I bought my first life insurance policy when I was 27 years old 24 years ago. My friend in the church approached me to join his Great Eastern group as part-time job. I was working as a programmer at that time after graduated in Computer Science. Life was simple in the 1980s. There wasn't much to do after work. I agreed and took up the first policy as my first business case in this insurance line. In fact, most insurance agents buys for themselves the first policy.
My first policy was GE Economilife, sum assured RM25K with medical rider of RM900 per hospitilisation, max surgical claim was RM15K lifetime, and RM30/day hospital benefit. Premium was RM56.45/mth. I had no idea of the purpose of life insurance. Most of my friends purchased from me because they deemed life insurance a saving tool as the returns from sales illustrative were very impressive. Anywhere, I gave up selling life insurance to focus on my software engineering career in less than a year.
I bought my second life insurance policy when I was 34. I heard about 36 critical illness policy and felt that it was important to have in case I have Critical Illness. My agent sold me Great Eastern Living Care-Whole Life Assurance with Cash Bonus. Sum Assured was RM40K, premium RM109.55/mth.
My 3rd life insurance policy is Prudential Investment-linked, with medical card (daily R&B 200, RM75K per annum and RM225K life time) and critical illness cover (RM80K). RM329.94/mth. This time I bought this policy with very clear purpose in my mind, I was 40. I cancelled my 2nd policy with Great Eastern because the CI premium is cheaper when attached with investment-linked. I also cancelled the medical rider in my first policy. Until now, I am only maintaining 2 policies.
How much coverage you will need is the first important question you should ask. How much coverage a person gets will determine the premiums. The premiums are what’re being paid for every month to keep the policy in effect until the person’s life has come to an end.
ReplyDelete- Audrina Jackson -
So, are you satisfied with your two existing insurance policies? Are you sure about continuing on with them? It appears to me that you are not sure on what policy to take. Have you considered consulting an insurance agent?
ReplyDelete-Hershel Duffey
I only need to keep a medical insurance now as I do not have any financial burden now. As a matter of fact, most agents are only interested to make new sales. I'd better do my own research.
DeleteI can see that you had a lot of insurance companies to choose from and like what Hershey asked, are you already sure of the two insurance policies that you’re maintaining now? I know a lot of insurance companies are offering different packages, and they really vary in their terms. I think the best solution would be to know what you really need and look for the insurance company that can support it.
ReplyDelete[ Elnora Cowger ]
Regardless of the different packages they offer, they boil down to the same thing. Medical insurance is what I only need at the moment, as I have paid off my housing loan.
Delete