All medical insurance premium rise together with age one, disregard you first bought when you are 1 yo, or 30.
The difference is the pre-existing illness exclusion, if bought it early.

No such thing you buy early, then you pay cheaper at old age or premium remain the same.

Insurance companies will close shop, if there is a medical insurance premium stays the same across lifetime.

Wholelife insurance is different with medical.

Wholelife - Only claim once died and amount is fixed in the first place, so no problem for insurance to stay the same. You only died once...

Medical - Everytime got medical treatment, can claim, and may become more due to inflation in medical cost.

It depends on personal preference and situation as well.

Eg.
Life insurance may not needed anymore, once the person achieve self-insured status, or no longer generate income, or family no longer depended on his/her income to survive.
By then, one has option to discard the life insurance coverage.

Also, different insurance company has its own strength, merit in term of different policy.
Eg. One can get life insurance from A company (due to better offering), while getting medical coverage from B due to better panel hospital and coverage etc.

It is much easy to tweak according to one needs if different type of policy are not bundled.

Self-insured - "wealthy enough" that doesn't need insurance, or insurance no longer as important.

Insurance is more about middle class people "game".
Poor one - cannot afford it
Rich one - doesn't need it, although most have it, but not as important already.

Life insurance is important when the whole family rely on your income to survive and make end meet for the entire family, in other word, life insurance is a replacement income source for the family to survive through just in case you suddenly passed away.

Once you are no longer generating income or income pillar of the family (disregard the reason whether retirement or whatever), life insurance becomes not as important as above situation of income replacement.

Medical - but medical insurance is not covering everything related to illness or post medication needs etc, there are areas that one may still need to pay from your own pocket, so it is important to understand the scope of medical insurance.
Typically example, you lose a teeth, you want to do "implantation" of a teeth that easily cost more than 5k per teeth, but medical insurance is not covering it, you need to have your own saving to pay for it.
So no matter how, a saving is also an important element in financial planning together with insurance.

Life insurance is not going to pay the medical treatment.
Life insurance - compensate when the person died or CI (most and generally CI is attached with the life one)

The one that elderly needs is medical insurance.

The life insurance that can get back some money normally called participant type of insurance or some sort of endowment (depended how insurance "package" it), aka there is a portion of it "participate" in "investment" that depended on insurance company performance.

Term insurance/term life generally doesn't get back any money but potential cheaper premium.

Don't need to obsess with whether can get back or cannot get back money when considering insurance policy.

Those can get back money, generally you commit more in the first place aka premium is much more higher than those cannot get back money one.
Money doesn't grow from tree, nor insurance company is charity organisation, anything you can get back/cash back or whatever name, it origin comes from your premium then insurance company save it for you or take it to invest or whatever then if/when insurance company generate good return from it, then gives back a portion to you.
Or the policy being bundled as investment linked/endowment etc through split portion of premium for investment/saving etc.

If not understand, then please don't simply commit, insurance is a long term commitment.
Demand further explanation and clarity, if the agent can't do that, find another one, there are thousand of agents out there waiting to get commission to serve you better.

CI insurance won't pay you the surgical cost.
CI insurance paid lump sum (just like life insurance when death), when the insurer suffered the CI as covered (please read the type of CI covered by insurance, not every CI may be covered)

To cover the surgeries cost, the one you need is medical.
Yet, medical insurance is not covering everything. It may be covering the surgical cost, but aftermath treatment or taking care off issue may not be covered, which one may need to pay from own pocket.
(if one needs until few hundred K surgical cost, then highly after surgery may need further taking care, or spend more on after treatment care, medication etc that may not covered by medical insurance)

2) Not such thing of "securing lower premium" at young age.
For medical,
You paid lower premium when you are 26, and will pay a more higher revised premium when you are 30+, and another more higher revised premium again at 40+, the premium will keep on adjusting upwards when you are aging.

Personal medical insurance is entitled for 3K relief.

If no one is depending heavily on your income, then life insurance is secondary important, probably medical and CI become more important.

Do remember to check medical policy coverage, as medical insurance may not applicable or can be used at overseas hospital, depended on where, as some do cover Singapore.
If at overseas, then you may need particular country medical insurance, not buy from here.

Below statement may not please some reader (especially may be agents , joking only), no offence to anyone.
This is a simple statement for sum assured needed.
If my income is low, then my life "worth" is cheaper so does my insurance sum assured, as I cannot afford higher premium.

Also, you need to have your own saving, for emergency, for future family planning etc.
Living in single vs having a family could be big difference in term of financially.

Please be minded even you have the most expensive insurance and wide coverage, there are still incident and situation that you need to pay from your own saving.
PA - if happen not due to accident case, insurance won't compensate.
Medical - not every medical condition is covered. eg. you have toothache and need a teeth implant or crowning which easily cost a few K per tooth. In this situation, you need to fork out own money despite having mil of coverage.

It is all about income, if the premium is negligible portion of your income, then no comment, it is about personal preference.
But if the insurance premium eat up large chunk of disposal income every month, one may need to rethink about it and plan more wisely,

The medical insurance bought here may not applicable at overseas hospital, as he/she is working abroad, he/she may need medical insurance at there instead getting an insurance in Malaysia.



This post has been edited by cherroy: Sep 17 2019, 11:25 AM

Some medical insurance/company do cover in the Sg, please check with respective insurance company for clarification.

Medical insurance is quite important especially in developed countries, whereby cost of medical is very expensive.

Premium for aging parent is extra-ordinary high, and may not "worth" it at all.

There is no reason to buy life insurance for aging and retired person.
You won't "earn" money from it.

Life insurance serves as substitute or income replacement when one suddenly passed away at young or working age especially one is the income pillar of the family.
This is the primary function of life insurance, and worthiness of it.