Can I ask about motor insurance here? Since what I am seeing here has been mostly medical

My insurance renewal is coming soon and my current insurer is Allianz.

They have given me two quotes, one on market value and the other on agreed value. Apparently the rebate is only given to the one with market value insured rather than the one with agreed value. Which to me I am still debating because I would have thought that directly renewing through Allianz has a rebate discount than rather through my agent. But the quote of the one given by my agent is exactly the same as the one given by Allianz for agreed value. Or maybe I should look towards another insurer perhaps?

There was a breakdown of the quote for market value and agreed value, the strange part is that the agreed value quote seems to cover more than the market value quote. Plus the market value quote has risk access in it compared to the agreed quote.

I do not understand what you mean by pro-rated if using agreed value. My car is new and only a year old so would it not be recommended to go for agreed value?

Anybody here got experience/review about comprehensive car insurance insurers?

For a 23 year old, non-smoker, I should get all 3 (medical - life insurance - critical illness)?

I see, the recommendation is to have the premium to be 10% of salary right? And the coverage should be 10 times the amount of annual income?

What sort of insurance can I and should get if I am a 23 year old Male non-smoker, with a premium of maybe around RM200-250 per month? It was mentioned to cover a medical card first and then life and critical illness?

Yup my workplace does provide insurance, it is by AIA.
Its AIA Plan 150 and has personal accident plus term life. Term Life covers about RM100k and Personal Accident about RM150k. However if I am not mistaken it only actively covers when it occurs during 'work hours'.

I do not ride a bike, I drive a car to work. No known critical illness history in my family, be it father or mother side.

My job is a consultant.

I am still not sure about the regular insurance (non-investment) compared to the investment-linked ones because I always thought insurance main purpose is to mitigate risk rather than seeking investment returns.

I am not too well versed in insurance altho I am researching and learning more about it. Man I thought motor insurance was complex, but this is a whole new level lol.

Anyways, back to my predicament. I suppose the coverage seems to be adequate? It's actually this one I think for Plan150 by AIA: https://www.aia.com.my/content/dam/my/en/do...ar_Brochure.pdf

I don't have any dependents so medical card should be the most important one for me if I'm not wrong. I always thought that Personal Accident and Life Insurance is the same? Like in the event you die, both would cover you no?

So the higher premium of ILP (as compared to non-ILP) is used to invest in unit trust, which the returns from it will offset the future increase in premium. What happens should it not generate enough returns? I would be the one forking out more correct? Usually for the exact same coverage for both ILP and Non-ILP, how much more is the premium on average?

I see. I mean I would assume if you die it would usually be accidents no? Non-accident I am assuming things like terminal cancer, someone kills you (which I think its not an accident? LOL), killed while doing dangerous activities, etc...

For ILP is it cheaper compared to traditional stand-alone if ILP has multiple bundles? Or is that not true? Generally the premium for ILP will be higher compared to traditional but if you do combo/bundle for ILP it is cheaper because of discounts given?

Had a further look at my company group insurance, it is as follow:

Personal Accident: RM150k



Term Life: RM100k



Basic Group Health Plan:
Room & Board - RM150
Basic Group Health Plan Limit (per disability) - RM18000

Supplementary Major Medical Benefits:
Overall Limit - RM30000
80% eligible expense if over limit (If I did not read this wrongly)

The group health plan I would presume is actually the medical card, which I feel the coverage is not exactly great isn't it?

Wait lemme understand more,

If I buy three standalones (Medical Card - Life Insurance - Critical Illness), it has a higher total premium than an ILP (with all three combined) only after 20 years?

In the excel you have shared, I see the ILP costs more for the first 20 years and then the standalone one will cost more after that. (This is assuming the generated returns from the ILP covers the increase in premium)?

But in your excel (Non-ILP) the medical card is only a medical card, without the addition of Life Insurance and Critical Illness. If the standalone were to consist of all three (Medical - LI - CI), would it still be lower in premium compared to ILP from the beginning?

Just to further add on for clarification:

The argument is that ILP costs more in premium than Traditional and people are better off with Traditional as you can use the extra from the lower premium of Traditional to invest in something else (e.g. ASNB, Shares, etc.). For ILP there is absolutely no guarantee at all for the returns that maybe generated from the unit trust, thus in the event the return does not cover the increase in premium, you need to fork out the extra.

However through some further reading, if you were to bundle ILP (Medical - Life - CI), the premium will cost a little less than the traditional standalone of all three together. As cherroy mentioned, you pay less if you just buy the burger as oppose to a full meal set. However if I were to buy the same things in a full meal set separately, e.g. Burgers + Fries + Drink, it would cost more than buying the three together as a 'Meal'.

So assuming both ILP and Traditional with the exact or similar coverage, the ILP will be cheaper (by a little?) in premium (from the beginning?). The risk with ILP is that if the returns are bad, you would have to fork more for premium to cover the increase in cost, but that is the 'chance' of paying more due to bad returns. For traditional, it is 100%? certain that you would need to pay more in premium as you grow older. The greatest risk I see is that if the ILP's investment portion made heavy losses to the point where the increase in premium is greater than that if you went for traditional.

This is all in the assumption that the ILP will cost (approximately) the same as the traditional standalone with (somewhat) similar coverage. (Medical - Life - CI)

Disclaimer:
My assumptions above could be completely wrong as I am by no means an insurance guru or agent, I am very new to all this and want to understand more regarding the logic. Do correct me if you see fit. Thanks for the replies thus far Sifus!

Here got any AIA sifus?

For ILP, we are able to choose funds but the recommendation would be to pick fixed income or balanced fund correct? (you would have to choose fund if having ILP). Balanced funds have higher fund management charge than fixed income tho.

Has anyone heard of hospital income riders? Sort of choosing that and between premium waver as well as gennext. AIA here anyone?

I'm just calculating whether it's better to add on some riders to the insurance to reach the amount for tax relief of 3000 per year. As of now it's below the monthly amount to reach 250. Is it more worth persay?

Did some calculations, it's RM4 per month for every RM50 of hospital income per day. Tbh, I might not really need it because I am a salaried worker unless if I lose my job. Then again, it can reduce taxable income.

I have been looking at other benefits. I have already selected R&B 300, is it advisable to increase R&B compared to taking other riders?

Other riders I was looking at:
1) Premium Waiver, but that waiver only kicks in when you get end stage CI or permanent disability.

2) Hospital Income, income everyday as long as you are hospitalised (to a certain limit of course), which if set to RM300 per day covers the 300 deductible already on the first day. The cost for having zero deductible is about the same as RM300 hospital income.

3) Critical Illness riders, my family has no history of critical illnesses so I am not sure how I should decide with this tbh. There is early stage which cost more compared to the regular one with late stage.

4) GenNext, interesting one, combines financial support (like hospital income but needs minimum 30 days of hospitalisation) and lump sump payment for critical illness/disablement, this one has a high premium if I did not remember wrongly.

Any advice/riders recommended?