yup i understand this. and there's 30 days grace period before policy lapse. so claim can be done during that period. am i right?

Technically, yes

great! thanks! i guess this option can be really taken into consideration for short term gain.

anyone familiar with the Allianz diabetes medical card ?

https://www.allianz.com.my/allianz-diabetic-essential

You can read more about it here.

Feel free to ask questions after your read up

hi Thor! Basically the TnC is clearly stated in the brochure already. Guess you are not the first one who have that thought of getting a short term gain there. the only thing is if everything is in place - getting married, getting a child there after, by the 3rd year you can indeed get a short term gain there. so yea, best trick is buy during pregnancy (just by getting the Child Birth reward and Gift of Joy), so after end of 1st year policy you can claim already. Of course best is if you really need this plan.

Hi CK, thanks for the clarification. I just felt weird the fact that AIA come out with this plan where they will be making major loss if a lot of ppl are taking advantage of this. On top of that, agents who sells this will be getting 65% commission from the first year itself.

The policy is meant for long term coverage. But I guess they didn't account for people to abuse it for the short term gain only.

Basically, insurance companies don't depend on one product plan for profit. so some might profit more while some profit less/might have loss. The main point is to gain more new business from customers first. likely some customers might stay due to the benefits that they want. im more worried of the agents' persistancy (a gauge for the agents to make sure new business is inforced for at least 2 years). if the agents do it for money only, then some will just sell based on products' benefits. agents that wanna stay long term in the business serving their clients long term most likely wont advice clients to do so.

Mrs @ Age 41
RM390/Month
1) Life/Critical Illness : RM50,000
2) Room and Board : RM200/day
Medical Coverage : RM1,320,000 p.a
( No co-insrance )
3) Waiver Benefit upon Critical Illnesses
4) Cash Value @ 20 year : RM73,000±

Mr. @ Age 42
RM500/Month
1) Life/Critical Illness : RM50,000
2) Room and Board : RM200/day
Medical Coverage : RM1,320,000 p.a
( No co-insrance )
3) Waiver Benefit upon Critical Illnesses
4) Cash Value @ 20 year : RM97,000±

Baby Girl @ Age 3
Payor : Age 42
RM220/Month
1) Life/Critical Illness : RM50,000
2) Room and Board : RM200/day
Medical Coverage : RM1,320,000 p.a
( No co-insrance )
3) Waiver Benefit upon Critical Illnesses
4) payor Waiver Benefit upon Critical Illnesses up to child age 25
5) Cash Value @ 20 year : RM49,000±


Someone quote me this for medical card. Is it good?

If buy online, how to claim? Thank you.

I think the question is, good by what definition? Anyway, GE being GE, it will not be NOT good. more like, how is the agent? you think he/she will be in the business for long to continue to serve you well?

Few things to ponder for your own self

1) 50k sufficient for life and CI for yourself and spouse?
2) do you need waiver benefit upon CI for your child (item 3 in your post)? logically you are the payor. the waiver benefit more important if anything happen to you.

If you buy online, for hospitalisation, you will have to call in, get GL, get hospitalised if you dont want to pay on your own or you can always claim after the hospitalisation with the original bills.

For other claims, can always just get the claim form from the insurance company and claim.

BUT if you want such comprehensive plan, right now, you can't buy it online. there is still limitation of what you can get online. without proper comparison, it is no guarantee you will save a significant amount of money.

forget about the cash value, it will be cheaper.

No I don't.

The cuepacs one is ok. But the other one seems quite out of date already. Even the premium rate is different, last I heard.

Good day sifus

Is it true insurance cost increase by Jan 2020? For buying new plan

No.

Something happened back in 1 July 2019. It may seem more expensive to purchase IL plan, but not because insurance companies increased their cost of insurance. Rather Bank Negara wants to ensure the buffer when you purchase an investment-linked policy is sufficient until end of your coverage term. (the explanation is rather technical and complicated)

So this 1 Jan 2020 thing came up by some agent to scare customers to sign up for them to hit their year end sale.

PS: there is possibility that some insurance companies did increase the price slightly but the 2nd thing related to BNM is requirement really what is more impactful and affects all life insurance and takaful company.

Cost does not increase but the projection % will change and premium will be adjusted accordingly for the coverage term.

Best,
Jiansheng

ya ya . been told something like new plan must be able to cover until age 100

meaning buying new plan in 2020 got to pay more due to BNM guide is true right?

No the cost didn't increase but rather the projection for return of investment is reduced.

This is in turn makes new you think the cost has increased as you are required to pay more Premium but in actual fact bank Negara is trying to create more buffer for your investment link policy so that it will be able to sustain for a longer period without lapsing so soon.

Not necessary until 100 years old. Different company has different ways of setting the coverage term.

For Allianz at least, we only require a minimum coverage of 20 years. The client has the flexibility to determine if he/she wants a longer coverage than our minimum. Upon reaching the maturity of the coverage term, the policy will be auto renewed to 100 years old.

Best,
Jiansheng

How to answer the questionnaire asking if you had sexually transmitted disease in the past when you sign up for new insurance? How to answer this? So embarrassing. I'm sure many here must had caught stuff like gonorrhea and chlamydia in the past. But how many actually truthfully answer this? I feel this question is like such a trap. Like somehow down the road they are going to use this against you.

To all insurance agents here, does your client actually tell you they had STD in the past?