choosing a life/ health insurance

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prahkeitouj
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choosing a life/ health insurance

Post by prahkeitouj » Fri Aug 21, 2015 1:19 pm

Nowadays there are many insurance companies in Cambodia, but Cambodians still don't understand about disadvantages and advantages of being a member of it because we are new about it. I'm purchasing a life insurance from a company. There are many kinds of membership, but I decided to choose the cheapest one. I spend about 27 $/ month and I'll get my money back 5000$ in 15 years if there is nothing happen( still alive) to me during the membership. I think I can save this money for my holiday after next 15 years. I want to know that it's possible to get my money back after I complete it? Some of friends want to buy insurane but we don't know which one is reliable because we are worried about scam.

I know that most of you have insurance( health and life) so I hope you can share your experince about your insurance and give us "Scam alert ".
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Re: choosing a life/ health insurance

Post by TheGrinchSR » Fri Aug 21, 2015 1:25 pm

prahkeitouj wrote:Nowadays there are many insurance companies in Cambodia, but Cambodians still don't understand about disadvantages and advantages of being a member of it because we are new about it. I'm purchasing a life insurance from a company. There are many kinds of membership, but I decided to choose the cheapest one. I spend about 27 $/ month and I'll get my money back 5000$ in 15 years if there is nothing happen( still alive) to me during the membership. I think I can save this money for my holiday after next 15 years. I want to know that it's possible to get my money back after I complete it? Some of friends want to buy insurane but we don't know which one is reliable because we are worried about scam.

I know that most of you have insurance( health and life) so I hope you can share your experince about your insurance and give us "Scam alert ".
That's life insurance (both are a good idea) with a guaranteed annuity at maturity. The only downside of this kind of policy is that in 15 years time... $5000 won't be worth what $5000 is worth today (more like $1000-$2000 given local inflationary pressures).

If you were to put the same money into an interesting bearing account at 7% here... you'd end up with about $9000 rather than $5000 so you will probably need to decide if the life cover is worth it to you or not.
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Re: choosing a life/ health insurance

Post by Duncan » Fri Aug 21, 2015 2:40 pm

TheGrinchSR wrote:
prahkeitouj wrote:Nowadays there are many insurance companies in Cambodia, but Cambodians still don't understand about disadvantages and advantages of being a member of it because we are new about it. I'm purchasing a life insurance from a company. There are many kinds of membership, but I decided to choose the cheapest one. I spend about 27 $/ month and I'll get my money back 5000$ in 15 years if there is nothing happen( still alive) to me during the membership. I think I can save this money for my holiday after next 15 years. I want to know that it's possible to get my money back after I complete it? Some of friends want to buy insurane but we don't know which one is reliable because we are worried about scam.

I know that most of you have insurance( health and life) so I hope you can share your experince about your insurance and give us "Scam alert ".
That's life insurance (both are a good idea) with a guaranteed annuity at maturity. The only downside of this kind of policy is that in 15 years time... $5000 won't be worth what $5000 is worth today (more like $1000-$2000 given local inflationary pressures).

If you were to put the same money into an interesting bearing account at 7% here... you'd end up with about $9000 rather than $5000 so you will probably need to decide if the life cover is worth it to you or not.

I'm going to agree with TheGrinch, but my advice would be to forget about insurance. If you want to get ahead in life get into the property market as soon as possible, buy the cheapest flat/house you can afford in a central area, but don't live in it,,, rent it out . You might think this is impossible to do, but with the rent you get plus your $$ input, and if you get help from your parents, [ or rich boyfriend ] ,,, you will have enough deposit and for a bank loan.

I can give you a couple of examples . When I first came to Cambodia, I rented a small place for $80 per month. I had only been in it for one month when the landlord told me she was selling it,,,,, So I bought it. Then 15 months later I sold it,, and it worked out it had gone up in value at $8 every day I had owned it..

Example 2
Two and a half years ago, all the new [ 6 bed ] houses in my street were selling for about the same price,
$71,000, I bought one.,,,, About one month ago, one opposite me sold for $95,000.
You do the sums,, but that's about an increase in value of $800 a month.

I could give another good example, but sorry, I cannot talk about it in public.

prahkeitouj,,,, you will never get anywhere in life if you work on a salary and don't take risks in investments.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: choosing a life/ health insurance

Post by prahkeitouj » Fri Aug 21, 2015 3:51 pm

TheGrinchSR wrote:
That's life insurance (both are a good idea) with a guaranteed annuity at maturity. The only downside of this kind of policy is that in 15 years time... $5000 won't be worth what $5000 is worth today (more like $1000-$2000 given local inflationary pressures).

If you were to put the same money into an interesting bearing account at 7% here... you'd end up with about $9000 rather than $5000 so you will probably need to decide if the life cover is worth it to you or not.
That's true! I was thinking about it too, but if I want more interest, I need to put more money. I don't have much money to do that and I just want to save some money by buying insurance. It's said " never put all eggs into a basket".
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Re: choosing a life/ health insurance

Post by prahkeitouj » Fri Aug 21, 2015 4:09 pm

Duncan wrote:

I'm going to agree with TheGrinch, but my advice would be to forget about insurance. If you want to get ahead in life get into the property market as soon as possible, buy the cheapest flat/house you can afford in a central area, but don't live in it,,, rent it out . You might think this is impossible to do, but with the rent you get plus your $$ input, and if you get help from your parents, [ or rich boyfriend ] ,,, you will have enough deposit and for a bank loan.

I can give you a couple of examples . When I first came to Cambodia, I rented a small place for $80 per month. I had only been in it for one month when the landlord told me she was selling it,,,,, So I bought it. Then 15 months later I sold it,, and it worked out it had gone up in value at $8 every day I had owned it..

Example 2
Two and a half years ago, all the new [ 6 bed ] houses in my street were selling for about the same price,
$71,000, I bought one.,,,, About one month ago, one opposite me sold for $95,000.
You do the sums,, but that's about an increase in value of $800 a month.

I could give another good example, but sorry, I cannot talk about it in public.

prahkeitouj,,,, you will never get anywhere in life if you work on a salary and don't take risks in investments.
I really appreciate your idea. It's what I plan. I want to have independent economic even I've a stable job and like it, but it's not enough as everyone call me Little Salary. I can't afford to buy land or flat/ house yet. I don't have any rich boyfriend to help and don't expect to get help from my family because my parents tried hard to support me until I finished university.
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Re: choosing a life/ health insurance

Post by Jamie_Lambo » Fri Aug 21, 2015 6:08 pm

insurance is always a tricky thing, you are running a risk that the company doesnt go bust before them 15 years are up, my brother was working for some life insurance company, then he found out that they were in actual fact scammers... the best way to save money is to save it yourself or with a bank, if its a fully legit well known insurance company then it wont be a bad deal, but a lot of insurance companies will try and find ways of not paying out, its how they make money in the end of the day,
its like with travel/health insurance, if the doctor says your injuries were caused through being alcohol, then most insurance companies wont pay out, i havent bothered for the past few years, but think i might next time, ive seen far too many grim pictures on here in the news section lol
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Re: choosing a life/ health insurance

Post by phuketrichard » Fri Aug 21, 2015 6:16 pm

never had life , travel or medical insurance
figured over my life i have saved close to $100,000

Rather go to a casino and bet on Black
why would u pay $27/month for 15 years an only get back $5,000? which 15 years from now will only be worth $2-3,000

Duncan; good deal BUT you had the money to by it
same for me i had the cash to buy the land and build my house, now worth 3x what i invested in 13 years :-)
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Re: choosing a life/ health insurance

Post by Duncan » Fri Aug 21, 2015 7:15 pm

phuketrichard wrote:never had life , travel or medical insurance
figured over my life i have saved close to $100,000

Rather go to a casino and bet on Black
why would u pay $27/month for 15 years an only get back $5,000? which 15 years from now will only be worth $2-3,000

Duncan; good deal BUT you had the money to by it
same for me i had the cash to buy the land and build my house, now worth 3x what i invested in 13 years :-)

But , But, But, I started off like everyone else,,, with nothing. You start with something small, cheap , that you hope will go up in value by adding your own sweat. Sell it at a profit , and do the same over and over again. I have bought about 20 properties in my life time and sold about 17. You do the maths.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: choosing a life/ health insurance

Post by ali baba » Fri Aug 21, 2015 9:50 pm

phuketrichard wrote:never had life , travel or medical insurance
figured over my life i have saved close to $100,000

Rather go to a casino and bet on Black
why would u pay $27/month for 15 years an only get back $5,000? which 15 years from now will only be worth $2-3,000

Duncan; good deal BUT you had the money to by it
same for me i had the cash to buy the land and build my house, now worth 3x what i invested in 13 years :-)
You'd think with all the money you saved you could afford some punctuation marks and capital letters.
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Re: choosing a life/ health insurance

Post by prahkeitouj » Fri Aug 21, 2015 10:16 pm

It seem most of insurance companies don't want to return back our money? Fortunately, I bought the cheapest one. But I can get discount some hospitals, restaurant and many place from 5%-25%. As I said I won't put all eggs in one basket. I also have life insurance at my work place.
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