....End of day insurance agents will still be the winner.

silly, who is the beneficiary towards the benefit of the insurance plan? you or your agent?

let's turn the other way round, you buy nasi lemak from the nasi lemak aunty, who is eating the nasi lemak ? you or the nasi lemak aunty?

would you rather say "the nasi lemak aunty is the winner end of the day?" - lol

let's face it, the insurance company renders you a service by providing you a coverage, they don't owe you a living. Every business is out there to earn (including you), you might want to change your mentality.

Too many unscrupulous agents out there.

An existing family plan taken up since 2015 and the premium has increased twice. The agent just want you to continue it.

Meanwhile a new plan costs less 20% less than that.

End of the day one can just that’s because of the bad agent etc. Isn’t it the same mentality that they want to earn out of you in reality disregarding your needs and affordability?

I'm on a family plan. It is not an investment link plan. The only reason I took the plan is because the plan cover the wife as well as up to 4 children. The max limit for each person each year is RM1,000,000 and no lifetime limit.

Anyway just want to share my AiA insurance situation. Quite mad because of the sudden increase but what can you do. It looks like all insurance company is increasing their premium. I thought it is just AiA.

So ask yourself, who increase the premium ? agent or the insurance company ?

why blame agent when it's beyond their control on the premium increment ? do you think the agent owns the insurance company ? no, they're just the middle person.

Do you think when premium increase, agent earn 100% of the increment ? no, the supplier - insurance company earns 80% - 100% of it.

So get the facts right & stop blaming the middle person when they're not in control. They can only offer advise.



That's your luck because you've decided at that point of time to engage with the agent because of various factors that made your decision to pursue with the agent. If you think the agent is no longer a reliable source to provide you advise, you are always free to look elsewhere.

If the premium payable is getting to high within your affordability, it's advisable to downgrade your plan within the same company if you still like AIA's benefit.

You can also opt for deductibles to reduce the premium payable & fork out some upfront fees to pay upon hospitalization.

Otherwise with the same budget, you can apply elsewhere that offers a lower premium with a similar benefit.

I’m on the same boat. But mine is with GE.

So I’ve taken a new plan with the same benefits etc and no cooling period etc which cost ~20% lower. The same amount which I paid 6 years ago.

Hi Cookie101, indeed what you felt as a consumer, I totally agree. I myself is a consumer too, still not that rich enough to "insure" myself. When premium increased, there is no right or wrong to continue or buy new one. some consumers will have another complain whereby when premium increase and agent asked to buy a new plan with cheaper entry because need to let go the old plan to start new one if got affordability issue. that's why it is important to always keep track on your current needs and affordability, to maximize what you can afford now to fulfill your needs.

so long got no medical history between when you took the existing plan and the current plan, then its not a problem. some have medical disclosure after they purchased their existing policy and when opt to buy a new plan with same/benefits at cheaper premium, if there is exclusion/loading imposed, then it's a different situation already. so it really depends on individual whether to go with new plan cheaper premium is a good move or not. no right/wrong though. glad to know you made a good decision

when can use insurance for covid cat 4 and 5 at private

after 2 years still cannot cover covid but keep increase premium

bnm must force insurance company on this

if you like, you can try page 52 of this thread

Insurance Talk V7!, Your one stop Insurance Discussion
https://forum.lowyat.net/topic/5096196/+1020

there are some postings about this stage 4 and 5 coverage

which insurance company are you with?

Hmm... I can understand from the customer's perspective that this thought is unavoidable.
However, I would like an attempt to help us look at the big picture.

Yes, a new plan may cost 20% less. However, the new plan subjects you to the following:
1. underwriting
2. Waiting period 4 months
3. contestable period 2 years.

The ABSOLUTE BEST plan is the plan that is IN FORCE.
I personally would not trade saving 20% of premium in exchange for exposing myself to such risks, especially now during this pandemic.

On the other hand, in 2015, the entire insurance industry is singing this song:
"co-insurance, deductibles are a thing of the past. We are offering high annual limits with no lifetime limits, guaranteed renewals".

However, if you pay attention to what's coming back into the medical insurance market now:
1. deductibles
2. co-insurance

Why leh? Bukan thing of the past meh?

To address this, we need to first recognize that the provisions of health insurance here in Malaysia is stuff of dreams for consumers in USA, Australia, Netherlands, Singapore, and other more developed markets. We pale in comparison only to countries where having no health insurance is a crime punishable by law, or countries with a system such as the NHS. In exchange for that, they pay ungodly rates in the form of various taxes.

So why is deductibles and co-insurance coming back into our market? And why is there a medical rate hike across the board?

Medical rate hike:
Well, it goes on to show that the medical insurance fund pool is depleting and requires a little more contribution from all of its participants.
This only goes on to show that Malaysians are living longer but not necessarily better lives. Many of us are actually living with a chronic illness and/or developing one if we don't already have it.
Secondly, our national insured rate is also very low and mainly concentrated in the urban areas. Any statistician will be able to see this and render the solution: to have more people to be insured. More participants, better spread of risks. Any economist will come to the same conclusion, bigger market, lower costs.

Deductibles and co-insurance:
Yes, it's a bad taste. Like thorns on an otherwise immaculate rose.
However, these deductibles help to reduce the annual premiums that you pay. In exchange, you pay the deductible amounts on the bill before a claim is paid out.
In order to keep premiums affordable (considering the trajectory we're on in terms of aging with illnesses), co-insurance and/or deductibles is the way forward.
Do you see how you save in one end, but pay it in the other end?

If I am your agent, I will also encourage you to continue the plan.
I could easily tell you "see? buy new and save 20% leh!"
Then go on to submit new business. ROP? I will reason it out with company and have it waived.
You will be thinking "wah, what a good agent, help me save money"
I will be getting even more income from submitting new sales. Why would I want to bother on the small increments in your premiums?
Come time to claim, and getting denied on fine prints, you cry to BNM also nobody will layan.
^^^ Only if your agent do this, then he/she is the betul2 unscrupulous agent. Or as you say "bad agent".

But no woh bro, from what I can gather, your agent is doing the right thing, and actually in your best interest leh...
Give him/her some credit lah, because I personally think it is well earned leh.

Insurers like AIA does not exclude diseases requiring quarantine by law in their individual medical policies since the mid to late 90s.
So from the beginning of this pandemic, it also made an announcement highlighting this, and assuring its members and customers.

Other than that,
As long as the policy wording excludes diseases requiring quarantine by law, it is excluded until the policy matures or expires, whichever comes first.
Which goes on to say "doesn't cover means doesn't cover. Wait long long also won't cover."

Unless the company decides to issue an endorsement (an extra document amending the policy wordings) to extend coverage.

tq for the reply my was aia if not mistaken my policy since 2012.

so its cover under cat 4 and 5?

Agent told me increase because private hospital charge high

It covers for Stages 3 and up, on a pay and claim basis.

Stages 1 & 2 only requires home quarantine.

We are at the mercy of insurance company

When they promote, agents would likely said the increment will be based on the age band..but now apart of the age band increment we also need to prepare for ad-hoc increment out of the blue

Insurance and takaful companies now promote kaw kaw on their covid coverage but later the burden to sustain the coverage will fall back to us.

Inflation isn't ad-hoc.

Omg la. Allianz suddenly raise OI by almost 111% for age group 65-69. Wtf are they doing

That's the time when they know you will need insurance the most. So higher usage= higher risk = higher premium

Serious? BNM allow doubling up of charges in one go?