Yes, it can, with a new policy and transfer of medical card to the new policy.

Oh.. that is good news. Will it need to go through all the underwriting again or is a straightforward transfer without going through the incontestability period all over again?

A Medical Underwriting will apply on the upgraded medical card.

If there are elements of non disclosure of material fact the old medical card will be reinstated and claim from there.

There is no waiting period on the new medical card, eg, 120 days specified illness

Oh ok. So meaning we don't have to go through the 2 years incontestability period again. Worst case is claim via old medical card. Is my understanding correct?

Oh ok. So meaning we don't have to go through the 2 years incontestability period again. Worst case is claim via old medical card. Is my understanding correct?

Your understanding is incorrect.

There is a reason why medical Underwriting is applied when you do the upgrade as it imposed higher risk to the insurer.

Otherwise, everyone would just get the lowest plan and when health takes sideways, apply for upgrade.

The 2 years Incontestibility still apply, which gives the insurer the right to investigate on the upgraded medical plan.

Hi sifus, I would appreciate an explanation what SLACK benefit is.

Is this a rider? How does it work? How does it benefit me? Is this an optional benefit that can be removed or included on request?

Slack does not contribute to the insurance charges as it is not for buying of any coverage. It is more to built up the cash value in order to sustain the policy longer.

You may increase or reduce the slack as you wish.

However for any Reduction, you will need to sign a policy sustainability form that the policy may not be able to sustain as per in the initial quote.

Benefit is that the cash value in the policy can be more as compared to policy without the slack.

Also, if a payor or waiver is included in the policy, if CI or TPD, then the waiver will kick in.

Ofc if you only look at it from the investment part and you have another vehicle that can generate better returns, by all means, go ahead... No right or wrong.

Hi.. I have a Prulink Assurance Account for many years. There is a maturity for the policy at 70 years old. Is there anywhere I can check if there is any return upon policy maturity? Other than my cash value. Thanks.

Thanks for the response. You mentioned Slack can be increased/decreased. Can it be removed completely from the policy as this is a rider.

Eg. In a quote, there is a line item description Slack with a benefit amount of RM500. What does this mean? How does it work? Where does the RM500 go or come from?

Don't quite understand the payor or waiver kick in part.

You may check the policy book if there is any maturity value payable. AFAIK for ILP, there is no maturity value other than the cash value

Whether it can be removed or reduced will depend on whether the policy can be sustain based on the terms that you selected. Eg if you want the policy to sustain until age 80,90 or 100.

The rm500 slack will be used to buy units for generating cash value, not insurance.

Since it goes to your cash value, you may withdraw the money ti use if you need it.

For the waiver/payor part, if you are down with Critical Illness or Total disability, the rm500+your premium will be paid by Pru until the end of the agreed term.

Hi there! Was reading your advice here, and find it very informative

Recently, my agent contacted me for 'policy updates'
He asked me to switch from my current PRUvalue med (under PRUlink One) to PRUmil med (under PRUwith you).
As I understand, I would need to surrender my main policy.

SOOO, my concern is:
1. They would charge me a new cycle of "Unallocated premium", which is quite a big chunk for first 8 years (current policy only 6 years with unallocated premium). Is that why he wants to 'update' my policy, or is PRUlink One being phased out?
2. Add that, with my now 0 cash value, would this be sustainable for me until the end of my policy (another 30yrs)? You also went with the PVM, non-surrender options, may I get your view on this?
3. PVM lifetime value is quite low (RM1 mil), hence PMM is quite attractive without lifetime limit. But if by doing so, it's not sustainable for my policy, then it's not worth it right?

Appreciate your advice!

I don't normally answer a question with more questions but in order for you to have a better decision making on whether to switch, you need to be aware of these things...

Why do you think you will need rm1.38m annually for hospital bill? Is it to cater for medical inflation? 🤔

Supposed that you claimed out Rm500k for the hospital bill, then what? Do you think you can still work to still generate an income? If not HOW MUCH DOES PRUDENTIAL PAY TO YOU since we already paid Rm500k to the hospital... I would opine that this is MORE important than to worry of how much is being paid to the hospital and NOT A SINGLE cent is paid to you.

On the PVM n PMM

Are you also been made aware that the medical insurance charges for the PruMil Med will cost Rm10k pa when you are age 76-80?

Do you know that if you don't claim for PVM for 2 years, the Med Value Point (MVP) will increase by 2% (Rm20k pa) for a Rm1m MVP?



The Unallocated and agent commission starts all over, and the 2 years Incontestibility period applies to the upgraded medical plan, as already mentioned few post back.

PruLink One is not phased out as it is an ILP product that is up to age 100. It is because PMM can only be a rider in PruWith You policy that it needs to be on a separate policy.

Why is it so? Sorry I don't know cause I am not involved in the product design.



Bear in mind that the sustainability is using a fixed formula to calculate on paper, it may differ from the actual performance.

More importantly is that you need to keep track of the projected vs the actual to really understand whether the policy is sustainable in the real world rather on paper.

The recent events (political, pandemic etc) that saw the collapse of many funds are things that is not being foreseen in the projection of the cash values.

So get the Rm1.5 or Rm2m, PVM if you are that worried of medical inflation.

At the same time do remember to top up on your CI/TPD as explained above.

If unable to work due to serious illness/accidents and if your income is Rm5k per mth, that is Rm600k loss of income for the next 10 years to you or your family.

That IMHO is better to be protected rather than worry about just the medical cost...

Medical inflation is definitely at my mind, considering bypass, and cancer treatments costing more than RM50k now itself, whatmore 30-40 years down the road, haha. I guess that's why was looking around for a higher coverage.

But, PVM also RM9.7k for the same R&B, at 76-80. Seems like the insurance charges are quite similar between PVM/PMM. Or did I see sth wrongly?

Also, as I see it, insurance charges for both life insurance, and medical card, increases every bday of the policyholder. So, why do we get recommendation to buy medical card as young as you can, to keep it cheap? (except the part where you get more disease as you get older).
Yea, thanks for that advice. Definitely need to get income, once you have lost ability to do so.
Am looking into increasing my CI. My current is Crisis Defender. Seems like the new Total Multi Crisis, covers more and have early CI repayment. But charges are more than double.
For PA, I think I'll get separate from Pru, heard it's more worth it.

Correct me if I am wrong, it seems that you got yourself a "no med saver" aka full claim plan - which is why the COI is at RM9.7k at age 76-80.

The high COI is the reason why Prudential has co-insurance/medsaver/deductible plan available but the idea of having to pay something when one needs to be hospitalized doesn't go well with the general public. Take a look at RM300 med saver or even RM20K deductible.

Have you ever compared the COI between Full claim, RM300 and RM20K?

1. Let me ask you, when was the last time were you admitted to a hospital?
2. In your lifetime, how many times were you admitted to the hospital?

Calculate the COI saved vs the various plans and you be surprised that RM20K (per policy year) deductible is NOTHING compared to what you paid. Value for money, as some may say.

Of course as an agent, most of them would not want to recommend clients getting a RM20K deductible, if the client don't afford. Secondly the commission is really half as compared to a RM300 med saver plan.

To get covered when you are healthy as the coverage may be declined or subjected to loading/exclusion once a person comes in with health condition.

Even consider looking at getting a CI coverage until say age 60/70 (might need to do a separate policy if your current policy is up to age 100) as its main purpose is as a replacement of income when you are working.

Early CI sounds good, if you are worried that once diagnosed with ECI, you may be off from work for few months to heal.

If cost of insurance concerns you, just look at the normal CI as that is what stops us from totally be at work permanently!

That way you may get a higher coverage. Better bang for your buck!

HTH

Agree on the savings I'll get for the co-insurance plans, haha.

Actually, I saw that for R&B 200, Medsaver 300: PVM RM9.7k, PMM RM10.2k.
I attached the pics. Just very curious about the same charges, for such big benefit difference, haha.


Yea, my Crisis Def is until 70. Does it make a difference in terms of costs, if someone gets until 100? We still would be paying the same insurance charges, in the same group right?

Ok, that sounds like a good advice. Thanks for that

Look at the rm20k deductible, and you'll even be more surprised. At least that plan is maintainable until age 90/100

Haha, anyway thank you for your help Roy! You definitely are knowledgeable!

Hi Roy,

Would like to ask for your advice.

I'm currently holding the PruValue Med and am not looking to upgrade but am looking for Critical Care, mainly for female cancers.

My agent has suggested getting the PruwithYou and Total Multi Crisis Care riders with coverage of up to RM100k (for both). Not much info is available online regarding the payout amount compared to PruLady.

What is the difference between this and Prulady?

For PruLady, I was looking at the RM50k sum assured and was mainly interested in this due to the payout for lifestyle and early cancer detection.

Also, PruwithYou and TMCC seems slightly cheaper than PruLady even though the sum assured for PWC and TMCC is higher compared to PruLady.

Thanks!

This post has been edited by mataharih: Mar 26 2020, 12:33 PM

The main differences between TMCC vs PL is that TMCC offers a more comprehensive CI coverage (101 Early CI, 53 CI, Special Benefit Payout) than PL as PL is more focus on the female illnesses. For example mild Stroke, Heart Attack, coma is covered in TMCC

Another notable differences for the PL, lifestyle claim is claimable, the TMCC doesn't have this. PL will also refund back all the premiums paid at the end of the policy term. TMCC no refund of premiums paid, but only the cash values (if any).

You may ask your agent to disclose to you the technical FAQ on TMCC, to have a clearer picture on the covered conditions (as the training materials are for internal circulation only)

The TMCC brochure can be downloaded << HERE >>, though I must admit, the brochure is poorly done on the covered conditions.