I urge you to consider taking up a personal medical cover now.

Why?

1. You are now healthy and very insurable (i assume).
So underwriters are happy to take you in with the standard rates, no exclusions. This is such a wonderful thing, isn't it?
We buy insurance first with our health.
If our health is accepted, then comes the money to feed the premiums/contributions.
If our health is less than favorable, so is the premiums/contributions (loading/exclusions).
If our health is not welcomed, then our premiums also not welcomed (reject).

2. You do not know your health condition in the future (i also don't know).
When you leave your company, the coverage stops. Nobody wishes ill on anyone, but when reality strikes, it just strikes.
Your company medical benefit may take care of your bill now.
When you are finally ready to take up your own personal medical insurance, the insurance company may not be as ready/keen to take you up.
Which scenario would you regret more?
i. Having paid the premiums over the years with no claims?
Or
ii. Saving up the premiums over the years and faced with a hospital bill?

If you're lucky, it is only a one-time bill. Otherwise, the follow-ups may not clean you out, but it's definitely a considerable dent in your finances.

Either way, you will have to pay.
So now you have the luxury of an option between paying the bill, or paying the premiums.
Which one do you think is cheaper?

Hi, i had asthma when i was small, last attack was around 7-9 years old and it never happened until im 25 now, do i need to declare to insurance company? One agent told me if more than 10 years no need declare

Just declare as it is.

ok

hi tan, just declare. it's so long ago issue, most likely there is no need of check up also.

just declare, if it happen than the company can reject your application

Hi I m undecided btw great eastern and Allianz medical card for my wife . Anyone here can share some advices ??

what's your current consideration ?

what are you looking for exactly ?

Well, i m looking for sth like investment link type so tat can give us some cash value at d end of d day, and ease of claiming process in case there is any emergency , Including emergency outpatient treatment at A&E ... so far those offered by Allianz sounds attractive to me n seems better if compare wif GE... but again I m not sure if I shd judge GE this way ...

This is a common mis-selling on Investment Linked Policies where agents do not explain the end-tail on policies that is attached with Medical Insurance.

You will accumulate cash value over the course of the years with the insurance company, however, as your age progress, the insurance cost on the medical insurance will eat up on the cash value accumulated until it is RM0. Hence when you look into the "end of the day" sales illustration, it will end at 70 years old (depends on the age that the agent set in the system to compute the proposal) with RM0.

In term of comprehensive coverage between these 2 companies, Allianz will be better than GE.

However, if you are more concern about overall benefit, then there are better alternatives.

If your purpose of buying the policy thinking you will make good investment return out of it. You are buying it for the wrong reason.

This post has been edited by lifebalance: Aug 18 2020, 11:48 AM

Icic... putting the investment link thingy aside , what are Those better alternatives In term of overall benefit ? Comparing both Allianze n GE , Allianze seems offer better than GE... but again as a layman, I can only judge this way by comparing them side by size

Medical cards covers the treatment cost when hospitalised and will cover outpatient treatment for accident with limited amount.
If you are looking for cash value, it will vary depending on the premium paid and future cost of insurance, which may increase as medical cost increases.
Other options could be critical care insurance which will accrue cash value and maturity benefits if no claims are made.

Hi doreamontan, if just by picking between Allianz and GE, i will pick Allianz.

I just received letter from my insurance company GE that my medical card annual premium will be increased (12%) due to the medical rider revised.
It did state that I can choose not to increase my current premium.
But does this happen frequently? Is it wise to choose not to increase and remain same?
I remember few years ago the agent told me the premium will never be increased.. but now only 3 years...

Insurance company have the right to revise the chargeable cost of insurance as often as they deem fit. Of course by notifying you in advance. Hence you are receiving this letter.

If you don't increase the recommended extra premium that you have to pay. Your policy may lapse earlier than previously.

You have the right to maintain the same premium as you're paying now. Not compulsory to follow the recommendation.

Your agent probably didn't disclose or explain to you how the policy works before inducing you to purchase the policy with him or her. Hence you are confused now.

Cheers.

hi CSW, yea most medical riders from GE has increased COI since 1st June 2020. It doesnt happen frequently. maybe 5-6 years once in general? of course there is no fixed period when the COI will increase, it all depends on various factors too. if budget allows, better to increase.

many agents will comfort customers by telling them the premium will never increase. well, it doesnt applies to ILP though. it is clearly stated in the illustration that premium is not guarantee because cost of insurance is not guaranteed as well. so when cost of insurance increase, so your premium.

any good 'ALL IN ONE FAMILY MEDICAL CARD PLAN'? is it advisable compared to individual plans?

1. Depends on how old are your current children
2. How many kids you have now
3. How many kids you plan to have in the near future

Do take note that a family plan would only mean the main policy holder (one of the parent) will only be entitled for death, disability or critical illness benefit while the medical rider is used to cover the other members of the family.

The premium maybe slightly cheaper than an individual policy if there is more than 3 children in your family.

Otherwise in terms of difference in premium is really negligible if your family has Less than 3 children.

The above is just some of the discussion on features of family plan, it is not suitable for all circumstances or ideal for all families, other perspective such as coverage on both parents depending on their financial need.

I posted here a few months ago, was looking for a standalone medical card, and also term life insurance. but after doing some reading, i think now i prefer an ilp. Is it true that for ilp,the payment will not increase that much over the years because the savings would cover the increase in premium? is this true for all ilp from different companies? I don't care how much money i will get from the investment part at the end of the day, i just don't want to pay so much when i get older.

I also mentioned that i prefer AIA, but their life insurance is quite expensive. When i checked, for a coverage of !mil, my premium is about 1300 a month or 16k a year. It's the legasi policy. That's over budget for me. Been looking for a medical card + life + CI/TPD.

Another question i would like to ask is, how much is enough for a life/tpd/ci insurance? Some people say it's at least 3 times your annual salary,some say 10 times your annual salary. But if i get that much coverage it would be super expensive. Some people also say that you don't need so much as you can also include your epf. Any opinion on this? Can i factor in epf, and also loan insurance for my car which is like mrta?

btw i am 32yo, male, pilot, smoker, not married yet.

This post has been edited by afif737: Aug 22 2020, 06:10 PM

If you’re buying a ILP attached with a medical rider, the premium will not remain the same over the years as it may be subject to additional top up to maintain the sustainability as insurance cost for the medical rider increases.

I don’t know much about you personally so I won’t be able to advise.

There is no fixed rule of thumb when it comes to buying insurance other than what is used by other advisors.

If you want to make sure you are covered well. Get a proper advisor to understand your financial background.