ILP, premium spent depends on how comprehensive you want your insurance to be.

doubt so can cover "experimental" treatments for now

Hi Praveen

From the look of it, you seem to worry that if anything happens to you, no one will take care of your parents especially financially. Since you didn't really describe your current marital status, I would assume you're single.

In such case, it's probably more important for you to cover against death or disability, as well as for medical insurance for yourself in case you get hospitalized, in such situation, the death and disability benefit will help payout to your dependent which is your parents so that their financials are taken care of. It will also have dual effect to assist you if you get disability.

Once you've the 2 benefits above, the next thing could probably be critical illness which is used to replace some of your loss of income due to your health impacted by a 36 critical illness.

That being said, it also depends on how much you are willing to spend for your insurance to be how comprehensive to cover you.

Seek a life insurance agent to help you out.

your agent should tell you how much coverage you need, it's your own decision if you'll follow your agent's advise, if it's not within your financial means at the moment then just tell your agent that you can't afford the additional coverage.

No it should cover you at any point of time, this is not SOCSO.

As mentioned before ILP is not only for investment purpose, the cash value is used to buffer future increment in cost of insurance which you may not require to top up for it unlike term insurance.

oh my the long argument about investing urself vs insurance again, not gonna go there.

If you can invest better than insurance company, go ahead with ur own investment.

For the difference you will need to fork out yourself, can consider treating it like term insurance by then since there is no cash value left and you’re paying the cost of insurance without much investment involved.

I am God when I can answer your question above.

I wouldn't say discount but the charges will be slightly lower.

Sorry I don't know much about your background, can't tell if it's beyond your means or not

Probably you can try to explain about this plan in here that your agent has preached and I'll see if it suits you?

how much insurance coverage she wants to increase ?

any idea why that amount ?

what's her plan ?

will need to find out more about her existing coverage and see what's the right amount to top up from there. Maybe can save abit here or there and may not spend so much in the end

ah I see, well that make sense, you should cover for the loan still outstanding to the loan as at to-date.

Get MLTA in this case.

This post has been edited by lifebalance: Apr 15 2019, 11:42 AM

I am not sure, the insurance company will normally assess the usage of the overall building and quote accordingly rather than the purpose of each "floor" as they can't ascertain what is each floor used for in the future.

Yes there is, it's known as an investment link plan which you have the main coverage Death & Disability, within the policy, you can add on riders such as Medical Card, Critical Illness, etc

don't get con, there is a Guaranteed and Non-Guaranteed portion within the policy. The average out % return I calculated to be around 1% - 3%.

When surrendering your policy, make sure you know what you’re doing.

If you have any pre-existing illness that is covered under your previous medical card, may not be covered by the new medical card depending on how the underwriter takes in on your pre-existing condition.

And if your old policy medical card expires by 70, that must have been a very old card haha easily >10 years ago feature.

Then you should cover for 450k under the MLTA*

This post has been edited by lifebalance: Apr 19 2019, 11:21 PM

It's basically just the application computation where it will set a higher premium allocation in order to sustain the policy for a longer period.

However it may not reflect accurately as overtime cost of insurance may increase more than what is projected at the moment.

What this meant is the premium payable will be on a same amount for the whole period, which is normally an ILP policy.

However, do take into consideration that not all ILP are built the same, the premium may increase in the future if there is insufficient cash value.

ILP will have a more riders that you can add on in the long run with a lower overall cost and having more benefits for yourself than just a standalone by itself

If overall the benefit with GE is better, take GE

Basically having a co-insurance vs non co-insurance

You pay lesser premium charges for with co-insurance policies but you’ll always have to fork out RM300 whenever you get admitted to the hospital.

Whereas with no co-insurance, it’s more hassle free not having to fork out additional money every time you get hospitalized.

When your agent says their is no annual limit for the prudential medical card, your RM1 mil is the annual limit, whatever exceeds that amount, you will need to pay for it.

Don’t have to be confused about the “marketing” package by the insurance company

As per above explanation.

Let’s just say insurance company want you to share the cost of insurance with them, so when you share the cost with them, they are willing to charge you lesser.

Then you will need to do some mathematics on how much co-insurance / deductible do you need to pay every time for hospitalization before the insurance company cover the other balance amount.

Some insurance plan has high deductible e.g 20k - 60k, so which means you will need to pay RM20k - 60k of the hospital bill before the insurance company pays for the rest. But you get to pay super cheap premium for such insurance.

But again is that what you want ? Have an insurance policy but yet have to worry about paying high deductibles for it even though you can say “I have a very cheap insurance”.

Basically you get what you pay for just like everywhere else. Can’t expect pay “Cheap” premium and expect “Superb” insurance coverage without drawbacks.

With that being said, just go with the company medical card that you feel more convenient with.

if existing company allow you to upgrade to a better one, then that's always better, if not, if you gotta change, then you gotta change it.

It's just like driving an old car, you got an attachment to it, buy new car got new depreciation to start over but you got a better & newer car. How to compare ?

Takkan I say new car no good ? you're the one driving the car, you should feel it rather than me