Hi, all expert here.
I have a question regarding my insurance coverage and premium.

I'm 24 y/o this year, and I'm having a plan with GE with following coverage:

Sum assured for life + CI: RM500,000
Medical: RM150 (900k + 90k Annual limit / unlimited whole life)

Is it enough coverage for me? I'm approached by Allianz agent, and after the agent reviewing the policy, he tell me not enough coverage for medical, where he usually quote RM250 for his customers.
Previously my Sum assured was only 100k, and the first time he approached me, he claiming 100k is not enough. Hence, I upgraded my sum to 500k. Now he's claiming that my Medical (only RM150) is not enough.

So is my coverage enough? I'm paying RM250 per month for my premium. Is it cheap?

Thanks for your reply and glad to hear that.
One more question. With the same premium and same plan, my friend is only having 50k sum assured. How come the coverage different so much? It's x10 in different. I've compare everything in my policy with my friend, everything else is the same except the sum assured. Is there any chance where my friend can get a better coverage (at least 200k or 300k sum assured) without increasing the premium?
Both me and my friend are same age and I bought the policy 1 year earlier than my friend. This sound like a scam to me. Sorry if I offended anyone, but anyone care to explain how come there is huge difference in coverage?
Both me and my friend are not smoker / drinker and all healthy. Only different is I am a male and she is a female. Does that make a huge difference?

I told my friend to tell her agent, but her agent keep emphasizing that the policy won't sustain for long and the agent quoted my friend an upgraded policy, RM270++ with 300k sum assured. Feel like the agent is just trying to upsell as what you mentioned.

Thanks so much for the info!
BTW another question, but more on personal financing instead of insurance.
What's the recommended portion of insurance premium to my salary?
E.g.: If I'm earning 2k per month, what's the recommended amount that I spend on my insurance premium? Like maybe 10%?

This post has been edited by scriptkiddie44: Mar 22 2019, 10:25 PM

We compared everything, I even meet up with the agent along with my friend and the agent agree that our policy are the same. The only difference is the premium paid and the sum assured.
My premium is much more lower and sum assured is much more higher.

The only different I noticed is the cash value. I clarified with the agent to see if my assumption was correct (only cash value is difference, everything else is the same), and the agent say yes. After that, the agent keep saying that my policy will not sustain for long term.
I don't think it's reasonable to pay so much higher premium just for the sustainability. We pay premium for insurance, not cash value.
Some more, my policy started in 2012, and my friend's policy was from 2013. After 6 years, her total cash value only worth 2k more than my cash value. Considering the difference paid in the past 6 years (mine was RM135 at first, hers is RM250++). If she saved the differece only in FD (not any higher yield investment), she would have few thousand more. Now, her few thousand just disappeared from thin air. Kinda pity her.

Look at the premium difference, in 6 years, she lost almost RM6k on the cash value. It looks like I can sustain much more longer in the long run (I'm not an insurance expert, I'm just doing some simple calculation).
If I saved up that difference in premium paid, when the time the premium increased, I can just top up using the saving right. Some more, I can use that amount if in any emergency need of money.
So I explain the whole situation to my friend, ask her to consult with her agent, and do the math again to her agent. Guess what her agent said?
"If you insists to pay less and have more coverage, dont blame me if your premium increase in the future."

Then my friend tell the agent that if the premium increased, can just use the difference in premium paid to top up back right? Then the agent did not reply.
This looks like some con job if you ask me. Not saying that insurance is a con job, but I'm just doing some math.

So my point is, what's the point of putting so much portion in cash value if saving in FD can yield more return? I know the high risk high reward thingy, but look at the performance of the fund. 6 years ald losing 6k. Even if it doubles in 5 years, still not making any profit with the fund. How to sustain long?
Expert here can educate me if I'm wrong, as I'm not an insurance expert.