Mar 8 2019, 10:56 AM
i am a father of a kid, staying with wife in kl
monthly commitment includes house instalment ~4.5k for 35 years, car 800 for 9 years
working at government sector.
I had a policy of medical insurance from GE, inforced since 2015. Paying about rm310 per month
Recently the agent sent me a letter to extend my benefits from 80 years insured period to 100 years
Provided that i live til age of 85 and then only died of some sinister illness at that time, the offer seems legit.
However, how applicable and sensible will this decision be?
My thoughts are this
1. i am sure that this ILP is going to ask for more money from me to stay insured within the next 10-20 years, as the fund performance is some what lacklustre. Don't get me wrong, i do understand that purchasing an insurance is i need that coverage, because i can't afford the risks in future.
- so if i were to increase the insured period, some how these top ups premium to prevent my policy getting lapsed is going to be higher than expected
2. i do notice that the terms said that the premium will be paid at the expense of whatever remaining units left in my policy only at the age of 80 onwards, if i choose to extend the insured period.
- but then again, personally, i don't think there will be any units left in the policy even before i step into age 80;
- this means that i will need to top up way sooner and much more before age 80
- i do worried that if i do so, then i can't' afford the monthly premium - this is due to the fact that i can't calculate the premium increment as the market is so unpredictable and changes always.
3. am i under/over insured?
4. anyone had other views on this? or am i missing out on other points/aspect here?
Thank you
attached are my policy details
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