Most of the company do allow(but not all). As far as I know, most recent medical card do allow to claim deductible from other insurance company or group insurance.

Under normal circumstances, only insurance chargers will be deducted from your cash value.

Go for takaful, takaful is definitely shariah compliance.

1&2)Yes, Great Eastern is currently running an exercise to upgrade all existing policies from age 80 to age 99, the insurance chargers will only be charge after age 80. However, one should take into consideration that by the time you are age 80, due to time value of money, the insurance chargers will be very affordable(provided no increase of the projection). By right, we wouldn't be able to see what's our state of health condition when we are age 80 by now, so I'd advice you to go for the extension of the coverage to age 99 because the insurance chargers for it will not be "activated" until the you are more than 80 years old which is more than 50 years from now.

In case if you wouldn't want to continue the extension or simply can't afford the premium when age >80, you can just simply fill up a form to remove the rider from age 80-99 and voila, your policy benefit back to your current one, so there is no harm to get the extension.

3)You are not over insured. 4 most crucial parts in insurance planning are medical planning, debt cancellation, income protection and saving. You are having
-Medical planning- very sufficient, an extension to age 99 is advisable.
-Debt cancellation, it might not be sufficient, your monthly commitment of RM5.3k will be bear by your wife alone shall anything happened to you OR you have to fully commit to the RM5.3k monthly commitment without splitting shall something happened to your wife for the next 33 years.
-Income Protection - 45 Critical Illness protection is vital to replace your income upon diagnosis of the above 45 critical illness. Why? Well, who is the one going to pay for the monthly commitment shall either one of you fall sick? If the answer is insurance, RM200,000 that you are having will be able to cover it for about 3 years excluding your child's expenses, additional expenses when one fall sick, child education fee etc.
-Saving - put the rest of your money into investment/saving, be it property/ unit trust/ saving plan of your choice with different length.


Last but not least, please get your coverage accordingly to your budget, you can get top up of your insurance protection with certain special short term plan at very affordable price like RM300/month for RM500,000 life coverage with 45 Critical Illness coverage. you might no need to have a whole life RM500,000 coverage which protecting you from age 26 to age 99 because 25/30 years later, your children may grown up/ your house has been fully paid. 30 years tenure insurance is crucial to protect your prime period mostly between the age of 25-55, thus it can help you to save some premium for other purposes like saving etc.

To be honest, you can only upgrade during one month before and after your commencement month of your policy, GE will not send any letter to you. However, I practice collect all forms from clients and submit it accordingly to the commencement month.

Send directly to GE if your agent refuse to accept.

It's almost not possible to get any life/ 45 Critical Illness coverage from any company for 20 years duration of diagnosis. However, if your existing policy is under Great Eastern, you may get special offering of policy that is without health assessment, covering life and 45 Critical Illness(with exclusion of pre-existing illnesses). Example if Great Eastern is offering you a plan that is covering Life and 45 Critical Illness, you wouldn't be able to claim for the "cancer" but can claim for the rest of the 44 types of Critical Illness, well, it's fair enough I would say.

This kind of policy will open to public purchase but those selected customer by Great Eastern will have no health assessment. Some of my cancer client bought quite a lot during the offering. So, if you are Great Eastern policy holder, do keep in touch with your agent and remind your agent to update you.

Some bank officer do manage to apply MRTA for you, but it's without declaring your current health condition, this is kind of common but unethical practice back when I was a mortgage agent.