sorry i dun have the price of the rider from HLA

I assume the booster rider from GE has low cost of insurance because they already charge u through the basic medical plan right?

This post has been edited by tan71500: Aug 7 2020, 08:11 PM

oh okay thanks

There is something called regular top-up (name might vary slightly from company to company)

You can make use of it.

There is still a minimum amount you need to pay. Call CS or agent to understand more.

This post has been edited by adele123: Aug 7 2020, 08:44 PM

regular top up to maintain the initial sustainability of the plan?

Paying lesser premium, especially in the early years when the policy has not accured cash value, may lapse the policy.


Regular top up will help in later years to sustain the policy as COI increases.

Yes, correct

whats the frequency of doing so? once every 5 years?

Whenever you get a revision on your premium or when you feel like topping up when your budget allows you to.

Currently already having 700K life + Illness

Looking to increase another 500k life & TPD with illness waiver rider, so far HLA provide best premium but cover only for 30year...(bday Jul 84)

Anything to take note before pursue further?

This post has been edited by tachlio: Aug 7 2020, 10:15 PM

Some policies can have coverage up to whole life if this is what you are looking for. You can check what is the projected cash value at the end of the coverage if there is any.

This post has been edited by GE-DavidK: Aug 8 2020, 12:19 AM

If 30 years term is all you need, then why not.

Just keep in mind that the policy will no continue further than 30 years thereafter so that is the disadvantage.

it is mentioned in the fund fact sheet that ''this is strictly the performance of the investment fund, and not the returns earned on the actual premiums/contributions paid of the investment-linked product. If this is the fund that i have chosen for my investment linked insurance how will my actual interest be calculated?

to make it simple

You give me RM100 today, I only invest RM60 for you, the RM40 is my commission.

So if your interest is 10% return then you get RM60 + RM6, not 10% of RM100 that you paid.

Done

after around 10 years the allocated premium will be 100%. Does this means i give rm100 and everything will go to investment and no comission?

Yes, but there will be still on-going admin fee, mgt fee from the insurance company to manage your policy and investment portfolio

hi tachlio, if the plan benefits and term suits you, then you can get it. unless you wanna get something longer. is the plan term extendable upon reaching its maturity?

hi tan, the performance in the fund fact sheet is the actual fund performance. the statement means that it is the fund performance, not the return on your plan's account value (aka investment value). in general, i wont stress so much on insurance plan return because thats not the intention of buying insurance plan (even though termed as ILP)

Its better to have your own medical card, because if you resign or terminated from the company, then you may not entitle to have coverage in another company. and company provides insurance may low coverage. and medical cost goes up by the time and your age goes up.

on that, i think i read many times in here....
that they mentioned the money spend on buying in the younger age (where the probability of claiming is much lower) can well be channeled into investment
then buy only when older age,...yes, the premium may be higher when older, but the amount of money generated from investment from using the premium to invest instead of buying med insurance at younger age would be more

also when you buy medical insurance at younger age,...will it be fixed premium through out the lifespan?
or the medical insurance premium will continue to go up every few years from XX age? (example from age 45?)

This post has been edited by MUM: Aug 9 2020, 12:28 PM

You are correct on the part that if you buy insurance much later in life, and invest the money in investments, the return on investment can be higher assuming you invest diligently. This also assumes you are perfectly healthy and not getting illnesses or accidents in this period of time. Such scenarios might cause you to fork out your own money for such medical expenses which makes you worse off than if you have paid for insurance at young age.

Question: Whether medical insurance at younger age will be fixed premium throughout the lifespan?
A: No, investment-linked's premium increase will subject to two main factors.
1) Medical repricing which is decided by the insurance company due to rising costs in the medical industry.
2) The projected sustainability of the policy/fund performance. If the fund performs badly, hence the premium will have to increase to cover for the difference.

Question: Whether medical insurance will continue to go up every few years from XX age?
A: Same answer as above for investment-linked policies, it will only increase due to medical repricing or exhausted sustainability. For standalone medical (without investment),the premium will increase every 5 years based on the premium schedule.

This post has been edited by GE-DavidK: Aug 9 2020, 03:45 PM

Medical insurance

A bought at age 20, premium Rm1000
When A reached 40 time, premium become Rm2000

B only starts to buy at 40, premium RM2000.

Medical insurance premium table or increment is always based on age. Whether you bought since age 0, 20 or 40, all follow the table.

Medical insurance premium always goes up together with your age. There is no lock up in the medical insurance be it standalone or ILP for COI.

Another eg. A&B same company medical coverage.

A has company medical coverage, and also buy own medical insurance, it becomes redundancy (except if exceed the annual limit issue, if they are same coverage)
For 20 years, A already paid 30+K to insurance, while still with company medical insurance coverage.

B did not buy own medical insurance, saved up 30+K in the process.
Only buy when 40, B has extra 30+k cash in hand, and if invest prudently with conservative return of 5%, B has more than 70K in hand compared with A.

While both also have medical coverage in the process.

The only difference is A eliminated pre-existing illness risk compared to B when 40.

Medical insurance never has lock up premium. So you cannot lock up premium amount even you bought as early as 0 age.