Comments on: Greatlife Portfolio Insurance – Regular Premium Investment Link Plan

By: Hash

Hash — Sun, 21 Nov 2010 06:15:42 +0000

Do you have brouchure for GREAT PROTECTLINK INSURANCE softcopy?

Thx

By: WT

WT — Wed, 25 Aug 2010 05:44:31 +0000

I just bought an invenment-linked plan, How i want to know the insurance charges for my insurance? I want see the trend after n- years…I want see how much it increase after n-years.

By: KCLau

KCLau — Sat, 03 Jul 2010 04:05:23 +0000

At this time, there are no oversea medical coverage (other than the first 90 days).
If you don’t plan to come back, the policy may have no use for you unless you want to treat any illness here in Malaysia.

By: Chuiling

Chuiling — Mon, 28 Jun 2010 14:45:03 +0000

Dear Sir

I also have the policy: GREAT PROTECTLINK INSURANCE

However, I may have to go overseas to stay for a few years. I wrote to GE about the issue and this is what they said:

Your policy is free from restriction as regards residence, occupation or travel. You will continue to be covered during your stay overseas.

Please note that no benefit whatsoever shall be payable for any medical treatment received by the Life Assured outside Malaysia, if the Life Assured resides or travels outside Malaysia for more than ninety (90) consecutive days.

If you are planning to reside for an extended period overseas, you may consider cancelling the medical card (IL-Health Protector)

-
Does this mean my policy is redundant and there is no way to convert it to another, more appropriate one?

Thank you for your kind attention and advice

By: KCLau

KCLau — Thu, 22 Apr 2010 03:12:08 +0000

Premium and insurance charges is different.
Paying RM4000 is for the premium. The insurance charges will be deducted from the premium paid.
In fact, premium is first used to purchase investment-linked fund, then only being deducted for insurance charges on monthly basis.

Since the policyholder pays more money at the initial years, there will be more funds unit accumulated over the years. At later stage when the insurance charges is even higher than the premium paid, it is assumed that the funds accumulated is adequate to pay for the extra.

If you are young, you still have time to accumulate the fund.

By: Ashlynne

Ashlynne — Wed, 21 Apr 2010 07:17:08 +0000

Hi KC, I have a question regarding ILP premium payable.

Over http://kclau.com/insurance/investment-linked-vs-traditional-insurance/
The graph for insurance charges or premium increases exponentially. Which means the older you get, the more you have to pay for premium.

However under your Quotation Analysis in this post, your table shows constant premium payment (RM 4000) even as the policy owner ages. How does that work? Does policy holder pay the premium for old age up front already? I’m confused, please enlighten me as I’m contemplating ILP and I don’t want to pay for ridiculous premium that increases exponentially at old age. I’m looking for an ILP that collects constant premium even as I age.

By: Shereen

Shereen — Wed, 24 Feb 2010 07:28:24 +0000

Hi, Bibiana.
Of course you can buy and i suggested for safe deposit plan. If you interested and for more further details, feel free to contact me at 016-716 0065.

Thanks,
Shereen

By: Buy term and invest the difference

Buy term and invest the difference — Mon, 24 Aug 2009 13:17:31 +0000

[...] Investment-linked Policy – Greatlife Portfolio – annual premium – RM1200 – cash value after 30 years – range from zero to RM20k (very much depends [...]

By: KCLau

KCLau — Mon, 10 Aug 2009 04:37:49 +0000

There are several kind of investment-linked products.
For solely investment purposes, look for single-premium investment-linked products, or top up option of a regular premium products.

By: Bibiana

Bibiana — Fri, 07 Aug 2009 02:03:34 +0000

Dear KC,

Can I buy an investment linked insurance solely for investment purposes and not the protection as I do not need the protection?

Please advise. Thank you.

Bib

By: KCLau

KCLau — Wed, 22 Apr 2009 02:06:46 +0000

Hi Bee,

These are very important questions that I can’t give a definite answer. I suggest that you contact customer service department via http://www.lifeisgreat.com.my (GE’s website) to get their direct response.

As far as I know:
1. You can ask your agent to help to process the cancellation of ILHP rider if you think it is not needed anymore.

2.
i) it is within 90 days after your went oversea
ii) you can’t claim when you are oversea for too long (over 3 months)
iii) you will be covered when you are in Malaysia, even for holiday
iv) other than H&S, other benefits are worldwide.

By: Bee

Bee — Tue, 21 Apr 2009 14:55:40 +0000

Hi KC Lau,
Do you have any advices for the above questions?

By: Bee

Bee — Fri, 10 Apr 2009 15:40:54 +0000

I do ask my agent before, her comment is that I should keep it just in case I will back to M’sia. In fact, I will only back for holiday.
My protectlink insurance attached with i)waiver of premium-TPD ii)waiver of premium-DD iii) Great income rider iv)IL health protector v)critical illness benefit rider. The cover started in year 2004.

1. Since you think that I dont need the health protector, what should I do? What is the loss?
2. The term “claimable”, is refer to
i) only the oversea hospital bill which is within few months period is claimable?
ii) as long as I have left malaysia for few months period, I will not entitle to claim hospitalisation bill?
iii) do I still have the cover during my holiday in M’sia?
iv) if death,TPD occured in oversea, my nominee still get the premium?

By: KCLau

KCLau — Thu, 09 Apr 2009 09:12:40 +0000

@ Bee,

1. Since you have migrated, I don’t think you need the health protector anymore.
2. It is only claimable for a certain period after you left Malaysia (just a few months, not years).

By: Bee

Bee — Wed, 08 Apr 2009 13:26:02 +0000

4 years ago, I have bought the GE Protectlink Insurance comprise the health protector, sum assured RM150. My question are:
1) I have migrated to UK and the health care is free here. Should I withdraw this protection and invest on other riders.
2) There are private hospitals in UK too, can I claim the oversea hospitalisation bill?

Please advise.

By: KCLau

KCLau — Wed, 16 Jul 2008 03:34:02 +0000

Great Eastern just updated their system to cope with large amount of new policies. After the update, the statement is no longer sent quarterly. It will be half-yearly or twice a year.

I only receive my statement after the update around May. You will have to wait another 6 months for the other update.

By: Yu

Yu — Tue, 15 Jul 2008 10:11:59 +0000

hi,
is the quaterly statement still in force ? i didnt receive any since last year. by the way, is policyholder entitle for the cd rom on fund performance?
thank you.

By: Great Eastern Centennial AddVantage Insurance: Regular Premium Investment-linked Plan | Personal Finance Money Tips

Wed, 14 May 2008 15:35:51 +0000

[...] wrote about the other best selling regular premium investment-linked plan before, called Greatlife Portfolio Insurance, also known as Great Protectlink [...]

By: KCLau

KCLau — Fri, 02 May 2008 04:21:50 +0000

@Ronnie,
In fact, all the money you paid are invested in the inv-linked funds you have chosen. The RM200/month will be used to deduct all your insurance charges ( this depends on how much protection you bought with the plan).
You can register with http://www.lifeisgreat.com.my and you will be able to monitor how much cash value you have in your policy at any time.

By: ronnie

ronnie — Tue, 29 Apr 2008 13:46:08 +0000

hi kclau,
i bought GE protectlink insurance a year ago.currently i’m paying RM200 permonth for it. i would like to know until when i can stop paying this insurance and what will be the amount i can gain? will i get back the money for on the unit trust?
after the age of 60, can i get back the amount i paid for the policy?

Thank you.