Not true. There's no such thing is stop paying and let the cash balance self pay. Yes you can stop paying for say 1-2 years (holiday premium) but after that need to start paying again. Why? Cause the cash balance will run out faster than your insurance. That's what agent told me. Need to prepare RM50k+ to top-up so it can sustain you until the age you want. ILP seller will promise you that the investment will pay for it. That's in theory. A good agent will tell you don't expect any cash balance from your health insurance.

That's the reason I tell people avoid ILP, buy standalone and dump money into EPF or SP500.

I am not agent btw.

Usually you can check sustainability amount left via online.

No plan for it. That's what I am doing. My passive income today can pay for my premium at age of 80.

Sure. If I am not wrong from top of my head, the premium should be around RM17k/year. This is assuming the insurance company follow the projected premium table to the dot. I am not on ILPso higher chances if them following the projected premium to the dot (based off what my agent said - usually for standalone, the projected premium is quite accurate and rarely they increase the premium more than than projected premium, it can happen. But rare).

My medical insurance limit is RM1.37m/year (refresh yearly). No lifetime limit. RM200 room and board, if I were to take up AIA vitality and be healthy, I can get free upgrade to RM400 room and board courtesy of AIA. RM300/admission deductible, 120 days post hospitalisation follow up. Coverage for dialysis and all cancer treatment. No extra increase in premium if diagnosed with extra illness (eg got diabetes, high blood pressure, the premium still stay the same). No not guaranteed renewal clause (means again if I got diabetes, high blood pressure, as long as I pay on time, full and didn't fraud the insurance, they will still cover me provided I continue paying the premium).

Bonus thing from AIA, they upgrade their old customer to new plans once the old plan is obsolete without new medical underwriting and cover all existing illness (what his means is if someone got diabetes or high blood pressure and seek treatment at KK and didn't admit for it - hence didn't claim, AIA will offer them this letter to upgrade to new plan) Selection criteria of old customer to get free upgrade is not known. My speculation is those without illness like diabetes or high blood pressure or heart problem or kidney problem or maybe maybe those that never claim before. I have seen 2-3 such cases myself. No other insurance company offer this hidden feature (it is not written in their website). One was a financial blogger working in Singapore. He is a Malaysian. I think he got diabetes and high blood pressure but he never use his Malaysia insurance. AIA Malaysia offer him full upgrade to new plan which cover any illness. The other 2 were family members who never admitted to hospitals before.

This post has been edited by Ramjade: Aug 13 2023, 12:45 PM

That's good to hear another such company offerin such thing. I didn't go with allianz cause it's ILP. Had they have a standalone, maybe I would have considered.

When I asked Great Eastern, the agent told me no such thing from GE. Shows you how stingy is GE and how good are they. Lol

Bro, I am quoting the 80 years old premium at today's price. My insurance is only around RM1300/year currently. Also have you taken into consideration of all the ILP increases, top-up required?

Like I said in another thread if you have illness already, you cannot buy insurance already. But yes review is important if you got no illness. If got illness already, forget about it. By you keep buying the agent will untung more than you. Cause the agent gets like 40%/year commission for 2 years and they are paid for 7 years. So by you buying a new insurance every 2-3 years, they get 40% of your premium every 2-3 years. Sign me up as your agent (I am not agent btw) Just joking.

Why am I against ILP
1. Paying extra for unnecessary stuff life insurance, tpd, lousy fund.
2. Lousy fund return which cannot even beat EPF over long term. These a theory out there that the funds are lousy as it's intentional to force customer to keep increasing premium. Cause if a fund is good and able to sustain the insurance, customer no need to keep increasing premium. Increase in ILP happens because
I) lousy fund performance
II) no money left in the pool
Just speculation.

3. Critical illness which covers the basic one. If you got like stage 1,2,3 cancer, and if you have for waiver of premium, it won't waive your premium. Reason is the waiver only activate it you are half dead or stage 4. I can get standalone critical illness insurance that payout lump sum that can cover stage 1,2,3,4 cancer with relapses (yes if you got relapse, they pay you) in between and the payout is more than enough to cover the medical premium until age of 99.
4. More prone to increase in price compare to ILP. Standalone generally follow the projected table increase in price with exceptions but not ILP.
5. It cannot sustain you until the age you want unless you fork out like RM4k/year
7. ILP will ask you top-up somewhere down the road to sustain your policy. Failing to top-up means your sustainability decrease. It's not a if but guaranteed. Question is when will they ask you to top-up. No such issue with standalone.

I didn't. I exercise my cooling period and got full refund from GE.
All ILP like that. Cannot run away. Part of buying ILP. To avoid that kind of increase, pick standalone. Standalone generally follow the projected table price unless something drastic happen.
Another alternative is gathercare. It's fixed for life at RM400/year with no increasment.

I have asked AIA, GE all agent said the same thing, standalone generally follow the table. Only exception to this rule is medisavers. They increased their premium by 10% few years back.

All ILP like that. Cannlt run away. Part of buying an ILP. To avoid that kind of increase, pick standalone. Standalone generally follow the projected table price increase unless something drastic happen.
Another alternative is gathercare. It's fixed for life at RM400/year with no increasment.

I have asked AIA, GE all agent said the same thing, standalone generally follow the table. Only exception to this rule is medisavers. They increased their premium by 10% few years back.

This post has been edited by Ramjade: Aug 18 2023, 10:15 AM

A good agent will tell you expect zero returns from ILP. I got a shocked when I heard zero but then it make perfect sense. 2-3 agents also told me the same thing even those not commission based.

Even if you pay your premium until the end of your insurance, you will get zero back.
Reason is medical insurance cost > returns generated. When medical insurance cost more than premium paid, they will minus from your investment part to keep the premium "constant". There will come a time when say your medical insurance cost say RM15k, you are only paying RM3k in premium and your investment only generate say RM1k. so they will minus RM11k from your investment. Keep doing that and eventually your investment pot becomes zero. That's when if you don't agreed to the increase in premium, the insurance will lapse as you are only paying RM3k and say cost is RM18k.

Of course they push for ILP. A sustainable ILP until age of 70-80+ require premium of RM3600-4000/year for someone 30 years old. Standalone only cost say RM1300. Eg both earns the agent 40% in premium, which plan will generate more money into agent bank account? Obviously the ILP with premium of RM3600-4000 Vs the standalone one right?

Premium will be low for standalone but eventually it will increase with age. Cannot run away. Plan for it. Allocate enough money for it. That's what I am doing. That is why I said I am able to pay my 80 years old premium with my passive income today.

If one does not know how to invest, just dump into EPF. EPF will beat majority of the ILP funds. Alternatively if want higher returns just get a S&P500 etf from UK.

This post has been edited by Ramjade: Aug 18 2023, 10:55 AM

There is no such thing as stop paying. Yes you can stop paying for few years (take a premium holiday) but it will affect the sustainability of the insurance.

Take out the your original sales pdf or ask your agent to generate one for you from their ipad. You can see the sustainability period if you continue paying your premium until the age you want. it cannot even reach the desire age you want assuming you take 2%p.a return set by BNM. I always use the 2%p.a return to be conservative cause if you look at ILP returns, they are generally negative or 1-3%p.a over long term.

This post has been edited by Ramjade: Aug 18 2023, 04:20 PM

Yes. All insurance have that clause but based off what 4 agents told me (both AIA and GE), all tell me the same thing. ILP is the one which always experience the increase and as far as they worked standalone increases always follow the table.

4 different people from 2 different company is good enough for me.

If you do your own research here and Reddit, you will see what they say is true. Those affected are those with ILP. I read through 5 years back of posting.

This post has been edited by Ramjade: Aug 18 2023, 08:03 PM

Yes all fine print is there. I read everything. All said premium not guaranteed. You asked them have xyz plan ever been reprice in the past 5 years? Don't ask only 1 agent. Ask multiple agent. Then like I said check online to see if what agent said matches people complain online.

So far from my checks online (lowyat forum and Reddit), again only ILP affected regardless of insurance companies.

This post has been edited by Ramjade: Aug 18 2023, 08:39 PM

If you pay on time and full, no fraud, no surrender yes.

Insurance cost until old is never RM50k. If 50k, I also want. RM50k is for those with RM100k limit.

Estimated cost until old is RM200-300k

All insurance all nowadays guaranteed renewaable. That was one of my main priority when choosing my insurance. Read the terms and conditions.

It's mentioned policy will be inforce unless
1. Person does not pay in full and on time
2. Person committed fraud
3. person surrender the policy

More or less the terms and condition off he top of my head in plain English.

The old one yes. Not guaranteed renewal. There's some changes mandate by BNM that all new insurance policy need to have guaranteed renewal. Of course company don't write guaranteed renewal but they mention the above terms and condition. There's no term and conditions if patient diagnosed with xyz disease, insurance shall be null and void.

I don't just depend on insurance alone. I practiced multiple approach
1. One meal a day, my next goal is 3 days fast a week.
2. Healthy food, no process food, no junk food, no carbs.
3. Exercise, minimal 5x/week
4. Sleep.
5. Proper supplements

If you can prevent diabetes you prevent a lot of other illness already (high blood pressure, heart attack, stroke, kidney disease, high cholesterol, some cancers).

Even if you got diabetes, high cholesterol, you can reverse it partially by fasting. Yes need to be consistent and for life. Fasting makes our body sensitive to insulin, which means less insulin to do the same job as someone with diabetes. With better insulin sensitivity, fat reduced, blood sugar also reduced, cholesterol also reduced, medications dosage reduced and maybe can stop (Malaysians doctor never dare to stop medications but I know some US specialist they take their patient off the meds and continue monitoring if everything cantik).

No money can buy back your health and time.

This post has been edited by Ramjade: Aug 19 2023, 07:26 PM

That's some in Singapore all in bitcoin before it boom and cash it out. That's why they can afford property in Singapore. Thanks to crypto. Crypto really change their life. My friend also all in crypto. Every month definitely buy crypto. Go big or go home mentality

Can try out GXbank. Higher interest rate than rize and less issue supposedly.

Also you might want to think about investing overseas stocks to protect against your future purchasing power (my teacher words, not mine). I don't hold ringgit at all except for PRS and EPF.

That's why I refuse to buy property in Malaysia. You are sinking in 700-800k into ringgit.

Depends on you. An investment is not growing it's payout is not a good investment. If you follow s-reits you know many of them their dividend was reduced due to high interest. That's why I don't hold any s-reits anymore.

Btw are you male or female?

This post has been edited by Ramjade: Apr 22 2024, 08:50 AM

Gxbank interest is 3%. Promo is just 5%. I prefer less problematic banks.

Cause if woman stuff like facial is burning your money.

Lol. Buaya mode.

Ronnie is right. How much you want the yield? After add on loans, taxes what is final net return? If a property is not generating money for you it's a liability. Unless you going for auction properties.

This post has been edited by Ramjade: Apr 22 2024, 11:07 AM

If he is contract, likely EPF. Unless he is permanent.

If tenant cannot pay 100%, you still need to cough up money.
30 years down the road, ringgit would have drop more. Not worth it.