Hello teachers,

I am in the market to look for a critical illness insurance plan. To be precise... basic plan, not those tied up with investment link etc.

Can you please advise?

Thank you.

Xuzen.

What's your income?
What's your budget for Insurance?
How old?
Female/Male?
Occupation?
Do you have any dependent? How many? How old? Are they working or not?

If you feel uncomfortable to provide the details above here, might as well set up appointment with all the agents from diff. insurance company.

What's your income?
What's your budget for Insurance? RM 150 - 175K coverage
How old? (mid 30's and non-smoker)
Female/Male? (Male)
Occupation? (Office worker)
Do you have any dependent? How many? How old? Are they working or not? (One child 2 y/o, one more coming soon)


Xuzen

Get a few quote around . . . & talk to few agents before making up ur mind
Anyway you could have a look at Prudential MultipleCrisis Cover
Good Product !

Thanks for the info.
Actually budget for Insurance means how much you willing to pay for Insurance monthly/yearly?

Are u a insurance agent? bbjslee

Yes. I am. From Great Eastern.

I believe that you understand the difference between medical and critical illness otherwise please do some research.

You may look at it from few angles.
1. Affordable budget for premium, e.g. RM200 per month
2. Medical Coverage .e.g RM150 life limit , RM50 per yearly limit
3. Critical Illness coverage , normall is 36 illness .e.g RM100K

Ask agent to work out some quotation for you.
It is advisable to include Term Life Insurance.

the most cost effective option is in below link, scroll down further you can increase coverage on h&s and critical illness.

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

TS

Besides budget, you should find out what type of disease are covered in the Critical illness policy. Do not assume it is the same for all insurance company.

Same goes for medical card. I do know one insurance company does not 100% cover eye cataract surgery.

as a matter of fact, all 36 critical illness are the same by regulation, its the claim process one should worry about.

however, advice on medical is very true.

the best way to cater for above issues is to understand the claim process yourself. that way you eleminate the factor that your claim depends on how good your agent is.

hope this helps !

I got a quite of RM 536.00 p.a. for SA 50K (AIA)

I asked for a basic (no rider and not investment linked) critical illness coverage and this is what the agent quoted me.

Is this a fair market rate?

Xuzen

looks reasonable for a yearly payment. i believe it's a term insurance. Ask your agent regarding Inflation Protection Plan if u wanna view on more products but it's slightly expensive and as mentioned no rider and not investment linked.

xuzen... mind if I'm asking...why you need only CI policy?.. you knew you going to get one?.. or you already have?.. sorry for asking this... and about SUMINSURED=50K from AIA for RM536 it's mean about RM1.46 per day... does this fill your needs if you are really lucky having this 36odds sickness? I mean weird...I dun mean to sabotage any of the agent here, seems that everyone just asking how much you can pay?.. I mean yeah I understand they need to know your ability. But all you need to focus here is your need? You need this money for medical treatment? Or you need this money for your party when you not around? I'm sorry if I say anything that's making you angry, but this is insurance and this is the fact! Focus on your needs.....All the best...

Inflation Protection Plan is too expensive for him since it is an endowment plan. I think wholelife non-par is better for him if he looking for life insurance + critical illness + medical card.

If he don't want life insurance, and only want critical illness + medical card protection. Then buy separate of each.

I need CI for protection.

I read from KC Lau, Money Matter that we need CI protection of 3 x our annual income. Therefore I am under protected (my existing CI policy which was bought earlier based on my earlier income level and is currently inadequate). Adding this RM 50K will bring it up to an adequate level.

I am healthy at the moment, but getting sick during older age is a guarantee.

And since we are on this topic, what would be considered a adequate protection for Hospitalization & Medical?

Xuzen

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Added on February 21, 2009, 12:17 pmMy Life Policy is adequate.

I am now looking to up my CI and Med card Protection. As one progress in life, ones' needs and protection increases. Yes, I want to keep my CI & Med card policy separate, it is cheaper this way isn't it?

Xuzen

This post has been edited by xuzen: Feb 21 2009, 12:17 PM

So currently you already have Life insurance. Does your current life insurance cover 3D?
- Death
- Total Permanent Disability
- Dreaded Disease (CI)
If yes. Why not you just top up your current one instead of getting a new policy.
If not, though you may not like it, might as well get an investment link insurance. A RM1800/yr ILP, can cover RM250k (3D).
Don't think of investment link insurance as all evil, it is actually very useful for low budget ppl.
An ILP which cover 40+ yrs is actually cheaper than term insurance that covers over the same length of time.

How much CI to cover is up to you to decide (depending on your budget too).
1. 3x annual Income, this is the easiest and minimum.
2. Potential earning from now till retirement. Example: Your annual income now is RM36k, and you're able to work for another 20 yrs. so RM36kx20. That is what you should get.
3. Requirement of dependent. Assuming your wife is able to look after herself financially, how bout your children? Let say you have 2 children. Try calculate their financial requirement from now till graduate from public university (at least that should be the minimum). So that should be your yardstick of how much coverage you need.

As for hospitalization (medical card), it is up to individual and budget.
Do you want to stay in a RM150/night room? or RM300/night room?
Things to look for in a medical card
- Renewable?
- Annual limit / Lifetime limit?
- Co-insurance? (Maximum & minimum)

This post has been edited by bbjslee: Feb 21 2009, 02:02 PM

CI & Med card policy separate, it is cheaper this way isn't it?
It will be the same, wouldn't cheapter.
Just to know ur budget of CI + Medical card is ? Budget here means annual premium

the 1st coverage u need to have is medical plan.
just attached medical card n critical illness plan will do.
some of the insurance company on critical illness already include for savings,term,PA plan as well.so u no need to pay extra.

Its difficult to separate CI & Med Card if you already subscribed long time ago, unless if you buy 2nd policy that focuses on CI only and reduce the CI benefit for the 1st policy.

I know this one investment & protection plan that gives u RM200K CI protection for around RM100-150 per month (according to age). Or u can configure it for RM100K CI & RM100K Death. Policy runs until age 100 years old. If for non-investment/savings plan, the premium would be much much cheaper. PM me if u want to know more.

This post has been edited by normal_user: Feb 21 2009, 07:19 PM