This is the industry practice, same goes for any other sales industry I.e if you’re a panel conveyancing lawyer for a bank, if you don’t meet the minimal volume, you’ll be removed from their panel; similarly, if you’re a property agent and want to apply as REN, you need to meet certain sales to maintain or you’ll be removed for someone else to take over as there is limited REN available.

If you don’t like how it’s being practiced, either go with the flow or go look somewhere else. Probably I can suggest you to write a long love letter to BNM to voice out.

Thank goodness I am not subject to sales targets xD

Hi,

You've bought an investment link policy with AIA which entails
Death/Total Permanent Disability 10k
A Plus Health = 1.5m comes with Room 200/daily with no lifetime limit, however you need to check if it's with or without deductible (RM300)

Waiver Raider means your policy premium will be waived until the age of 70 years old if you succumb to Disability or Critical Illness.

As for the policy, it seems to be heavily skewed to hospitalization and surgical. If your main point is to also cover for other areas such as debts / living expenses then this plan may not be meet your expectation.

This post has been edited by lifebalance: Jul 21 2020, 06:09 PM

Premium 250 monthly for your age with the benefit listed above

You will need to buy a new one if you wish to upgrade the coverage as the older plan can't be upgraded.

If you have no history of health problem then getting a new one instead of maintaining 2 medical plan (including the old plan) (double your cost) is more advisable. However I would advise you to get your new policy approve first & wait for 120 days before cancelling your old card.

Depending on your existing risk, you should then look into how to manage those risk.

i.e Debts to pay if you pass away, dependents to provide if you're no longer around, living expenses if you're unable to work due to disability or chronic illness, and many other factors.

Hence if I were you, it's better to do a proper review and understand more about your insurance planning.

*Edit*
As for whether to get Standalone or ILP, you will need to know how comprehensive you would like your medical plan to be, whether to add on a waiver of premium so that you wouldn't need to worry about paying the insurance premium even after you've been critically ill or permanently disabled. (Which may impact your capability to pay for your insurance premium while managing other day-to-day expenses).

A proper discussion will help you find out whether you need those necessary insurance or not.

This post has been edited by lifebalance: Jul 23 2020, 10:16 AM

Room 550
Annual Limit 1m
No lifetime
Premium 980 yearly

A deductible is a fixed amount (cost) that you need to pay for your hospitalization bill before the balance is paid by the insurance company. Depending on how much deductible you've chosen for your insurance plan.

Insurance company will normally give you a % discount on your premium payable, the higher the deductible, the higher the discount, but bear in mind also the higher amount you need to pay upfront to the hospital.

If you have an existing card then you may choose to pick a deductible on the 2nd card to save on the cost, however you will need to do some extra paper work to file for the claim with 2 insurance companies.

Also not all insurance offers high deductible options up to 50k.



Here's an illustration of how deductible works, credit @ringgitplus

This post has been edited by lifebalance: Jul 23 2020, 12:21 PM

You can choose with 0 Deductible option for the 2nd card, but still have to file claim with the 2nd insurance company (if you choose to claim with your GE card 50k limit first) for the excess amount that needs to be claimed.

Hence if you want less paperwork, use only 1 card with a high annual limit. Otherwise as I've mentioned, you would be paying 2x the cost for insurance if you maintain 2 cards that has 0 deductiible.

You are right. Please assist.

It will still be an ILP, basically you are dropping your existing medical rider to take on a new one, of course you may need to top up on your premium payable for the newer benefit.

Alright =)

not necessary have to spend according to 5 - 10% of your monthly, as long as you know what needs to be covered in certain circumstances/events.

There is again no fixed amount or "compulsory" amount that you need to spend because you earn X amount.

Let's look into a bigger picture, if you earn RM500,000/mth, do you think you should spend RM50,000(10%) monthly on insurance ?

There are plenty of term insurance around. If you feel so on the investment part, feel free to explore into taking a standalone instead.

Yes, there will be medical repricing that will affect both the term and ILP medical rider. Due the many factors such as high claim rate, inflation in medical cost, and many other factors

A guaranteed renewable policy is an insurance policy feature that ensures that an insurer is obligated to continue coverage as long as premiums are paid on the policy.

So it has nothing related to premium loading/repricing

This post has been edited by lifebalance: Jul 25 2020, 10:09 AM

It will affect everyone who bought policy under that insurance company. I.e Company Insurance A decides to increase 15%, it will may not be affecting Company Insurance B.

The insurance company would have charge necessary loading for those policy holder who have sub standard health (risk of higher claim) thus it's already accounted for.

Age 35
Medical
Room 550
Annual Limit 1m
No lifetime
Yearly 743


Life you're looking into term or ILP ?

if Term, you better go search up the insurance company online website to buy yourself.

This post has been edited by lifebalance: Jul 25 2020, 10:57 AM

sure, feel free to compare.

About 1600 yearly

Alternatively.

Room 550
Annual Limit 1 mil
No lifetime
Yearly 2800

This post has been edited by lifebalance: Jul 25 2020, 05:34 PM

Pertaining to General Insurance ?

Subject to underwriter to investigate if they need to.

Can try to apply first if you want .