How many % increase in COI for medical card by GE during the latest price revision?

thanks for telling, so i guess the more appropriate or morally correct phrase or reason to tell the public to buy medical insurance at a younger age instead of when older is NOT about cheaper cost to buy BUT more of the risk of having pre existing condition at older age.
Nothing about cheaper to pay (or cost cheaper) as the cost can go up after signing it due to factors as mentioned by GE David, and premium can also go up with age after signing as mentioned by Cherroy

there was a 2019 thread that did touch on that...
medical insurance cost sudden increase 29%, normal !?
https://forum.lowyat.net/topic/4753108/all

40%-50%

Mentioned a few times previously, up to 40% in my review

Both rider and standalone medical card also 40%?

the standalone card got no COI change. the medical rider that has COI increase is Smart Medic and Smart Medic Xtra

Is it because the price of the standalone plan ( great medic xtra) has already been revised not long ago?

Halo friend,

From $$$ point of view. Yes Mr B save his premium for 20 years.
From life planner point of view, Mr B taking risk for 20 years.

According to this theory Mr B can save his premium provided he didn't strike by any serious accident & illness. Also nothing wrong with his health checkup report by the time he signup medical plan 20 years later.

Anyhow you got to compare by actual facts.
My own medical plan RM2xx monthly signup since 2016.
Today, I key in the same benefits and coverage.. I got to pay RM5xx/month if I start a new plan right now.
I was Age3x 2016. now Age4x 2020.

If you are comparing with standalone. The price table quite transparent. Many insurance company website can get.
Is either company accept you, or loading, or loading with condition or reject. No waiver rider can be add.

May be try different scenario as conclusion.
A none smoker tell his smoker friend :"Hey kawan, you can save cigarette money and buy a VIOS now if you stop smoking 20 years ago"
The smoker friend reply :" You are right kawan, where is your extra VIOS now?"

SO ... no right or wrong. Is about you understand the consequence of your own choice.

what risk?
when TS mentioned: "usually do we need to purchase medical insurance when we are already employed in a company?"
Wouldn't that generally meant ts has medical insurance covered to some extend?


This post has been edited by MUM: Aug 10 2020, 12:49 AM

We are talking about A & B employee have company medical insurance coverage benefit, and A decided to buy own medical insurance as well, while B is not.

B has no coverage issue. And B can always sign up own medical insurance later when if being non-employed anymore, and the risk along is pre-existing illness, not about cheaper when buy early.
There is no lock in premium in medical insurance so that people can enjoy cheaper premium later on by buying early. Premium or COI for ILP always revised based on aging and inflation of medical cost.

No medical premium will stay the same at Rm2xx per month, if your premium is "fixed", it is likely an ILP, whereby you are paying extra compared to standalone (or more than the COI), and the extra portion is channeled into investment in unit trust which will be drawndown in future to compensate the rise of COI as age goes, so that the premium is fixed until run out of sustainability issue, that insurance company will send notification of revision of premium due to sustainability issue.

The simple fact is no medical premium is fixed be it standalone or ILP (COI), this is the hard fact truth.

This post has been edited by cherroy: Aug 10 2020, 09:23 AM

I honestly don't see the point of argument about COI when insurance company are here to make money.

Here are pointers:

1# Insurance company are here to make money

2# Insurance is a long term commitment especially medical insurance, therefore you can't simply just pick another insurance in the near future if you have any pre-existing illness

3# COI (Cost of insurance) will essentially go up, no company in this world would FIXED their price/charges on you without consideration of profit, cost, shareholder, competition, etc, Again refer to point 1#

4# Take insurance because you need a coverage and specially the ones that fits your need for planning

5# Don't buy because you get confused by agents showing high returns or tells you that you can get high returns from insurance

6# AGAIN and AGAIN, Insurance is for protection on your personal risk and not to make profit out of it

Agreed.

Just browsed through AXA 110 CI... I find that the premiums really shoot when u age... like when you are 70, the premium for 300k coverage is 16k per annum!

When we are young, premiums are low and we think it’s a no-brainier to get insurance... however, insurance work on statistics and when we age and more likely to get any one kind of CI, the premium understandably shoot up!

BTW, for age 70 smoker, annual premium is 26k...

I like to look ahead....maybe there is an optimal cut off point beyond which there is no point to insure.... of course, what I mean is better to self-insure ... pay with own funds if anything

This post has been edited by aspartame: Aug 10 2020, 04:15 PM

Insurance works on the mortality and morbidity risk factor when taking up your consideration as a "Potential Client" to them.

It's human nature that the older you are, the more prone of you to get sick or die faster than a younger person. Though nowadays youngster also die earlier because of accident as well (hence they change the regulation on car insurance that if you're a new young driver, you may be charged higher).

But back to talking about Life Insurance.

The insurance industry takes a "gamble" that if you're a young person, you are less likely to fall sick or die early hence they are willing to offer you a lower premium for a higher coverage but later on you're slowly paying higher and higher because the scale of risk is tilting towards "Higher Risk of going to get sick / die soon". Of course factors like how hazardous is your occupation i.e Mining, O&G offshore or whether you smoke cigarette or not will increase your risk factor for insurance to charge you a higher cost for being on the "higher risk" category of dying faster even if you're young.

of course this is not the same compared to all other industry, you don't see pan mee lady sell RM20 per bowl because you're older and RM10 per bowl because you're younger; nor do you see car dealer sell you RM100,000 for a Myvi if you're older or RM50,000 if you're younger.

It's a gamble everyday in your life, similar to Blackjack, you see the banker got an Ace, do you want to buy insurance ? if the banker has a blackjack, you lose double, or do you want to risk losing lesser by paying for an insurance?

Which goes back to, would you rather pay for an insurance premium or bear the full cost of the fees of whatever is coming at you ?

Would you want to pay 5% - 10% premium of the full price instead of 100% ? It's up to you. Whether agent profit or not it's part of their job to earn that money for providing you the product/services.

I find all the questions in here so strange and envious about agent or insurance company earning their monies by providing the services. But majority of the consumer are not envious when Dell / Apple sells you their overprice gadgets for a fraction of their cost. Somehow consumers are so "concern" about how insurance company / agents make their money and expect free service or something.

When it comes to CI, it’s suppose to be an income replacement so you can say you don’t need to have a CI insurance once you’re financially independent.

Best,
Jiansheng

Insurance was created by the rich people to protect themselves from hazard, why use own money if can use from the pool of money.

it's easier to use from a pool of money created by 100,000 ppl than you yourself creating that pool of money yourself (unless you're a billionaire then instead of you buying insurance, you should open an insurance company lol)

all same conclusion....telling the client to buy medical insurance

agent A: if you want to buy, you should buy now as there is a possibility that you may have a risk of having pre existing condition later in life which may affect you ability to buy one or will be subjected to exclusion or loadings when you wanted to buy one at later age

agent B: if you want to buy, you should buy now as now you are young and the cost to buy one now is lower or cheaper than when you buy at older age....

which one of the above is more appropriate or morally correct phrase or reason to tell the public to buy medical insurance at younger age?

the worst one i encountered was the one telling me......"buy now as this plan will gives you 20% return of your annual premium and just pay 6 yrs only then no need to pay more"

the best one i encountered was the one telling me......i reviewed your existing coverage and found that you are lacking in this area at your current life stage,....it would be best if you can get one that covers this coverage gap....i also noticed that you have a foreign insurance plan too, do check with them how is the claim procedures or if there is any complication for claim when you are hospitalised in Malaysia."

what is your worst encounters?
what is your best encounters?

This post has been edited by yklooi: Aug 10 2020, 05:40 PM

I would rather avoid answering your question as this will set a "precedent" for other agents to follow certain model answers.

An ethical agent should know which is the right way to explain to his/her client.

As for encounter wise, not much I can share about as well since I'm not usually the customer

I agree.
Not really. If you insure for 300k, anything happens you get 300k. But if u r financially independent , u no need the 300k..

When u r young and need income to sustain , u need CI to replace lost income

In both cases, better to have medical card...