DEFINITIONS OF COVERED EVENTS 1 - 4

DEFINITIONS OF COVERED EVENTS

(1)“Heart Attack”:

The death of a portion of the heart muscle (myocardium) as a result of inadequate blood supply and being evidenced by all of the following criteria:-
(a) A history of typical prolonged chest pain;
(b) New electrocardiographic changes resulting from this occurrence;
(c) Elevation of the cardiac enzyme, CPK-MB above the generally accepted laboratory levels of normal or troponins recorded at the following levels or higher:
Troponin T > 1.0 ng/ml or equivalent threshold with other Troponin I methods.
Angina is excluded.

(2) “Stroke”
:
A cerebrovascular accident or incident producing neurological sequelae of a permanent nature, having lasted not less than three (3) months. Infarction of brain tissue, hemorrhage and embolisation from an extra-cranial source are included. The diagnosis must be based on changes seen in a CT scan or MRI and certified by a Consultant Neurologist.
The following are excluded:
(a) cerebral symptoms due to transient ischemic attacks
(b) any reversible ischemic neurological deficit
(c) vertebrobasilar ischemia
(d) cerebral symptoms due to migraine
(e) cerebral injury resulting from trauma or hypoxia
(f) vascular disease affecting the eye or optic nerve or vestibular functions

(3)“Coronary Artery By-Pass Surgery”
:
The actual undergoing of open-chest surgery to correct or treat Coronary Artery Disease (CAD) by way of Coronary Artery By-Pass Grafting.
Angioplasty, other intra-arterial or catheter based techniques or keyhole or laser procedures are excluded.

(4)“Cancer”
:
Any malignant tumour positively diagnosed with histological confirmation and characterized by the uncontrolled growth of malignant cells and invasion of tissue.
The term malignant tumour includes leukemia, lymphoma and sarcoma.
For the above definition, the following are excluded:
(a) All cancers which are histologically classified as pre-malignant or non-invasive or carcinoma in   situ or having either borderline malignancy or having low malignant potential.
(b) All tumours of the prostate histologically classified as T1N0M0 (TNM classification).
(c) All tumours of the thyroid histologically classified as T1N0M0 (TNM classification)
(d) All tumours of the urinary bladder histologically classified as T1N0M0 (TNM classification)
(e) Chronic Lymphocytic Leukemia less than RAI Stage 3.
(f) All cancers in the presence of HIV.
(g) Any skin cancer other than malignant melanoma.

Ref:Gela

About the author:Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

He deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582

36 CRITICAL ILLNESS INSURANCE

36 CRITICAL ILLNESS INSURANCE

This policy is sold as a rider and very few insurance companies are having it as a stand-alone policy.

This can be the most important rider or policy to consider when buying a policy because it will cover and paid when the insured is diagnosed as having cancer, suffered a heart attack, stroke, or undergone coronary artery by-pass surgery.

Most  insurance companies are covering as many as 45 different type of named diseases/illnesses. There is a waiting period usually 30 to 180 days from inception before an insured is covered. This is the only policy which can help you to back up your income.

       Type of Covers

      1.Heart Attack

      2.Stroke

3. Coronary Artery By-Pass Surgery
4. Cancer
5. End Stage Kidney Failure
6. Fulminant Viral hepatitis
7. Severe Cardiomyopathy
8. HIV Due to Blood Transfusion
9. Paralysis
10. Motor Neuron Disease
11. Major Organ/Bone Marrow Transplant
12. Parkinson's Disease
13. Major Head Trauma
14. Chronic Aplastic Anemia
15. End Stage Lung Disease
16. End Stage Liver Failure
17. Heart Valve Surgery
18. Muscular Dystrophy
19. Multiple Sclerosis
20. Blindness/Total Loss of Sight
21. Angioplasty And Other Invasive Treatments For Major Coronary Artery Disease.
22. Primary Pulmonary Arterial Hypertension.
23. Benign Brain Tumor.
24. Encephalitis
25. Deafness/Total loss of Hearing
26. Brain Surgery
27. Surgery To Aorta
28. Loss of Speech
29. Major Burns
30. Bacterial Meningitis
31. Coma
32. Full Blown AIDS
33. Loss of Independent Existence
34. Alzheimer's Disease/ Irreversible Organic Degenerative Brain Disorder
35. Other Serious Coronary Artery Disease.
36. Systemic Lupus Erythematosus (SLE) with Lupus Nephriti

“I will personally recommend this cover for anyone buying a policy to buy to the maximum they can”

About the author:Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

I deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582

 

TERM INSURANCE

If you don't have an umbrella even a newspaper helps when it rain.

TERM INSURANCE

Term insurance provides temporary Life Insurance protection for a specified period of time. The policy benefit is payable dur to the insured dies ,Critical illness or become totally permanently disabled during the term.

Premiums payable is level (the same) during the policy period. This can also be called as a rider which is an attachment to a Life Policy.

Generally, team insurance is purchased because it is the simplest form of Life Insurance which provides the greatest insurance protection at the lowest premium. The younger you are the lower the premiums charged.

Normally no payment will be payable in the event the insured survived the period of cover. There is little or no cash value for this policy.

It can also be used as a key man policy/mortgage loan, financial loan. It can also be taken out to cover a period of when the children are at college or university to ensure that their education will not be disrupted due to death or disabling of the bread winner.

Most of the financial guru's will advice you to buy this and invest the balance. Which is good, Getting a life plan with all your medical cover first will be a better choice.

Today you may even get investment link policy sometime cheaper than term policy.

The best investment is investing on yourself by protecting your future unearned income.

( Ref: MII RFP )

About the author: Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

He deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582

ENDOWMENT INSURANCE

ENDOWMENT INSURANCE

Pure endowment policy are Saving Plans for Education, Business, Holidays or Retirement. The sum insured is payable upon maturity or death.

All premium paid will be returned at a nominal interest rate on maturity. Upon death the sum insured with the interest will be paid.

The rate of build up is much faster over a shorter period of time compared to whole Life policies. A good way to save money on a regular basic.

The shorter the term period selected the higher the premiums. The longer the term the lower the premium. The sum insured is guaranteed on maturity the money can be used in whatever way we desire. Most people will go for this plan without really understanding it.

This plan should be bought only after you have bought a whole life plan with Critical illness, Medical card and other Medical benefit attached to it. Even if you are buying it as Education Policy for your child.

As medical is getting very expensive you may never have time to buy latter. You may find other ways to send your child for education but your child will not be able to find way to pay his medical bills.

Your child may have health problem after few weeks he is born he may never be able to get a medical policy the rest of his life if you delay it.

Do you know the easiest way to become a millionaire is by having a million ringgit policy. And most people don't even know about it.  

“THE FAMILY THAT NEED A HOME WHILE YOU ARE HERE WILL NEED IT

TWICE AS BADLY IF YOU ARE NOT HERE”

About the author:Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

I deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582

Whole Life Insurance

“When a man reaches 65, he is either glad he did

Buy life insurance or sorry that he didn’t”

Whole Life Insurance

The premium amount to be paid is usually level (same) during the insured person’s lifetime, the premium does not increase due to older age.

This creates a reserve fund a policy inforce for at least three years would have an element of cash value. Which will increase over the years?

Sometime a part of the cash value can be taken out as a policy loan, and the interest rate will be determined by the insurance company.

Premium is usually payable throughout the life time. Death benefits are payable to the nominees or assignees upon death of the insured.

Whole Life policy with profit gets returns in the form of dividends every year.

Buying a Whole life Policy with medical Card and critical illness with all the medical attached to it is the best choice to make. As you will never know what is going to happen tomorrow you may never be able to buy a policy due to accident or health problem. This policy can protect your future income. We will talk about it in other chapters .

Investment link Policy

This is also a life policy everything is same like  a Whole life insurance. The only difference is you decide where and how you want to invest. You take all the risk to get highest profit. or you can ask the company to do it for you.

Before you start investing, Life policy should be your first investment.

You can add riders to your policy's - we will talk about it later.

Most people think it is very easy to buy a policy, the truth it is not that easy. Your plan need to be underwrite by the company all you need is diabetic it will be reject. for Asthma, Hypertension or any other minor disease you may have to pay a loading sometime your premium end-up double. This should be your first policy to buy as you can lock up all your medical acquirement.

Remember buying a policy is like talking to your doctor for your health problem don't take it lightly. 

About the author: Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

I deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582

Notes: Reference have been made from MII and Gela

TYPE OF INSURANCE

“Death ends a life, not a relationship.”
― Mitch Albom, 

TYPE OF INSURANCE

Generally there are four basic life insurance products and its packaging done by insurance company is as follows:

1. Life Insurance

2.General Insurance

3.Takaful Insurance

Most people don't understand about it,

Let's start with Life Insurance.

Generally there are four basic life insurance product and it's packaging done by insurance company and the agent. as follow;

1. Whole Life
2. Endowment
3. Term
4. Investment Link 

 

Other are Riders to be attached with the policy

        a. Accident

        b. Payer benefit

        c. Hospital and Surgical

        d. Critical illness

        e. Lady's special

        f. Children care

        g. And Many Others 

It's very important to understand before you get one. Each individual needs are not the same. When you get a policy it must be on your needs not your friend, brother, sister or father. you need to wear your shoes according to your size not other's size.

Remember You are a professional only in your field not in insurance.

Most of the writers in magazines have given the best tips on insurance if you can really follow but in reality how many can? They are not wrong if you are able to follow.

Most of them have never made a claim everything is on paper they  are not on the ground making claims. This is where most of the mistake made.

About the author :Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

I deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582 

Notes: Reference have been made from MII and Gela 

 

WHY PEOPLE SAVE AND INVEST

“IF YOU BUY A POLICY NOW, YOU CAN SAY TO YOUR BOY SON, WHEN I’M 65 YOU’LL PROBABLE HEAR ME KNOCKING AT YOUR DOOR. BUT DON’T GET

WORRIED. IT WILL BE FOR A WEEKEND, NOT A         LIFETIME”

WHY PEOPLE SAVE AND INVEST

Most people (individuals) save and invest for these four major reasons:

1. To provide income for dependents (family) in case of death.
2. To provide income for old age (Retirement).
3. To provide income and reserves in case of disability.
4. To provide cash for emergencies or for business or investment opportunities.

While no two families have identical problems upon the death of a spouse or parent. All families have these general needs.

1. Cash requirements and income requirement

Immediate cash requirements.

1. A fund for final expenses
2. Hospital bills
3. Funeral expenses
4. Normal house hold bills
   
   
5. Monthly installment
6. Cost of administering and probating the estate
7. Education funds
8. Taxes
9. Credit card payment
10. And many others

“Since no person can foretell the date of death or disability a sound family protection plan must be taken instantly”

About the author: Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

He deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com

H.P 013-322 8582 

Notes : Reference have been made from MII and Gela. 

How Can Insurance Help Me

“THE MOST VALUABLE ASSET MOST PEOPLE POSSESS IS THEIR ABILITY

TO EARN MONEY. HOW LONG CAN YOU EARN? DO YOU KNOW?”

HOW CAN INSURANCE HELP ME

Many people think insurance is only income protection to their family. However, it’s also important for tax and estate planning.

“It also means more peace of mind for you!”

1. Pay your bills if you get sick, injured or disabled.
2. Make sure your love ones have enough money to live on after your death or

Disability.

3. Pay your loans.
4. Build up saving to pass on to your spouse or your children.
5. Help reduce or defer taxes on the wealth you want to pass on. That means you will have more saving.
6. Help your family pay any final costs on your estate.
7. Life insurance can help your business survive the death of a key employee, including a business partner.
8. Some life insurance is even useful for borrowing money. If you have build up cash value on your policy.
9. Save your family from creditors
10. Donate to charity by making a charity a beneficiary or the owner of your policy.
11. Protect your interest in a business – by provide money to buy out a death (deceased) business partner’s share (stake) in business (very important for partnerships).
    “Life insurance can play many roles in your financial planning”
    
    
    
    
    About the author: Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.
    Became a full time agent in 2000 after retiring from the army after 22 years.
    He deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.
    Kertar.en@gmail.com
    H.P 013-322 8582
    
    
    
    
    
    

What is Insurance

By Kertar Singh  (013-322-8582)

After 18 years of dabbling in the insurance industry I have decided to write this book as a guide and subject matter to providing information on insurance. It is written in very simple English language that even a lay person would be able to understand it.

Most people think they know and understand about Insurances the truth is everyone is only specialize in his own field.

Most of the books, articles written by financial planners or experts have no field experience. Everything is on paper which is nice to see can everyone apply it.

“It’s not for the one who dies. It’s for the ones who lives”

Life insurance is a major protection of a family financial security. Human life present various need for life insurance. People’s needs can be identical but never the same. Death can be a source of loss in two ways.

The first is the love of a spouse/parent which cannot be replaced.

The second is the loss of income to the family of the death person. With the income gone it is the family dependents that will suffer. The dead person needs to be buried and that costs money.

“Money is not everything but everything needs money”

Basically insurance is a pool of fund where all the members pay a small fees to get a cover and the insurance company manages the money (fund).

Example 1.

Mr. A is 30 years old and he want a cover of $100,000 if anything happen to him, this money will be given to his family and he will have to pay 3% of the $100,000 which will be $3,000 per year.

Example 2.

Mr. B is 35 years old and he want a cover of $200,000.Anything happen to him the family will receive $200,000 he have to save more let says 3.5% which will be $7000 per year because he is 35 which have higher risk and the cover is $200,000 more than Mr A.

“No matter what stage in life you are in now. Ask yourself if I die, would my loved ones have enough money to live on?”

“If I am disable who is going to take care of me?”

Example 3.

Mr. C is 35 years old he want a cover of $200,000 but he is having a medical problem. He may have to pay much more because of high risk not only he will have to pay $7000 but he may also have to pay a loading say 25% .Which is $1750 extra only than it is fair to Mr. A and Mr. B

Basically the younger you are the lesser you pay because you may not have any health problem. The older you get the more you have to pay for the same amount. Buy when you are young.

Not only you will have more saving when you are old you will be able to get a very high cover for yourself if you start early in life.

You need to review your policy every 3 years to 5 years. If you don’t review your policy 3 to 5 years you can have problems as you may not have the latest update cover and inflation will eat up your money.

“A small payment today can make a big difference to how well your loved ones do after you’re gone or you are disabled” 

About the author:  

Kertar Singh has joint Great Eastern Life Assurance in August 1995 as a part time agent.

Became a full time agent in 2000 after retiring from the army after 22 years.

He deal with all kind of Insurance from Life Insurances to General Insurances and Will Writing.

Kertar.en@gmail.com