Not self employed, it covered until 100, standalone I guess. very little on the investment last heard from the agent.

Can snap any photo for me on the list of benefit somewhere in the front page of the benefit

What is the difference between standalone and ILP medical card in terms of premium payment?

This post has been edited by starry: Feb 24 2016, 08:37 PM

Standalone plans premium is an upward chart



Meaning your premium increases as you grow older.

ILP premium is on a level ground, and the cash value in the account is accumulated each year but the cost of premium is similar to that of a standalone plan

The difference is that ILP premium will be higher initially to accumulate the cash value portion projected for your plan to last until 65, 80 or 100 years old to match the increasing medical card cost of insurance.

However, since ILP investment are on risk basis, the recommended budget might be sufficient or insufficient to last until the projected ages should there be anything bad happens to the economy.

Hope this is clear enough.

This post has been edited by lifebalance: Feb 24 2016, 09:33 PM

Standalone premium all goes to cover the medical cost/premium.

ILP - One portion goes to UT/investment, one portion goes to medical premium coverage.

So ILP premium will be way much more than standalone one, as it needs extra portion of money goes to investment.

Both medical coverage premium goes up according to age, and in ILP, it will draw out the investment portion that accumulated previously to pay up for increment, until it become insufficient, then you have top up, and insurance company will send letter notifying clients to adjust the premium upwards or else policy lapse.

Very well-explained. Thank heaps
Agent told me in the long run ILP medical card would be cheaper coz premium would be maintained at fixed price till maturity. However after reading the sifus' replies here, I see that it depends on how the ILP investment performs in the market.

That agent explanation might be abit off. Getting an ILP medical card is cheaper in the long term because your investment (cash value accumulated) paid partly on top of your regular premium as compared to you paying the premium for standalone without any investment return to pay on your behalf.

It's not due to "premium would be maintained at fixed price till maturity"

This post has been edited by lifebalance: Feb 24 2016, 09:47 PM

The agent did not paint the exact picture.

ILP premium is not guaranteed to be fixed until maturity generally.
Current ILP's proposal and premium may be projected can last until maturity based on last few years good performance in investment, but it is not guaranteed to be.

If the investment portion is making a loss just like this year, (as many UT are making a loss lately), then ILP may need to see the premium adjustment faster when medical portion cost increase time.

Mind that the investment doesn't guarantee to be making money/profit, it can yield a loss as well.

Hi Sifus,

I am a fresh grad just starting working life a year ago, looking to buy insurance.

May I know any advise on how much of medical coverage should I need?

Is there a percentage based on income or something?

I work in the office (not risky job) 25yo this year.

Many Thanks!

You may get a medical card couple with some life insurance and critical illness with a waiver, depending on your lifestyle and your role in your family and also your future planning. Feel free to arrange a time to meet up for consultation if you're keen

Lifestyle: hiking, gym, badminton, swimming, go pubs, party.
have 4 siblings all provided for themselves. mom and dad also support themselves.

any idea roughly how much premium should i be getting?

GE quoted me 3k annually (1.2m medical coverage), is it over insured?

So what's your gross & nett salary?

Minimum expenses monthly right now ? (inclusive food, travelling, etc)

What commitments do you have under your name ?
- e.g Loan from banks for house, car, what's the outstanding amount ?

You may PM me if you are not comfortable to reveal it here.

This post has been edited by lifebalance: Feb 24 2016, 10:43 PM

All this is new to me. This discussion is certainly an eye opener for me
And what about general insurance standalone medical card and life insurance standalone medical card? What's the difference?

Anything standalone tend to have no cash value in nature. The benefit will differ in between companies so it's up to you to decide.

Yes, Zurich have this option to it's customers to sign up an account, login by IC No., can check insurance current value, investment current value and also pay for premiums online via online banking.

Hello Melvin, for a premium of Rm3,000,
Generally I recommend you Rm150k Life
Rm150k 36 CI
Rm100k PA
Medical RM210/room
Annual limit Rm125k
Lifetime limit - unlimited
Outpatient Kidney Dialysis Rm150k
Outpatient Cancer Treatment Rm200k

INCLUDED RIDERS
Waiver of premium upon diagnosed of 36 CI
Daily Hospitalized income- Rm100
Weekly PA income- Rm100

This is a ILP (investment-linked product) you will have surrender value returns after few years, this plan is projected to last for 30 years then it may have insufficient value therefore require to top up by then.

It's projected on the funds invested by the individual insurance company (mostly is local funds) based on 2 scenarios, A & B, A is 2% per year while B is 8-9% per year.
If the premium is low for Allianz, the cash value will be low, if the premium is high for GE, therefore the cash value will be 30k more..
should cash value be taken into consideration when purchasing a plan? It depends on individual, some see it as a method of saving money for retirement or old age. Most important is to take care of your protection first meaning "have sufficient coverage" best to have your premium based on 10-15% from your monthly salary/income.

This product maybe suitable for you. with 10% cash back from 2nd year onwards, yearly if no claims for that particular year. The premium is fixed based on age.

Omni Health Omni Health

There is no such thing of "how much should I insured myself".
It depended on individual financial affordability, preference, and situation of financial dependents.

Just remember insurance is not everything in your life, and it won't able to cover every sickness (even your signed up 10 mil of medical coverage), so you need your own saving to help yourself as well.

Because Allianz is going for volume, it's the only one with huge growth last year

What was ur aia coverage like? Standalone ?