Would terminating my current insurance plan (standalone medical card) makes it harder for me to engage with the same insurance company again in the future?

If I revise my existing ILP takaful plan, will my comissions reset back?

This the amount that goes to paying the agents, etc... that should be lower over time.

interesting ....
for an approximates similar coverage.....what is the yearly premium differential between the standalone and the 'new ILP medical card"?

This statement is misleading, quite obvious that he's using a standalone medical card at the moment which the premium charged is based on his age, occupation, gender and whether he's a smoker or not.

If he surrender now and purchase another next 10 years of the same standalone plan. The premium will be higher than before he first purchased it. Misleading ? Even if he surrender now the premium will be still be higher if he plan to repurchase it after 2 months because its already a few years logically thinking. The premium quoted was according to the age when he FIRST bought it

The Insurance premium charged for a Standalone Medical Card will not be HIGHER than before just because he bought it long time ago and he decided to cancel it and buy it again later. But it will only be charged higher if he had grown older, doing a riskier occupation or became a smoker from a non-smoker.
Again this can be misleading to mention Standalone medical card are inferior to ILP medical card. In fact both of them offers similar benefit besides a higher room and board and option to add on other riders within an ILP policy.

Do you know what exactly you are saying ? So means the premium will be CHEAPER after next 10 years if he plan to buy it ? Read again your own statement.If he buy it another 10 years later, his age will not increase?

Besides that, the extra amount put into an investment policy is being invested by the insurance company where as a Standalone medical card is akin to a car insurance if you don't make any claim for the year, there is no other extra compensation / cash back to the insured upon renewal. But customers don't have to purposely pay few thousand extra over the next 10 years in order to get that cash value if a person is on a tight budget but needs basic medical coverage.

The sole purpose of getting an insurance is not to make money out of it but to give customers the peace of mind that they're covered by insurance at the point of time. So I don't get why you would even suggest to get back "cash value" from the policy especially if it's an ILP involving Medical Card. So what happens to that client of yours once he fully cash out the 40% cash value 20 years later without the medical card. Are you going to sell him an even more expensive policy since he may already be in his retirement or 60s ' which he may not even be able to afford anymore?

People buy insurance is to get protection and investment at the same time to cover the COI and also get some cash value in it.The cash value is to get some investment value depending of the fund performance. The Cash value is also to sustain the policy years when he in later years cannot afford to pay the premium when he retired at age 60. When you are healthy up to age 70. You can consider which company fund performance giving u best cash value. Given 2 companies A and P

Company A
After 70years plan cash value is 100k

Company P
After 70 years plan cash value is 150k

As a policy holder which one will you choose ?

What if they already have pre-existing illness at that point of time or their health status may not grant them another new medical card and they've already cancelled the medical card to get back their 40% cash value as you suggested ?
IMO it depends on your age, gender, occupation and smoker or not.

Standalone medical card are easily affordable nowadays within 100/mth. Whereas ILP starts from 150/mth

What I'm trying to point out to you when you said "Premium will be higher than you first purchase" - It sounded like the premium that the client paid is based on the age he first bought the policy and thereafter if he cancel now, he will not enjoy the lower premium charged and your 2nd statement now which further explains what you meant earlier.

Anyways I've highlighted on the area of the premium charged to further clarify how much the Cost of Insurance (COI) will increases as a client ages.
Sorry to say, if insurance is for investment, a lot of people may disagree on this especially pure investment tools out there would do much more fantastic return compared to an insurance product if you're talking from Investment perspective.

You are still trying to dodge the question, what happens to your customer after they cash out the full amount from the ILP policy @ age 70 and a few months later needs to undergo a surgery that cost RM300,000?

This is not a matter of which insurance company gives a higher return if you're trying to switch topic nor did I ask about anything related to cash value return.

And you're correct on that part that part of the purpose of insurance company accumulate the cash value is to pay the Cost of Insurance (COI). Cashing out all the money will immediately lapse the policy and client will no longer be able to enjoy the insurance benefits.
It seems you've edited further to add on

I think you're confused urself, 2 months ? then "it's already a few years" ?

You forgot the big brother of the medical plan rider that enhances it to RM1,100,000 annually for just fraction of the cost, try add that up for me and tell me again.

https://www.aia.com.my/content/dam/my/en/do..._MedBooster.pdf
You just highlighted yourself as just another life insurance agent who just goes after big commission by selling big policies and not understanding each of your client's need.

Do you mean selling more Life / Critical Illness protection means not understanding the client`s need? If the family breadwinner passed away. How is the wife going to sustain their lifestyle?  Are you the agent feel happy for not selling them ILP insurance and afford to see his family and children suffer because of your "good" advice?

Honestly Term insurance and Standalone Medical Card still exist in this industry for a purpose, which is to meet the people's need, you can't be a proper wealth planner if you only sell certain products even if you claim to "Understand" your client telling you that his budget maybe limited but you refuse to tell them that there is actually another affordable plan.
There will be no future for your client at all if you can't secure his health now to pay your future premium when he can't afford to pay you the premium that you advise him because you stubbornly do not recommend any standalone policy at all which is within his budget. Not everyone can afford to pay insurance premium nowadays.
Are you even serious about asking this.

what if your client suddenly need to undergo an operation cost about rm 200k and your plan only cover 100k Annually. How would you advise on that ? I would like to know if they cant afford rm 200 a month , what if they would need rm200k instantly for an operation and the plan only covers 100k where will they fork out another 100k to sum up the hospital bills ?

Why not let me ask you this. What is a Standalone Medical Card to you?

standalone medical card is a non participating  term medical card which will you only pay the the  actual cost to insure you at your age without other riders with a capped limit.

Why Standalone have a rider? because AIA's standalone plan allow to add on the rider, is there even a problem on that in the first?

So basically u said standalone is to reduce the premium due to not all client can afford the high premium? Why care to add on Rider or Booster ? How much will the premium sum up to? RM 200 and above? If standalone plan why force client to pay more for rider when there will be no investment value in it ? Misleading into paying more for nothing ? Beside is there any LIFE/critical illness on your standalone medical card ??

No problem on that because if there is rider it means more money will be wasted since no investment. No cash value.Not good for the client

Hello, Captain Obvious, As a insurance agent urself, should knows that Premium for standalone policies are not guaranteed the same every year by any insurance company unless stated otherwise, if your company does offer, do let me know, I'm willing to buy from you.

[Get A quotation from me  you can get a quotation from this website
------------------------------

I'm still waiting for your answer

what happens to your customer after they cash out the full amount from the ILP policy @ age 70 as per your advise to enjoy the 40% cash value or what u said 100k - 150k cash value and a few months later needs to undergo a surgery that cost RM300,000?

I am on GE plan - ILP smart essetial 2 with sm150
reviewing my plan now and found that smx and sme is kinda conflicting..
smx is fine since it voids co-insurance but sme is very tricky and why its deducting back the sm150 ? so if its sm150 lifetime limit is reached... we need to absorb ourself the 90k payable portion ? why such as this ? this is directly mis marketing... its free but its not free.. like that..
are all insurance medic card same like this or there is better one ?

Morning

A friend of mine have introduce me Hong Leong Assurance medical card calls HLA Medishield 2 , which offers more than 2 million coverage .

But after read through the quotation he give me , there is a things calls Deductible , which mine is RM 120,000

Will there be any consequences on the claims if i were to switch to Hong Leong Assurance medical card ?

Kindly adviced

roystevenung

can clarify what this guy is talking here?

🤔🤔

What are your findings? How does Prudential compare to AIA? Or Allianz or GE?

Unfortunately no, as the plan from AIA is not comparable with PruSenior due to the difference in benefit.

AIA plan's
1. does not impose 10% co-insurance or minimum co-insurance of RM3,000 - RM6,000
2. covers up to age 100 instead of 80 yrs old
3. does not come with any lifetime limit and upgradable to Annual Limit RM1,100,000 million coverage

but of course you pay a slightly higher premium monthly for a much better benefit.

Question you should ask is
1. Is coverage up to 100 years old important for you, what if your father outlive above 80 yrs old with no medical insurance ?
2. Should you be worried of lifetime limit of 225k, is it sufficient to cover the increasing healthcare over the next few years?
3. Are you willing to pay deductibles of (3k - 6k) on top of the premium of (5k - 3.7k) upon hospitalization which may end up paying for a higher cost of insurance in the end anyway? (8k - 9.7k) in the end. But of course, you'll save more if your dad doesn't get hospitalized in between the next few years. But you will incur a higher cost if he does get hospitalized in the next few years.

Pros and cons, you decide.

as I've already quoted, the 2 policies have their own benefits and differences as per the indicated brochure unless you can tell me one lie between these 2 policies in my statement above, I'm happy to debate.

As I'm also fair to give the difference whereby the insured will benefit from cheaper cost of insurance by getting the PruSenior, since this is a forum, I'm public debating on the difference between these 2 since the person asking wanted to know if there is a cheaper policy / other option. So I'm merely laying out what is the difference between these 2 policies and what's in for the person to pay more for it.

Plus, in no way did I said the Pru plan was useless, if initial budget is a concern, by all means, I would encourage the person to get something within their affordability.

Whereas you went to a different route and start to spur wild allegation against a particular Insurance company which is not part of the original discussion.

Moreover, since your entrance in here, you've been trying to promote and sell your services as well as putting down other insurance company. Why I said so ?

Here's your evidence
And now, starting to bash on particular products. Which is irrelevant to your discussion that you're bringing in here.

Cheers

Unfortunately no, as the plan from AIA is not comparable with PruSenior due to the difference in benefit.

AIA plan's
1. does not impose 10% co-insurance or minimum co-insurance of RM3,000 - RM6,000
2. covers up to age 100 instead of 80 yrs old
3. does not come with any lifetime limit and upgradable to Annual Limit RM1,100,000 million coverage

but of course you pay a slightly higher premium monthly for a much better benefit.

Question you should ask is
1. Is coverage up to 100 years old important for you, what if your father outlive above 80 yrs old with no medical insurance ?
2. Should you be worried of lifetime limit of 225k, is it sufficient to cover the increasing healthcare over the next few years?
3. Are you willing to pay deductibles of (3k - 6k) on top of the premium of (5k - 3.7k) upon hospitalization which may end up paying for a higher cost of insurance in the end anyway? (8k - 9.7k) in the end. But of course, you'll save more if your dad doesn't get hospitalized in between the next few years. But you will incur a higher cost if he does get hospitalized in the next few years.

Pros and cons, you decide.

Thank you for your input, I guess you've breach plenty of misconduct in here under LIAM Code of Conduct which I can use your screencap along with your contact info to identify you.
Secondly, please provide evidence of non-disclosure or mis-selling, otherwise you're trying to create a public disturbance especially towards a particular insurer.

You've just breached LIAM's Code and Ethic conduct in your earlier statement as well as the above quote

1. General Sales Principles

2. The intermediary shall not -
(i) make inaccurate or unfair criticisms of any insurers;

(ii) The code applies to “intermediaries”, i.e. all those persons, including
employees of a life insurance company, selling life insurance other than
registered insurance brokers, who are subject to a separate professional
code of conduct.
(iii) Members of the Life Insurance Association of Malaysia shall undertake
to enforce the code and to use their best endeavours to ensure that all
those involved in selling their policies observe its provisions.
The audit/disciplinary Committee of the insurer (established in
accordance with clause 2 © of Part 1) shall be responsible for
monitoring compliance of the life insurance intermediaries to this Part
(that is, Part II) and shall be responsible for the submission of the
quarterly report to Bank Negara Malaysia on breaches observed during
the quarter and the corrective or punitive actions taken.

http://www.liam.org.my/pdf/code-english-v2.pdf

I shall send this report tomorrow along with the evidence captured.

https://web.archive.org/web/20171213123156/...c/4199756/+1320

https://web.archive.org/web/20171213123053/...c/4199756/+1340

hmm... this is for Singapore Treatment case. and yea for Singapore Treatment case, only Plan RM500 is applicable for cashless claims, plan lower than RM500 R&B is reimbursement claims. (Correct me if im wrong lifebalance)

btw, not all plans and companies are perfect. each has each others' strength.

Morning,

Plan 500 is still based on pay and file a claim for overseas including Singapore but any excess charges in Singapore is claimable under the Booster policy which is not subject to Customary Charges.

I believe all insurance company have this practice on Customary Charges, otherwise everyone is paying in MYR but want treatment in Singapore and pay in SGD, Malaysia insurance company will bankrupt oh, earn MYR but pay in SGD.

Meanwhile, I've pass the matter to LIAM to handle.

any plan like prudential senior medical plan, one year only 3~5k

Unfortunately no, as the plan from AIA is not comparable with PruSenior due to the difference in benefit.

AIA plan's
1. does not impose 10% co-insurance or minimum co-insurance of RM3,000 - RM6,000
2. covers up to age 100 instead of 80 yrs old
3. does not come with any lifetime limit and upgradable to [b]Annual Limit RM1,100,000 million coverage

but of course you pay a slightly higher premium monthly for a much better benefit.
[/B]
Question you should ask is
1. Is coverage up to 100 years old important for you, what if your father outlive above 80 yrs old with no medical insurance ?
2. Should you be worried of lifetime limit of 225k, is it sufficient to cover the increasing healthcare over the next few years?
3. Are you willing to pay deductibles of (3k - 6k) on top of the premium of (5k - 3.7k) upon hospitalization which may end up paying for a higher cost of insurance in the end anyway? (8k - 9.7k) in the end. But of course, you'll save more if your dad doesn't get hospitalized in between the next few years. But you will incur a higher cost if he does get hospitalized in the next few years.

Pros and cons, you decide.

as far as I know MXM is like a MLM company selling life insurance with LonPac, there used to be a die-hard ambassador in here but I think he's no longer contributing to this thread after I exposed him.

Any upgrade on existing policies will require medical underwriting if there is any pre-existing illness. So if your mom is already above certain age or has any pre-existing illness, she'll need to declare it to the insurance company.

Now why are they asking you to upgrade in the first place ?
With this regards, since you've bought from their company, it's best to call their company up and clarify what you've signed up previously.

Investment link life insurance..

got one query on the above.. if i pay rm300 for 1million coverage.. the agent mentioned that after avg 2x years plus.. there are high possibility for my police to lapse.. since insurance charges are higher than what available in balance fund / cash value on later age..

how true is this ?
And. what i tought before was if we keep paying one amount per month for lifelong.. the policy shall be forever active.. - not sure if this traditional or investment link policy..

Hi guys,

Want to ask some ques here

Is depositing money into insurance company's savings plan (something like HLA Wealth Invest and GE Savings) a great way to avoid taxation of income ?

Let's say I received 600k from a friend, if I put this 600k into savings plan, will LHDN be notified of this big amount? Will the 600k be taxable ?

And will the yearly income from the savings plan be taxable ?

Please bear with my English ty