abang, get your fact right please...

otherwise you might sound really unprofessional here

every year there will be 990000 available, tak pakai then burn, the next year renew again. there will be some small 10% increment to annual limit every 3 years if no claim made within that 3 years.

"guarantee renewable" is not put in the policy clause, but they do not have the rights to reject you

Ini boleh refer BNM guidelines - Financial Services Act

financial services acthttp://www.bnm.gov.my/documents/act/en_fsa.pdf

go to pg 164, "non contestability for life insurance contract" :-

EVEN if you do not disclose your health and financial statement fully and the policy is inforce for 2 years, the insurance company have no GROUNDS to reject your claim unless they can provide PROOF that you intentionally/unintentionally deceives the insurance company into entering a contract

So what to worry on renewability IF you pay your premium ON TIME?

"Trust ONLY the professionals!!!"

non ILP medical card will lapse if it is a standalone medical card.

Some medical cards are bundled into a main plan (traditional plan), therefore you need to check the availability of surrender value. If the surrender value is sufficient to cover your cost of insurance, then it might go on for a few years.

That is the rational most insurance company design the best medical card to be included into ILP policies, to avoid the policies getting lapsed. In another word, as u said, give priority to ILP medical cards

That is why I said "unprofessional". Other people is using smart medic xTra plus smart extender and you are using smart medic xTra plus smart medic enhancer as comparison.

So get your facts right before u start barking

Wild_card_my. Please add this into your collection as well.

But I am glad that you admit your mistakes. Try to be professional when you state things that you know, like the products your company offers but not things that you have little knowledge of

I love this dude. Wise

It's a steal. Go for it.

This is a good case study. But based on Financial Act 2013 write up, on grounds that material facts was not presented at the time of inception, be it intentionally omitted, or unintentional, should not be contested after the duration of 2 years aka "non-contestability period" (see attachment, cited from pg 164 of Financial Services Act 2013 FSA2013) UNLESS insurer has proof that it was a material matter that should affect the insurer's decision in accepting the insurance proposal.

In layman term, if you already have the knowledge that you have certain medical conditions that might hinder the acceptance of your proposal by the insurance company; and; should you not disclose such information and the policy is in inforcement for a full 2 years or more, the insurance company must pay the claim proceedings (aka non contestability period, this period is shorten to 1 year for Great Eastern, and is called indisputability period). However, if such omission forms a part of material matter and that the insurance company is able to provide such evidence that could affect the decision in the acceptance of the life to be assured in the first place (for this instance, more than 8 years back), the insurance company reserves the right to reject any claims and terminate such policy.

For unrelated conditions, it is matter to debate. For instance, you have had hearing loss and you did not disclose such material fact, but you suffered a TPD caused by a road accident yesterday, there are grounds for you to debate should you wanted to claim for TPD. but the common protocol from the insurance company is your policy would be terminated due to non disclosure. You may appeal your case after that.

Given your scenario, you suffered from the same illness that you (or you agent) omitted to disclose in your proposal 8 years back, in my professional opinion, it is a little hard to fight with the insurance company. But as pointed out by GunMetalX, there is no harm in trying to appeal on the case on the grounds that your agent failed to disclose such material fact. Please get your evidence ready such as your conversations with your agent, communication emails etc. When you receive your policy, it is your duty to check the contents in the policy to make sure it is the same as per what you have declared and take necessary actions such as freelook or amendments should the disclosure is not align with what you declared to your agent.

Good Luck


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Replacement of policy and claw back of agent commission - true. For agent commission purpose, the rationale is clear.

But looking into a broader sense, especially as far as policy holder benefit is concerned, there is a clause in each policy that is either called “indisputability period” or “incontestability period” — depending on which insurance company you purchased the policy from.

This clause states that for a duration of 2 years, omission of health or financial declaration, either intentionally or unintentionally, the insurance company holds no right to reject your claim unless they are able to present material facts that may affect the insurability of the proposal in the first place.

So, with that in mind, I believe it is wise for you to keep the old policy for a period of 2 years (1 year for some companies) prior to cancelling it.

The explanation above is from the technical aspect. From the ethical aspect wise, I don’t think any agent should ask you to cancel your old policy unless it is an obsolete medical plan.

Medical plans go by natural risk and natural premium. There is no fixed pricing to the medical charges therefore there is something called “medical repricing” and your insurance go up as the general medical cost go up.

There is nothing wrong to upgrade your plan should you feel that the new plan provides better medical than the old one. The only things to take into consideration is the waiting period, the cooling period and the indisputability period and your current state of health.

Last time people purchase medical plans from multiple insurance companies because the medical limit of only one medical might not provides sufficient cover on the medical needs. But right now almost all insurance company have 1 million coverage, there is no wrong to opt for 1 medical coverthat can do a job of multiple medical plans. Just my 2 cents.

Please bear in mind, you can claim from one insurance company on MEDICAL bills. YOU CAN claim from another insurance company on the residual medical expenses provided that the
medical bill is not cover in full in the first medical card

Since no GE agent is answering your question, I will try my level best to give you a satisfactory answer.

Yes. You get to refresh rm990000 coverage each year.

The insurance charges are quite competitive nowadays. If you compare GE with Prudential, Prudential cost is lower if co-insurance is applied (do bear in mind that GE also has a co insurance medical plan). You shoulder part of the medical fee (rm300) while Prudential covers the rest.

If you look at coverage GE provide annual coverage from rm990000 to rm1760000. So naturally the cost of insurance will be higher.

After all, it depends on your budget or your need for medical coverage. The algorithm for insurance charges are quite fair for both the companies. Should you need a large coverage go for GE, should you need a competitive annual premium and lower coverage, go for pru

You are in trouble. You need to do one more additional step. Go to the commissioner for oath and take an oath that u lost your policy. That would cost u rm5

Kids do not need life coverage.

To the parents the lose of a child wouldn’t cause them to suffer financially albeit some funeral expenses (which would be a one-time cost)

But kids need 36 critical illnesses coverage. Should one of the critical illnesses befall on the kid, one of the parents need to leave their position to take care of the kid full time. Hence, it is important to buy this after medical insurance.

Disability insurance (lumpsum payout, or monthly payout)

- is bundled with life insurance (share limit)

Long term care insurance (nursing, in case of disability)

- is a rider that rides on a life insurance

" I don't want
Investment linked,
Life insurance,
"

how are the professionals going to help you? just my 2 cents

This post has been edited by kok_pun: Oct 10 2018, 11:40 AM

how is insurance agent B non professional?

as you mentioned, it is "hard to dictate other than understanding his background and his priorities"

how much have you fact find on scarfe to come up with your conclusion?

i don't see 2 non professional agents here. I see only 1. And I believe he is neither A or B as mentioned by scarfe.