PM me if you need to learn all about insurance + investment.

I'm from actuarial science background and will be delighted to offer you 2 hours lessons on basic of insurance and basic of investment for FREE! (You can buy me drink if you want to)

However, my location is in KL and subject to availability.

Drop me a message if you want to learn more.

Seriously.

Often in Cheras, KL Sentral Area, Damansara, and places around there.

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Added on July 20, 2009, 3:11 pmJust read a few pages of this thread.

Seems interesting.

For you guys information, I work in reinsurance company and not aware that there is any standalone CI product out there.

In other words, CI must come with Life, and if you have agent to ask, the CI coverage must not exceed life coverage.(double confirm with them)

Hope that helps.

This post has been edited by Vitorbarbosa: Jul 20 2009, 03:11 PM

PJusa, after reading some of your posts, I find that you are really knowledgeable.

Sadly, that is not possible.(for 1k life + 500k CI).

I never really heard of anyone getting coverage from overseas, as it's hard to do "calculation" for mortality in other countries. I guessed you found a better deal out there and go ahead with it.

AIG Home Assurance? Means coming with a MRTA? And you called that standalone? Correct me if I'm wrong. I really want to buy one if there is.

PJusa,
I think you are right on the commission on General Insurance. I'm not really familiar in that as I'm in Life Reinsurance but I guess those are the figures.

I think it's quite misleading to say that agents earns 40% commission.

No doubt, for traditional products, which includes standalone medical plan, first year commission can be as high as 40%, but that is first year only. Not every year 40%.

For ILP product, it's as high as 25% first year. Reducing after that. Commission can be collected up to 6 years. Same goes to traditional product.

So, it is highly not advisable to cancel plan as some of the money paid will goes to agents in the first few years.

AIA is seperated from AIG(in the process). But not sure about the general insurance business.

Numbertwo, you did quite a few study also. I tried to look for the plan but couldn't find it in their website.

Where do you heard of it? You know any agent from AIA?

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Added on July 20, 2009, 4:46 pmThanks numbertwo!

This post has been edited by Vitorbarbosa: Jul 20 2009, 04:46 PM

The gov was about to launch EPF CI, standalone CI using EPF money but was strongly rejected by MTUC.

Maybe general insurers do offer standalone CI. Life company, I'm not sure.

And make sure they are guaranteed renewal if not, there is no point of getting them.

Browsed through the AAM website.

It's a good plan, except that it's only up to age 65. Nevertheless, it's far cheaper compare to any CI plan.

However, still do not know the t&c of the plan.

I believe it's available.

Just from my experience in life insurance(aware, not general insurance), general insurance they do not have actuaries to calculate the premium.

So, basically their premium is based on past experience.

IOne thing is, the premium is not guaranteed. Means, they can raise the premium and this is a yearly renewal product(with guaranteed renewal of course) and you have no choice but to pay or the policy cancelled.

Coverage attached to Life insurance is premium guaranteed (not on all plans), means the premium will be at that amount until maybe age 87, 99, or 100 depending on company.

Very true PJusa.

You pay more to life insurance company now compared to general insurance.

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Added on July 22, 2009, 11:08 amBtw, they are basing on past experience on different age band. I can't tell you excatly how they are doing it but that's what I learnt from my seniors.



This post has been edited by Vitorbarbosa: Jul 22 2009, 11:08 AM

PJusa, I guessed premiums are not guaranteed for medical coverage.

How about Great Eastern standalone medical?

I have their premium schedule, if you need them.

I think waiver of premium and Hospital income shouldn't be your main priority.

You are right that you will not need to pay for the medical card incase diagnose with CI but I'm sure you can fork out the less than 1k to pay for your medical card if you are diagnose with CI.

You can use the additional money that you save for Waiver of Premium and Hospitalisation into investment, which might get you higher return and you are free to choose your own investment instead of funds linked to Insurance company.

Or put that money into a higher Life + CI Coverage.

Thank you for the nice words mtsen. Really appreciate that.

To all of you guys and gals, don't "hunt" for so long. You might need them earlier than you think.

The best medical plan is not deterimine by how cheap it is, but the value it brings. If you are hospitalised, I'm sure you are willing to pay any amount to cover your hospital bill.

Choose one you are comfortable with. I'm sure there is no such thing as "Best Plan" in town. It just doesn't exist and we do not know what kind of illness that will strike us.

PJusa, I do that on goodwill. No Charge. Did it with mtsen. But he gave me a lunch treat. That's very nice of him.

I don't mean I can teach but I will share what I know/learnt from my financial mathematics, investment and of course my actuarial mathematics classes with you all.

Sadly, I'm only available around KL, so further away from here is not possible.

Of course, it's almost the same across industry.

All regulated under the same body. Cannot goes wrong. Or all are wrong.

Yeah, not easy to compare at all.

Get one that suits you. You will not overpay.

Why say 100? I heard from a prudential agent that all prudential medical card covers H1N1 as they do not have the exclusion on the communicable disease requires quarantine by law.

And Mr. Prudential, I think your 100 figure is very misleading. It might be best if you do not answer to that unless you are right.

MTsen, to be honest, I'm not sure how many needs to be hospitalised before the insurance company says no. At this moment, what I know in the industry is that, although there is this exclusion clause in the policy, most insurers still willing to pay for H1N1 cases.

I really can't answer you on that as that is out of my area of expertise (risk management + claims experience + future experience + shareholder's money + company's position + .... + ...)

But I thought death from H1N1 is covered? Only medical plan is not covered (according to the T & C but heard still covered at this moment).