Invest in ILP??? This is the kind of agent who misled client.

ILP one will be paying more to get more coverage & etc and it's expected because it's already included in the cost of insurance + agent commission.

Stand alone do get lesser coverage and benefits but most agent will not even sell it. Whenever I ask for quote, all come back with the ILP if is not ILP they will show the most expensive stand alone medical card. If people would just learn about insurance they can do more with their money if invest or allocate wisely than buying unnecessary insurance protection included in ILP.

Sadly, very few agent is "honestly" looking after their client.

I recently made a claim for a MRI scan on my spine but due to policy is less than 2 years I have to pay first. Fair enough, so I pay and the claim is approved this month. From admission to discharge to submitting claim, there's no need for insurance agent to be involved due to most paper work is done by the hospital, doctor or the customer service for that insurance co.

Because of this claim, I found out HLA claim procedure is slow and ineffective. They ask for MAR but didn't call, email or sms to notify me. I have to called then only find out they need the MAR. They even told me they send the form by normal post which till today I still haven't received it yet. Luckily the customer service in HLA give a copy to me when i submitted the claim.

The pros on stand alone medical card for my children. It's that now I can switch to another insurance co. without worrying the "investment" portion is burn.

Saving money for rainy days should ideally not be meant to cover medical or health related cost, as there are many insurance products available for you to cover that risk. Thus it would be prudent to cover yourself with adequate insurance policies and use your life savings for retirement and other more challenging needs that cannot be covered by insurance.

Exclusion on communicable disease is also a risk mitigating provision by insurance companies as not to seriously erode the pool of funds for a specific event.

However in this instance of COVID19, insurance companies had taken the initiative to remove the exclusions so that policyholders are still eligible for any treatment and related cost.

hi rapple, you are right on the agent misleading client part using the term "investing". basically when it comes to claims procedure, the main job of the agent is to represent you to do all the procedures. true enough that company wont call/email/sms to notify, they will only use hardcopy mail or directly inform the agent so it is the agent to follow up the required documents. Customer/agent need to follow up with the company regarding the claim status.

At this era, a simple email would have done the job but yet they send out normal post that cost money and then the post takes weeks/months to arrived or worst lost.

I bought this HLA through FSM online. I know the agent is based in Penang but they didn't notified me either. That's just bad service from their side.

The claim experience is not bad but the normal post thing really piss me off. Anyway I will proceed to buy another medical card for my children while there are still under HLA coverage till Sep'2020..

Only certain government hospital is catering for this at the moment to avoid spread of the virus.

ILP is basically allowing the insurance to invest part of the premium for some returns in the future so that it will be used to pay for your future cost of insurance.

Well it's really "luck" dependent when it comes to servicing, you either get a good or bad agent, but in this case since it's through FSM, I don't know if they even service you since commission is little to none. You pay for what you get I guess. Want some extra service ? Be willing to pay for it or DIY everything yourself.

as for investment, it's really subjective to whether you want to allow other people to invest it for you or you invest it yourself. If you're a good fund manager yourself, go ahead and invest your own money and buy a standalone insurance.

You are an agent. You are well aware that commission it's written into the contract. I know how much they get from 1st year till the 7th year and it's not like you say they get NOTHING.

A simple email from FSM is good enough if they get notified but I doubt they know either, since it's by normal post.

ILP it's not an investment. The premium paid after deducting commission and cost of insurance is meant for future use. If the cost of insurance increases, insurance co. can use the "balances previously" instead of increasing the insurance premium.

For ILP, you will get unlimited medical coverage so what.. Most people wouldn't even do a yearly medical check up for prevention and if there's a health problem most would try to ignore it and not faced it. When they really do something about it, maybe it's already too serious and too late.

A simple ulcer on skin after few years turn into BCC skin because of not wanting to eat medicine or consult any skin specialist. Luckily enough, she remove it last year with no serious implication after that. She is someone that is very dear to me.

This post has been edited by rapple: Mar 21 2020, 03:45 PM

Hi all. Just want to ask if someone get infected and pass away due to covid-19, can he/she claim the medical benefit and life insurance after death?

The latest rates are as follows:

Plan 150: RM907+RM170 = RM1,077

Subject to any new rates to be announced in future.

Yes, please read up from Page 5 on the same subject.

Hi rapple, I have no experience buying through FSM and thanks for the info you shared. I believe HLA will directly deal with you regarding the claims. Not sure about the agent though. I too is kinda fed up about the hardcopy mail because it always reaches super late (irregardless of any insurance company). It seems like they send letters batches by batches in one go.

You are right on the ILP plan structure and that is exactly how it works. so long customers dont buy it for investment purpose and purely for insurance purpose, then yes at least they are not misled. I have a friend that he met an agent telling him that the return of the ILP plan is 9% p.a.

Standalone medical cards now also have unlimited lifetime limit with high annual limit. So yea definitely you can get one early before the current one is due. Happy researching

hi blibala, yes he can claim medical benefit and life insurance.

Halo rapple,

I'm sorry if the word "invest" too sensitive here. We can't deny this is how ILP work as you already know. To cover extra cost in future so you can enjoy the similar premium during old age.

Suggest you compare how much you need to pay when age 60 - 70
Try see both ILP & Stand alone scenario start from now.

For your information, my sister signup GE stand alone medical card with us. Also helping a few friends get stand alone as well.
We always compare both ILP / Standalone pros & cons, explained the major different.
Then advise according to individual budget and needs. We don't die die promo ILP only.

I'm not sure how other "misleading" or "dishonest"
They are facts and chart to show how both plan work. May be they drew and talk without official quote. hm... may be they quote you highest plan. Sorry to know that.

Yes if you compare commission ILP higher than stand alone. Same equal to coverage and some important features. Example, waiver benefit.
We can't deny some family need that.

As for claim, is agent's duty to help follow up. Even submit the claim form personally.
We got agent portals and inbox for customer info update to follow up. Shouldn't be complicated.

I do have tough claim experience for mom in law case with HLA before, luckily my insurance friend (not HLA) help a lot. That's one of the trigger point we pick up to serve.

Your ILP "investment" or we call is cash value won't burn if you plan to get from another company. Agent told you burn?

Usually advise to keep the current plan for 4 - 6 months. Then can terminate and withdraw.
They are reason to keep till 12 months as well, depending individual situation.

Does anyone have bad experience to PA bought from MPI Generali?

Can anyone share pro and con of Allianz versus GE medical plan?

Which insurance company offers trustworth life insurance (life + CI) - 100K for 48 years old female?

Good morning Lovebird51.

Below is a list of life insurance companies in Malaysia, and all should be 'trustworthy' as they are regulated by BNM.

Probably your intended question is how good is their customer service, which is very much dependent on the company and the individual Life Planner you deal with.

All the listed companies, including AIA, do provide life, critical illness, health & medical insurance. 

You will need to provide personal details and health condition for a more detailed assessment.

But the premium should be in the range of RM200 to RM400 per month subject to your needs.

http://www.liam.org.my/life_insurance_companies/

That premium is per month or per year?

Yes, death benefit can be claimed.

Treatment for Covid 19 will be covered.

As long as it's a life policy sold by a life insurance company in Malaysia which is licensed by Bank Negara Malaysia, the benefits will be honored by the insurance company no matter the reputation.

Allianz medical card and critical illness benefit is far superior to GE's FYI

This post has been edited by lifebalance: Mar 22 2020, 12:56 PM

The latest rates are as follows:

Plan 150: RM907+RM170 = RM1,077 per year.

hi lovebird51, i didn't deal with MPI before, cant comment much on that.

As for medical card plan, coverage wise, Allianz's is more comprehensive because it's outpatient cancer treatment covers not only Chemo and Radiotherapy, it also covers Targeted, Immuno and Hormonal Therapy.

For life insurance (life + CI), if you are getting the Allianz medical card, just get the CI riders together.

Are there repercussions if I switch from ILP to Standalone? Im currently about 9 months in my ILP.

Your waiting period restarts and whatever investment you made is loss

I've been told the COI for ILP is lower than Standalone but is that true? I understand that ILP has cash value and investment to offset the rise in cost compared to standalone. However, if we just look at COI perspective it is the same for both no?