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

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.

For a self employed, it may not be feasible.

But for those who are working/ employed, isn't it one form that we can have tax relief? RM780 is quite a big figure to think about also. Spend as in what? We are spending in term of our protection with in the meantime get a tax relief. Same goes as I step into MPH and buy myself some books and get tax relief from it. I get the product and also the tax relief.

What other things i can get from tax relief?

Dear Unc Dreamer,

I am in reply to the above statement where dr2k3 mentioned about the whole tax thingy for insurance (which, i would like to emphasize, insurance in general, and not medical, life, or whatever terms there is) The scope is general which irregardless on what he is buying. My point is the saving from tax. That's all.

Secondly, what makes you think when I am giving my point of view in the good part of insurance (which I personally experienced myself in the loss of my family members and acidents that occured to me) makes you think I am an insurance agent?

dr2k3 was giving an example of spending RM6K, it's his choice, not ours. All we can go is advice him to lower down or don't buy at all. Well of course those insurance agent would be laughing his way submitting cases. RM6k annually which means RM500 per month. We all know that's a lot of money. But I believe he is just giving an example.

Rather the word INSURANCE is a taboo for you, why not have a look on other people's opinion instead?

This I would agree. Finally unc dreamer explained things in full. I personally was struggling in paying my insurance when I was jobless and my business was shaky. What's best advice is to think it over what do we really need?

Why term life insurance? How long would the term be? 20 years? But what happened after the 20 year?

So happens that my house is RM800K (around Puchong). My life insurance premium is RM250/mth for 20 years, that if anything happened to me I get RM500K. I dun think it is enough to cover for my house. So I added MLTA instead which I presumed it's different from MRTA, where I get to cover the house and have the additional money back to my family (if ever my mortgage principal ever reduce ) but after 20 years, when I'm around 40 plus, don't have a life insurance. So what shall I do?

none from parents. just a joint with me and hubby. earning varies based on how good the business is (in my part). life as in term life insurance. It's a family protection plan. Not medical. Not accident. It's pure hard cash when I die/ hubby dies( 2 different policy).

just a note...medical and accident plan are considered general insurance and has nothing to do with life. Life only covers death, TPD and critical illness. Correct me if i'm wrong.

i guess what he means is that after something happens to the spine only he get the insurance, of course the insurance company wont cover his spine in case of other prolonged injury from there. Insurance company also wan jaga their rice bowl

Dear Dreamer,

I've checked with my system and finds that what you claimed to be as bolded is WRONG.

Here's my system work out:
I take in assumption of 45 years old, male
sum assured, RM1mil, yearly premium RM9600, monthly RM840
sum assured RM500K, yearly premium RM4800 , monthly RM 420 (notice, it's half, thus the ratio is the same)
sum assuered RM250K, yearly premium RM2400 monthly RM RM210

It's like in exchange of RM100 sum assured I need you to pay RM3 to me first.

Also there is a difference between having so much money at a certain point of time and having so much money constantly.

so, when AIG in USA tumbled, were we affected here in AIG Malaysia? Did you hear any lay offs in AIG Malaysia? Did many policy holders line up to cancel their policy?

Pls read up on Bank Negara rules towards all insurance company operating in Malaysia and see where does the policy owner's money is being channeled to.

i disagree and agree. Agree on the 10X annual earning etc. But does your salary stay the same for the 5-10years? Does Malaysian generally drive the same car for the past 20 years? As salary increases, the same goes with your standard of living. Upgrade from a silver credit card to a gold card with higher limits, or mayb from gold to platinum. Car upgrade, no longer driving Proton or Perodua, at least a Honda or Toyota. House, from rented to owned. From apartments to a double storey link house. These are to common upgrade we see.

Again, dear Uncle Dreamer....
I'm going to repeat as I've mentioned it in another thread. I'll be frank that I still servicing my housing loan, car loan and some credit card debts and other debts as well. There are also some cash stashed away in my bank.

2 scenarios:
1. If I can't work for a month or 2, or let's say 6 months on a worst case scenario. On labor law, I would have to resign if more than 3 months. How much extra cash I need to stash away, what seems to be my life savings, needed to be spent on my medical bills and also my food while paying my debts? Well of course it mayb a heartache coz of years savings all goes down to these.

2. What if I'm dead? I have a will but then again, the assets are first to enter the Probate to have creditors paid off. Only after that, the money goes to the living. With all my card debts, house loan, study loan, personal loans, ah long loans, well of course my house loan is on MRTA, but my car loan? If deduct whatever cash I have, ends up with zero and sometimes negative. For the very least in Insurance Act, the beneficiary gets the money, creditors hands off At least beneficiary can have money to sustain their living.

Does this make sense?

Furthermore, to have RM1mil protection or more, usually the insurance company would require the person to show their actual income status to be highly insured Well, I guess none of us has reach this level yet

If you are really rich, do you have RM180K (based on recent claims) stashed away in your safe box? Would you have the ambulance sent you to the bank to get the money out? Rich but most assets are not in liquid manner and logic thinking would be they would keep much in the savings account which have them little interest.

My 2 cents

For what I can say if there is anybody who can do the same thing as you are saving without going out to enjoy, say at age 20-30, clubbing, drinking, mamaking, holiday, scuba diving, mountain biking or photography, anything which suits their interest and hobbies, plus going out on dates and movie, paying for phonebills (mayb during your time, Maxis wasn't around to suck you dry) means they are not enjoying their life. Anybody agree sez Aye!

What MRTA you talking about also I don't understand and what does it got to do with downpayment? Again I've mention that I insured the property based on their purchased value. Thus the sum assured would not go down even if I've paid an x amount when i KO.

-->How do you know that 2 years of expenses is equal to how many % of my total asset?? In fact, I excluded my 2 years of expenses as ANY part of my asset.

Well, I din said that. You self presumed. What I meant is how could u save up with the expenses and how lond did it took you? Have you factored it with the inflation rate? If comes with the inflation rate, then you would constantly need to top up. Another thing is my guess is that you are very stingy

calculated in term insurance. but does it matter? If you insist, I will provide for the wholelife

ok... I believe you are taking the term insurance as the tip of the iceberg. What you mentioned is for life. Some people may not need just life. Some may need PA, and some 36 Critical Ilness and some medical card. What you are terming into is only life insurance which not many would know, that they generalize insurance as just life insurance or PA only etc.

the right insurance, first we need to define the term insurance first before anything else. What kind of insurance? That's the real question

Let me tell you the problem in Malaysia. People want cheap and good which ends up the agent just bundled them up into an investment link policy which is so far cheaper of all in one compared to traditional policy