Let's Talk Insurance

We are still in the celebration mood of new year do we? Let ‘s talk about serious (and boring?) matter :) today.



Last month, a new friend of mine, sms me in the early morning hours . “Erma, my son kepala retak jatuh dalam longkang, now in Tengku Ampuan, can I sign insurance now and transfer him to a private hospital? (her son fell into a monsoon drain (apparently her older child was faster than her. He daugther pushed the trolley that her brother climbed into and it went straight plunging into the big drain). He fell - but in one piece and still in the trolley. No blood and no scars. But the next hours that followed was accompanied by vomit. Further diagnose showed that he had some kind of concussion . He was monitored closely for 1 week and released- ALhamdullilah. And my answer to her sms, I am so sorry dear but it can not be done that way.


Back to my topic, we cannot buy insurance when we are sick. It is hard for us to buy insurance after we are admitted to hospital -recently or long time ago (I say it is hard but not impossible). If we are already diagnosed with one of the critical illness (cancer for example), we cannot buy insurance for our self or for our children- no matter how much money we have. Insurance cannot be bought with money. Insurance is bought with a GOOD HEALTH.

So buy now when we are healthy.
Buy now before we are diagnosed.
Buy now before we are admitted to hospital
Buy now- start with basic.

Prioritize your needs and objectives. Start small. Start with your very self or the main breadwinner. Protect yourself- Never mind that you spend  like paying for a monthly installment for your car when you paying insurance for the whole family – it is a provision. It is what you pay for the unknown risk. At least protect your self in before you protect your children.


Some said insurance is misleading
Some said insurance is a lie


I beg to disagree :)

Know what you buy- understand each clause


Are you buying to protect your family when you are no more around?
(Money obtained after you die is a lot then – to pay for the debt you left behind or to put aside for your children future) So if you are alive by the time that insurance matures- money that you got back is not that much (because you are alive still)

Are you buying for old age saving? Retirement plan?
(So if you die halfway- money that you get back is as much as what you put aside- with some profit and like any other investment, profit is variable ), Retirement plan is a long term investment- Short term won't give you that much.


Are you buying for critical illness? Not diabetes or darah tinggi k – it is more to life threatening disease that may end your life in a near future- Aids, cancer, heart attack and so on.


Do your company cover your (your spouse and children) medical? IF yes, check what is the limit for the whole company. Mine is only 27K  a year - setakat nak cover anak demam , and minor operation alhamdulliah. Heart attack surgery? You will need RM60k.

Know what you buy- understand the term

If you buy RM 100,000 policy for critical illness- what does it mean?- if you are diagnosed with any, will they pay you in full? Or is it , if you have heart attack, they pay you 10% of 100k?, then 5 years later you are diagnosed with cancer, they pay you another 10%? Do not buy this type ( please check your current insurance and verify)


Again, start with basic and prioritize

  >Personal Accident is a must have. How many parents die in a car crash? Very cheap- 500k coverage only about RM 400 year- does not matter if it is forfeited – you are alive for another year- And if both parents die in an accident- imagine how – 500k will help our children. Start low with 100k coverage if you have tight budget.


  >For baby, buy all in one- critical illness, saving, medical card RM100 a month at the cheapest covers all -20 years of saving for university fund -yes I can save in a bank - but if we die 5 years from now - only  5 years of saving right?  I want a minimum of 20 years of saving for my child , even if I have left 5 years to live only. Insurance will continue if I am no more around (insyaAllah I pray I live long- banyak dosa ni :( )


  >For hubby, buy LIFE (anything happen to him, you can pay off the car and other debt –check the house insurance-MRTA should/must have his name- if anything happen to him- the house is FREE- no installment needed)- Kira long term hutang and buy that amount of LIFE policy)


  >For yourself, buy  a medical that include  high coverage of a critical illness – a minimum of coverage should be 100K- one chemo is about RM 15k.
Fine if your company has covered you- but does it enough? An excess in provision does not do  any harm.

Again understand what you are buying.
Many people said they already have insurance and when ask what kind? hmm I do not know, my hubby buy for me- this is  basic k- you have to know what you are covered.


Yes, insurance has a cooling off period of 3 months after you sign in. But death, accidents, dengue, malaria, high fever dan sewaktu dengannya are covered immediately.
And do not lie when fill in any insurance form. Yes if you have any pre-existing disease ( that not life threatining like me (asthma), be patient with all the survey, query and medical check up. And if you are as healthy as what you claim, no queries and it got approved so fast.


A friend’s daughter was admitted of high fever after one month policy is signed. Policy and medical card belum dapat pun.


A friend’s husband is diagnosed and underwent a heart attack surgery and he was paid RM 100k after two week and his wife (my friend) does not have to pay for his and her monthly premium anymore. And never mind company paid 80% of the medical expenses. The 100k can be kept for the rainy season then.

PS:
A lot of things to absorb huh? hehe. I believe in insurance not because I was an agent briefly (after I graduated – I decided (then) I could not make a career out of it because I could not sell :), not every body can be a sales person ok)

I believe in an insurance not because me and my hubby are doing it part time.

I believe in insurance because it has helped a few of my friends

I am here as a friend sharing - sharing is caring – Email me  for further consultation k. FOC - always. And if you want to buy - I am at your service. :)

Cheers.

PS lagi :)
Semoga semua bala bencana dan penyakit dijauhkan dari kita semua. Aminnnnn

And budak yang jatuh longkang tu tak apa apa cuma semangat ja lemah lagi - And my friend da belikan dia insurance (in his case not that many queries even masuk hospital because it is an accident bukan penyakit yang sedia ada.)