KCLau's Money Tips Forum

[KCLau]

Age: 30
Gender: Male
Smoker: NO
Single
Annual income: Approx M$60,000.00
Dependents: Nil
Children: Nil
Marital plans: Hopefully by age of 35

Hi Jason,

I would say it is still same as the example quoted before:

Since there is no financial commitment, this person only need insurance to protect his own wealth, and the future earning.

And estimation of the needs are:
1. H & S
2. Accidental plan ( cheap Personal Accidental Plan can be bought separately from http://www.Tunemoney.com)
3. 36 Critical Illnesses - RM60k x 3 = RM180k ( about 3 times annual income)
4. TPD was given RM150k when bought 36 critical illness benefit. There is another income replacement feature that can be bought. The benefit pays RM50k per annum (RM50k is the maximum already) to life assured in case of TPD up to age 65.
5. Death - not important since there are no other dependent. By the way, when he bought RM180k for 36 critical illness, the amount will be paid upon death if it happens prior to the diseases.

Plan suitable from GE:
1. Greatlife Portfolio Insurance (this year got another promotion of investment-linked plan in conjunction of GE 100th anniversary - 1% extra sum assured is given and added up every year)
2. Supreme livin' Care Plus

A combination of both plan will be adequate and get the advantages of both traditional and investment-linked policies.

[wthong]

Hi KC,

I was lately being told that Allianz is a good choice for life insurance now. They are now penetrating into Malaysian market & offer much better value (in terms of sum insured value base on same amount of premium) as compared to other well-known insurance company.

Can u enlighten or comment about it ?

Thanks in advance

Regards,
Insurer

[KCLau]

I haven't study the latest Allianze policy though.
I used to meet some Allianze agents who only sell the 3 generation saving plans. Some agency don't even sell health card and other protection plans.

It will be great if there is any Allianze insurance agent who is willing to give their advice here in this forum.

[kissnight]

Hi guys,
I was in the US, they have these cheap term insurance that one can buy easily... are these available in Msia?
thanks
kissy

[KCLau]

There are term insurance available in Malaysia. But it is not as cheap as the insurance quote obtained online, which is available in the US or UK.

[hanson]

KCLAU,

With so many established and well recognised insurance company available in Malaysia, I'm curious to know why you have decided to represent GE Life and not AIA, Prudential, ING and so on?

You can look up the Bank Negara Website http://www.bnm.gov.my/

under statistics for the insurance industry http://www.bnm.gov.my/index.php?ch=12&p ... 61&yr=2007

at this page, you can see all the financial standings of all the life insurance companies

L. Life Insurance Statistics
Table L.1 Revenue Accounts - Income
Table L.2 Revenue Accounts - Expenditure
Table L.3 Liabilities and Assets of Insurance Funds
Table L.4 New Policies Issued - Individual Life
Table L.5 New Policies Issued - Group Life
Table L.6 Terminations, Transfers and Revivals - Individual Life
Table L.7 Terminations, Transfers and Revivals - Group Life
Table L.8 Policies in Force at End of Year (Excluding Reversionary Bonuses) - Individual Life
Table L.9
Policies in Force at End of Year (Excluding Reversionary Bonuses) - Group Life
Table L.10 Summary of Valuation Reports
Table L.11 Selected Indicators for Ordinary Life


At Table L.1 you can see the size of the policy holders fund, well... insurance companies are actually something like a big "kutu" or like magnum, the larger the fund size, the more likely it is able to withstand any extraordinary events

also shows how much renewals they are receiving, some are so large that the annual renewal alone is larger than the total assets of many companies

Table L.4 shows the new business. what's the point if the company is big but it is a "has been". You can see the market leader for various categories of policies, such as wholelife, endowments and investment link (this one is in table L1)

Hanson Lye
http://www.ringgitchannel.com

[KCLau]

Thanks Hanson for the detail explanation of how to read the Bank Negara Insurance report.

My officer didn't show me this when I was recruited. Only later that I found out about it.