For sure, the earlier you get your insurance is better and cheaper.
Example, you pay RM 200 per month
But your actual cost for the coverage only need RM 150
Thus, the extra RM 50 premium will be used in investment to generate extra cash value

Let say in the future it have extra RM 50k cash value in the account, and you're age 50.
Your premium for sure will no longer be charged at RM 150 anymore, it could cost more than RM 400 per month, however, due to the extra RM 50k cash value in the account, it able to let you continue pay at RM 200 per month. Until the cash value deplete or maturity of policy or you hallelujah.

This post has been edited by tyan1234: Mar 9 2016, 07:47 PM

Just get a financial planner to choose for you instead of having different company agent. Agents represent company, financial planner represent you to seek for the best insurance that fit your needs from the market

Yes, you don't. It's depend on the cash value you have in your policy.
Let say you are having an investment-linked policy and pay RM300 per month. Assume you are 25 years old.
Initially your insurance charges would not as high as RM 300, it could be RM 150 only. The remaining balance will be used to pay other fees and allocate into investment.
Thus, you will have certain amount of cash value from your investment in your policy.

Let say now you are 45 years old. Your insurance charges surely will not as low as RM 150 anymore, it could be more than RM 300 now.
Let say it cost RM 400 now, but you are still able to pay at RM 300 per months.
Why?
Because the remaining balance will be deduct from your cash value. Until your cash value in your policy depleted.

Thus, top up of premium is recommended to ensure your policy can last until your old ages.

This post has been edited by tyan1234: Aug 18 2016, 01:30 PM

1. I guess the current policy they holding now should be Prudential one. If im right, the premium they paying now should be around RM 150-200 per month. It is quite affordable but not sustainable. Medical costing are raising more than 10% every years. Annual 50k/ lifetime 150k would be okay for minor illness, but it surely insufficient for major illness. Well, at least it's better than nothing.

2&3. Yes, Great Eastern policy have to pay a deductible of RM90k. In fact, the medical card break into 2 different part.
You have to buy the basic plan (Smart Medic) first, then you only able to buy the another better card ( Smart Medic Extra).
Products
FIRST MEDICAL CARD Smart Medic only give you Annual Limit 90k and Lifetime limit 900k.
SECOND MEDICAL CARD Smart Medic Extra give you Annual Limit of 900k and Unlimited life time. But have to pay a deductible of RM 90k
How does it work?
Let say this year you wanna claim RM 200k of medical fee. You will use the whole amount of RM 90k of FIRST MEDICAL CARD, to pay as deductible of RM 90k for your SECOND MEDICAL CARD.
Thus, your FIRST MEDICAL CARD left RM 810k lifetime limit. Now assume you every year also claim claim claim until your FIRST MEDICAL CARD lifetime limit finish, the next time you wanna activate your SECOND MEDICAL CARD you will required to pay the deductible of RM90k from your own pocket. As you don't have the FIRST MEDICAL CARD to pay for you anymore.

4. I cannot give a proper suggestion without a proper information. Lifetime limit and Annual limit are vary on ages. RM 1 million and unlimited lifetime is choices for youngster. But for your parents case, assume they are 50 years old and you are budget constraint. RM 150-200 per month would be able to enjoy around RM 100-200k annual limit and RM600k lifetime limit based on current market available plan.

5. Well, in my opinion, its not necessary to review medical card review every 5 years based on the current market plan for youngster. RM 1million annual limit and unlimited lifetime limit. It can keep more than 10-20 years. But why they ask you review every 5 years? because your agent will not get commission anymore after 6 years so they ask you renew then they get commission from you again for another 6 years lo
For senior citizen, if you have a old investment linked policy, keep it. If you don't, get a standalone medical card would be better. But do remember to topup your investment linked policy to ensure it sustainable for the long run. But do remember to review if you have major change in your life, such as marriage, new baby or promotion

This post has been edited by tyan1234: Aug 18 2016, 03:12 PM

2&3 Omg, im so sorry you are right for point A, I thought it was the SmartMedic Extend thanks for correction
But for the point b, is same as what i explained in the previous post. It's not an add-on benefits that changes the card behavior but instead it using the concept of 2 different medical card. Thus, as I explained in previous post. You don't need to fork out your own $ first, UNTIL you hit your lifetime limit of your first card(SmartMedic Extra). Then you tinggal your second card (SmartMedic Extend) and keep paying the deductible everytime you make a claim.

4. Still the same answer, based on your budget level. There is no benchmark for everything. Just depend on your financial situation. If you have a good budget, then you can enjoy what I mentioned point 5. 900k annual, unlimited lifetime. But if low budget, my recommendation would be the same as what I mentioned in previous post, which are getting a standalone medical card instead of ILP. As what we concern only the medical burden of our family. Standalone medical card can sustain until age of 100 ( not all ), but you have to enter the contract before certain ages (normally b4 60). But these only provide annual limit from 50k up to 500k, and also giving unlimited lifetime for certain treatment, but not all. Premium is much cheaper also

5. Yea, not enough for sure. A brand new ILP boleh sustain. But you have to pay minimum RM 400 per month for a ILP that can sustain until age of 91. I won't say it cheap, unless it's within your budget level or you can share among ur siblings la . But do find out what is the premium that your parents currently paying for the 50k annual/150k lifetime that policy. I guess it should be quite cheap. Because you have to compare the difference worth it or not before making any decision. But it's the best if you can afford a new plan lah

Cannot deny the premium is really cheap, but do take note there is a RM 10000 deductible where you have to bear the amount every time you claim it