Group Term Insurance sample reviews

A few years back, there was only ONE sensible Group Term Insurance which is the one that has been offered by Public Mutual since many years ago. But when I recently look for more choices, I found some nice surprise equivalent offers if not better ...

Etiqa-Public Mutual offers Group Term Life with PA at the following premium

Plan	Table Of Benefits		ANNUAL PREMIUM
	Term Life	Personal Accident
A	50,000	50,000	RM170.00
B	100,000	100,000	RM340.00
C	50,000	N/A	RM152.50
D	100,000	N/A	RM305.00
E	150,000	150,000	RM510.00
F	200,000	200,000	RM680.00
G	150,000	N/A	RM457.50
H	200,000	N/A	RM610.00

in short it is RM 327.87 protection for each RM 1 you pay. The terms are pretty standard as a group term insurance. However, if one day you are no longer holding any of their mutual funds, your coverage will stop automatically too.

MSIG -Stand Chart Individual PA offers RM 492 for 1 million so it is RM 2,032.52 protection per ringgit. But it only covers very specific damages by accident. If you die like Teoh BH or die while detain in ISA, no payment shall be made. Death not caused by accident is NOT covered too.

e-insuran offers quite interestingly easy-to-use build-your-own protection ...

RM 150,000 Life for RM 285

RM 150,000 Personal Accident for RM 142.50

RM 150,000 Critical Illness for RM 307.50

Add all 3 coverage together, 5% tax and RM10 stamp duty would need a premium of RM 773.75 => RM 193.86 coverage per ringgit. But you need at least 5 person to be entitled for this 'group' insurance.

Great Eastern - Public Mutual offers Mutual Life Plus 2,

Plan	Sum Insured	Annual Premium
1	RM100,000	RM 550.00
2	RM200,000	RM 1,100.00
3*	RM300,000	RM 1,650.00
4*	RM400,000	RM 2,200.00
5*	RM500,000	RM 2,750.00

which is RM 181.82 coverage per ringgit.

Group Takaful could be interesting but there is no rate info online.

Sadly speaking, none of the above can be purchased online with a click with credit card. Almost all of them has convoluted, tedious and rather no-service oriented purchase process. There was an old saying ... insurance without agent tried not to pay no matter what, insurance with agents will try to pay for those who claim first.

Please be reminded that Term Insurance has no saving element so its best to adopt buy term invest the rest in your portfolio, else the longer it runs, the less advantage you have.

Also don't forget the trick to become an insurance agent yourself to save the commission to yourself ..