What kind of coverage? Life or life plus critical illness?

This post has been edited by HoNeYdEwBoY: Apr 21 2019, 10:02 PM

Hi if age 57, male no smoking , no disease no diabetics what is the minimum rate for medical card? Possible to buy until age 80 and above? Or it will be very costly?

Depends if you're covering under term insurance or investment link policy.

If it's a term insurance (standalone) then the cost of insurance will increase over the years but you're paying the cost price without any investment.

Otherwise if you want something cheaper over the long term then you can get the investment link policy but the monthly contribution will be more initially.

Yes it's possible to cover until age 100 yr old.

Yes you can buy until age 80, for invested link plan will be around rm 600+ per month. For standalone will be around rm 2.6k per year and price will increase every 5 years, around age 80 the premium will be around 16k per year.

It may be the same for investment link, as COI for medical coverage in investment linked policy likelyhood also rise as same as degree with standalone one.

Just to post, so that forumers won't misunderstand that investment linked policy premium will stay the same forever.

Whether it is investment linked or standalone, it is the same as generally medical insurance premium become "non-economical" to have once getting old especially after 70~75 range.
As statistically this is the average lifespan of population.



This post has been edited by cherroy: Apr 22 2019, 09:24 AM

Hmm,
Max budget for purely medicine card insurance .. any idea which insurance company I should buy ? ?

Can go with Great Eastern / AIA

actually any company also can de, its up to you to choose which agent that you feel right and can service you for long terms.

Provide us more of your details like age/occupation/m or f/smoker or non smoker so we can give you suggestion.

"best to go for GE/AIA" - AIA agent

Best thing to do is to ask for quotes from each respective agents here

Great Cherish 80 is there.

Imho, there’s no such thing as max budget for insurance. The so-called budget is just a guideline.

The idea here is to get the highest amount of protection at the lowest cost possible.

It’s advisable to get a few quotes and compare the benefits.

Agreed. It is important to maximize the protection for the lowest cost possible. this is what we call insurance efficiency.

With a lot of bells and whistles as riders, it may deter a client from getting the most important coverage though - like life and medical.

In a way, @lifebalance is not wrong because if the person is looking for standalone medical card, GE / AIA is more competitive in this case. To be more accurate, GE standalone is actually cheaper.

Perhaps it is, but it is best to compare them all anyway.

If he’s talking about max budget, he could also mean what’s the max amount he is willing to spend for his insurance premium.

Ideally what you’ve mentioned is the “ideal insurance” but in reality, it’s not always the case.

Already compared hence able to make such statement.

If talking bout ILP, then it is different case. need to get quotation because different age, risk, the premium can be a lot of difference.

To complement your product, PruValue Med ilp for low sum assured for younger age is very competitive at the moment because only Prudential has revised the allocation.

I heard insurance policy all burn off one? And you need to pay every month until you die. Its that true?

To be honest though I tend to focus more on Takaful due to the target market. Looking at B40 markets with Anugerah+ and its MediProtect

In general, yes. The insurance contract for the protection itself is burnt-off. But there are products that are made to counter that, for example, the Investment-link-policy that have you pay more in the beginning when your cost-of-insurance is lower, then use the saved up money to cover in the later years when the COI has increased.

In general you can stop this policy at anytime and you will have some cash in the policy.

how we can know the COI is enough to cover future insurance cost for how long? Lets said I stop paying the insurance at age of 65 (retired).

Not necessary.

If you’ve opted for term insurance then yes, it’s just like your car insurance, if you don’t make any claim then it just burns off and you need buy the cover again.

For standalone medical card it is the same, if you didn’t make any claim for the year, the premium paid is burnt off.

This is different if you’ve opted for investment link policy. There will be cash value in the policy as you pay through the years. However if your insurance policy consist of the medical card rider, then it will come to a point of time where the policy may not have enough cash value in the policy to sustain the medical card as the cost of insurance for the medical card continue to increase over times.

There are also insurance policies like Death & Disability / Critical Illness coverage which you have choice to pay within 5 / 10 / 20 years or whole life.

So it will depend on what kind of insurance policies you’ve signed up for.