just received a letter from allianz today (2 weewks before payment due!) that my medical insurance cost had increased this year



from previously rm2000 annually to rm2590 annually (29% rise!??)

my policy 1st started age 26, and this year im 32. the cost only start increase this year.



they can increase sesuka hati? then what's the motto of 'buy young so that cost less"

is that normal? im only looking for 36 protection. how come so costly.



what's my option here, can i switch to other ins company? im really fed up with allianz, my another saving plan from them also riddled with many issues.

thanks for advice

They claimed medical cost increase, so increase you lo...

now im waiting the reply on my brother's claim on the medical.
see what's their reply now. kinda upset now.

Cost of insurance always rise together with age one, no such thing you buy at 26, and then when 50 time, premium is cheaper.

The more correct motto is insurance cost you less when you are young. Not when you buy or start at young, then premium will stay the same , or will cost less when you are old, this is never the case.

It is a trend worldwide throughout, as more and more people getting sick due to modern life style, not so good life-style etc, that resulted people are getting sick more often.

Insurance works basically like a pool of fund, everyone pay premium to be in the pool of the fund, which is used to compensate those needed one (or you can call it unfortunate one).
When more and more people claims, then the pool of fund becomes not self sufficient, then insurance premium needed to be raised.

Insurance industry is regulated by BNM , they also cannot simply raise the premium become extra-ordinary high and making fat profit.

I received the same letter as well. From my understanding, it is not forcing you to increase your premium. They are "recommending" you to increase your premium (but you need to sign a form and return it to them). If you do not opt for the increase in premium, your existing policy will still be in-force. The only benefit if you choose to increase your premium, then you will get higher annual coverage and total coverage. I believe if you policy is the same as mine, then the coverage age will be increased from the current 80 to 100.

You can read from the comparison table that they are merely "recommending" you to opt for the increased premium. Not forcing.

May I know what is the plan name?

There is a table in your policy stating the increase by age. I think you just hit a certain road map in your age.

Not the same insurance company as yours.
I received a letter from Gxxxx insurance company recently, that notify my medical insurance is going to increase a couple of hundreds next year.

It's not just Allianz, another company (Great Eastern) is also increasing premium, up about 44%, but for older plans. Seems like the cost increases could be seen industry wide. See which other companies increase.

oh so good..
just "recommending" only

Mine No such thing. Straight increased.. saying that medical cost have increased...
seems like Industry wide increase..

i believe ur letter and mine probably the same, but i suggest u also go 1 round allianz and ask them calculate,

and note on the faq section that, if u opt not to increase the premium, your policy sustainability may have problem.



for my plan, every year my premium add into some 'rider', and it keep decrease until nex year i pay again, if i dont pay the require amount, it will not have enough amount to support and hence the policy eventually will gone in some times.

powerlink

I think the insurance also tipu orang One.

The agents earn over 30% of the premium for few years which are part of our premium

Correct, medical plan repricing does not force you to increase your premium, but if you don’t your cash value will finish up quicker

Can I know the medical card name ? Power link is the basic plan

Not tipu la, it’s widely known edi agents will take 6 years commissions from premium because they’ll have to service their customers

That’s why I hate ILP because the contract never address medical cost increase.
My friend who is an actuarial scientist for an insurance company says they only can assume 15% cost increase for the first 3-6 years, and from there they work out the premium charge. Which mean they are assuming zero increase from 6th year onwards, which is not going to happen.
But what’s certain is that the projection schedule that your lovely insurance agent shows you is fundamentally flawed and does take into consideration of a massive medical cost review.

The selling point of buy young to be safe is completely flawed.

Some insurance agent before 6 years...already quit the industry or change to another insurance company..let's say quit/changed on 3rd year....and you get referred to someone else..I assume the new guy don't get.the remaining of the commission, so face black black as they are they doing charity servicing you...

My assumptions true?

Unless the agent who took over is the manager of the previous/terminated agent. If is a very new agent, normally don't get commission, but insurance company can't force a new agent to take over (it's usually the upline who will get the commission of the terminated agent's cases), so face black black shouldn't happen unless is assigned by new agent's manager or customer problem.

Drop me a PM if you need any clarification with your insurance as I represent Allianz.

Best,
Jiansheng

I know powelink but what is the rider that u buy that increased in price?

I got a standalone medical card from zu****
Got a letter from them stated they are going to increase the premium around 60% starting next year

This post has been edited by epie: Mar 17 2019, 08:11 AM