@Thanks Ronnie, and All. So, why would one need insurance? For saving money purpose, why not just save into bank WITH STRONG WILL and gain interests or invest in some other ways than insurance? Dont try to beat me with ways of investment elsewhere, Im into finance.

The above case 1 of two young newly wed is my friend's, not me. Im trying to guide him what would work best for him. So, in short, why would one need insurance if
1) he doesnt care if he gets one of the 36C and died without money to try helping himself (protection)
2) he doesnt need it for investment

Does he still need it now?

Case 2 - I personally do not buy any insurance for anything, except for investment purpose, that i get certain % of return after certain years. Eg, $x will get y% of return after z years. If you have of these products, let me know.

@Eric
No im not going to call you now n would really like to get as much info from this thread as possible. But i like your post, it is interesting.

This post has been edited by secretsquirrel: Jun 3 2009, 09:47 AM

For me, insurance is always for Protection, the return(investment/saving) is just an adds on to it.
Case 1:
1) He doesn't care?
- If he got the illness and not die, where he will get the money to pay for the bill? Government hospital? My wife is working in government too(so I got the free medical in goverment hospital - first class). I can say, if serious illness, you can go for government hospital. But if it is minor/medium illness, try to go privates. And for some cases, like kidney dialysis, you will need to take up queue that like will never come to you.
- Do your friends give their parents money? If they passed away, who will continue to support for their parents.
- What happened if they not working with government anymore?
2) Insurance is just another choice for investment/saving.

Case 2:
- Yes there is product of investment/saving. But most of it is for long term.

Hi there,

Your statement is abit contradicting as you are looking for the best insurance (protection benefit) for ur friend coz u know he doesnt have any and if anything bad things happen, then the spouse will be in deep trouble. N what i'm proposing is on good for protection.

But on the other hand, you are saying u buy insurance just for the investment purpose. So what do u wanna bring out here, you are looking for a good investment type insurance for ur friend or a protection plan? Sorry for this and hope it wont offend u.

Case 2: All traditional insurance policies works the same, only the premium payment term which varies across companies. So basically all traditional policies are long term to get ur certain $x will get y% of return after z yrs. Generally u need at least a 18 yrs to see profits, the longer the better.

As for investment linked policies, if you wanna reap the profits (purely investment returns) I advice u go directly to mutual funds. Dont waste ur time in buying investment linked policies. Investment linked policies is only good if u want some coverage attached to it.

1) Buying insurance is not because someone is going to die, it is because somebody has to keep living.
(If the person die, how about those who depend on his income? If he no die, his medical expenses will give burden to others, so be responsible to himself/herself)
2) If doesn't need investment then just go ahead for pure insurance policy. We have plenty of options. Cheer !!!


Case 2 - Honestly, from the view of financial planner, you are reversing the proper way. No doubt insurance has its potential for you to invest and earn money, But protection is the main objective in insurance and should be the priority of everyone. Wealth accumulation will come after risk management in any financial planning.

thanks all.

case 1, kids future is a good point. I will talk to him about it. They might not want any children afterall. I dont know.

case 2, only interested to quick money plans, eg, within 5 or 10yrs; simply see it as an alternatives than putting in normal bank acct.

didn you say "why would one need insurance? For saving money purpose, why not just save into bank WITH STRONG WILL and gain interests or invest in some other ways than insurance? Dont try to beat me with ways of investment elsewhere, Im into finance." ?

for case 2, fyi, there are plenty of those 'saving' plans out there nowadays.. u pay xxxx sum a year for x year (usually not more than 10), and u get constant yearly returns after xx years..

This post has been edited by numbertwo: Jun 3 2009, 02:31 PM

Case 2, majority of the insurance company has these plans. Mostly between 8 to 12 years. Pm me if u want a quote.

ur first para - yes i did.

ur 2nd para - i know that already. so what are the constructive suggestions u have for me here?

Well, i guess you got to wait for insurance agents to give you some real constructive solutions , not from me.

I'm actually with you on your point #1, i don't want to buy policy just for saving purposes.. hence, i have no suggestion on any good policy that give you point #2..

numbertwo - i hope my idea do not stripe you from your original intention with insurance. Cos i might be having a difference case from you, with different bullets in different situation.

So, go back to your original idea/queries and start it from there. Before you pay for anything, u may send me a pm so we can discuss in further, this make us stand together in the line to 'defence' anyone who try to con us, if they would (kidding)

hehe...no worries secretsquirrel, i'm too poor to attract any conman for that matter..

the poorer ones should get protection asap. Please dont shut off easily. U know ur own worries. Let's face it together.

Even if one is not poor, from the average family, do get more protection 1st to protect your wealth else if one serious illness comes, it'll eat up a whole chunk of your investment.

Everyone think it over, investment dun have to come 1st, get all the protection needed then only invest to create wealth.

Protection, saving & Investment are 3 different things. One should always very clear with their purpose before any purchase. Insurance in 21st century,for me, is a must not an option.
Saving is about time, the longer period u save, the more u get. Anyway, chew_ronnie mentioned, many insurance com do not those plan which u would just need to commit 8 to 12 years, this is a good plan i would recommend.
cheers!!!!

ERIC 0122761980
Lion Of the Great Eastern

Prudential just launch of new product recently.
- Medical card with NCB, able to waive annual limit...
- Cover 36 illness up to 3 times claim
- Waiver for both husband and wife if something happen(education plan)

Many more....

PRU medical card always attached to a life policy, isn't it?

Yup, it attach to ILP. New medical card plan is just a portion of new things. There is still others.

Hi, does anyone here is HLA medical holder? Any comments (good/bad)? I'm considering to buy HLA or Allianz but .......Pls give some of your experience....

Hi, as i know now GE medical card which combination with investment link 1 called Smart Medic offer the best medical card in town.
Here are some other important elements in medical coverage that you should concerned about when u buy medical card:
1) Pre-hospitalization and post-hospitalization claims.
2) Limit payable for outpatient treatment; for accident, cancer and kidney dialysis respectively.
3) Room & board and ICU maximum days of coverage.
4) Annual limit & lifetime limit.

GE smart medic Room150;
i)Hospital room & board ( maximum, up to 180days )
ii)ICU (Per day up to 180 days)
iii)Emergency Accident outpatient treatment ( maximum 30days from date of accident ) - RM3000/ annual.
iv)Overall annual limit - RM90000 ( Increase to the initial overall annual limit -RM9000 )
v)Lifetime limit - RM720000

So, can i know out there still got any medical card which offer better than GE?
Thx for sharing

Would you like to consider for Prudential?

- ICU, outpatient cancer, outpatient kidney dialysis is as charge
- No claim bonus. Means if a year you did not make any claim, there will be bonus credit to your account.
- Can choose to waive annual limit
- Can choose to cover up to age 100.

If you are interested, give me a pm.

---

Added on June 17, 2009, 1:41 pmAs of what I know, GE medical card have limit on outpatient cancer treatment and kidney dialysis. Correct me if Im wrong.

There is no such company that offer the BEST medical card. Every company's medical card have its pros and cons. There will only have a medical card that BEST suits your needs.

This post has been edited by c.o.o.l: Jun 17 2009, 01:41 PM