May i ask for both standalone medical and ilp medical rider, are they all subject to premium loading i.e. if one has made a substantial claim previously then insurance company will renew your policy at a much higher premium in the future due to the higher risk involved?

For those guaranteed renewal policy, does this mean insurance company is obliged to renew your policy however it may be subject to additional premium loading?

Yes, there will be medical repricing that will affect both the term and ILP medical rider. Due the many factors such as high claim rate, inflation in medical cost, and many other factors

A guaranteed renewable policy is an insurance policy feature that ensures that an insurer is obligated to continue coverage as long as premiums are paid on the policy.

So it has nothing related to premium loading/repricing

This post has been edited by lifebalance: Jul 25 2020, 10:09 AM

In other words premium loading or medical repricing is something that affects all insurance holders should there be a revision and is not individual specific? Meaning to say if an individual has a history of high claim rate, an insurance company cannot just increase the premium specifically for his/her case?

Also appreciate if any agent here can provide a quote for a standalone medical of at least 1mil coverage and life coverage of say 300k. Age 35 non smoker

It will affect everyone who bought policy under that insurance company. I.e Company Insurance A decides to increase 15%, it will may not be affecting Company Insurance B.

The insurance company would have charge necessary loading for those policy holder who have sub standard health (risk of higher claim) thus it's already accounted for.

Age 35
Medical
Room 550
Annual Limit 1m
No lifetime
Yearly 743


Life you're looking into term or ILP ?

if Term, you better go search up the insurance company online website to buy yourself.

This post has been edited by lifebalance: Jul 25 2020, 10:57 AM

Thanks lifebalance. For the standalone medical, mind to pm me the expected premium schedule by age so i could make some comparison? TQ.

sure, feel free to compare.

any agent has quotation for senior citizen
i check online and found that most company last entry age is 59 ..
my mum is 61 now , any company still can accept ?

good health, non smoker, plan to cover till 70, annual limit probably 120-150k, lifetime 500-700k is alright. do let me know, plan with deductible option also can be considered.


her current medical premium increase by 90% starting next payment !!!!
does bnm and piam really review the increment and approve this kind crazy number ??!

or specifically AIA agent, what is the lowest premium for ilp with A_plus health rider, lowest life + P150 for my mum case?

About 1600 yearly

Alternatively.

Room 550
Annual Limit 1 mil
No lifetime
Yearly 2800

This post has been edited by lifebalance: Jul 25 2020, 05:34 PM

Hi all. Any agent of Lonpac or tokio marine? Wanna ask something

Pertaining to General Insurance ?

Looking to upgrade my old insurance package due to low annual and life limit or purchase new IL packages.
37 yo
Non smoker
Boy
Being in hospital once due to abnormal heartbeat but nothing found afterwards at GH. Is it this will effect the premium?

Subject to underwriter to investigate if they need to.

Can try to apply first if you want .

Is it just told the agent the condition?

Must put under declaration.

hi strategist, yes we definitely need to do our own additional investment asides from fully relying on ILP plans. ILP plans is not for growing our wealth. it is more to cover for future insurance cost. so long you are not paying super high premium for your ILP, then you can actually keep it since you have a medical card rider in it. Unless the medical card rider's benefits is not enough to cover future medical cost and you are looking to upgrade it.

hi chichabom, if one claim is made, company wont renew the policy at a much higher premium. it is only upon new insurance application with past medical/claim history, then premium loading might be imposed (depending on what condition).

hi cfc, how much is the new premium for your mum's plan now? if you are looking for a medical card that covers till 70 years old, likely you can go for standalone medical card. can still buy at her age. premium will be less than 5k yearly at her age now.

hi zhixie, in this case if you have the report showing that everything is normal, then likely you can apply new plan with standard approval. of course still subject to company's underwriter check on the report submitted. meanwhile, just keep whatever you have now. by the way when did the abnormal heartbeat symptom happen?

Thanks everyone who replied or pm me.
I called my agent and she told me it was due to age group change and also premium revise thus the price increase so much , and add in the med booster ,that's y see a 90% change

Take out med booster it will be ~ 1200 per quarter , 100k yearly/ unlimited lifetime. I Google and found GE standalone great medic extra , it is cheaper at 3.6k, but it have not yet go thru repricing as I aware of. Their GE medical ilp coi jus had a 40% incresed. Any GE agent here know when the great medic extra last price revision ? I afraid if I switch I might be slap with higher premium than AIA based on 40% projected increment

note: typo changed in bold

This post has been edited by cfc: Jul 26 2020, 12:01 PM

For GE

It will be around 5k per annum after the repricing, an official quote will help you see that.

For AIA A Med Regular
Age 61 female
4646 yearly premium
Room 150
Annual Limit 100k
No lifetime

Alternately below will be a more affordable premium for seniors.




This post has been edited by lifebalance: Jul 26 2020, 09:50 AM

The abnormal heartbeat is 2-3 years before. Not sure if it will consider as CI.

Not really, just need an echogram to confirm (which is usually borne by the policyholder first until policy is approved for reimbursement)

But I will leave it to the underwriter to decide on what the want to examine.

This post has been edited by lifebalance: Jul 26 2020, 10:33 AM

for a million annual limit, then the premium will be slightly lesser than 5k/year (standalone). if lower limit, lesser than 4k/year premium. yea, you are right about the GE ILP medical riders, the COI got increased starting 1st June 2020. for standalone, there is no repricing that i know so far.

abnormal heartbeat 2-3 years back, any treatment done at that time? what is the condition now? if got latest test report, just standby to submit upon existing insurance upgrade/new insurance application.