There is a plan from Great Eastern which features fixed/guaranteed cost of insurance which is SmartProtect Sure. It is a type of life insurance + critical illness policy but it's not the medical insurance you are looking for though.

In the long run, standalone is definitely more expensive than ILP because standalone medical card increase premium every 5 years according to age band.

Depending on the length of coverage and design of the policy, ILP can be more affordable than term insurance in certain cases. It also depends on the fund performance selected. Also, term insurance usually will only cover until age 80 maximum whereas certain ILP can be extended for lifetime. The cash value in ILP can be withdrawn in the event of emergencies as well.

Most online products are limited to term insurance because term insurance is much more simpler in design.

Hi db07mufan, I'm from Great Eastern and I might be able to assist you in this matter. You will need to fill up a surrender form if your policy is an investment linked plan. If it's standalone, you just have to stop payment and the policy will lapse on its own since there is no cash value.

You may write a letter to GE requesting for a service transfer to another agent who is willing to do the service for you. Usually for investment-linked plans, we usually don't advise clients to lapse the policy.

Looks good to me. Some additional factors to consider is the sustainability of the policy and whether the amount of life and critical illness is shared together which is usually the norm.

You can consider Great Eastern's SmartProtect Essential 3 as well. When choosing ILP, you have to consider about the sustainability of the plan because the cash value is used to offset the rising insurance charges in the future. Also ensure that waiver rider is included in the policy.

Medical card with ILP generally comes with life insurance and critical illness coverage. Loss of license means provide coverage for pilots alone. For medical card/life insurance nowadays, any permanent disability or critical illness regardless of your occupation will be covered as well.

On whether mixing insurance with investment in ILP, you can do so by maximising the insurance coverage but the sustainability of the policy will be short. The investment/cash value is used to pay for the rising insurance charges in the future. If you are planning to get insurance for long term (i.e. coverage until age 80), you are still better off getting an ILP instead of term insurance/stand alone because ILP will be cheaper than term insurance.

MLTA is a type of mortgage life insurance which is a type of insurance to protect against the house loan you signed up for. Whereas for life insurance it is used to provide peace of mind and reduce financial loss or hardship faced by your family if you passed away.

In a person's lifetime, it is common to have multiple life insurances running at the same time. Different people have different needs and how much they want to leave behind for their family. So, how much life insurance you need is dependent on you.

Diabetes does not count as a critical illness.

In another example, if one day you lose your pilot license because of cancer, insurance company will pay you for the critical illness lump sum. Whether you can work elsewhere or not after your recovery, insurance company will still pay you because it is based on the critical illness, not the occupation. For pilots, it is considered as occupation class 2 and this information need to be declared to the insurance company when you sign up for the life insurance policy.

It's not impossible to do RM 1 million coverage for annual premium of RM2000+. For your age, 1 million life coverage can be done with monthly premium of RM250.

This post has been edited by GE-DavidK: May 4 2020, 01:02 PM

You can ask your agent to surrender the policy for you. If you want to do it yourself, you can fill the surrender form as below. I’m not sure if Prudential accept email submission for this form, you can contact their customer service and ask for clarification on this.

The surrender form for Prudential is here Surrender Form

This post has been edited by GE-DavidK: May 12 2020, 01:07 AM

Not all types of life insurance can be bought online. Insurers are likely to refer you back to an agent to prepare the quotation for you.

You can prepare all the necessary documents on your own whenever you need to make a claim and submit the forms to the customer service center of the insurer. However, in certain complex cases, agents can help clients to appeal cases to the insurer and do follow ups to expedite the process. So, having an agent is better for the client.

This post has been edited by GE-DavidK: May 12 2020, 05:24 PM

For medical insurance, I usually advise getting investment-linked because the coverage can be extended and the plan is a lot more flexible to adjust. In fact, investment-linked generally will be cheaper than term insurance in the long run for medical card.

For life insurance, you can consider getting Great Love 4 U from Great Eastern which does not require any medical underwriting with guaranteed acceptance. This is a term life insurance without investment-linked.

Like others mentioned, first step to insurance is better to be a medical card/hospitalisation. i.e. coverage for room & board and annual limit/lifetime limit for hospitalisation bills.

On this AIA plan, the critical illness accelerated means that once you claim critical illness 250k, the life will be deducted 250k as well.

Cash value is the money you can get in the investment part (not guaranteed).

I do agree with Adele123 that it's better to upgrade existing policy first, however there might be a limit on how much you can upgrade the existing policy. The waiting period for specified illness (including cancer) is 60 days or 2 months. However, insurance companies still can initiate early claim investigation for policies inforce within 2 years depends on the case, hence your agent asked you only to surrender after 2 years.

I would advise you to terminate the old policy once your new policy is already inforce for 2 months instead of 2 years because early claim investigation is rather unlikely.

Group insurance can cover for clinical visits if the company signed up outpatient clinical rider. Even if visiting government clinic for flu/ailments, personal medical card won't be able to cover.

Personal medical card only covers for:

1) Accidents
2) Hospitalisation
3) Surgery

Class 1 and class 2 are treated with the same insurance charge (for Great Eastern). 1 million annual and lifetime limited can be easily done with your budget. Remember to add in waiver rider when your agent prepare the quotation for you.

This post has been edited by GE-DavidK: May 17 2020, 06:47 PM

1. If the pregnant mother is within 13 -35 weeks of gestational period (3 to 9 months of pregnancy period), the coverage should include pregnant complications and death of mother.
- Ensure that waiver rider for both payer and child is included for the child's medical card.
- Ensure Junior critical illness (eg. coverage for Kawasaki Disease) and congenital diseases are included in the coverage.

2. Depending on your needs and budget. I would advise 50k to 100k life for baby is a good starting point. Take note that for the first 5 years, child lien will apply where only a percentage of life sum assured is paid. For example, if the baby pass away in the first year, only 20% of sum assured will be paid.

3. GE Smart Baby Shield is a rider for SmartProtect Junior (Medical card for children). Smart Baby Shield will cover for the mother during pregnancy period (if the policy is inforce within 13 to 35 weeks of pregnancy period) and coverage up to age 5 of the baby for any congenital diseases.

As for SmartProtect Junior, the unborn child is the main insured person which comes with coverage for the mother during pregnancy period. The policy will run for whole life for the child with unlimited lifetime limit. Of course, the premium will be higher than RM80 as the policy is expected to cover up to age 100 for the child.

Hi jiaen0509, if the blood test will lead to hospitalisation or any form of surgery, it will be counted as pre-hospitalisation diagnostic test and you should be able to claim medical card for the blood test.

Yes, if you are required by doctor to be hospitalised, the treatment or any tests can be claim under the medical card.

AIA's A-Life Wealth Care is an investment-linked plan. You need to check whether your agent quoted is based on age 70, 80 or 100 coverage which will affect the premium. The "savings" inside any investment-linked plan is used to pay off rising insurance charges in the future. Which means that the savings or cash value will deplete on its own when the insurance charges is higher than the return on investment.

If you plan to withdraw the cash value, it basically means that you are spending future money so technically it is not really savings. Make sure that waiver is included in the policy as well so when you are diagnosed with critical illness, you do not have to pay for the premium anymore (until the coverage ends).

When do you need life insurance?
1. If your family relies on you for the lifestyle they are living (including children for their future education).
2. You have debt (house mortgages and other loans)
3. You have a high-risk job
4. You want to build an inheritance for your family

Considering you currently have 3.2 million life insurance (1 mil + 100k + 2.1 mil), you may consider adding critical illness coverage which will pay you cash lump sum if you are diagnosed with critical illness. You can consider similar plans like SmartProtect Legacy Max from Great Eastern.

1. MLTA is very similar to traditional life insurance.

Main features of MLTA:
- Policyholder is protected against death/TPD as well as coverage for critical illnesses.
- Sum assured does not decrease overtime unlike MRTA.
- A portion of the premium goes to investment which can be withdrawn anytime.
- Transferable whereas MRTA is non-transferable and stick to the original property purchase.
- MLTA's beneficiary is you whereas MRTA's beneficiary is bank

Because of these extra coverages, MLTA's premium tend to be higher than MRTA.

2. Depending on your needs. You can have the MLTA designed for whole life or just for a period of 20 years.

3. Add critical illness coverage and waiver rider. Ensure that policy sustainability can last for the period of coverage.

4. Returns are not guaranteed. 90% of proposed is relatively on the high side. You or your agent should monitor your funds in the insurance policy and advise you accordingly on when to switch funds based on market performance.

This post has been edited by GE-DavidK: May 22 2020, 07:28 PM

I think your goals are pretty clear. In your policies mentioned earlier, you might need more critical illness coverage to achieve the complete protection you need. 5 years of income replacement or 300k critical illness (assuming monthly expenses: 5k) is a good start.

Using the information provided and only quoting for medical only, you can get a much lower premium. Maybe your agent quoted some life and CI coverage for your father as well.

GE claims have been ok for my clients as well so far. It's unfortunate that there are agents out there who are unaware of the fine prints before explaining to their clients. Non-invasive keyhole surgery or angioplasty is a common knowledge and only entitled for 10% of the critical illness coverage. As for the hospital bills such as surgeries and treatment costs incurred, it will be fully paid out.

Depends on what is your objective. You will need to pay for 20 years for Great Flexi Plus and the maturity is 30 years. You may consider Great Flexi Wealth which you can choose to pay for 5 or 10 years and maturity is 20 years.

Savings plan is good for:
1. Disciplined force savings
2. Low risk investment
3. Life insurance protection for accidental coverage

Let me rephrase your statement to make it easier to understand:

Life: 500k
Payment Term: 5 Years
Annual Premium: 10k

Life: 500k
Payment Term: 20 Years
Annual Premium: 2k

Yes, you are correct. The shorter the payment term, the lower the premium is. This is because of the investment capital is larger in the first few years while the insurance charges is still low. Hence, the return on investment can cover for the sustainability of the policy. This is assuming the investment performance is up to benchmark. The waiver rider cost for a shorter payment term is lower as well, therefore the premium is cheaper for a shorter premium term.

This post has been edited by GE-DavidK: May 25 2020, 12:40 PM