1) Any "income replacement" plans that gives a monthly pay out due to inability to work? Does this only apply to a salaried employee and not a self employed person (eg: stock/crypto trader/freelance services/own business).

2) Am I right to say that most insurance plans by various companies in Malaysia are generally the same and cover most areas? It really does not matter if you choose GE/AIA/Zurich/Prudential but actually what matters most is getting a knowledgeable agent that can find the best plant for your needs?

3) I understand that the insurance industry is regulated by Bank Negara Malaysia but in the event of bankruptcy (or the company closing down), what would happen to insurance holders?

This post has been edited by -kytz-: Mar 31 2019, 06:14 PM

A little bit confused between Life vs PA, so is the following correct?

1) Most PA give out daily hospitalization/ICU allowance, weekly allowance for temporary disability whereas most Life Insurance does not.

2) Most PA do not cover death/totally or temporary disability due to non-accident cases aka natural causes

3) Most PA give out compensation due to injuries sustained eg: loss of speech/hearing or loss of sight, loss of fingers, etc

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Is there any Life Insurance in the market that gives out daily/weekly allowances for hospitalization/temporary disability?

This post has been edited by -kytz-: Apr 2 2019, 09:58 PM

From what I have researched, life insurance does pay out for injuries/accidents** that causes TPD (Total Permanent Disability).

So, if you met an accident that results you in having TPD, you can actually claim from your life insurance and your PA.

Correct me if I'm wrong.

** Disclaimer, there are exceptions like not self inflicted injuries, reckless behavour, terrorism, etc

This post has been edited by -kytz-: Apr 2 2019, 09:31 PM

I was told by an Allianz insurance agent that ILP is always cheaper than a standalone medical plan + add ones (or is the term riders?), something like 2x more expensive..

Doesn't make sense to me as from my understanding about ILP, you are paying a higher premium (compared to non ILP) for the investment portion.

P/S: Any AIA agent here? Feel free to PM me. Other agents are welcomed too!

Medical AIA Med Regular + Medbooster 1.5M AL, B&R 250, 20% increase in B&R every 2 years NCB for 10 years (RM 77+31/month)

Life AIA Protect Term 5 year term 300k (RM105/month)

CI AIA Critical Illness cover 500K (RM40/month)

Cancer AIA Cancer 360 100k (RM99/month)

PA AIA FlexPA + Living Protector 500k (with extra 500k) (RM82+19/month)

Total premium - RM453/month.

Am I getting a good deal for all the standalone plans above or you guys can recommend something better? Prefer to get everything from one company though for simplicity's sake and hopefully better value/proposition from the insurance company since I'm getting like 5 plans from one company..

If there's something cheaper, really don't mind looking at it. RM433/month is high and it would only get higher with age (I'm below 30 this year)

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Some questions:

1) A Med-Regular (standalone medical) states we are covered worldwide but the an add on(Med booster) for the A-Med plan (rider) specifically states that there would be 500k allocated for treatment/hospitalization in Singapore? I don't quite get this. What does AIA even mean 'covered worldwide' in the first place?

2) I think the only few companies who offer hospitalization/treatment in Singapore is Allianz, AIA, Hong Leong Assurance, Manulife, AXA? Correct me if I'm wrong.

3) What's the general consensus of always choosing the big 4 companies (AIA, GE, Allianz, Prudential)? Why not the smaller players like AXA (which I think has some great plans)? Is it due to the delay of claims? Bad customer service etc?

This post has been edited by -kytz-: Apr 7 2019, 10:57 PM

https://www.dailymail.co.uk/health/article-...-remission.html

Which insurance company would cover experimental treatments such as the above? Just curious..

One thing is for sure is that the savings from getting a non ILP is real and actual cash" whereas cash value for ILP is not even guaranteed. The savings can then be invested into higher yielding investments to pay off the increase in premium in the future. Or maybe put it in an FD with guaranteed returns. Certainty vs uncertainty...

"Doctors told his family he had a month to live and recommended seeking treatment elsewhere, as the latest treatment was not available in the country.
The family from Selangor rushed to Singapore to seek a special treatment called chimeric antigen receptor (CAR) T-cell therapy. It involves using the body's own immune cells to recognise and attack malignant cells."
https://www.nst.com.my/news/nation/2019/05/...icken-msian-boy

Medical plans in Malaysia which only covers treatment in Singapore based on Malaysian Reasonable & Customary Charges, would have to cover such expenses for the case above?

I do know Allianz MediSafe Infinite Xtra covers treatment in Singapore based on Singapore Reasonable & Customary Charges. But there is a 10% co payment charges (depending on plan). I don't think any other medical plan in Malaysia offers the same features as Allianz above. Correct me if I'm wrong.

Edit: My bad, I forgot AIA Life Signature Beyond does offer overseas medical treatment (50% of coverage amount or up to RM1 million)..

https://www.aia.com.my/content/dam/my/en/do...brochure-fa.pdf

This post has been edited by -kytz-: May 5 2019, 05:31 PM

To quote my previous comment above again:

I've been looking around at different medical plans from various insurance companies but have narrowed down to a few plans which at least cover medical treatment in Singapore/overseas. This is just a precautionary measure as I would still get treatment in Malaysia first and if something does happen down the line where an advanced treatment is only available in Singapore and not in Malaysia.

1) Allianz Medisafe Infinite Xtra (ILP Medical plan)

Pros:
- Covers medical treatment in Singapore based on Reasonable & Customary Charges in Singapore
- No lifetime limit for treatment in Singapore (?)

Cons:
- Co-payment charges of 10% if the total claim per year exceeds a certain amount. Look below:
- "Limit" of RM125k for Plan250 (to not incur co-payment charges) might be little?



https://www.allianz.com.my/documents/144671...f6-030d918adee7
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2) Prudential PRU Medic Overseas (rider)

Pros:
- Seek treatment in Singapore, China and Hong Kong
- No co-payment charges

Cons:
- Limited coverage of only 5 illnesses (Surgery related to cancer, Neurosurgery, Coronary artery bypass surgery, Heart valve surgery, Organ transplant - kidney, lung, liver, heart, pancreas or bone marrow transplant).
- There is a lifetime limit of RM4 million for PMO Platinum
- Low annual limit of RM400k, but still more than Allianz.

https://www.prudential.com.my/export/sites/...verseas_Eng.pdf
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3) AIA Life Signature Beyond (Life insurance with CI treatment overseas)

Pros
- Medical treatment in any country in the world??
- No co-payment charges



Cons
- The limit depends on the coverage and any claim reduces the "account value" - Basically, a portion of the life insurance coverage will be used for CI treatment
- What does this "only the first critical illness claim is covered" mean?



https://www.aia.com.my/content/dam/my/en/do...brochure-fa.pdf
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Appreciate inputs from the sifus here

This post has been edited by -kytz-: May 27 2019, 07:14 PM

Are those quotes for ILP? Afaik, those quotes (premium per month) you can only get them via an agent?

Quotes for standalone is easy, just refer to the brochure..

I guess that's important for those who are self employed/freelancer and not so much for a salaried worker?

The Allianz Medisafe Infinite Xtra medical plan is discontinued already? Couldn't find it anywhere on the website anymore?

And I also noticed a new plan called Medi Advantage which only covered treatment for certain illnesses/surgery. What a bummer, totally not as good as the Medisafe Infinite Xtra..

This post has been edited by -kytz-: Jul 11 2019, 08:03 PM

Didn't manage to get it as I have yet to make up my mind.

How much roughly is the Medi Advantage Plan 1 & Plan 2?