Is this too high for insurance under 30?

Premium: RM300/month

Coverage amount: RM 100,000
A-Lifelink 2 (Death Benefit): RM 100,000
A-PlusDisabilityCare (TPD): RM 100,000
A-PlusCriticalCare: RM 100,000
Medical Limit: RM 1,500,000 (no lifetime limit)
Deductible: RM 300
R&B: RM 200
Hospital Income: RM 100/day

Should I aim lower?

Currently, my premium is taking up 6% of my overall income. Am targeting just under 5% for protection as I dont think there's high risk. My cash liquidity and savings is generally enough to cover possible issues.

The coverage seems okay, compared to quotes I have at GE. But maybe you guys have better understanding perhaps? Hence why I'm asking here.

It seems that the consensus is that RM200 is good enough for decent coverage.

Plus Im also insured by my employer, on top of SOSCO and my family civil servant family program as my parents are in Gov

Yeah thats right, I originally wanted to go term loan for medical card only, got no dependent, sure as heck dont need the investment linked funds (I invest in my own portfolio) but to support the agent and for the convenience of a packaged plan, i am okay with it. I paid special consideration on the exclusions and it seems fair to me.

So yeah, I guess its okay but too late to switch? Just started this year

Alliance agent told me that their policy is one price forever once you sign on it. is it true?

while AIA is term policy so it increase a lot every 3-5yrs, true?

Any cheapest medical insurance (online or agent) recommend for age around 54 and 60? Coverage of medical can below than 100k

Hi all, I've had Great Protectlink ILP for many years, with Lion Strategic Fund. I've now realised that the performance has been terribly bad and I've actually lost money after so long (double digit percentagewise). If I had put the money even in a savings account, I would've actually made money. Yes, that bad.

Could I get some advice on what's the best thing to do right now? Switch to a different fund (which fund)?

Or reduce premium and put it in EPF or something else instead?

My objective is retirement funds. Thanks for your help.

Understand but with the increasing annual premium we have burden paying it

So with the pool of fund at RM30k++ I am thinking why not take out like RM2k per year to ease the burden rather than seeing the pool grow there

And with only RM2k per year we can continue to withdraw to compensate the premium for more than 15 years while the policy is expiring in 10 years++


Thanks!

Yes you got what I wanted to do right

eg. premium now RM5000 and revised to RM5600 in 2021 so I plan to take RM1000 ~ RM2000 from fund depending on how much next year income from other sources

But when I asked the agent the answer is you need to pay the premium as stipulated in the letter of revised premium, no way to change so only can withdraw to use the fund

Hi all,

Not sure if this sounds stupid to ask. I bought an AIA Signature Life insurance last year. Currently planning to get one for my soon to be wife, but apparently AIA has renamed the life insurance to AIA wealth care.

I've been reading this forum closely in regards to ILP and premium. I know that for medical card, premium are revised every now and then even for ILP.

However, I want to know whether the premium for ILP life insurance will be revised like how medical card plans?

Reason being is that my agent told me that unlike medical, life insurance premium is fixed throughout the tenure.

For example, the one I plan to get for my partner is pay 10 years, coverage to 70 years old. And the premium is fixed at x amount for next 10 years.

Will this change?

Many thanks!

at times, some of the details are not or will not be available from the agents/company itself...
ex,.
what will the quantum of each increase?
how long will the increased premium stay (the same) before the next increase?

in the meantime, we consumers should also need to reviews or scale down our "wants" too if we really "afraid/concern" of the inevitable increase that are to come
examples,
the wants of Million dollars coverage
the wants of 100 yrs old coverage
the wants of no need cash up front coverage
the wants of full coverage of all  medical expenses used
the wants of full expenses coverage for all outpatience treatments/follow ups treatment/dialysis and care
etc

Another alternative is to have an insurance now with lower premium, less coverage. Anyone got any suggestion?

if you have this preconceived mindset about insurance,
may i suggest that you seriously evaluate and then made up your mind before planning to take up any insurance policy, as insurance is long term commitment (else it may lead to confirmed financial losses)

fyi, you are not alone in thinking that insurance is a waste of money

yet there are some that think ......

Hey guys, a quick question for the AIA insurance agents - Yesterday I had a brief presentation from an agent and she mentioned that for medical there will be a rm500 deductible. is this normal? I am looking for a comprehensive plan however that focuses more on medical and critical illnesses. Appreciate the reply in advance.

Is it troublesome? I have never claim my own insurance in accident, so far I always claim other cars insurance
I just pass it to runner aka ahbeng at balai to save the hassle
Can I do the same if I need to claim my own insurance?

Appreciate your reply.  Now I am affirmative with what I need to do. 

I have another question on the qualification of insurance agent and/or financial planner.

I find out that I can look for a registered life insurance agent/financial planner with the following search engines attached:
https://www.liam.org.my/customer_zone/?c=15&ct=2
https://www.fpam.org.my/cfp-members-list/

(1) If any agent/financial planner was not found in this database, does it indicate that they running the business "illegally"?

I encountered an agent self-claimed a "wealth planner" (ain't even financial planner, but I assumed it's probably referring to the same profession),

The agent is holding the title of "CMFA", "MDA" too.
(2) What do the titles signify?

Can anyone confirm the last price hike is 5 or 10 years ago?
The price hike is different from sustainability because the hike affected every insurance company, refer below
https://www.freemalaysiatoday.com/category/...re-costs-go-up/

Sorry did not answer Yr query,
Was just thinking out loud. 
Why is there a need for price hike if not for the sustainability of the projected coi needed to cover the duration of the policy? 

So, due to 1 and 2,....the COI need to increase to sustain the policy....PLUS 3 new guidelines....

thus the price hike is related to sustainability and not as "The price hike is different from sustainability because the hike affected every insurance company,"

come to think of it...it could be related partly due to the earlier premium paid...(as you mentioned "when you bought the policy the COI (current and projected)  was lower")
for company A could have charged a higher premium (due to higher COI projection) previously, thus they will do the price "Hike" review 5~10 yrs later while Company B charge lower premium previously thus will need to make price "adjustment" more frequently than Company A.

Well...it's not exactly different name printed on the policy but rather, I was served by a different person.

The one who attended to me was a clerk of the agency, I kept inquiring for the details of policy which was left unclarified over a long course of insured years.
(Just took over ownership from parent, and my parent is not very keen with handling all the documents)

"Your policy has been quite some time, I will look back and let you know"
More than 3 weeks later, a cover of endorsement letter was sent back to me, which is not helpful at all.
Declaration of additional riders. That's all. I need to know the exact benefits.
I sent in an inquiry to the insurance general email and got exactly what I need in just 3 working days.

After finding difficulties to answer to my queries and my clear intention to restructure my policy, then only she referred me back to the insurance agent (agency owner).
In fact, the name in charged was supposed to be another partner in the agency. But well.
Attempted to be pushy and pitch her products, I still stood on my ground. She referred me back to the clerk to proceed with what I requested.

Following up was a series of product related queries that the clerk was unanswerable for; Just a simple thing, I wanted to know minimal amount of death benefits that I could adjust to, what was the rate like?

"Not sure, we need to try in system how much lower can be reduced"

2 days later, I asked her again.

"Sorry for the delay. System currently busy these few days due to system migration. Will keep u update once i done k"

Walao, at least let me well informed la. Totally fire-fighting style.

What a big waste of both of our times.

Hi insurance Sifus,
Recently, i received an email i need top up my premium due to inflation. My insurance under Allianz. Powerlink. I pay montly Rm150.The suggested amount increase by Rm115. 33. Been paying since 2015 Currently 29.
Here my questions.

1) Should i coutinue  pay 150 or fellow d suggested
    amt. My worry is later my cost of insurance will
    getting higher as age is increasing.
   
 
2)Should i surrender d policy?Look for more better ILP within my budget arround

3)or any good advice. Thx n appreciate.

this is so not tally with what my agent has mentioned, do u have any info for the new guideline and how come this report who did not mention abt it:
https://www.freemalaysiatoday.com/category/...re-costs-go-up/

Hi, I'm curious on how the premium price is determined. There seems to be no standard reference. Does it mean agent can put a higher price to earn more commission?

Life: 100k
Critical illness: 100k
Accident: 100k
Accident medical: 2k
Medical - room 200, limit 1.38mil p.a, lifetime unlimited
Age 35 => how much would the premium costs roughly?

There will be a minimum/floor premium based on  coverage amount, riders, sustainability, but the premium can be adjusted higher if clients wish to do so.

since the normal system quoted price can be "up sized" by 11 from 189 to 200,.....can the same normal system quoted price be "downsized" by 11 from 189 to 178 too?...(like reduced future savings).?

Can I downgrade my AIA family takaful plan (the standalone one which cover me + 4 children) to cover me only instead of my whole family. The reason is firstly because of the current economy which is my family also affected. But I planning to take online product which cover pretty much the same coverage for all my children with almost 50% in reduction of premium compared to now. Of course if this is possible I will still go on with current plan + new plan for 4 months before switching in case the 120 days waiting period case happen.

Pls review my thoughts

As of now, i am currently covered sufficiently by my company for medical and life

If i were to retire in the same company at say 60, and then get medical and life, would it b feasible?

What is the premium difference if i bought since 30 and the price of the premium at 60 compared to when i buy at 60?

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