Welcome to the new Insurance discussion thread Version 6.00!

Click <<HERE>> for the Insurance Discussion Version 5.00!

Created Date: 08rd Mac 2020

If you have any questions on insurance, just ask the experts in this thread!

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wow, thanks for the continual informal insurance information provider to those in needs about all thing directly and/or indirectly related to insurance and stuffs in Malaysia.
well down guys & girls....

You will need to update your insurance company on your current status and pay a premium for it. Otherwise it will compromise on your future claims if you fail to do so.

Hi,

Im gaining interest for AXA E-Medic family plan insurance which affordable for me (Rm 270/month).

Please share your honest experience good and bad for this AXA E-Medic.

i saw some review said during claiming not so well.

Thanks

AXA E-Medic family plan is a standalone medical card, so it does not come with any life insurance or critical illness. Since it's a standalone medical card, the premium will increase every 5 years based on your age.

It only covers children up to 15 years old. If your children are 16 years old and above, they would be excluded from this plan.

Another thing is that the annual limit for the most expensive plan is only RM100,000 which is not enough for serious illnesses like cancer. The good thing is that each family member will have his own annual limit and doesn't affect each other.

Personally, I would suggest you to get invidividual medical insurance if your budget allows because it is more future proof. Investment-linked medical insurance is more comprehensive which comes with life, critical illness coverage and waiver too.

Halo friend,

What you pay is what you get. It is good for low budget plan.
Honestly RM270 barely can get good medical plan for individual age over 30.

Just spend more time to read the T&C. You are looking for protection, not comparing price in wet market.

Anyhow, start low better than zero
Choose what you afford and understand the pros & cons. Then plan ahead for future.

Iindividual plan is always preferred, this I agreed.
But I have reservation on investment linked. With recent plummeting stock market, many ilp owners may get love letter from insurance company cited investment portion is not doing well. Those investment can result in negative figure if opt those equities linked funds.
Already spent money in paying insurance premium and still make a loss in investment linked. Double whammy.

For children, do we buy medical insurance till say 25yo then they are working they can buy their own, or buy till 80-100 yo also? Opinion?

ILP plans are flexible to extend the benefit longer at the later period of time. Your kids can take over once they've start earning a living.

By then things would have changed depending on the economy.

Get the basic covered and worry later for the future as it comes.

If you are buying a individual plan under his name, as opposed to a family plan, the medical plan will stay with him for life, until you/he change to another medical plan. You can pay for him, till such time he can pay for himself. Plans and T&C ,may change over passage of time.

Good day loquelevesque26, I'd deal with AXA medical claims, it is straightforward (so long the needed documents are submitted). More or less the SOP to do claims for every company is similar.

hi wayton, if you are buying ILP, just treat it as a "sure loss" product. Reason being is there are agents selling it to you as something you will get back in return. You can only get back portion of what you have "saved" only if you do partial withdrawal/surrender when you do not want it whereby the reason we look into insurance is mainly for financial risk management. so yea, when i told that to my clients, they don't expect any return out of it, when it runs till the end of the term, mostly the cash value will be near to 0.

hi anwa, for medical insurance, just prepare one for the children until they decided to take over and manage it themselves, most likely when they graduated and step out to pursue for their career.

Frankly speaking, you don't need a medical insurance beyond 80's.
The insurance premium is too extra ordinary high until not worthwhile to have one.
With 5 figure premium beyond 80's yo, not many people can afford it.
The one can afford 5 figure premium, then one is already rich enough, can self insured already.

No such thing you buy medical insurance at young time, then the premium will stay cheap when you are old time.

Medical insurance premium goes up together with ages.

Let the kids buy their own when they are financially independent.

guys, usually do we need to purchase medical insurance when we are already employed in a company?

If what is offered is sufficient for you or comparable if you were to purchase one for yourself; then you may not want to buy one for yourself. But the risk are if it is removed or no longer available if you were to be terminated or resign and your new company does not provide one than you may need to purchase one. But more importantly is, will your medical condition remains the same as today when you were to purchase a personal plan in later years. Medical Insurance cost goes up annually.

It will be advisable to have a personal insurance at all time as companies will not cover you sufficiently (low annual limit) or you may not be covered once you resign from the company and move to another company that may/may not offer an insurance coverage.

A personal insurance will have a higher annual limit and a more comprehensive coverage that covers you up to 100 years old.

so in other words, it will be not less cost effective for me to start later on if i do require more coverage?

how much does it cost for a medical insurance?

how much coverage should i be looking at?

Insurance will not be cheaper overtime even if you choose to delay your purchase now as the premium will hike up in the future to match your age.

Instead, you should buy as early as you’re still insurance.

That depends on your budget as well as your selection of your room and board, whether you want to afford to stay at least in a 2 bedded room or single bedded or etc.

How Much Medical Insurance Coverage Do I Need?
.... 19 Oct 2018
https://loanstreet.com.my/learning-centre/h...erage-do-i-need

All You Need To Know About Getting Medical Insurance In Malaysia ......May 3, 2016
https://www.imoney.my/articles/all-you-need...nce-in-malaysia

on average is how much? I am 31 btw. Male - non smoking.