Medical RM250k annual limit RM1.15 million life time limit
CI RM70k
PA RM180k

Any quote from Great Eastern for this?

Allianz Medical have no annual limit, higher lifetime limit but lower in Cost of Insurance.

Hi all, just to share..

26 years old, my current Insurance Policy as follows:-

Premium: Previously RM150 per month (3-4years ago when I just started working), just topped up this year to RM550 per month (investment linked) after income more stable and just bought a new property.

Life/TPD: RM400k
Accident (Death/TPD): RM200k + Medical Expenses RM2k + Weekly Income RM300
Critical Illness: RM90k
Early Critical Illness Protector: RM70k
Medical Insurance: R&B RM150/day, Annual limit RM62.5k, Life Time Limit RM625k
Hospital Cash Income: R&B RM150/day, ICU RM100/day, Surgical Procedure RM2.5k per surgery

Projected Cash Value by the time I reach 54 years old: RM240k+

Note: I am also covered by my company;s medical benefits but the coverage is minimal.

Any comments would be highly appreciated.

Prudential plan

Not sure if you need that much of Life coverage.

But your medical coverage is not enough. R&B of 150 most likely can stay in a 4 bed sharing in private hospital, then annual limit is too low. Recommended to increase to 200k.

CI is not enough also. Try to use the most basic calculation for CI coverage which is 3 times of your annual income.

With premium of 550 monthly and your age, should be sufficient to increase the medical and CI coverage.

Purpose of insurance is to get yourself cover from any risks. If your coverage is insufficient (for medical cost), then you need to pay from your own pocket, perhaps you need to withdraw from the cash value. Don't expect too much on the cash value, some more it's projected.

How much is too much for life coverage?


This post has been edited by kentiong: Dec 11 2013, 01:08 AM

Dear Almeizer,

My life coverage is about 2/3 of my housing loan amount. I think it will be sufficient for many years to come until I have dependents and more housing loan

My company's medical benefit, amongst others, cover 150/day for R&B and 20k annual limit. For now, I believe my medical insurance is sufficient to cover the shortfall to stay at a better hospital, if necessary.

And yes, I think the CI coverage is a little low. Next time when I decide to review my policy (probably in the next 3-5 years), I'll keep in mind on my CI coverage and annual limit. Or do you think I should get it adjusted soon (without increasing my premium-is that possible?)

Yes, I am aware it is projected only

Many thanks for your comments.

Best Regards,
AJ

Calling ExpZero or any GE agent...

Is it possible to go to any GE office to amend my policy (reduce Life+TPD Sum Assured + include a new rider, namely SmartMedic)? Will it be more troublesome (needs more documentation, I need to bring along my policy etc) compared to doing it thru my agent?

My agent is outstation most of the times

Pls advise, thanks

Hi,

Are you sure your RM550/month is investment link and not traditional? It looks a bit low in protection despite high premium. I guess most of your premium went into cash value

However, I'd advise if possible to increase your Critical Illness coverage and Early Payout because we do not want to continue pay the house instalment shall we are having difficulty right?

Furthermore, please check with your insurance company either you can claim the leftover bill from your company's medical card. As far as I know, some company don't allow that.

Just a simple comparison for the protection you are having with Great Eastern.

Life/TPD: RM400k / RM500k
Accident (Death/TPD): RM200k + Medical Expenses RM2k + Weekly Income RM300 / RM215k + Medical Expenses RM3k + Weekly Income RM350(Temporary Partial Disability) + Weekly Income RM1500(Temporary Total Disability)
Critical Illness: RM90k / RM500k
Early Critical Illness Protector: RM70k / RM500k
Medical Insurance: R&B RM150/day, Annual limit RM62.5k, Life Time Limit RM625k / R&B RM200/day, Annual limit RM120k, Life Time Limit RM1.2m
Hospital Cash Income: R&B RM150/day, ICU RM100/day, Surgical Procedure RM2.5k per surgery / R&B RM200/day, ICU RM400/day

Projected Cash Value by the time I reach 54 years old: RM240k+141k

Every company have their Pro and Con

Hi Spider ,

I'd advise you to request your agent to generate the "new quotation" using "ILP Calculator" for your alteration before you head to the branch.

Eventhought it can be done in Branch, but it's better for you to read through the amendment first(and you are statisfy with it) because if you have amended too low premium with too high protection(vise versa), it can't be done. You may request him to forward you via email before going to Great Eastern.

Sometimes if you straight head to branch, the Customer Service will give you a form to fill up for the alteration without checking the system whether this alteration can be approved. Upon successful amended, they will send a letter to your house. However, if the amendment is failed(too low premium with too high coverage), they will send you another form to re-submit(yeah, I know your feeling).

I wish I can help you to generate but I can't because I can only generate amended quotation for my own client due to Personal Data Protection Act.

I already know how much/what to amend, he already given me the ILP-Request for Alteration form.

It looks like this:

bla bla bla
bla bla bla

[ ] Increase regular premium
[ ] Maintan regular premium

Okay, I don't think need additional document if you are heading to the branch compare to doing it by your agent. You will need 3 forms, the CS will advise you better what form to fill up and how to fill up when you are there.

Remember to tick the "maintain regular premium", else it will increase it

Thanks ExpZero

I will find time to meet my agent and reassess my coverage again, without increasing my premium

any one can tell me what is co-insurance?



This post has been edited by streetglow: Dec 17 2013, 11:19 PM

Hi There ..
I'm a foreigner, working in IT, 40 years old.
Looking for Medical Card insurance for my family (wife + 2 kids).
Can anybody (AXA, Prudential, Great Eastern, Hong Leong, etc) give quotation?
I already have Life Insurance under GE.
Please PM me.
Thanks in advance.

Cancellation of policy (without going thru agent)

What's the procedure?
Ok, I think I need to bring my policy document, go to the insurer HQ/branch...

Then when I can collect the payment, I need to go there and sign acknowledge receipt? Or I can ask them direct T/T or GIRO to my bank account?

Summon ExpZero, it's for my GE ILP

This post has been edited by Pink Spider: Dec 16 2013, 02:28 PM

Co-insurance mean the co-payment you need to pay during medical claim.

But these day most of the company had waive the co-insurance.

Hi Roy,

Can I check with you on this? Does Prudential allow? Thanks.

Yes, suppose the bill is RM 50K and your company insurance only covers for RM 30K, you can claim the balance of RM 20K from Prudential.

Do note that the RM20K will need to be paid in cash as settlement to the hospital for discharge and then only claim from Prudential.

Calling Allianz agents, pls quote me:

Investment-Linked Policy:
Medical card with room & board RM200-250
Minimal Sum Assured on Life+TPD (I don't really need this, keep it at bare minimum...RM10K?)
Premium waiver on TPD AND/OR diagnosis of Critical Illness

That's all I need. PM me the monthly premium required, if I'm interested I will give u my e-mail to send me full product illustration and relevant brochures.

Unker roystevenung, u dun mind me shop around dulu har?

GE agents need not apply, I already have GE quote. I only want Allianz for comparison now.

This post has been edited by Pink Spider: Dec 17 2013, 03:04 PM