i would like to offer my views about "buying insurance":

1. buying insurance is just like buying tv, house, car, your food in ur fridge, ps3, ds, printer, clothes or watever u have in mind

2. now the question is "is it necessary to buy insurance?" is just like asking "is it necessary to buy food?" or "is it necessary to buy a tv?". the answer actually depends on u, if u need it, u buy it, and nobody knows u need how much food in ur fridge becoz we dunno how much u eat, or if u really need a car becoz u might already have a bike or walk to work or u have some1 to fetch u. we actually do not know.

3. now ure going to buy a "car" or "insurance", u shop around, u survey and u compare. u see this car is more expensive, u see its feature and its warranty and u decide if its worth the price they quote u, example 30k for a kancil from this agent/company or this other 1 for 32k. u decide which 1 u want, and u buy that 1. same for insurance

4. buy the car/insurance or the thing u want ONLY if u can afford it. if u can only afford a kancil, dun go out and get a honda city or benz. u get a kancil IF u want it.

5. in the end the question should be "what is insurance?". when u ask this question, u will get to know what this product ure buying and in the end, u decide on ur own whether to get it or not. if u do not know what is insurance, how are u going to buy it. well.... u can owes buy a tv to put in your house, thinking that some of ur friends/relative might pay u a visit and by then u probably might need a tv for them to watch (if u dont use it usually) or buy and keep some drinks thinking that someday some visitor might come and u can serve them. same goes for insurance.

6. there are lots of package of insurance, just like there are lots of brand for green tea in the supermarket or u can drink another kind of beverage like coke, but it's still the same thing: drinks.

7. do ur own research or ask around OR if u really trust insurance agents, u may engage them and belief (or choose to belief whichever portions u want to believe) about the product they are selling.

8. last but not least, certain insurance agents tend to only sell certain types/package they are familiar with, one agent might only "push" type X insurance while another will sell type Y insurance. one of the reason is becoz there are so many package out there that its SO HARD for one agent to remember all those details about all package, so they choose the easier route of selling probably either the EASIEST one to sell or the one that earns more commission. there are also lots of new types of insurance being introduced until they cant keep track.

9. there might actually be good insurance agents.

10. dont buy in haste, just like a car/house. u'll get stuck in it.

11. i will give an example of 1 kind of insurance here: u pay RM100/month for 10 years, after that u get RM1000/year until u die. so 1 of the selling point for this kind of insurance is that IF u buy at age 20, u stop paying by age 30, and u get free money every year. this thinking is just like if u buy ur house at age 20 and u stop paying at age 50 (for 30 years), u can rent your house out and get free money every year. well.... if u fell for this insurance talk, u can actually use this "understanding" to buy watever u want thinking that u will get "free money" after the "torture"

12. i repeat: ONLY IF U CAN AFFORD IT

well... i must have missed something for something this long or make it too complicated as owes. HAPPY NEW YEAR!

1)there is different between tell them all ,and tell them what they should know.

2)tell them all maybe makes people sleep,but basic things like what is coverad,what no covered,how much is coverage,and help them calculate is this plan affordable...this basic things is a must do for a good moral insurance agent.

3)for those want to buy insurance,you may use statement 2 as a check list to ask your insurance agent too.

Do we really need to buy life insurance?

I'm confuse whether should get one and also which one I should get.

The money will still go back to you. So if you can afford it, why not? You don't lose anything

How can the money come back to me? Isn't it's like something we call "burn"?

Please explain. There is free insurance??
I want to buy.

It depends on your condition, if you are young, don't have much income and don't have dependants like wife or kids, it is not necessary to buy life insurance now, just buy medical card enough, but if you rich enough, still can buy, can be a kind of savings too.

life insurance normally u can get back ..

for example .. currently Maybank have a new life insurance skim,
Lets say u pay 100 per month, and u r 21 this year.
The life insurance will last till u r 88 yrs old, and u need to pay 100 each month till u reach 55, each 3 years the bank will pay u back 1550bucks.
all u need to do is pay till 55 yrs and bank will pay u back till u 88 yrs old.

thats where u get back ur money, and there is also a guarantee money back of RM31k ++/--.

hope u understand .. haha ..coz i just start paying for 1 few weeks back ...

ps: life insurance and personal insurance is different ...

This post has been edited by alvinz: Feb 15 2009, 10:20 PM

Can we pay until 40 years old and then stop? Will we able to get back the money?

nope ... u will need to sign a contract and u need to pay till 55 years old ....
if stop in the middle then u wont get back a single cent .. u can only increase ur monthly payment .... this can make it as ur savings lo since u get back when u grow older..

alvinz, do you mind to tell me which insurance company and package you bought?

wow, 34years commitment & if you cancel, you get nothing.
Worse than marriage.
If put bank & cancel, still get all money back (including earned interest).

This post has been edited by Milkmaid: Feb 15 2009, 10:55 PM

Is there any insurance that we can pay for about 10 years or less and then we stop?

Alvin here explained it all

You must understand 1 thing. people who buy life insurance will not stop at less than 85 years old because with life insurance you are given medical coverage as well. Bear in mind when you are old, you will surely pay medical fees. No matter how healthy you are, these illness you cannot stop them from coming.

If you have a crystal ball knowing what will happen to you and when, then there is no need to buy insurance. Otherwise, look up the meaning of the word "insurance".

Got... its personal insurance. This one u dont get back any money if u didn't use it.

Thanks for your feedback, Slade.

I'm not sure what insurance I should buy.

Should I buy just the life insurance or should I include 36 critical illness, medical card, etc?

Outside market having many types of insurance you can be choose.

Be carefully on your selection and try to list out which one is yours priority consideration. Then, try to find different agent give some explanation to you and see which one is the best to suit you.

For me, insurance is the must and it can cover us while we in trouble future.

u can try investment link insurance...
pay min of 100 per month at least for 2year...
after 2 year there will be a poll of money that u invested in ut...
some of the money can be withdrawl...

yes buy !

hopefully this article can help a bit

http://malaysiapersonalfinance.blogspot.co...-insurance.html

your choices are:

term insurance - cheapest, no return
traditional - expensive, slightly less than FD return
link insurance - in the middle, may lose money but also may earn more than FD return