To make sure you know how does insurance works, take a look at the youtube video below.


Insurance is actually a risk sharing medium among the a group of healthy people with the sick one because the group of healthy people knows that someday someone will help them when they need it.

So now let's talk about Life insurance vs medical insurance
Life insurance is the lump sum of payment given out when one diagnose with certain pre-defined covered event such as Death/Total&Permanent Disability and 36 Critical Illness.
Medical insurance is the coverage by the insurance company to pay for the medical bill from the hospital.

So why does one need both Medical and Life insurance?
Imagine that Mr.Lee poo poo got blood and went to hospital for checkup, he is diagnosed with bowel cancer stage 3 after the checkup. The medical bill cost up to RM70,000 for the surgery. This is not the whole amount yet, because for every chemotherapy in the future, the bill is claimable under his medical card too.

The story hasn't ended yet, since he is hospitalized for about 10 days, the doctor has certified that he is not fit to work for the next 6 months. The next thing he knows is his boss asked him to have a "good long rest". So, he loss his income generate power, and here comes the pay cheque from the insurance company to help him sustain his living expenses, car loan, property loan, others health product, Ogawa massage chair, practice Taichi or travel. Here comes the importance of Life insurance, especially Critical Illness coverage.

Medical card is to cover the medical expenses when one hospitalize in hospital whereas life insurance especially Critical Illness coverage is a lump sum compensation where you can use it to cover the lost of income during the period.

Besides this, you can use up to Life/KWSP RM6000 and Medical/Education RM3000 tax relief to lessen your burden when paying for Income Tax, it's a win-win situation for both policyholder and the company.

In general, you need to take both medical and life insurance in a moderate level on your twenties and there is no best company, there is only a company that suits you the most. Rule of thumb for a single youngster at age of 20', about 10% of your monthly income to insurance is sufficient to provide you all the basic protection.

uforlife premium is increasing over the age, whereas term/investment link/whole life policy premium are fixed.

If you want to do a head-to-head comparison, you have to add up all the uforlife premium and get the average of it.

Perhaps taking the Cost of Insurance vs the uforlife premium will be a better comparison.

For traditional endowment policy, the total sum assured already added in your cash bonus and surrender value. Which means that if the payout is suppose RM50,000, by 15 years later it should be higher than RM50,000.

Your surrender value will never higher than your sum assured because your sum assured is always added the surrender value. Yes, saving will void once TPD occurs.

It's very depending on the design of the plan, usually for endowment it is.
Total Sum assured: Basic sum assured + Additional Sum assured + Cash bonus + Basic Surrender value + Survival Benefit

That's the reason Total Sum assured are usually higher than your surrender value.

However, as @adele123 advise, this is just the usual scenario, you have to refer back to your policy book.

You have to top up according to your need at different life stages not age. For instance, if a person married, bought houses and have debt of RM1,000,000 at age 30, he needs the most coverage at that age. If he divorce(without children) and settled all debt at age 40, basically he doesn't need to increase the protection which he bought at age 30 or maybe he no need any protection at all.

However, this is not the usual case as most people will gain more and more responsibility over the age and adequate of protection to cover debt and your responsibility to your family.

So, how much protection we will need?
Figuring the number you should insured yourself requires a bit of thought. A rule of thumb suggest you get 5 to 10 times your annual salary. But if you want to be more precise about the number you should get yourself insured, think about how much money your family would need to cover the lack of your income.

Getting a life insurance isn't for everyone especially for one that have no dependent. If you have no parent, no sibling, no spouse and no children. What's the point of getting insurance right? However, most of the time, that's not the case as we will definitely have someone who we care when we are leaving the world.

Shall you are a married person, you need to know how much is your total debts as well as your mortgage so that your family doesn't have to worry about these obligations. If you have a spouse that doesn't work or are incompetent to find a job that could easily replace your position as breadwinner, you should take this into account seriously.

Furthermore, we need to take into account that how long does my partner will able to support the family without you as the source of income. You need to calculate the cost to raise your youngest son to age 18, a term or investment link would probably suits this situation.

Obviously there are other people in your life who are important to you and you may wonder if you should insure them. As a rule, you should only insure people whose death would mean a financial loss to you. The death of a child, while emotionally devastating, does not constitute a financial loss because children cost money to raise. The death of an income-earning spouse, however, does create a situation with both emotional and financial losses. This also goes for any business partners with which you have a financial relationship (for example, shared responsibility for mortgage payments on a co-owned property).

Summary (TLDR)
Life coverage = Total liabilities - asset + Family obligation(Parent/Wife/Child)
Critical Illness coverage = 5 times annual income + a medical card preferably half a million annual limit.

Not possible to get life insurance directly from company

You have a very detailed comparison of your own, you already can make a decision yourself. Perhaps as you said, some companies are tend to have higher past record of increasing the cost of insurance and some don't, and the agent's attitude and professionalism should be in your consideration as well.

What's your medical card company? Check out for accidental outpatient treatment, you may claim under that. I've previously helped a few forumer to claim for the physiotheraphy for accident outpatient in Great Eastern.

Ask your existing agent to upgrade from existing policy, if he wouldn't able to do so, you may pm me.

Medical card are covering the cancer treatment for any stage of cancer, no worries about it

However, the one you are reading is a plan which will compensate one with a certain amount of sum assured shall one diagnose with early stage of critical illness to pay off mortgages or living expenses.

There are two types of insurance.

Indemnity
This type of plan compensate you based on the receipt or total lost have occurred.
Example: Medical card
For medical coverage, you may claim leftover bill from your company's medical card to your personal medical card. For example: If the bill is RM100,000 and your company is covering RM10,000, you may claim RM90,000 under your personal insurance.

Benefits
This type of plan compensate you based on the amount of sum assured you have bought.
Example: Life, TPD, 36 Critical Illness
For life coverage, you may claim from as many party or insurance company as the policies are inforce. Example: company bought RM20,000 life protection for you, you have bought RM100,000 for yourself. The family may claim total RM120,000 total life coverage upon death.

I do think you are able to upgrade your medical plan under the same investment link policy, if it's standalone medical plan, then perhaps you need to buy a new policy.

If you are under Great Eastern, you will be able to upgrade your investment linked policy without buying a new one and there will be a conditional waiting period of 1 month. Which means that anything within the first 30 days you will be able to claim under the old medical benefit. If anything happen after 31 days, then you will claim under the new medical card benefit. That's how Great Eastern repay to the loyal client.

It depends on your current financial status, if you are still able to survive without closing the account and only take out the bonus, I would suggest you to do so.

Take out RM4k from the bonus, ask the company to use the future bonus to pay for your premium and you should able to enjoy more bonuses in the future.

If you are not paying, the company will still declare bonus to you, and your policy will use the bonus to pay for the insurance premium. Of course the maturity benefit might not be RM150,000 at 55 years old but it's still a big amount considering you are not paying the premium.

Investment linked policy wouldn't have "policy loan", furthermore 10 years ago, Investment linked policy isn't as popular as nowadays. I strongly believe it's Whole life Participating Traditional plan or Endowment plan.

What is a participating policy?

Participating policies are insurance policies which provide both guaranteed and non-guaranteed benefits. The sum assured is a guaranteed benefit and is paid when the policy matures or upon the death of the insured. Participating policyholders are allowed to participate or share in the profits of the insurance company’s participating fund. This is paid in the form of bonuses or cash dividends. Bonuses and cash dividends are non-guaranteed benefits.

Premiums of participating policies are pooled together in a designated participating fund. The fund invests in assets such as government and corporate bonds, equities, property and cash. The proportions of the assets may change over time, depending on the investment strategy for the fund.

Participating policies usually take time to build up cash values. If a policy is surrendered early, a surrender value will usually be paid only if the policy has been in force for at least three years. The amount paid will be adjusted to deduct certain charges.

Non-participating policies pay just the sum assured when the policy matures or upon the death of the insured. The policyholder does not participate or share in the profits of the insurance company’s participating fund and is not entitled to any non-guaranteed benefits.

You can read more directly from here: http://www.moneysense.gov.sg/Understanding...g-Policies.aspx

Only the company will be able to calculate it for you based on the money you have withdrawn

What's the reason you wanted to upgrade your room? There will be no penalty on upgrading the room & board upon admission in Great Eastern, the only thing is you have to pay the different between the room you went in and the medical card room. Unless you wanted to upgrade your annual limit to a higher limit.

Your priority should be increasing the sum assured of your life/TPD/36 Critical illness and early 36 Critical Illness. You may ask your Great Eastern agent for a plan call Great Early Living Care, I think it suits you

1. GE medical card is cashless.
2. It's very depending on what kind of investment are you looking at. However, the main advantage of ILP over Standalone is not only the cash value but the privilege of your medical plan not getting lapse within a month of premium date by supporting from your cash value. As an ex-staff, I've seen a lot of oldies bang table in Menara Great Eastern because their credit card/bank transfer payment fail or they have forgotten to pay for the premium while travelling within a month. I still remember most of the people are actually seriously ill and out of medical coverage. However, all these cases has been rejected to be reinstate back and as a staff nothing we can do but to follow protocol.

hello

In Great Eastern, under the same room & board and similiar plan(ILP have slightly better benefit), the standalone premium is higher than the ILP's insurance chargers. Been asking around why do the standalone premium is higher than ILP's insurance chargers but yet to find the answer.

1. GE medical card is cashless.
2. It's very depending on what kind of investment are you looking at. However, the main advantage of ILP over Standalone is not only the cash value but the privilege of your medical plan not getting lapse within a month of premium date by supporting from your cash value. As an ex-staff, I've seen a lot of oldies bang table in Menara Great Eastern because their credit card/bank transfer payment fail or they have forgotten to pay for the premium while travelling within a month. I still remember most of the people are actually seriously ill and out of medical coverage. However, all these cases has been rejected to be reinstate back and as a staff nothing we can do but to follow protocol.

hello

In Great Eastern, under the same room & board and similiar plan(ILP have slightly better benefit), the standalone premium is higher than the ILP's insurance chargers. Been asking around why do the standalone premium is higher than ILP's insurance chargers but yet to find the answer.

At the age of 65 or 70 or 75, standalone premium is still higher than ILP insurance chargers.

Nope, medical are coming either you are buying it as a form of standalone plan or investment link.

Most of the agent are packaging Investment link with Medical rider as "saving" from the cash value because cash value is withdrawable without any penalty. However, the main purpose of cash value in investment link is to hedge for the future increasing of the insurance chargers. You must understand that the insurance chargers for the medical are keep on increasing and you are expected to top up money to avoid lapse in the future if you have withdraw your cash value.

Rather than saying saving plan come with life and medical, I would say life and medical plan comes with the element of saving.

You will be acknowledged with the increase of premium is the projection of premium isn't enough in the near future. The increase of premium will not be as bad as the standalone since you have paid higher premium (comparing to the standalone) and the accumulation of cash value will be able to cover better than the standalone.

In my opinion, just live the way your life should be and accumulate your wealth from all the others financial and investment aspect. Due to time value of money, in the end of 30 years, the increment of premium could be not large. Just live the life you should and start investment .


Splenectomy due to accident, ITP. cyst or any reason? This could largely affect the final result. Pm me to get more information

A very standard Great Eastern policy, I think that's the best bang for buck you can find.

For your case, you can get some deductible medical card at cheaper price.

For example if your annual limit is RM50,000. You may get a deductible plan of RM50,000. If the bill is over RM50,000, you can claim over the other medical card.

GE do not have Portfolio Withdrawal Clause.

Total Agency distribution Channel First year Premium market share
1)GE
2)Pru
3)AIA

Most of the plan are very similar, you can't get the best out of all. Just get one that among the best 3 choices. Example:
Let's say.
Company A
1. Product Feature & Coverage, number 1
2. Premium rate, number 3
3. Claims Service, number 2
4. Agent's Professionalism, number 1
5. Insurance Company Financial Strength, number 3

Better than

1. Product Feature & Coverage, number 1
2. Premium rate, number 1
3. Claims Service, number 1
4. Agent's Professionalism, number 6
5. Insurance Company Financial Strength, number 1