Just received notification in AIA apps that premium is increasing 10.4% in Jan for investment linked policy inclusive of medical card

yours A-Plus health rider?
i remember last time GE & Prudential got price revision in 2020 & 2021 and old plan of AIA too.
seems like next year will be another increase for ILP.. i should be prepare

Yes, generally to expect premium increase every 3 years

Premium also had to be increased because the fund in the ILP not performing. Yet, after increase.. the agent still very confident want to promote more investment plans.

can't wait for insurance companies to cut out the middleman (agents system) altogether. sell insurance to consumers direct (premiums will be cheaper too)

Already got such products now. But benefits for medical products not as comprehensive as products sold via agents.

Forced by BNM.

Those looking for life protection can start looking online first though. Simple term life product can really just get it online. Dont need too much explanation from someone else.

i bought 500k term life protection from etiqa online. Cheap cheap.

Luckily I buy standalone so no nonsense of investment not performing and need to pay more cause investment not performing.

This post has been edited by Ramjade: Dec 23 2023, 09:32 PM

Yes, lucky you..

But your standalone also didn't had price increase?

Baru 1 year. Every year will increase because of age. I don't have sustainability issue and don't have investment portion where if investment not performing, I need to pay more.

Standalone or not will have price increase.

People get confused - there are two different factors at play for ILPs:

1. Cost of insurance - this is the "standalone" portion. Naturally, if this cost increases due to medical repricing, usually caused by either medical inflation or substandard cohort, the premiums will have to increase to provide adequate coverage till the maturity date. For ILPs, the cost of future increases due to age has been factored in. This is unlike standalone medical plans, where even in the absence of cost increases due to medical repricing, the premiums will continue rising every year simply due to age.
2. Investment returns - if the investment returns are underperforming vis-a-vis the projected returns, then even in a scenario where there are no increases in COI due to medical repricing, the premium will increase. This will be reflected in the annual sustainability letter to policyholders.

Gathercare does not seem to have such issue unlike normal medical insurance. Kind of fascinating they can archive that while normal insurance keep going up in price.

This post has been edited by Ramjade: Dec 23 2023, 09:48 PM

Gathercare? What's the track record? How many customers? What's the expense like?

I am not in the medical field but if the price of my nasi lemak is going up, i think the medical supplies inflation cant be low either. That will also cause insurance to go up in price.

It's more fishy now if price dont go up.

They publish their claims every month.
https://gathercare.com/en/
https://gathercare.com/en/category/community-reports/

Mine the same suddeny increase 540...if change other company the same? currently is Manulife

what was the previous price?

I am with Manulife too 240 monthly. Damn.. thinking to change/switch over.

This post has been edited by jack2: Dec 24 2023, 02:18 PM

Life protection is like PA right? how much you pay per month?

All agent said that haha..
But when price increase give you 1 thousand reasons..

If sakit then go HUKM haha

All insurance with ILP comes with extra baggage of poor investment returns which cause you to always have to increase your premium.

So they are so win business. When return is poor, charge to their clients. When return is good, masuk pocket sendiri.