Yes we do have income replacement. Actually it is Critical illness protection.

Regarding the underlined above, have U factored in:
1. The value of $ for 35 years? ie $1 35, 34, 33.. etc is >$1 when claimed, due to inflation
+ the return on the $ if invested OR even put in simple FD compounded yearly?

2. The probability of claiming?

3. The logic of insurance companies are in it for the profits? ie. probability or risk * cost + admin cost +sales cost +profit target & share holders' dividend expectations?

Note, i'm not against insurances however the way it is being sold, it's as if it's a gift or being sold by an NGO.
If one can afford to cover the risks oneself, why pay outsourcers PREMIUM to cover it? Premium = (3.) above, ie Cost of risk +other costs +profits. Insurances are useful to offset risks that one cannot afford to take on, right?

No absolute right / wrong, just thinking out loud and logicalizing things

A Life Med Regular is a a standalone medical plan

Where as A plus Med is a medical rider within the investment link policy. So it's not a standalone

Both products are actually similar in benefits just that one is standalone and another is a rider.

Thank you. Other than A Plus Med Booster is there any Critical Illness plan that can be added to A Life Med Regular?

I would suggest you to take an investment link policy so that you may add on Critical Illness coverage.

You can't add it on within the A Life Med Regular

Any suggestions on a good AIA ILP plan?

[attachmentid=9466578]

GE has it separately. One is meant for CI, whereas Great Income Rider is meant for disabilities.. No comparable Prudential riders?

unfortunately not allowed to talk about it in here, later butthurt report my post.

LOL. Nevermind will read about it myself. Thank you.

Basically, standalone critical illness plan is non-existent? Or there is no way I can add critical illness plan to my medical card? The only way is to get the ILP or life insurance and attach the rider to it. Same goes for TPD.

Is this correct?

Yes, because 36 Critical Illness pay out amount depends on your Life Insurance covered amount.

Indeed there is no right or wrong. Good thought on that factor you mentioned, just roughly share you an idea.
1. Bill Gates once said “Medical insurance has the best leverage, you pay a small sum of money and get a huge protection instantly” . Can the FD investment wait for illness/accident? Can everyone afford rm100k in FD in order to enjoy RM 3500 interest ? It takes about 20 years compounded rate of 3.5% FD for 100k to reach savings of Rm198,978.89 Can you guarantee that within this 20 years one is healthy? After 20 years of force-saving investment in FD is it worth to give this money to the hospital? For FD you need a lump sum, but for insurance investment u can participate monthly (dollar averaging value) This all are protection like why we buy car insurance, are we buying to prepare to involve in accident? But there wont be any cash value out of it but we still paying annually. "Peace of mind"

2.

3. Time versus probability of risk. Insurer + Management & Building cost + Risk Insured Cost + Agents service commission . 6 years of reducing commission for a lifetime service. What can you ask for more

Hope my explanation gives something benefit to others as well.

This post has been edited by rcantona7: Dec 28 2017, 03:49 PM

u mean income replacement in what cases? cannot work due to accident causes? or cannot work due to major illness?

very well said! yea there is no right/wrong in this area. i think end of the day as long as client knows what they are getting and they get the peace of mind, thats the most important thing.

technically speaking yea. at the moment dont have standalone critical illness plan. get those traditional plan with critical illness benefit if you dont want medical card. still, it depends on what you want first and see whether ILP suits u or traditional suits u more.

Traditional policy will be much more expensive to be cost effective in providing sufficient coverage though whereas ILP maximizes the benefit at a lower cost.

1. Prudisability provider up to 65 years old (Total and permanent disabilities) - need ME every year
2. Crisis Cover Income up to 70 years old ( Critical illness)
3. Pru Acci income up to 70 years old ( Accident injuries up to 204 weeks)

We have other riders for critical illness lump sum payout up to 100 years old. That is the main protection for income replacement.

Bro, A Life Med Regular plan is cashless right? You just have to swipe the medical card to pay the hospitalization bill.

Cashless admission, purpose to swipe for the card so that your information is easily accessible for the hospital to request for the GL.

For PrudentialBSN ILP policies, what funds are available, and what are the management fees like?

Medical Insurance - 3 things to share (or maybe these are only new to me ) as i review my child's & my medical insurance policy VS current options, which may be of interest to U:

1. Medical Insurance "WATCHOUT" - PORTFOLIO WITHDRAWAL
**What Portfolio Withdrawal?**
Insurers are able to withdraw the entire medical portfolio (ie. the particular insurance product) if the plan is no longer sustainable due to the pool of money collected vs the claims paid.

**The Pros?**
Usually, premium is lower than other comparable products

**The Cons?**
The risk here is:
IF the Portfolio is withdrawn
AND the client is seriously sick or has claimed under 36 CI
= client is unable to buy into other insurance plan

**Personal Opinion**
Personally, i'm uncomfortable with MEDICAL risk management that does not cover
"Risk of no insurance due to Portfolio Withdrawal
AND if my love ones/i had previous issues no other insurers will insure aftr Portfolio Withdrawal"
If i have the assets to totally self insure my love ones, no issue BUT until then..

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2. New Medical Insurance Coverage in 60 days, 90 days, 120 days, 2 years etc.
**What is with the days?**
All medical insurances will state certain exceptions (ie. non-coverage or lowered) based on the number of days the insurance policy has been running.

**The Pros?**
The higher the deductible, the lower the premium - less risk for insurer

**The Cons?**
Client has to able to afford/know how much they are willing to afford to self-insure / pay out of pocket, before needing coverage or outsourcing the risk cost to insurer

**Personal Opinion**
The most critical to me was the "2 years" non-contestable claims - of course we declare everything up front to insurer during the start of the insurance policy/contract. Thus, to switch to a new insurer, i'd most probably have 2 insurances (old & new) running concurrent / overlapping for at least 1.x to 2 years, just in case (risk management)

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3. Medical Insurance Premium VS Deductible / Co-insurance
**What is Deductible / Co-insurance?**
In simple terms, the amount client has to pay out of pocket before insurer will cover

**The Pros?**
The higher the deductible, the lower the premium - less risk for insurer

**The Cons?**
Client has to able to afford/know how much they are willing to afford to self-insure / pay out of pocket, before needing coverage or outsourcing the risk cost to insurer

**Personal Opinion**
As i grow my family's assets, i can afford higher deductibles and.. up to a point where, hopefully, we can easily self-insure fully. Thus, as we grow our assets, i'll take higher deductibles to reduce the running cost of medical insurance.

PruBSN Takaful Funds