Insurance agents can still quote with the following terms
up to 20 years
up to 65 years old
up to 70 years old
up to 80 years old
up to 100 years old

Basically the system will compute to tell you that based on its projection, this is the amount of premium you'll need to pay to sustain for this length of period. Whether it achieve its projection is another matter.

But since BNM decides to take a more safe approach, chances of the projection to achieve its target is higher since it's under-projecting but the funds may outperform.

Bad side is that the figures won't look so interesting on paper.

just tell ?

it's a declaration since you intend to apply for something in this case an insurance and it's a risk factor. If you don't intend to tell anything about it then you'll be denied of any claims in the future even if you pay for your premium.

Hello, asking for a friend:

40 y.o male with 2 kids age 8 and 11
looking for family plan
medical card,
rider for disability/accident/death
monthly income 10k

Also would like to ask about disclosure..

what if you are a on and off smoker. say the time u signed up the policy, u didnt smoke. but then after you do. the you stop. then you start again. do you have to notify your agent?

For this kind of planning, will be best to sit down with an agent to discuss otherwise it’s a normal quotation where you’ll get agents pming you on random quotes.

As long as you’ve smoke a single cigarette, you’re considered a smoker for 1 year.

It’s best to notify your agent if you’re a smoker again otherwise your claim may be impacted as you’re paying a non-smoker premium but maintaining a higher risk by choosing to smoke.

aaa.. thanks lifebalance..

Just curious, have you seen anyone so far declaring themselves to have had STD in the past?

Personally I have not encounter any applicant which such condition.

I would do the same for all my applicant to get them to declare, otherwise its not my problem but the applicant when it comes to claim. That's the disclaimer

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This post has been edited by pmaxv: Dec 31 2019, 01:23 AM

There is no way to go about this because its known as replacement of policy.

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This post has been edited by pmaxv: Dec 31 2019, 01:24 AM

If it's a new policy then he will get 0 on the new policy

The old policy will also get 0 if its cancelled since you're no longer paying for it.

You don't get ROP if it's an upgraded on the existing same policy.

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This post has been edited by pmaxv: Dec 31 2019, 01:24 AM

hi coca^cola, the benefits above seems good. so long you and your agent discussed your needs, then the plan that suits you is considered as a good plan already.

hi afkwan, insurance cost will increase depends on various factors. most that we heard of is medical cost increases that causes the medical insurance cost increases too. By 1 Jan 2020, BNM want all insurance companies to standardize their cash value projection based on 2% and 5% (irregardless of any fund choices). This is also to make sure the projection is at a conservative rate.

hi chichichi, are you looking for a quote on behalf of your friend? if on and off smoker, normally i will take it as a smoker. else, company will treat that as non-disclosure and future claims might have issue due to that.

hi pmaxv, what you can do is purchase a new policy with PruMillion med. for the current one you are holding, just stop payment will do.

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This post has been edited by pmaxv: Dec 31 2019, 01:24 AM

For Prudential I'm not sure though. For GE, i know it won't. Or you can do something like getting only the PruMillion med rider on the new plan. Your current one prioritizes on life insurance+CI.

HI,

Policy A : Annual 3216.72
Sum assured: 45K
Critical 45K
Aciguard: 45K
Pru health: 200 for room/board

Policy B: annual 1649.88
sum assured 50K
Accident medical reimbursement: 5k
Critical : 50K
Hospital benefit : 100 per day
diability provider: 5k

question: Am im overpaying for lesser coverage?
will it be better if i surrender both policies for better one, say pru weath plus?

Hi,

Can't comment much without understanding your own financial background. Probably you would like to talk more about yourself and what you aim to get for yourself ?

single, 40. managerial position. Liability: house and car. when I got those policies, I only care of about no need so more coverage for death. but I did not considered about TPD. do I need to increased my life policy? I am also planning to top up for medical coverage ,maybe as for new policy

What I normally plan for my clients who are single is that ,they need insurance to take care themselves in the event of disability, accident or critical illness in which you will have enough payout from insurance to last you for atleast 5 - 10 years of your annual income while you're unable to work for a period of time.

From the look of it, it seems to me you may be under-insured. Not on the question of over-paying or not.

question is how much is enough? it could be ( most likely) 10 years down the road , it wont be enough anymore.
We cant be continuously pumping in money in at higher premium based on next birthday age.

Last policy bought in year 2011.