Author Topic: which insurance com. to join?  (Read 17846 times)

Offline VIE CHOY

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which insurance com. to join?
« on: April 15, 2007, 03:07:48 PM »
I am a marketing exc. Many year back till now , my friend a unit manager ask me to join AIA,i feel not interested in insurance at all. Recently my friend(unit manager) inroduce me to join ALLIANZ as part time agent.I feel interested with their concept, insurance product and % commision. As I compare ALLIANZ pay better commision and seem to be have good product which customer can easily understand. But now I get confuse which company should I join? When I go ALLIANZ office, I get to know some agents from AIA they come to join ALLIANZ. The nearly same product earn 2 time more commision compare to AIA. My AIA friend say AIA is better in term of company. But ALLIANZ also a International Company. so I got confuse liao ,anyone can help?

Offline venven81

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Re: which insurance com. to join?
« Reply #1 on: April 15, 2007, 09:43:55 PM »
vc,
welcome to the forum!
first of all, what is the purpose of you having the intention to join insurance business? commision alone? helping people and at the same time earn good income?
in fact, most insurance products have the same commision scale. Ranging from 20% to 40% depeding on which product you're offering.
when you're in this business and if all you care about is commission, you will not last long.
if you're here to provide proper advice to your clients, then yes you will enjoy your time in this fun business.
which company to attach to? most are the same. more importantly is, which leader you're following and whether or not s/he could lead you to higher level. that is crucial if you want to achieve something in this line.    ;)
Prudential for your protection & investment needs

Offline VIE CHOY

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Re: which insurance com. to join?
« Reply #2 on: April 22, 2007, 12:14:12 PM »
Venven ,

Thanks for your advice. I have my answer .

vc,
welcome to the forum!
first of all, what is the purpose of you having the intention to join insurance business? commision alone? helping people and at the same time earn good income?
in fact, most insurance products have the same commision scale. Ranging from 20% to 40% depeding on which product you're offering.
when you're in this business and if all you care about is commission, you will not last long.
if you're here to provide proper advice to your clients, then yes you will enjoy your time in this fun business.
which company to attach to? most are the same. more importantly is, which leader you're following and whether or not s/he could lead you to higher level. that is crucial if you want to achieve something in this line.    ;)

Offline Calvin Wong

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Re: which insurance com. to join?
« Reply #3 on: April 22, 2007, 12:55:07 PM »
in fact, most insurance products have the same commision scale. Ranging from 20% to 40% depeding on which product you're offering.

Venven, 20-40% sounds like a lot. What is this based on... annual fee?

Offline venven81

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Re: which insurance com. to join?
« Reply #4 on: April 22, 2007, 09:48:43 PM »
commission is based on premium. for instance, if the premium is rm300 a month and the commission is 40%, then you'll get rm120 commission.  ;)
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Offline DenLee

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Re: which insurance com. to join?
« Reply #5 on: April 23, 2007, 12:44:15 AM »
Ven,
        Is it true that Manager's commision on certain products is 14% different from normal agent?  If that's true, how about the criteria to become unit manager?
Thanks
Regards,
Denlee

Offline grahamsmun

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Re: which insurance com. to join?
« Reply #6 on: April 23, 2007, 09:56:40 AM »
By the way have u all thought of investing in insurance sector.
Stock market is performing alright
There is some growth in genaral business that will also benefit insurance.
This insurance co price is underperforming against CI.

If buy which insurance u will select and why?

Offline Salahdin

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Re: which insurance com. to join?
« Reply #7 on: April 23, 2007, 06:30:03 PM »
GE & Prudential good for hospitalisation plan,
GE & Hong Leong Insurance good for investment-linked plan,
AIA good for Group insurance,
Multipurpose General Insurance good for Personal accident plan,
Kurnia get our motor claims fast,
ING and AIA good for Fixed Housing Loan.

No comment for Endowment plan because it did not serve my need.  Term insurance is almost the same everywhere.   ;D
The worst way of learning is to keep all the knowledge to yourself.  So, share it to others as they would to you.

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Offline grahamsmun

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Re: which insurance com. to join?
« Reply #8 on: April 23, 2007, 06:38:29 PM »
Hi Saladin,

What i mean is which insurance share should we buy ?

Offline venven81

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Re: which insurance com. to join?
« Reply #9 on: April 23, 2007, 06:55:56 PM »
GE & Prudential good for hospitalisation plan,
GE & Hong Leong Insurance good for investment-linked plan,
AIA good for Group insurance,
Multipurpose General Insurance good for Personal accident plan,
Kurnia get our motor claims fast,
ING and AIA good for Fixed Housing Loan.

how did you come to that conclusion? mind to elaborate on your findings?
Prudential for your protection & investment needs

Offline Salahdin

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Re: which insurance com. to join?
« Reply #10 on: April 23, 2007, 07:26:41 PM »
Well, I'm not an insurance agent but my personal financial planner is.  This is my deduction:

GE & Prudential good for hospitalisation plan,
Prudential is best but GE 2nd because your policy is easier to get approved by Prudential than GE.  As for comparison of hospitalisation products, both companies offered almost same benefit.  AIA deduct another 5% more than other insurance companies for the first few years when you buy.

GE & Hong Leong Insurance good for investment-linked plan,
Both companies have good fund managing teams.  Thumbs up for their unit trust price escalation of price.  Prudential used to lead in this but had not done well these few years.

AIA good for Group insurance,
The Group product is good for family protections bought through companies where one worked for.

Multipurpose General Insurance good for Personal accident plan,
It's always cheaper buying PA from General insurance like AIG or Multi Purpose because it's cheaper.  Multi Purpose PA offered very good deal.  Check it out with your agent.

Kurnia get our motor claims fast,
This is true to the appointed workshop which spread very widely across all states. 

ING and AIA good for Fixed Housing Loan.
5.99% currently.  No other banks or insurance companies could offer such a good deal....

Any idea?
The worst way of learning is to keep all the knowledge to yourself.  So, share it to others as they would to you.

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Salahdin (The Great Caliph of Baghdad)

Offline DenLee

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Re: which insurance com. to join?
« Reply #11 on: April 23, 2007, 07:29:00 PM »
Wow...do we share the same personal financial planners.  Most of your points hit the same bell.  I think you must be buying your policies from the respective companies that you have suggested.  Do you?
Regards,
Denlee

Offline Salahdin

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Re: which insurance com. to join?
« Reply #12 on: April 23, 2007, 08:46:09 PM »
Yes, I'm walking my talk.  I am quite close to my personal financial planner to.  Just in case, what do you think VenVen?  Would like to seek for 2nd opinion here.  Thanks.
The worst way of learning is to keep all the knowledge to yourself.  So, share it to others as they would to you.

Regards;
Salahdin (The Great Caliph of Baghdad)

Offline Salahdin

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Re: which insurance com. to join?
« Reply #13 on: April 23, 2007, 08:51:49 PM »
Hi Saladin,

What i mean is which insurance share should we buy ?

Misunderstood of your queries.  Btw, Pacific Mas used to own GE but lost to OCBC in securing this hugh Great Eastern Insurance.  The other players should be TA or Takaful. 

In Malaysia, Great Eastern is still the market leader followed by AIA and then Prudential.  Notice that only in Malaysia that GE is the largest.  Elsewhere,  Prudential is 1st.  As far as I know, these 3 top giants insurance company are not listed in KLSE.  Only the smaller one are listed.

I would personally recommend Jerneh as it's under Kuok Brothers.  What do the ther think?
The worst way of learning is to keep all the knowledge to yourself.  So, share it to others as they would to you.

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Offline venven81

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Re: which insurance com. to join?
« Reply #14 on: April 23, 2007, 10:29:29 PM »
personally i wouldn't know which insurance company is good in any particular area as i haven't seen ALL their fineprints and black & white doc for whatever benefits they provide.
most insurance companies would share a fair bit of similarity as all are regulated by Bank Negara. the differences would be some minor variations in the benefits offered as there's no perfect account to suit everybody's needs.
when one decides to get an insurance policy, only few factors would come in:
1. you like how the account works for you.
2. you feel the price to pay is reasonable.
3. the person whom you're dealing with.

if one is to get the best product, what i could suggest him to do is to wait for the next 30 years, then look back over the last 30 years to see which company offered the so-called best account. but i think it's too late for him to take anything, don't you?

jerneh? it's a general insurance company...
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Offline Salahdin

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Re: which insurance com. to join?
« Reply #15 on: April 24, 2007, 12:14:21 AM »
Yup, it did general insurance.  Saw that it's getting popular with home insurance.
The worst way of learning is to keep all the knowledge to yourself.  So, share it to others as they would to you.

Regards;
Salahdin (The Great Caliph of Baghdad)

Offline DenLee

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Re: which insurance com. to join?
« Reply #16 on: August 09, 2008, 11:58:12 PM »
In my humble opinion, join the financial planning company instead of insurance company.  Being a representative from a financial planning company, you have a broad range of products to offer your clients.  Coz I myself takes different plans from different insurance companies depending of my financial planner's recommendation.

For PA plan, consider the Gladiator from Multipurpose General Insurance company.  ;D
Regards,
Denlee

Offline hovercraft99

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Re: which insurance com. to join?
« Reply #17 on: August 28, 2009, 04:23:00 AM »
Well, I'm not an insurance agent but my personal financial planner is.  This is my deduction:

GE & Prudential good for hospitalisation plan,
Prudential is best but GE 2nd because your policy is easier to get approved by Prudential than GE.  As for comparison of hospitalisation products, both companies offered almost same benefit.  AIA deduct another 5% more than other insurance companies for the first few years when you buy.

GE & Hong Leong Insurance good for investment-linked plan,
Both companies have good fund managing teams.  Thumbs up for their unit trust price escalation of price.  Prudential used to lead in this but had not done well these few years.

AIA good for Group insurance,
The Group product is good for family protections bought through companies where one worked for.

Multipurpose General Insurance good for Personal accident plan,
It's always cheaper buying PA from General insurance like AIG or Multi Purpose because it's cheaper.  Multi Purpose PA offered very good deal.  Check it out with your agent.

Kurnia get our motor claims fast,
This is true to the appointed workshop which spread very widely across all states. 

ING and AIA good for Fixed Housing Loan.
5.99% currently.  No other banks or insurance companies could offer such a good deal....


Based on the above info : We must really not trust what we read in this forum when it comes to factual things . I strongly suggest you or anyone to do a proper market survey !!!!!!!!!!


Offline KT Ng

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Re: which insurance com. to join?
« Reply #18 on: November 06, 2009, 03:15:56 PM »
I FELLED FROM A HIGH STAIRCASE RECENTLY. SERIOUSLY INJURED, I WAS ADMITTED INTO A HOSPITAL FOR X-RAYS AND BRAIN SCANNING, NURSING AND HOSPITALISATION. HAVING A PA POLICY,I PRESENTED MY MEDICAL CARD TO THE HOSPITAL WHILE ADMISSION. TO MY SURPRISE, MY APPLICATION FOR LG WAS REJECTED. WHY? I AM VERY CONFUSED?. I WAS ASKED TO PAY ALL MY BILLS FIRST AND TO SUBMIT MY CLAIM AFTER BEING DISCHARED FROM HOSPITAL.

I THOUGHT HAVING A MEDICAL CARD WAS A PRIVILEGDE? LUCKILY, MY HOPE WAS NOT TOTALLY HOPELESS FOR I RECEIVED MY PA CLAIMS INCLUDING ALL MY MEDICAL LEAVES ALLOWANCE SOON AFTER. THANKS FOR THEIR SPEEDY SETTLEMENT OR ELSE I WILL NOT BE SO GLAD AN EXPERIENCE AFTERALL.  ??? ::)

« Last Edit: December 16, 2009, 07:51:54 PM by OOOEO »
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Offline venven81

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Re: which insurance com. to join?
« Reply #19 on: November 10, 2009, 01:22:41 PM »
im sorry to hear your ordeal. mind to share which reputable insurance company are you referring to?
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Offline danieltkb

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Re: which insurance com. to join?
« Reply #20 on: November 13, 2009, 01:24:30 AM »
hi
after scanning thru all u guys written the message, it sound like u all are form the jungle!
hv u not been to school and know thy facts!
what is insurance?
of cause there are lots of them,
simple, 2 types:
1 general
2 life

LIFE:
1 term  (T)
2 whole life  (WL)
3 endoument   (E)
4 investment link  (IL)
5 medical & hospitalisation (MC)

T:
 a policy cover u for a term period
eg DANIEL buy 20 T policy for coverage RM100,000, cost RM500/yr
    during the 20 yrs period, any misfoture happen the said insurance
    com libility is RM100,000 to be paid to the next of king
    No cash value, just like your car ins, happen, claim, no happen burn.

WL:
   mixture of saving and term, mature at age 85 or 100. (normally) 
   the policy will cover your life until age 85 or 100, with yearly payment of   
   cost, let said RM1200/yr for RM100,000.

E:
   more expensive premium than WL or T
   RM100,000 u pay RM3000
   It mature much earlier then WL , normally age 55.

IL:
   mixture of Mutual Fund plus insurance fund.life fund. I notice most top company they sell this , basically , putting the risk back to customer.

REMEMBER LIFE INSURANCE IS ALL ABOUT LIFE PROTECTION, IF U WANT TO GET BETTER MONEY GO ELSE WHERE, NOT INSURANCE COMPANY.
   THE CONCEPT : POOLING OF FUND SHARING OF RISK!



if u believe me, and seriously want to know more, in investment ,or life protection, or medical plan, i am open to you.

daniel tan , home town, penang, ph 0164736163