Most ilp policies matures at age 100 and if it matures then the insurer will pay out the remaining cash values (if any).

The CSP is only claimable upon death, 36CI or TPD event

No, otherwise what is the point of the 2 years of Incontestability Period?

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No. If the medical condition is a material fact (that directly affect how the policy is being underwritten) and it was not disclosed during the inception, the policy will be treated as null and void (due to breach of contract)

The total premium paid (minus any claims made) will refunded and the policy will be cancelled.

Highlighted in bold is pure utter nonsense.

The question that Underwriter would like to know is after the 1 1/2 years, how has the polyps developed? Whether the polyps is still there or has it been removed or disappeared naturally?

There is a very strong link the polyps will turn into a colon cancer and of course it is a material fact.

It is definitely NOT OK not disclosing material fact. You pay the premium for something that does not work.

1. Yes, that is right.

2. No preference. Just ensure that the person(s) you had nominated knows where to find the policy/policies. For all the insurance policies that you have, draft out a summary spreadsheet and use Google Sheet to share it with your loved ones.

Details such as policy no, inception date, covered event, covered amount, purpose of insurance, term, insurer name, beneficiaries and agent contact details should help in the event of a sudden demise.

3. It depends on the age of the person and the tenure required (no of years) since for most term insurance, the covered term is up until the age of 70/80 (max).

If a longer tenure is required then whole life, otherwise term insurance.

For the existing customers the automatic medical extension till age 100 will be in stages and will be announce in due course.

However if you want to do changes (endorsement) to the policy, it is still allowed.

Sure, PM me the details. Coverage etc

That is correct.

In addition, based on the circular that we had, the automatic extension is only applicable PruHealth and PruValue Med only.

Looking at things currently (last quarter of 2017), i would expect it will be a year 2018 initiative.

No official timeline was given, sorry.

The Incontestability Clause is in the policy general provision, therefore it applies to the entire policy contents, irrespective of the rider's/benefits.

I would say that it will be dependent on the severity of the health issue being found. Please take note that there is up to 2 years (from policy inception) of "Incontestability Clause" for the insurer to investigate for non-disclosure (of material fact).

For example, if a large tumor was found in stomach and there is history (at clinics/hospital) of gastritis / abdominal pain which was not declared during the policy inception, then there is a high possibility that the claim will be further investigated.

The attending Dr will also be ask to comment on tumor, whether the tumor is possible to be that large in just 3-6 months of taking up the insurance.

However, if there is no such record found in any clinics/hospitals, the above mentioned claim will be honored.

If you understood what I wrote above, then you will know when you should do the body checkup

This post has been edited by roystevenung: Oct 21 2017, 11:02 PM

No there is no waiting period for upgrade if it is accepted for upgrade.

However the new medical card will only be active after 30 days, therefore any claims within 30 days will still be claimable from the old card.

You may transfer the policy servicing to another agent if yr agent is no longer contactable.

Will need to know when was the last treatment date and severity of the cancer. You may apply, providing full health disclosure to the insurer.

Yes the policy will still be active when the assured passed on.

While the assured is still alive he needs to appoint his family member(s) to be a Contingent Assured (CA) .

Upon his death, if there is/are CA(s), the child policy will not form part of the assured estate and future claims for the child policy will be paid to the CA(s).

However if there is no CA appointed and the assured passed on, to transfer the ownership of the policy will require a Letter of Administration or Grant of Probate.

As for the policy payment if there is a parent payor attached the premium will be waived till the child is age 25.

If there isn't any parent payor attached the policy will still be in force if there is still payment.

The policy ownership will also be transfered to the child when he/she attained the age of 25.

Yes automatic but the life assured is advised to do nominations, with the consent of the trustee/s ofc

Method 1:
The only way is to put in lots of saver (money set aside in saver account that do not contribute to buying any insurance) and project the
insurance charges increase. It's not 100% full proof, but at least it will help sustain the policy longer.

Method 2:
Invest/save yourself and have that cash standby to finance the insurance in later years.

You may get the agent to review the policy and compare it with the cash value accumulated throughout the years.

If it is without any medical card, then maybe it will be able to finance itself depending on how the policy was design.

However if it is with a medical card, I can say its 100% it was a sales talk and nonsense to say that it can finance itself after 10 years (well maybe it can run for a some years but it will be required to top up once the accumulated cash value has depleted).

Please get in touch with your mum's servicing agent for a policy review or you may bring your mum along to any Prudential office to check.

If the agent is no longer in the business or loss touch, you may transfer the policy to another active agent for future servicing.

If it is till age 70, it means that the premium that you pay may not be sufficient to handle the higher insurance charges at older age.

Newer medical card is able to be covered till age 90 or 100 if there is sufficient cash value in the policy to sustain the higher insurance charges at older age.

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