent that only sold him the endowment plan and not medical card that we have to pay ourself the high medical fee from SJMC. To recover from our family revenue took us a long time.

Not really dude. Single also needs one PA insurance. We never know what might happen.

second that.single doesn't mean we are safe from accident

PA (if you have dependents) and medical insurance are good ideas.

but those endowment and investment linked one, you really gotta do your homework first. if you can make your money work for you better than them, then it's not needed.

Who ever said 'entitle to get insurance'??? im stating fact. The rich doesnt need insurance. They can afford to pay medical bills or watever bills that comes their way. Why wanna throw 30% of monthly payment to feed insurance agent when u can keep it and afford to pay in times of adversity.

agree with ya.....insurance is actually like ask them to keep ur money...if ur healthy all the way...u just give them free money

might as well put those money into investment

can you guranteed you gonna be healthy till the day you are not around . . .
end of the day what ever investment or savings you have made, you are just using it for your medical expenses

Colaboy,

The most reasonably priced medical insurance only cover up to about 200K. Above 200K, the premium increase exponentially because most Malaysians do not buy that level of insurance. So, if a person has at least 200K of emergency fund, the person is self insured. And, the fund cover all emergencies where medical insurance only cover medical.

Shopping for insurance is like shopping for anything else. It is worthwhile if you get MORE and BETTER protection than what you can do by yourself. Or else, you are throwing money away.

If you want to be a better insurance agent, do not give up those GENERAL INSURANCE BS. Start by giving people REAL INFORMATION so that people can make GOOD decision. For example, at what protection level, it is worthwhile to buy medical insurance. From what I know, it is 200K.

In advanced countries like USA, you can even get RISK level information so that you know at which age and what profile, what is the likelihood that you will spend X amount of money in Medical. So, why do people get coverage of 200K if the chances / risk level for their age is so low for them to get that kind of problem?? What if they are most likely to get injure from accident and PA coverage works better for them.

Most insurance agent that I come across is not even educated up to this level. Aka, at each age profile, what is the highest risk for each person and what coverage make sense. They just spill up BS like buy ALL the insurance that you can pay.

Dreamer

u've made a good point there dreamer101, tq for pointing out this so that v agents in the industry can do better

This post has been edited by xeNOS: Apr 6 2008, 10:42 PM

Dreamer101,

1st. . . there are not much people out there with 200K of emergency fund
even if they have 200k like some doctors or lawyer they still own a medical card which covered their medical

2nd . . . buying insurance is NOT like shopping, buying insurance is buy whatever you need & nessasary only
many factors need to take under consideration before buying an insurance such as nature or work, family, age,
budget / income & etc etc. It's not as simple as like you go to the mall & buy a loaf of bread.
if 1 who over insured, dont you thing it's a burden to him or his family
if 1 who under insured but touch wood something happens to him, is the insurance he bought will sufficient to help him

3rd . . "In advanced countries like USA, you can even get RISK level information so that you know at which age and what profile, what is the likelihood that you will spend X amount of money in Medical"

On an agent point of view, we can only advice people about the increasing of medical expenses day by day, we cant predict who & how much it gonna cost them when somethings happen. From what i know in some countries like UK & SG they have people with CFP- Certified Financial Planner, but the trend is still not in Malaysia cause many people still prefer not to "pay" for their profesional services

Lastly, i have to agree that many insurance agent only selling the "package - all in 1" stuff to the market
There are many products nowdays which serve different purpose . . .
Get a few opinion here & there before jumping into any conclusion

This post has been edited by Colaboy: Apr 6 2008, 11:48 PM

Colaboy,

<<2nd . . . buying insurance is NOT like shopping, buying insurance is buy whatever you need & nessasary only
many factors need to take under consideration before buying an insurance such as nature or work, family, age,
budget / income & etc etc. It's not as simple as like you go to the mall & buy a loaf of bread.>>

Which you did not provide any REAL INFORMATION to teach people on how to consider those factors. You just spill out more GENERAL INSURANCE BS.

<<On an agent point of view, we can only advice people about the increasing of medical expenses day by day, >>

Which is another GENERAL INSURANCE BS. Medical expenses can be cover by disability, PA, Medical insurance, and Critical illness insurance. There are factors involved depending on age, nature of work and so on what type of insurance make more sense to provide coverage for medical expenses.

As an insurance agent, at the minimum, you should know ENOUGH about your own products aka insurance to provide GOOD INFORMATION as what works under what circumstances. I am NOT ASKING you about anything else except insurance.

IMHO, most people are OVER-INSURED with the WRONG kind of insurance and UNDER-INSURED with the RIGHT kind of insurance.

Dreamer

dreamer, that day i was approaced by my friends who a GE insurance agent ...

he intend sell me a saving plan, said put in RM3.8k, 10 years later can take back money, 1 year return is 7%, so is this another BS investment ? means as u always said, why pay more komisen to insurance agent if i can buy those investment plan like PT myself ?

Normally, it is projected, not guaranteed, bare in mind.