We call it as Wholelife Plus Non Par (WLNPP).

If you are 24 years old, non-smoker, male and working in office (insurance budget, RM 200 per month):

your plan can be as follows:
i) Whole life insurance RM 100,000.
ii) Medical card - annual limit RM 90,000, lifetime limit RM 300,000.
iii) Personal accident - RM 200,000 (death benefit) or RM 300,000 (serious disability benefit), RM 2,000 annually for each accident (medical reimbursement). This plan is an offer. So, you may not be able to buy it in the future.
iv) Critical illness - RM 50,000.

Your monthly premium is RM 164 only. It is adjustable to suit your insurance needs and monthly budget.

If the coverage for critical illness is changed to RM 100,000, instead of RM 50,000 which you think is not enough, the monthly premium is RM 193.

Yes, you are right. Let say person A buys PCLR and life insurance each with sum assured of RM 100,000. If he is diagnosed with one of the 36 critical illnesses and dies several months later, his family will get RM 200,000 (RM 100,000 [PCLR] + RM 100,000 [life]).

After you claim the PCLR, you still need to pay the premium for your life insurance unless you add a rider called WP/PCLR to your life insurance. It is a waiver of premium. With this rider, after you claim PCLR, you don't have to pay any more the premium of the life insurance.

Remember, PCLR covers us until 70 years old only, unlike CLR...

In your case, from I know, both of your assets including the insurance proceeds will become an estate. Both of your estate will be used to settle both of your debts like goverment tax, if there is any. After all your debts have been settled, your estate will be distributed according to the Distribution (Amendment) Act 1997 in West Malaysia and Sarawak if you are non-Muslims. For details, please read my blog titled Estate Planning and the Distribution (Amendment) Act 1997. You can click here too.

So, it is very important to make nomination when you buy life insurance and other plans. A will doesn't make sure your nominees will receive the insurance proceeds fast if you never make any nomination. So, before it is too late, please do some changes to your insurance plans like adding your parents' names as well. If both of you already have a lot of assets, it is better for you and your wife to write a will.

Hospitalization is covered only if we have medical card, critical illness or personal accident plan, depending on the reason a person is hospitalized. No life insurance will cover our medical bills for sure.

The premium-paying-period for endowment plans is much shorter than whole life insurance. For AIA Berhad, it can be 8, 10, 15, 20 and 55 years.

When the period is shorter, of course, the premium for endowment plans is much higher than whole life insurance even though both plans have the same amount of sum assured.

The sum assured for whole life insurance is fixed unless you add premium. Whereas, the sum assured for endowment plans will increase depending on the performance of AIA Berhad. If AIA Berhad performs very badly, a dividend of 4 % is payable to its policyholders. If AIA Berhad performs very well, a dividend of 7 % is payable to its policyholders. The premium for endowment plans is guaranteed to be fixed.

The return for endowment plans is not guaranteed but it must be at least 4 % for AIA Berhad no matter how bad AIA Berhad performs. For Investment Linked Plans, the return can be zero or negative if the funds you choose perform very badly.

Endowment plans are more for saving for child education and retirement. It still gives protection at the same time but not very high like whole life insurance. So, the return for endowment plans will be higher than whole life insurance. However, the surrender value you get when you surrender your endowment plan is not guaranteed, unlike whole life insurance.

So, I will suggest people to buy whole life insurance first as it gives more protection to them. After that, if they want to save money when they earn higher income in the future, endowment plans can be considered.

I hope it helps...