Bare in mind also, there is some limit that you can claim from the insurance, particularly medical side. So better check it out before buying it. Yup, medical insurance somehow is quite essential nowadays due to sprilling up of medical cost. But buy appropriate insurance until you can afford, don't overbought insurance until you are not aware of especially for those with tight budget every month one.

Billionaires like Warrent Buffet and Bill Gates probably don't need insurance.
So may be that's true, insurance is not essential and necessary for those really really rich one. One month interest in the bank already worth millions, still want insurance to cover it?

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.

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

6K, LHDN site has a complete chart various tax relief allowed.

http://www.hasil.org.my/melayu/bm_NO2_1_1E.asp

I agree not all, but there are high % of it. Most of them, just try to 'scare' people about 'what if xxx happens to you', then insurance wil protect you, rather than explain the details and scope of the particular insurance that customers need. Everyone needs for insurance is different which depends on individual situation. Just like a single person without any dependant, death is not primary factor to be insured on, but PA on permanent disability or medical is more important than death.
Even in this forum, there are plenty of posts like that before.

Just like previous post some forumers told him/her that it can yield 7%, but didn't state it is actually 4% + 3% (projected) as you said, then it is somehow mislead customers already without telling the truth and details behind.

Also, I bet not many people knew the 14 days cooling off period as well, a failure of insurance agents to explain properly and details to the customers.

Don't get me wrong, there are plenty of good agents like you in the market, just view out some experience on some bad agents that had approached me before as well as some agents that posting in this forum as well.

This post has been edited by cherroy: Apr 7 2008, 11:35 AM

Annually.

It depends. If one bought some non-essential and necessart insurance, it can be like burning money only.

For eg.
You bought 6K of non-necessary insurance, the relief of 6K (if you are in highest tax bracket of 28%), it means 1.68K safe on tax.
But you 'burn' 6k to save 1.68K, is it considered a wise move? You still 'burn' 4.32k.

Yes, if you bought some necessary and essential for your needs and affordability then you can save a bit from the tax relief. (for tax bracket in 28%)As paying 6K mean effective you are paying 4.32k only.

The first criteria to consider is the insurance whether one actually needs it or not and affordability side, not the saving on tax relief side.

I agree on the part of a good manager should never be busy most of the time.
It just means that the manager has properly manage their sub-ordinate and already ensure smooth running of the task under him/her, so don't need to busy all the time.
A manager is hired to manage not for working (I meant work like supervisor and operators)

I think the numbers should be a reference only, as it all depends on individual situation.
Unit trust doesn't mean is better than FD or EPF, if one enters the wrong point either. It is same to share, if one doesn't have the knowledge in share, then skip it also no harm done, it is better to earn less than losing money in stock market with no idea which stock to buy. Not every stock is good and making money one.

Everyone is different, so needs the risk exposure is different, but it is same important to everyone to have kind of emergency fund and saving.

Just my 2 cents.

Yes, people don't read the fine print while some agents don't explain the max they can claim for.
Also I saw a relative that facing some surgery due to certain problem then after claiming the medical insurance for it, afterwards, the insurance company no long accept her medical insurance anymore even though she wants to buy it, but she is blacklisted by the insurance company mainly because the problem can be re-occurenced.

People always (not all) taught after they bought medical, then everything is covered already, don't need to worry. Then when situation really occur then only said insurance cheating one. Don't get me wrong, medical insurance is somehow essential but it doesn't mean it will cover everything. Also bought according to one's needs and affordability which is the most important.

Even he bought the insurance before, and manage to claim for the spine medical, after claiming, insurance company might not renew or accept coverage on this part. <-- this is quite common practice for insurance company as they view you are the high risk insurers.
It is not like you want to buy or cover, then insurance company must accept.

It is same with my relatives, the medical insurance company didn't want to accept her anymore (posted previously).

This post has been edited by cherroy: Apr 12 2008, 08:54 AM

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

Thanks for the information, no aware of it.

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

Your assumption is not correct.

If you have 1 million, you didn't take up insurance, you had 1 million left for your family. (not to count those FD interest yet).
If you have 1 million, you take up insurance, you might ended up with 900K as need to pay for insurance premium, then insurance pay you 100K after you die, then your family still getting back 1 million.
Don't forget insurance is not freebie!

A lot of consideration needed to be taken into, as take up too much insurance will drain your cashflow quite severely which ended not much left for saving, while those saving can be used for others investment purpose including FD (as said don't want to risk it, can put in FD), which over 10 years, 20 years which your saving in FD already double or triple in this period of time.

Individual cashflow and situation is the ultimate factor to be considered, there is no such thing insurance is a must or not a must for everyone.

Please proceed discussion in the insurance talk thread. http://forum.lowyat.net/topic/376228/+420

Thanks for the cooperation.