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.

What about supraventricular tachycardia? Will it affect the policy. Echo results all good

hi nxtpg, you just need to change the rider to the latest medical rider. only buy 2nd policy if you have a new needs - for example a dedicated policy just to protect your family's expenses or kid's future education.
for your case like that, it depends on looking into a proper insurance planning first, then only after that, the plans come into play to see what is really best for you. cant really give a clear advise to you without knowing your current situation and goals in life.
hi truecolor, that rule of thumb is just in general. basically one shall look into own's financial situation and current commitments, and find out what is needed to be covered. then only after that when the plan is proposed then only we know how much premium is needed for the plan that covers your needs.

Can't comment much whether there would be exclusion, loading or decline. It's best you submit your application with the insurance company to consider first.

hmmm like this i better check on changing the rider. Can this b done at GE branch or have to go thru agent?
Family expenses n education fund is all well planned and secured. Just unexpected medical cost. Thats why planning medical coverage for all now

You can walk into the branch to submit your application to change the rider, the customer service can assist you on that, otherwise get your servicing agent to do it for yo if he's still in the business.

What about supraventricular tachycardia? Will it affect the policy. Echo results all good

need to submit the latest report with disclosure for company to decide. if the upgrade will have exclusion, then will advise you to keep the current one since it is a standard medical card that has no exclusion. btw what's your current GE medical card?

Cs will explain on the new rider?

Many people are buying way too much insurance
INSURANCE
Monday, 20 Jul 2020
By DANIEL KHOO

https://www.thestar.com.my/business/busines...-much-insurance
“Many do not understand the plans they buy into, and many buy the wrong type of insurance such as investment-linked ones, ” Robert Foo, CEO of MyFP Services Sdn Bhd told StarBiz.

BECAUSE of insecurity, people in general are buying way too many insurance policies and products these days, some of which may actually not be of much benefit to them.

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“Many do not understand the plans they buy into, and many buy the wrong type of insurance such as investment-linked ones, ” Robert Foo, CEO of MyFP Services Sdn Bhd told StarBiz.
“One should never buy insurance for a return because insurance is meant for protection, not returns, ” Foo said.

As a fee-only financial planner, Foo notes that the company does not collect side commissions by selling other financial products.
“I have a client who spends RM40,000 per year on insurance premiums.

“This is a big amount of money. Many have been confused and what is worse is that even when they are confused, they think that they have made a right decision, ” Foo said.

“They can barely afford it, and it is affecting their cash flow situation.

“We have another client who pays more than RM100,000 per year on insurance premiums. Some of them do not realise they are doing the wrong thing, ” he added.

Foo says the situation is compounded by the insecurity that people commonly have these days.

“It’s time to come back to reality. A lot of people talk to them, a lot of agents scare them and they become so scared that they end up buying this policy, and another policy, and another one.

“All these adds up to excessive insurance premiums, ” he said.

Eng Meei Yu, co-founder at MyFP Services says that one should first consider their cash flow position before buying an insurance plan.

“They have to ask themselves, do they really need that insurance plan. If they really need to buy (a plan), I would just recommend buying a pure protection plan: term life that covers permanent disability or if the breadwinner gets a premature death, ” Eng said.

“This is to ensure one’s dependents can have a certain amount of money to live on.

“But having said that, I don’t believe in insuring RM3mil for these purposes.

“Nobody can really afford this in reality. They would end up struggling with their cash flow; it becomes meaningless, ” she added.

Eng says that one should consider perhaps covering up to certain number of years in their forecasted expenses in the event of a tragedy.

“Medical insurance is good, but many people who are working in the bigger companies have their employers covering their medical expenses.

“If one is worried about post-retirement, then one should consider if they can really afford it, ” Eng said.

She added that credit should be given to the government hospitals that offer basic medical coverage to the population at large.

“Some people are very down to earth.

“They acknowledge that if it is really needed, they will go to the government hospital.

“People usually forget this, one doesn’t really have to rush in but plan it out, ” Eng said.

“If needed, a critical illness rider, or an early critical illness rider, can help to provide a certain amount of cash flow that is needed during medical emergencies, ” she added.

Eng says that it is not financially savvy to purchase endowment plans or investment-linked plans that mature, usually, after 20 years.

“To us, this is really a joke.

“An investment plan is like oil mixing with water.

“Another example is the education plan. Many agents tell young parents to buy when the child is young as it is cheaper, ” she said.

“But a common thing that many forget about is that in insurance, the largest lump sum paid is when the insured passes away.

“So in the education insurance context, no sane parents would wish death on the child.

“So if the child really passes away, you get a big lump sum, who is going to use the education money after that?

“They are just buying the wrong thing, ” Eng added.

She also noted that the maturity value for an education insurance plan is usually very low.

One would barely be able to pay for one term of university fees.

“It’s a totally wrong product.

“Some people may think of the tax relief part but over the long run, it is be even more expensive for them because they have bought the wrong financial product, ” Eng said.

using ringgitplus, i able to locate some affordable plan for parent.

1.  alliance care individual
https://www.allianz.com.my/documents/144671...40-cbecaa740a71
95k annual / lifetime unknown
2280 non cashless , 3450 cashless

Conditional Renewal
This Policy will be renewable subject to the terms and conditions at each of the
anniversary of the Policy date. The renewal premiums payable is not guaranteed and
the Company reserves the right to revise the premium rate applicable at the time of
renewal. Such changes, if any shall be applicable to all Policyholders irrespective of
their claim experience according to the Company’s risk assessment.
This is a yearly renewable Policy. Premium rates are not guaranteed and any adjustment
of premiums would be based on satisfactory health condition.

2. RHB Insurance MediSure Supreme
https://www.rhbgroup.com/files/insurance/pe...ure%20Sheet.pdf
100k annual / lifetime 1mil
1585 non cashless , 1976 cashless

All our plans are guaranteed renewable up to 100 years old.
If there is no claim incurred in the 1st year of policy inception,
we will not impose any exclusion or loading upon your
subsequent renewal in the later years.
i am looking for the clause that insurance company will not add extra loading during policy renewal  if the insurer submit any claim in that year (guarantee renewal ?). Meaning that they will follow the published premium schedule table inside PDS. i think RHB does meet my requirement while the alliance probably will demand extra loading right ? any other things that i need to aware, i mean esspecially this premium is half cheaper than AIA or GE, there must be some catch ! (probably because it is non cashless and not mainstream company?)

using ringgitplus, i able to locate some affordable plan for parent.

1.  alliance care individual
https://www.allianz.com.my/documents/144671...40-cbecaa740a71
95k annual / lifetime unknown
2280 non cashless , 3450 cashless

Conditional Renewal
This Policy will be renewable subject to the terms and conditions at each of the
anniversary of the Policy date. The renewal premiums payable is not guaranteed and
the Company reserves the right to revise the premium rate applicable at the time of
renewal. Such changes, if any shall be applicable to all Policyholders irrespective of
their claim experience according to the Company’s risk assessment.
This is a yearly renewable Policy. Premium rates are not guaranteed and any adjustment
of premiums would be based on satisfactory health condition.

2. RHB Insurance MediSure Supreme
https://www.rhbgroup.com/files/insurance/pe...ure%20Sheet.pdf
100k annual / lifetime 1mil
1585 non cashless , 1976 cashless

All our plans are guaranteed renewable up to 100 years old.
If there is no claim incurred in the 1st year of policy inception,
we will not impose any exclusion or loading upon your
subsequent renewal in the later years.
i am looking for the clause that insurance company will not add extra loading during policy renewal  if the insurer submit any claim in that year (guarantee renewal ?). Meaning that they will follow the published premium schedule table inside PDS. i think RHB does meet my requirement while the alliance probably will demand extra loading right ? any other things that i need to aware, i mean esspecially this premium is half cheaper than AIA or GE, there must be some catch ! (probably because it is non cashless and not mainstream company?)

Anyone willing to share own experience what is the critical things I should take into consideration before i switch from mainstream AIA to this niche rhb , apart from the guarantee renewal .

I certainly  lack of the knowledge to interpret the wording as pro as the agent , in fact the renewal question that I was asking was still remain open questions. Perhaps only thru direct dealing with respective Live AGENT only I can get answer ..

Thanks Cyclops and lifebalance , will certainly print out the tnc and digest

Anyone willing to share own experience what is the critical things I should take into consideration before i switch from mainstream AIA to this niche rhb , apart from the guarantee renewal .

I certainly  lack of the knowledge to interpret the wording as pro as the agent , in fact the renewal question that I was asking was still remain open questions. Perhaps only thru direct dealing with respective Live AGENT only I can get answer ..

Thanks Cyclops and lifebalance , will certainly print out the tnc and digest

FYI only.  Pls ignore if not relevant or helpful.

https://kclau.com/insurance/5-things-most-i...inked-policies/

FYI only.  Pls ignore if not relevant or helpful.

https://kclau.com/insurance/5-things-most-i...inked-policies/

Sorry to say that most info given in there are common sense. Some points are debatable and inaccurate.

Point 5# within the article would be also inaccurate as the intention of the article writer is to maximize on the insurance coverage but neglect to inform within the article to the reader that every increase in sum assured = increase in cost of insurance. There is a reason why insurance company may put in some slack within the premium in order to avoid policy being lapsed earlier should the ILP Fund perform not up to par so that the slack would be a +/- buffer.

However every advisor would have their give & take advise and I am sure the article is not conclusive though it's open for debate which will be endless as they would stick to their preference of advise.

But I think the article's intention to further not "confuse" it's reader have confused them even further to put words like "newer ILP are more expensive" when the intention of BNM to allow higher MAR allocation in the earlier years so that the policy holder would have more of their premium paid being invested in the earlier years than the previous MAR allocation rate where the company only 43% instead of 60%.

Life Insurance companies now have to give more to the policyholder rather than previously where they took upfront most of the $$. Hence most of them adopted Early Termination Fee of 20% in the 1st - 2nd year policy for giving away the extra Allocation to the policyholder to benefit. So I don't see how the article pointed out correctly about the changes made by BNM on the MAR.