Hi TechMy,

Great Income Rider is an additional benefit that will pay you a lump sum money of RM15,000 shall TPD occured and together with RM1,500/year compensation until 70 years old. You are paying RM0.43/month for this benefit.

IL Premium Waiver Extra Rider is an additional benefit that will waived all your premium shall TPD or Critical Illness diagnosed. The RM3.54 is the insurance chargers per month, it shouldn't be regard as high due to the benefit you are getting. Don't you want to hedge for the risk of your policy getting lapse if you are diagnose with TPD or Critical Illness? Most of the people will have extra income upon TPD or Critical Illness and this is the best time to reduce your burden by taking away the premium but the protection still continue.

I wouldn't suggest you to cancel it, just stick to the original plan will do Perhaps you should get yourself Early stage of critical illness coverage and you are good to go

There is some medical card is giving high deductible with very low premium like RM100/month. A RM60k deductible medical card basically are not covering the first RM60,000 from the bill and only cover the amount after RM60,000.

Why do this is benefiting you?
Let's say your existing medical plan is covering RM60,000 and you purchase a deductible medical plan of RM60,000 - RM660,000
If the bill is RM200,000, then you may claim RM60,000 from your existing medical card and RM140,000 from the deductible medical card.
If the bill is "upper respiratory diseases and related" and amounting to RM100,000, then you have no choice but to claim RM60,000 from your existing medical card and RM40,000 from your own pocket

Yes, almost every company are having co-insurance and deductible plan.

Most of the giant company's medical card are tend to not increasing the premium in short term. However, if you are looking for some cheap with co-insurance medical card, perhaps Great Eastern can be done with RM150/month but be prepared to pay 10-20% of co-insurance when hospitalization.

Yes, definitely, however, it's not popular due to high premium compare to investment linked term which is more affordable.

Yes, all insurance companies having the system to link together, however you have to declare again if you apply with company B. There are some ways to help client to get a nicer medical report(legal way) in order to help the client to get insured.

You may apply from multiple company, but it is always recommended to choose one company only because you have to bear for the medical fee if your policy is not taking up.

There are two types of medical insurance plan, one is medical insurance in the form of standalone, another one is medical insurance in the form of attachable rider to investment linked plan.

Standalone plan premium are projected to hike every 5 years. Most of the standalone and investment link medical are similar but normally, company tend to give a better benefit for Investment linked plan(Example higher annual limit, no coinsurance etc).

Investment linked's medical insurance chargers are increasing every 5 years too, but the premium are fixed due to the excess fund from the premium are used for investment and cover the insurance chargers at later year.

TLDR version
In short, if you are looking to pay for low premium now and high premium on later age, get standalone. If you want the company to average out the premium and manage for you so that you won't be panic when get old, then get investment linked medical card.

Yes, even dengue can use medical card, so, definitely critical illness can use medical card. Medical card are covering all the illnesses that required hospitalization except pregnancy, psychiatry and dental department including but not limited to all the critical illness.

Most of the people are using medical card for the hospitalization fee in hospital. The reason people are getting critical illness coverage is to cover for the living expenses that occurred after discharge especially when the person are out of job. That is including housing loan, car loan, daily expenses, food, traditional herbs, amway, cosway etc..

Hi,

Both policies coverage are similar but different type of product. GE one is Traditional Participating Plan whereas AIA is investment link plan. Let me point you to the biggest different between the plan, the insurance chargers.

The insurance chargers for investment link are not guaranteed and will increase over the time, that means your cash value will be decreasing when you pass the age of 50-55 when the insurance chargers is more than the premium you are paying and it might lapse when you are at the age of about 70-80 when cash value depleted.

Whereas for traditional plan, the insurance chargers is fixed at inception, that's the reason the protection and surrender value are keep on increasing no matter what's your age.

In short, if you are looking for high and short term protection, go for investment link(AIA in this case), if you are looking for medium but long term protection(until age 87 or 99), then you are advised to get traditional plan.

Hi,

Unlike illnesses, Personal Accident Insurance are more prone to higher risk occupation and thus the premium is very sensitive depending on the occupation. Normally if people with occupation class 3 or class 4 are recommended to get additional personal accident insurance.

Allianz PA are not bad, if you are looking for just cheap PA without other fringe benefit, look for Tokio Marine or OAC.

In your situation, save and invest your money and a very minimum premium of policy with long term medical coverage is very important due to the following reason.

Your employer may not offer enough life/medical insurance.
Often when I'm proposing the life/medical package to the company, the employer just going to select the lowest range of life/medical insurance because the purpose they purchasing insurance for employee is to full-fill the employee wish. However, there are still a small group of employee providing good insurance for their employee.
While basic employer-provided life/medical insurance is free, and you may be able to buy additional coverage at low rates, your policy’s face value still may not be high enough. If your premature death would be a financial burden to your spouse and/or children, you probably need coverage worth five to eight times your annual salary.
Your employer’s group life insurance might be sufficient if you’re single or if you have a spouse who isn't dependent on your income to cover household expenses and you don’t have children. But if you’re in this situation, you probably don’t need life insurance at all.

You’ll lose your coverage if your job situation changes.
As with health insurance, you don’t want gaps in your life insurance coverage, because you never know when you might need it. Most workers who get coverage through work don’t know where their life insurance will come from if they change jobs, are laid off, their employer goes out of business, or they switch from full-time to part-time status. You usually won’t be able to keep your policy in these scenarios. Lack of portability can be a problem if you aren’t going directly to another job with similar coverage and aren't healthy enough to qualify for an individual policy.

Coverage gets tricky if your health declines.
Another problem arises if you’re leaving your job because of a health problem. If you relied solely or heavily upon group insurance, and then suffer a medical condition that forces you to leave your job, you may be losing your life insurance coverage just when your family is going to need it the most. At that point it would be too late to purchase your own policy at an affordable rate, if at all, depending on the medical condition.
Even if your health problems aren't significant enough to stop you from working, they might limit your employment options if you only have life insurance through work. You could end up handcuffed to your job to keep the life insurance if you experienced a serious enough health issue

Company saving cost
You don’t control who provides this insurance, and your company could choose a lower-rated insurance company to save money. Finally, another possibility is that your employer could stop offering life insurance as a benefit to save the company money, leaving you without coverage.

Verdict:
Certain medical insurance by company are covering at low limit.
Imagine that if your colleague having heart attack and it's getting serious, the operation cost RM100k and your company are covering RM50k. The bad news is, after his diagnosis, your company may think that "someone" who is healthier can do a better job than your previous colleague. As soon he leaves the company, there goes his medical and life insurance.
Company insurance will be stopped as soon as the employee stop his service to the company, that's one of the reason I don't see the point company getting term life for employee rather than Personal Accident and Medical Protection.

Even if the illness is not too serious, your future insurance would be rated up or get exclusion(certain part of your body is not covered).

Hi,

Both are totally different league, the annual limit of lonpac is still at lower range of RM75k-RM300k whereas Great Eastern minimum is RM990k-RM2.2million. The renewable age until 80 whereas Great Eastern is until age 99. Lonpac Kidney Dialysis and Cancer Chemotherapy are capped at another lesser annual limit.

Well, to be fair with each other, Lonpac is as cheap as Great Eastern's standalone medical card at the price of RM700+ for age 30/male/non smoker. But when you compare with ILP plan, it's totally different league as company tend to give better benefit in ILP plan.

Basic insurance chargers mean that the chargers on your life/ protection
Rider insurance chargers mean that the chargers on your rider like medical, critical illness, waiver, hospitalization benefit.

There is no need a percentage in between these two, if you are single and have less financial obligation, there is no need to opt for higher life protection, just concentrate in the aspect that you need.

So far Lion balance fund is having a good track record and since insurance is not a the sole tool to generate income, so I will always recommend my client to go for either Lion Balance Fund or Lion Fixed Income Fund.

roysteveung could help you.

I checked my own policies and these are the wording of exclusion in TPD. Let me write it all out for us to cross checking



Understage without valid driving license drive car is considered violation of law in point 3.5

Yeah, sorry, it was typo

Yes, you are right Understanding your coverage is one of the most important stuff you have done, however, as we can see from the exclusion, it's basically are quite common sense to exclude those part

Hi,

Have to read the fine print, however usually it is payable up to the maximum of sum assured limit.

For example if the total sum assured is RM150,000 and if the person loss one eye, the company paid RM75,000. If later diagnose with total paralysis, the company will pay the remaining RM75,000. This is the usual case in most insurance policies, anyway, please read the fine print from the brochure to understand further.

Most of the insurance medical card are usable in Singapore, but it's subject to the 90 days and on reimbursement basis. However, almost all the medical insurance selling in Malaysia are for in-patient hospitalization only, basically it means that for light illness like fever or cough, it's not useable. I believe that such light illnesses are covered in your Singapore company.

So, the real purpose of having medical card is to hedge for the moderate to large illness risk like dengue, virus infection, severe food poisoning and critical illness like cancer, heart attack etc. If such severe illnesses happened to you, will you prefer to be treated in Malaysia so your family wouldn't have to go all the way to take care of you in Singapore and bear the cost of living in Singapore?

With budget of RM100-150, just go for the basic investment link with medical card will do

1)Personal accident are only covering for accidental clause whereas life insurance are covering all causes including suicide.

2)A thumb of rule, about 10% of your monthly salary and the protection should be enough to cover all your liabilities including your financial obligation to your family member.

Yes, if there is a referral letter from the existing hospital, you may request from the doctor and it's on case to case basis depending on the illnesses.

There are in a few cases where admission is not required for a standard personal medical card.
1)Emergency Accident Outpatient Treatment.
-If you have encounter with an accident and you have been treated outpatiently even including blood checkup or imagine scans(like xray), the bill is claimable but usually it's up to a certain limit and on reimbursement basis.

2)Day care surgery
- Certain procedure are listed in the day care surgery. For example gastroscopy cost about a few thousand but no-admission is required. It's claimable with GL.

*For illness outpatient which required consultation only, it's not coverable in all the insurance companies

The removal is with immediate effect for all the products listed above as 27 January 2016

Thanks for the sharing, appreciate your feedback.

Great Eastern do not have the medical policy available for age 68, please shopping at other companies