It is hard to say because the bonus declared every year may differ. You can choose to pay only the difference when your current year bonus is not enough to cover for the year’s premium.
You can ask the customer service personnel at GE to give you an explanation and how long the cash bonus may last.

I have been effect the Great Eastern Life insurance in August 1994.
This month my bill is like this:

Premium Due on 04/08/2010:RM1170.30
Less:
Cash bonus balance RM3885.86
Total 0.00

Will i have to pay after the 3885.86 is fully deduced or I will not need to pay anymore since already 15 years?

From your website, you have been so helpful in giving your thoughts and advice. I have sent you an email and would really appreciate your thoughts please.

Thank you so much!

Rgds.

You can go with Rockwills. Some lawyers are also very familiar with this.
If you want me to refer someone, please contact me via email.

Thanks

i’m in the midths to get my company biz insurance soon and i’m also looking into doing trust. can u recommed me any reliable trust company? thank u .

I like your question and would also be keen to hear from KCLau’s point of view.

I think he would probably recommend you to take both based on his previous article in this blog. From my personal research, both combination of traditional and investment-link is the ultimate best plan. He enjoy the benefits of both.

For your info, I am also thinking of buying another traditional policy like what you mentioned RM50K for whole life with critical illness in addition to my current ILP of RM200K plus medical card of SmartMedic of RM200.00.

I have a few friends who had cancer during the last 10 years and honestly, RM200K is confirmed definitely not enough. But I cannot afford to insure further more due to budget constraint.

Hope this helps.

KCLau, sorry if I had taken over your role here…..

Whole life Great Enhanced Living Care: Death, TPD, 36 CI : 50k coverage
Yearly premium: ~RM1,600

Investment-linked Smart Protect Essential Insurance 2: Death, TPD, 36CI, Medical Card SM150 : 50k coverage
Yearly premium: RM1,800

Should I take both plans or I just take one of it? I can pay additional premiums if I just take one of it. But I need the medical card after retirement. Should I go for term insurance for medical card?

Thanks in advance.

There are many term insurance( annual renewable/term level life) available in the market today.. Term insurance is not the traditional whole life(with or not with participating plan).. You may search google or yahoo for term insurance, or compare whole life endownment plan with term insurance.

Nowadays, our society really does not know what are the differences of insurance available today. And the main problem is, our financial adviser/insurance agents always recommended ALL-IN-ONE package(high commission) to clients/customers with all coverage.. But does those coverage really need or not? And coverage is small with high premium. Example:- Life/Death coverage of RM150K , it will took less than 3 years for the beneficiary + their young childrens to spend and finish off (expenses + cost of living,car/home loan. RM50K per annum).. Why pay high premium for low death coverage?

Example:- A person age 35 year olds, non-smoke, term insurance(level term life for 25 years) coverage of RM300K(Death) with 36 critical illness and disability benefits cost RM2k annually.
Monthly Cost = RM 166.67 ( Cheap bargain premium payment).

Basic CONCEPT:- Buying insurance is to protect the beneficiary + young childrens to survive should any disaster strikes the breadwinner. Get high payout with low premium payment.

Have a great day. Just a thought of mine,.

Getting a term life insurance(renewable/term life) and investing the extra in other form of investments like stock markets(if u got the knowledge/patience) or unit trusts..
Why TERM Insurance ?
Term Life Insurance is “”very cheap”" premium and the death coverage sum is VERY HIGH should there’s any death incurred to the insured breadwinner.Nowadays, many “packages” or we called in All-in-ONE package of life insurance / endownment plan which force clients/customers to perform a saving/investment.
By Getting 1) a term insurance with 36 critical illness 2) medical card and 3) PA will be sufficient enough for a breadwinner. If possible, work in a company that provides medical card for employees(some saving on normal medical card coverage). If no longer works for the company, get own medical card.
Usually term insurance is depends on own needs. If the breadwinner got young infants/children to provide them education, living ..etc,, the insured might need term insurance up to only 15 – 25 years(renewable/term life) only. Any life death during the 15- 25 years, his young children able to survive with the HUGE SUM PAYOUT. If nothing happen during the 25 years tenure, by then, his children already independent, graduated from college/university. The extra, the breadwinner might invest it on stock markets/units trusts..
You can compare the premium payment for the term insurance and ILP/Endownment/Whole Life (with or not with particating plan ), and you ‘ll surprise the premium cost and the death sum coverage where huge differents between them.
In olden days, people BUYs term insurance is to HAVE BIG Coverage Plan for Beneficiary to survive for long years(depends on their young infants/childrens to become independents) if anything happens to the breadwinner.
Why pay BIG Premium with ++small/ordinary++ SUM Coverage Payout with “force” saving/investment plan?
http: //en.wikipedia.org/wiki/Term_life_insurance
Just a thought. Have a great day & Enjoy Learning !!

I think your plan is fine. The combination is quite balance.

Your agent is right. There is no tax advantage.