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coolcoolbird
18-12-2009, 05:40 PM
I have been thinking to buy an insurance for my little junior since early of August 2009, however, due to engaged with other issues (Always use as an excuse), it is still nothing happen until now. Based on my understanding, the youngest age you buy the insurance the cheapest price you can get, so it is better to buy the insurance for your child while he or she is still young. To avoid pay more, I had approached an insurance agent last weekend.

During the few hours conversation, he was very eagerly introducing me one of the new insurance product, it is kind of insurance with investment. Initially, I'm really interested when he keep on mentioning:

"Your monthly insurance premium needs to pay for the first twelve years only, then you need not to pay anything after twelve years but your son will still enjoy the benefit of this policy until age 100."

"At the age 20, your son can get a lump sum amount of RM138,885, this can be use as an education fee"

"Other than that, your son will also receive an amount of RM13,600 yearly and he will continue receiving this amount of money till age 100"

Sounds good, right?

.................
Read more: http://www.coolcoolbird.blogspot.com/#ixzz0a23IwSNb


http://coolcoolbird.blogspot.com/2009/12/insurance-with-investment-is-it-worth.html

chewie
18-12-2009, 07:13 PM
yeah yeah ....when 12 years comes, they will add a few more years to it and say that due to inflation, blah blah....

talking from a personal experience...

chanelt
18-12-2009, 08:27 PM
This plan is from HL bank? I was recommended by an agent on this kind of plan as well. just pay certain monthly installments up to a certain year, & you shall receive 10% interest payment bi-yearly up to 100 yo. But when I really calculated, I realised the annual return was only 2-3%. I rejected the agent, too bad I am a finance ppl.

coolcoolbird
18-12-2009, 11:35 PM
no, actually it is I** and still many people believe it.

zinglicious
19-12-2009, 01:55 AM
Always buy the insurance policy which they are reluctant to sell which is usually the term insurance with rider. Being encouraged by all consumers associations round the globe, so it cant be wrong.

IceCooler
19-12-2009, 10:16 PM
I have been thinking to buy an insurance for my little junior since early of August 2009, however, due to engaged with other issues (Always use as an excuse), it is still nothing happen until now. Based on my understanding, the youngest age you buy the insurance the cheapest price you can get, so it is better to buy the insurance for your child while he or she is still young. To avoid pay more, I had approached an insurance agent last weekend.

During the few hours conversation, he was very eagerly introducing me one of the new insurance product, it is kind of insurance with investment. Initially, I'm really interested when he keep on mentioning:

"Your monthly insurance premium needs to pay for the first twelve years only, then you need not to pay anything after twelve years but your son will still enjoy the benefit of this policy until age 100."



"At the age 20, your son can get a lump sum amount of RM138,885, this can be use as an education fee"

"Other than that, your son will also receive an amount of RM13,600 yearly and he will continue receiving this amount of money till age 100"

Sounds good, right?

.................
Read more: http://www.coolcoolbird.blogspot.com/#ixzz0a23IwSNb


http://coolcoolbird.blogspot.com/2009/12/insurance-with-investment-is-it-worth.html

Check very very carefully on the terms & conditions on the way they calculate to arrive to Rm138XXXX something and also no need to pay after 12 years.

Based on what kind of conditions that they will arrive at that figure and the no pay after 12 yrs stuff.

Also ask your agent to show any proof that this actually happen on his/her 's Co. previous customer plus on what circumstances how this policy can failed !!!

One tip for you : ask them if throughout the 12 yrs period ,for some reason ,you miss say 1 or 2 years premium and was on auto loan payment.

Ask them to project again. You will be shock !

And if you buy one with Medic , ask them if their Co. will pay outright upon presenting medical bills or sent in medical bill fo evaluation by their Co. and will they pay 100% or Less. ask for statistics ,their average pay out to individual claim (in %) based on past record .

Hope they will not tell you all policy are different excuse to avoid explanation .

zinglicious
20-12-2009, 02:12 AM
Always read the fine print when the insurance agent when he makes the presentation .It always have the wordings as such.- this is for illustration purpose only and the bonus or the projected sum assured or cash value is not guaranteed. :eek: ;) :eek:

coolcoolbird
20-12-2009, 10:58 AM
Check very very carefully on the terms & conditions on the way they calculate to arrive to Rm138XXXX something and also no need to pay after 12 years.

Based on what kind of conditions that they will arrive at that figure and the no pay after 12 yrs stuff.

Also ask your agent to show any proof that this actually happen on his/her 's Co. previous customer plus on what circumstances how this policy can failed !!!

One tip for you : ask them if throughout the 12 yrs period ,for some reason ,you miss say 1 or 2 years premium and was on auto loan payment.

Ask them to project again. You will be shock !

And if you buy one with Medic , ask them if their Co. will pay outright upon presenting medical bills or sent in medical bill fo evaluation by their Co. and will they pay 100% or Less. ask for statistics ,their average pay out to individual claim (in %) based on past record .

Hope they will not tell you all policy are different excuse to avoid explanation .


Great advice, thanks a lot!

rakyat
21-12-2009, 09:34 AM
Alway try to separate your insurance and your investment i.e. like what Zing mentioned but insurance purely for coverage against unforseen circumstances. Buying a term life or whole life will offer most coverage for your dollar. But you might also attach a medical and/or Critical illness rider.

Life insurance used to be guaranteed return (4% + revisionary bonus) but they have stop offering and have converted to non-guaranteed UT or bond thingy.

Do try to avoid ILP (investment linked) insurance as it is actually a life policy with a UT attached (returns are based on market performance). The returns are just illustration (not guaranteed) and normally they have 4% and 8% compounded returns projections. Which projection did the agent use?

If your intention is capital gain, you will be better off investing in UT or if you are abit more sophisticated invest in shares.