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 Got life insurance..., But want to add on medical card

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TSGTA5
post Feb 23 2015, 05:46 PM, updated 10y ago

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Hi all sifus,

Currently am 27. I do have a life insurance, traditional type. Non-investment linked. It does cover 36 CI.

My issue: I plan to add a medical card for myself. Is it advisable?

What type would you all recommend? Stand alone or investment-linked medical card?

Would prefer GE since my life insurance is from GE.

Thanks in advance!

acab87
post Feb 23 2015, 06:11 PM

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Hi,

If you already have insurance, I would recommend standalone medical card.


This post has been edited by acab87: Mar 10 2015, 08:24 PM
eternity4life
post Feb 23 2015, 09:47 PM

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I think the answer of whether you should go for investment link or medical card would depend on a few factors :

1) Your current existing policy - Whether your current existing policy provides enough coverage? I think providing details on your current policy would help.

2) Medical card term coverage - Projection based, most medical cards tied with investment link policies are cheaper in the long-term compared to stand-alone. But do bear in mind that in the long-term most medical card become less effective in terms of coverage in the future due to inflation.

3) Budget and expectation - How much you pay for your existing policy and how much are you willing to pay for this addon. What are your expectation for this medical card? Cheap? Great coverage? Adequate and reasonable?
veron208
post Feb 24 2015, 09:56 AM

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You should opt for investment linked medical cards as the cost of insurance sure increased due to inflation and your age.
Investment linked cards will help to offset this cost
adele123
post Feb 24 2015, 12:39 PM

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QUOTE(veron208 @ Feb 24 2015, 09:56 AM)
You should opt for investment linked medical cards as the cost of insurance sure increased due to inflation and your age.
Investment linked cards will help to offset this cost
*
this is very very misleading. it doesn't offset anything.

the analogy here is more like, paying more NOW, so in future that "more" can used to cover. it's STILL customers money and nothing is 'offset'

QUOTE(GTA5 @ Feb 23 2015, 05:46 PM)
Currently am 27. I do have a life insurance, traditional type. Non-investment linked. It does cover 36 CI.

My issue: I plan to add a medical card for myself. Is it advisable?

What type would you all recommend? Stand alone or investment-linked medical card?

Would prefer GE since my life insurance is from GE.

*
so based on my understanding, your current policy doesn't cover medical? you can check with GE customer service if you can add a medical card, on top of your existing policy. if yes, take that, compare with some standalone plans out there, and see which is better in terms of benefit and price, adding on existing policy or buy standalone.

you can opt for medical card with investment-linked plan. HOWEVER, it would mean you fork out more money for ANOTHER life insurance policy. the investment-linked policy is the "life" portion, and the medical card works as a "rider".

hope this provides some clarification.

This post has been edited by adele123: Feb 24 2015, 12:43 PM
SUSPink Spider
post Feb 24 2015, 12:41 PM

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QUOTE(adele123 @ Feb 24 2015, 12:39 PM)
this is very very misleading. it doesn't offset anything.

the analogy here is more like, paying more NOW, so in future that "more" can used to cover. it's STILL customers money and nothing is 'offset'
*
it is good in the sense of the cost is more even...u won't suffer a sudden shock later on

adele123
post Feb 24 2015, 12:49 PM

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QUOTE(Pink Spider @ Feb 24 2015, 12:41 PM)
it is good in the sense of the cost is more even...u won't suffer a sudden shock later on
*
yes, i agree with the good. especially with those people who are not so discipline with their money management. so the ILP with medical works well.

but choi choi... if investment performance lousy... customer still need to fork out money... should have some "preparation" that there's no guarantee.
SUSPink Spider
post Feb 24 2015, 12:53 PM

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QUOTE(adele123 @ Feb 24 2015, 12:49 PM)
yes, i agree with the good. especially with those people who are not so discipline with their money management. so the ILP with medical works well.

but choi choi... if investment performance lousy... customer still need to fork out money... should have some "preparation" that there's no guarantee.
*
best insurance is still self-insurance wink.gif
JIUHWEI
post Feb 24 2015, 02:39 PM

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QUOTE(Pink Spider @ Feb 24 2015, 12:53 PM)
best insurance is still self-insurance wink.gif
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With incredibly deep pockets, yes.
TSGTA5
post Feb 26 2015, 09:42 PM

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I see. Thank you all for the inputs so far.

From what I have read and understand, standalone MC is cheaper, but it gets more expensive as we get older.

Investment linked MC is more expensive but also depends on investment returns.

My current life policy don't allow me to have a rider MC.

I plan to take up an investment linked MC, however it does mean I would have two life insurance policy.

Would this mean I am over-insuring myself? Or can I opt for lower insurance coverage for my IL MC and thus paying less premium?


Cubed1437
post Feb 27 2015, 01:46 AM

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QUOTE(GTA5 @ Feb 26 2015, 09:42 PM)
I see. Thank you all for the inputs so far.

From what I have read and understand, standalone MC is cheaper, but it gets more expensive as we get older.

Investment linked MC is more expensive but also depends on investment returns.

My current life policy don't allow me to have a rider MC.

I plan to take up an investment linked MC, however it does mean I would have two life insurance policy.

Would this mean I am over-insuring myself? Or can I opt for lower insurance coverage for my IL MC and thus paying less premium?
*
You can opt for lower coverage. Most investment linked plans can be custom made for the person taking it. As for over-insured, are you married and have dependants? If not, then you don't have to insure yourself too much with life. Also take note whether you can afford it. Maybe add a CI and TPD coverage if your previous one does not have it. In essence, everything depends on your situation. For someone, rm100k might be over insured but for another person, it cannot cover his debts and lifestyle etc. Also, what is your reason of choosing an investment linked plan instead of a standalone med card?

This post has been edited by Cubed1437: Feb 27 2015, 01:48 AM
eternity4life
post Feb 27 2015, 10:10 AM

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QUOTE(GTA5 @ Feb 26 2015, 09:42 PM)
I see. Thank you all for the inputs so far.

From what I have read and understand, standalone MC is cheaper, but it gets more expensive as we get older.

Investment linked MC is more expensive but also depends on investment returns.

My current life policy don't allow me to have a rider MC.

I plan to take up an investment linked MC, however it does mean I would have two life insurance policy.

Would this mean I am over-insuring myself? Or can I opt for lower insurance coverage for my IL MC and thus paying less premium?
*
That's why it would be better if you can give a rough idea of what's your old policy's coverage?

Your ILC plan can be fine tuned to complement your old policy making sure that it's not over-insured and fulfill your expectation of having a decent medical card.
TSGTA5
post Feb 27 2015, 01:37 PM

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QUOTE(Cubed1437 @ Feb 27 2015, 01:46 AM)
You can opt for lower coverage. Most investment linked plans can be custom made for the person taking it. As for over-insured, are you married and have dependants? If not, then you don't have to insure yourself too much with life. Also take note whether you can afford it. Maybe add a CI and TPD coverage if your previous one does not have it. In essence, everything depends on your situation. For someone, rm100k might be over insured but for another person, it cannot cover his debts and lifestyle etc. Also, what is your reason of choosing an investment linked plan instead of a standalone med card?
*
I am married but no dependant as of yet. My wife is working, both my parents are gov pensioners.

27 years old.

My current life policy has a 100k coverage. It is the GE Great Ideal Living policy. It covers 36 CI as well.

The reason is choose IL MC is I dont mind paying more now, than to see my premium increasing as I grow older. Correct me if I am wrong in this area.

Susah susah dulu, senang kemudian..

Currently am paying around rm250/month for my current policy. I don't mind paying another rm2xx for the MC.

cyaoping
post Feb 27 2015, 06:10 PM

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QUOTE(GTA5 @ Feb 27 2015, 01:37 PM)
I am married but no dependant as of yet. My wife is working, both my parents are gov pensioners.

27 years old.

My current life policy has a 100k coverage. It is the GE Great Ideal Living policy. It covers 36 CI as well.

The reason is choose IL MC is I dont mind paying more now, than to see my premium increasing as I grow older. Correct me if I am wrong in this area.

Susah susah dulu, senang kemudian..

Currently am paying around rm250/month for my current policy. I don't mind paying another rm2xx for the MC.
*
Hi, I am Kent from Zurich Insurance.

I little surprise for your current premium cost.

Here are my ILP quote for you.

Life/TPD: 100K
36CI: 100K
Medical Card: Plan 2
http://www.zurich.com.my/products/Life/Hea...lexmedical.aspx
Monthly RM250 icon_rolleyes.gif

PS: RM100 is directly go into investment part which make you a emergency fund or education fund.
Estimate value after 20years = RM60,000

ILP is more discount compare on separate one.

BTW, extra RM350/yearly for the RM300,000 coverage on Personal Accident thumbup.gif

Cubed1437
post Feb 27 2015, 10:15 PM

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QUOTE(GTA5 @ Feb 27 2015, 01:37 PM)
I am married but no dependant as of yet. My wife is working, both my parents are gov pensioners.

27 years old.

My current life policy has a 100k coverage. It is the GE Great Ideal Living policy. It covers 36 CI as well.

The reason is choose IL MC is I dont mind paying more now, than to see my premium increasing as I grow older. Correct me if I am wrong in this area.

Susah susah dulu, senang kemudian..

Currently am paying around rm250/month for my current policy. I don't mind paying another rm2xx for the MC.
*
To be honest, the cost of MC whether standalone or ILP, will always increase as age and therefore risk increase. The reason why in ILP, the premium is constant however is due to the value of your account (the savings and investment part) being used to buy units for the MC. If someway along your way, you decide to cash out that account, the plan cannot sustain the cost and you will be required to topup the difference to ensure policy can still move on. Or it will lapse. However, if you are sure you can sustain yourself from using that account, then ILP is fine. Hope I helped. smile.gif

TSGTA5
post Feb 28 2015, 11:34 AM

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QUOTE(Cubed1437 @ Feb 27 2015, 10:15 PM)
To be honest, the cost of MC whether standalone or ILP, will always increase as age and therefore risk increase. The reason why in ILP, the premium is constant however is due to the value of your account (the savings and investment part) being used to buy units for the MC. If someway along your way, you decide to cash out that account, the plan cannot sustain the cost and you will be required to topup the difference to ensure policy can still move on. Or it will lapse. However, if you are sure you can sustain yourself from using that account, then ILP is fine. Hope I helped. smile.gif
*
I see. Thanks for the explanation. I don't think I will cash out that account, unless really really emergency. So I still think ILP is still better for me.
eternity4life
post Mar 5 2015, 03:45 PM

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So did you find an ILP that suits your needs? I think your coverage for Death, TPD and 36 CI is already good enough considering you don't have that much dependents.

You can try getting an ILP that has low portion on life and focus more on getting a good medical card within that policy. A good medical card will lasts longer against inflation so I think it would be suitable for you considering your budget.
LeoLiew
post Mar 6 2015, 10:31 PM

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QUOTE(GTA5 @ Feb 27 2015, 01:37 PM)
I am married but no dependant as of yet. My wife is working, both my parents are gov pensioners.

27 years old.

My current life policy has a 100k coverage. It is the GE Great Ideal Living policy. It covers 36 CI as well.

The reason is choose IL MC is I dont mind paying more now, than to see my premium increasing as I grow older. Correct me if I am wrong in this area.

Susah susah dulu, senang kemudian..

Currently am paying around rm250/month for my current policy. I don't mind paying another rm2xx for the MC.
*
In my 2 cents, advisable go for the IL plan, just imagine:

1) IL plan monthly rm200 level premium until maturity, will have cash values in return at the end

2) Standalone plan monthly <rm100 but will slowly increase according to age, will have NO cash values in return

*both with same coverage

If you are stay healthy until maturity, in plan 2 you are putih putih pay the premium..

In future if you wana increase your coverage, in IL plan you allow to do so but NOT Standalone plan..
TSGTA5
post Mar 7 2015, 12:30 PM

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QUOTE(eternity4life @ Mar 5 2015, 03:45 PM)
So did you find an ILP that suits your needs? I think your coverage for Death, TPD and 36 CI is already good enough considering you don't have that much dependents.

You can try getting an ILP that has low portion on life and focus more on getting a good medical card within that policy. A good medical card will lasts longer against inflation so I think it would be suitable for you considering your budget.
*
Not yet sign up any MC currently. Still a waiting reply from my agent.

Ya good idea. Will get one with lower portion for life, and focus more on medical benefits. Thanks!


QUOTE(LeoLiew @ Mar 6 2015, 10:31 PM)
In my 2 cents, advisable go for the IL plan, just imagine:

1) IL plan monthly rm200 level premium until maturity, will have cash values in return at the end

2) Standalone plan monthly <rm100 but will slowly increase according to age, will have NO cash values in return

*both with same coverage

If you are stay healthy until maturity, in plan 2 you are putih putih pay the premium..

In future if you wana increase your coverage, in IL plan you allow to do so but NOT Standalone plan..
*
True. So now am more convinced to get ILP smile.gif Thanks!

SUSsupersound
post Mar 7 2015, 07:24 PM

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Buying ILP is like buying trust funds, 100% lose money.
Product brochure you can download are only stating minimum of the policy, read the policy properly first before decide.
I got life insurance as start, then bought savings follow by ILP.
What I get is :
savings that matured on 10 years by 8th year only have <30% of the money I dumped.
ILP are performing worst than my savings account's interest.
Medical card deny my claim when I need to.

This post has been edited by supersound: Mar 7 2015, 07:26 PM

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