You can actually take both Life and Medical under 1 policy which is an investment linked policy.

It will be good to upgrade your old insurance policy since it's pretty dated.

Ya, I totally need to revisit the old one. I have a feeling I won't have a choice to cancel that since old one will have no returns. Confusing, these things.

Since I'm gonna make a decision to take a proper life insurance, wanna know how's AIA plan compared with the rest as I'm not familiar with this industry.

Based on my experience, product is similar, choose the agent that is gonna advise you long term

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.

Sorry, can I know what does it mean by self-insured? Meaning the person has enough money to cover their own expenses in case of disabilities?
And by no longer generating income, it simply means the person can't afford to pay for the premium, is that right?

Actually, a question just popped to my head. If my intent is to make sure I have money to pay for serious illness that may cost few hundred Ks, am I actually looking at life or medical coverage?

self insured = means you are rich enough to not rely on any insurance payout to help you financially

When you are talking about serious illness, it's normally 1 of the 36 types of Critical Illness.

In this case, you may look into covering on Critical Illness / Early Critical Illness.

Medical Coverage will pay for the hospital expenses
Critical Illness serves as an income replacement after you're discharged from the hospital.

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.

Ohhh...I think I get it...goodness, I'm really so out of it, lol
Took things for granted, must dig into it further.

Yeah, sounds about right...middle class do need it and can afford certain premium to help aid with substantial amount of money required in event of those illnesses.

I have a question to clarify, if my parents are no longer generating income, wouldn't it be more risky not to have life insurance since if anything were to happen, the children have to bear the cost of treatments?
Should the children then buy life insurance for the parents to address this?

Sorry, another one...is a life insurance still called a life insurance since you can take back your money at the end of tenure?
Those from Spore calls it life insurance but they pay so little yearly vs what we pay monthly, and they don't get their money back. They said if you get money back, that's endowment plan.

Thanks for your patience and help.

Hey, sorry to interrupt. Would like to have a favor from all the daikors here for insurance policy management.

If you have some time to spare, kindly help me to answer a couple questions from this survey please

https://forms.gle/gsAo2S7JBq5nAdB57

Thank you very much in advance!

I did like this. I even took different insurance company, in case one mess up with their hidden tnc

Company Medical Card - AXA
Standalone Medical Card - GE
Term life insurance - Etiqa
Term life insurance - Takaful Ikhlas

Should be work, but not sure with any major drawbacks. Any sifu can share general drawbacks?

This post has been edited by zaoldyeck: May 18 2019, 01:05 AM

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.

Guys gals
I need some advice
My parents are 62 years and their current insurance policy will be expired soon. Our agent said their current policy are not renewable or upgrade. So I am looking for new policy for elderly.

Any agent can recomend me package or what's the next steps that I need to take ?

Thanks in advance

you may consider into standalone medical plan subject to your parents health condition prior to approval

Thanks. Do you know which insurance company provide this today ? GE ? Prudential ?

googled and found this....

medical insurance plan for senior in Malaysia
https://www.google.com/search?source=hp&ei=...i30.pFCKIhtoylM

Hahah. Okok. I got your point. To use googles.
In fact I already have quotation from GE and prudential.

I approach this forum to get additional forumers experiences and advices.

anyway. If any forumers have any good experience on medical insurance package's for senior citizen, please do share. Thank you in advance

That's the funny thing, I was introduced to one that could get money back but it's not endowment. Agent said it's different than life (eventhough you get money back, and the premium is not cheaper too). Thus, I turned into this forum to get better insights on things...not sure if insurance has changed since I last looked into it, lol...

Ya, besides medical insurance for the elderly, I was looking at it from the angle of in case critical illness happens to them. If my parents, touch wood, if they had critical illness, myself and siblings can't afford to pay few hundred Ks for surgeries, etc.. So I'm thinking would buying a life insurance for them now help to address that?

i may be wrong, but looks like....life insurance (unless has add on riders if applicable) does not covers medical bills in the event the insured lives on after the medical incidents

https://www.comparehero.my/insurance/articl...dical-insurance

This post has been edited by MUM: May 19 2019, 03:11 PM

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)

Thanks for the further reading, I'll continuously research on this.

Ya, understand...I didn't wanna jump into it cuz terlalu banyak questions on my mind. Appreciate your responses cuz it's always good to get valuable inputs from experienced folks here.

Cost and commitments are long term, ain't cheap once get it for parents and yourself as well.