Hi sifus,

Sorry for the long post-

I'm new to insurance and I'm looking to get my first policy and been researching around:

Basic background, 24yo female, single, office job

1. Currently focusing on medical with higher coverage as main concern as medical costs are increasing day by day.

2. From what I understand, life is compulsory in all ILP plans so is it OK if I just get the minimum sum assured to stretch my ringgit? Is it necessary to get like 50k as per initial quotes by the agents(premiums of rm250/month)? Or maybe I can purchase separately in the future?

3. Is it necessary/important for me to get CI? I understand that it is to act as income replacement, if the amount is like 50k, I would probably have savings around that amount too, not sure whether I need this rider? Or I can purchase a standalone for higher coverage in the future?

4. ILP are structured that cash value compensates the high COI in the future right? So if now I pay a larger portion of premium with less riders and moore allocation into the fund, the higher acc value will sustain longer and I'm less likely to receive letter for topup next time? My dad's family history has long age and healthy, so I'm looking to cover up to at least 80 yo.

5. Had a comparison with all big 3 agents which I have tweaked a little to exclude the CI first, budget is around rm150-200:

Prudential-rm160 annual 1.38m coverage deductible 300, life/tpd 20k, Ci 20k, sustainability 64-72yo

GE-rm180, 50k life/tpd, 50k CI, coverage 90+900k no deductible (why separate?), sustainability 99 yo

AIA-rm186, life/tpd 10k, coverage 1.5m deductible 300, sustainability 100 yo

Appreciate if anyone could give some advice for my case.. Not sure whether I'm on the right track or I'm just cutting everything off to get the possible lowest premium lol...

Now on to my dad and sis... Haha...

My dad is looking to upgrade his plan, 57yo, however he is pilot which is class 4 occupation quoted by all agents.
Current standalone plan is coverage 90k, 2k+/year, which will definitely increase up to 8k-10k+ in future.

He wants to get a medical card similar to mine, any ways to play around so he can get a lower quote? He has company insurance which is unlimited coverage currently and he wants to utilise personal insurance after retirement only. Health is definitely no problem also as their industry have very vigorous checkups half yearly and his family history is like very long age.

For my sister, 19yo student, my mom intends to purchase a same medical as mine for her, however the concern is few years back then they went to KPJ for an xray because my sister's spine abit "senget", the doctor said 15 degrees and didn't suggest any treatment etc, just said 2yrs later can do a follow up which my sis nvr went back.. If want to buy now, need to declare? What are the risks? One agent suggested not to declare as it is small case only normal check up and if declare, they will definitely exclude spine related problems. My mom's concern is later if insurance company find out and reject her claims next time then my sis will not have insurance for the rest of her life..

Appreciate the response on this long winded post..

Sorry and Thank you so much!

This post has been edited by hamjipeng: Jun 8 2019, 10:52 AM

Thanks for the advice, we are looking at investment linked plans now and deciding which company offers the best for our family. My dad's quote from agents for an ILP is around RM8k/year, he wants to find other cheaper alternatives without forgoing the ILP plan..

Yes, ILP quotes gotten from few different agents, I prefer ILP as don't want to worry about the huge jump of premiums in older ages, although it might be more expensive abit but I guess more ease of mind?


Thank you so much, this is really helpful, I will continue ask around and ask my agent for help, so far one agent has been really helpful and he even helps me to analyse quotations from other companies About my sis, even if there is no health problem at all with her spine, I will still need to declare? Because from what I know, usually insurance companies will counter offer that excludes spines / loading charges... The checkup was done like > 5 years ago and the doctor didn't say there was any problem with her, but well the record is still there..


This post has been edited by hamjipeng: Jun 8 2019, 02:44 PM