Hi everyone,

Happy Monday!

Would need advise on the insurance plan quoted by an agent last week to me.



First concern: Was wondering if the monthly premium if too high for this ILP (anyone has similar package?) I know that standalone medical card and critical illness policies are definitely cheaper but I have done so much reading/checking and most independent websites recommend that Allianz Medisafe Infinite+ as one of the best choices for medical card but it's a rider type.

My focus right now is only to have better coverage for medical card and critical illness. I already have a few insurance that have higher payout for Life/TPD.

Another insurance agent from GE (a friend) mentioned that nowadays most insurance will always focus on selling ILP to customers for all-in-one package (since it's the trend) and of course, at the end of the day, it's the most commissions agents can get when selling ILP.  He did quote me a similar package for GE to match the coverage by Allianz but the monthly premium is higher at RM575 and I need to top up / pay extra since I wanted early payout for critical care, whereas Allianz already have payout at all stages.

Second concern: Allianz definitely have the holistic package but unsure how fast they process guarantee letters and claims.
Thank you!

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.

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

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

straight direct answer to your question......yes seems like so, for as mentioned above postings, the premium WILL rise later too. YES, if you buy, it will provide coverage for things that could happens.
but
i guess that depends on from which angle you looked at?
as mentioned earlier, TS has already got company medical insurance.....
thus does he/she needed another medical insurance?

some would deem that is not necessary but others would say it is.
some would put in "What IF",
if that is to be taken into considerations, then the possibility are just endless.

some would argue that there are financial opportunity cost to bear in mind if one is getting a wider coverage just for the "What IF".
thus there are also some basic rules to consider the "What IF" scenario abit more holistically
example, do you have dependents?
do you have members of direct family members (brothers/sisters/parents) having history of medical problems (like, high cholesterol, high blood pressure, etc, etc)?
is your BMI number above average?
is your lifestyle sedated?
is your worklife exposed to 2nd hand smoke? or do you smoke?
do you have consume alcohol most of the days in a week of at least 2 glasses each out thing, or something like that....
etc, etc

well that is just my layman on the street take,...not sure of what those real insurance sifus think.

Hi.
I have got questions.
My company offer unlimited coverage. So i need to know which medical card can compliment me. I will start using it once i retired or resign from the company.

1. Is there any medical card that will reduce my annual payment if I dont claim/use medical card at all?

2. Outpatient without hospitalization - specialist visits. Most i find out only cover hospitalization. I believe non-hospitalization specialist visits is important too.

3. I was thinking GP (clinic) but i guess it will increase my premium?

Thank youuu!

Excellent comment. I've been thinking for years why should I buy an investment linked medical card. Rather invest myself.
Is it possible to buy standalone medical card with a payout for critical illness or tpd? Or for that matter standing ci/tpd without life insurance? I would buy life insurance, co/tpd on myself so anything happen to be my family is ok. But as my wife is not working, I'm thinking medical card + ci/tpd is enough, no need life insurance? Any comments?

What's the difference between critical illness payable and medical coverage?

Let's say someone is diagnosed with cancer and needed surgery. So that person gets paid a lump sum from critical illness rider and then also can claim the surgical cost from medical coverage rider?

Also from Allianz medisafe, it comes with deductible option:

• Zero Deductible (Base Plan); or
• RM5,000, RM10,000 or RM30,000 per Policy Year
with Retirement Option at age 60

What does this mean?

Hi  everyone, im interested to get health insurance from AIA/GE/Allianz and i have mild scoliosis. I had never receive any treatment about my condition. May i know what are the exact exclusions that insurance company will impose on my contract? thanks

I've just terminate my insurance plan because of ILP. I know that I need to wait another 12 months to apply another insurance plan (was told by my ex-agent). Then another insurance agent say I can apply new plan anytime. Is it true?

I would like to ask about Allianz medical card:

1) It is mentioned that examination, consultation and take home drugs are covered under outpatient cancer treatment benefits. Are routine medical check up and examinations performed every year after diagnosed with cancer covered?

2) outpatient physiotherapy can claim within 180 days following discharge from hospital?

Thanks

Hi, I've decided to surrender an endowment plan that I bought in June 2020.
The premium is RM6226/year and I have paid RM518.83 for 3 months.
My understanding is that I will not get any of the money back since I haven't made the full payment of RM6226 for the year.
Would still like to confirm with the insurance pros here, thanks 

Someone intro me to this group, not sure if anyone still reply but I have a question.

Which is should I separate my insurance policy? For example, one policy contain life and medical, another policy contain life and critical illness, and another policy contain only personal accident, etc...? It is really cheaper? :confused: 

Hi,

Let say If I get Cancer or Kidney failure, does the insurance companies provide full coverage for follow up treatment?

For example, if you get Kidney Failure, you need to do dialysis 2-3 times every week. May I know which insurance companies that provide this coverage? I don't want to pay and claim.

Hi fellow gurus, i'm currently looking at different ILP (Medical + life) insurance plans from different insurance companies (AIA, Alianz, GE). Would like your opinions on the below. With the budget of RM300 per months, i've received quotations for these plans, Overall Annual limit 1.5mil -> (Alianz Powerlink, AIA A-LifeLink 2, GE - SmartProtect Essential 3) Which insurance plan would you recommend? Which company would offer more/ cover more important things than the other? It seems the plans are fairly similar, not sure what else to look out for. Most people recommend GE, AIA seems to be higher cost on the COI, Alianz i'm not sure.

I'm a 26 y/o, non-smoker, male, analyst.

The main differences that i've noticed from the insurance plans are..
a.)Q: Death/ TPD coverage of 100k or 50k vs Term of coverage (70 yrs old or 90 yrs); 100k plans are covered till 70 y/o, 50k plan is covered till 90 y/o, which plan is better? Is it more expensive to extend the TOC at y/o later on?

PA/ TPD amount of 100k
47 yrs (Alianz Powerlink)
44 yrs (AIA A-LifeLink 2)

PA/ TPD amount of 50k
Toc - 63 years (GE - SmartProtect Essential 3)

i. AIA
+ covers Riot and Civil commotion
+ PA/ TPD - 100k
+ No Claim reward (R&B + Health wallet)
+ REA Assistance Programme (International medical assistance)
+ Car Assistance Programme (Although covered by car insurance as well)
- Term of coverage - 70 y/o
- Intraocular Lens - 7k per lifetime

ii. Allianz
+ PA/ TPD - 100k
+ Cancer Genomic Test - 15k
+ Intraocular Lens - As charged
+ No Claim reward (Room and Board + COI refund 10-20%)
+ Global Expert Medical Opinion
- Term of coverage - 73 y/o
- lack of oversea emergency support/ assistance/ evacuation
- Lack of Car assistance Programme

iii. GE
+ Term of coverage - 90 y/o
+ Outpatient Imaging MRI/ PET - RM5k per policy year
+ Supreme Assist
+ Car Assistance Programme (Although covered by car insurance as well)
+ Smart Multi Critical Care
- PA/ TPD - 50k
- Lacks of No Claim Reward
- Intraocular Lens - 8k per lifetime

Based on your experience, which plan covers more? Are there any important features from the plans that i've missed out? Each insurance agent i've met are selling their own insurance plan...

The policy was from 2005, 15 years ago when she was 53yo, now 68yo

No pre existing illness

I guess the age is the main reason why it is so expensive

Hi, I plan to buy a medical card insurance for my family.
I have ff in my list:

AIA
Benefits Details Coverage
Hospital Room and Board (120 days per year): RM150/day
Overseas Hopital Room and Board (120 days): RM300/day
Annual Limit: RM500,000
Lifetime Limit: No Limit
Deductible (Co-insurance): 0 Deductible
In Hospitalization: As Charge
Pre Hospitalization (dianosis, test, consultations, medications) 60 days prior
Post Hospitalization (Diagnosis, test, consultations, medications) 120 days post
Daily Cash Allowance at Government Hospital RM100/day
Home Nursing Care (RM3,000 per confinement) 180 days max per lifetime
Accidental Outpatient As Charge
Accidental Outpatient Follow Up 30 days
Outpatient Kidney Dialysis / Cancer Treatment Up to 1 mil per Lifetime
Emergency Overseas Medical Evacuation and Repatriation USD 1 mil
Premium RM2,094.00 annually

Allianz
Age 43
Monthly Premium RM246
Annual  Premium RM2952
Annual Limit (No Life Time Limit till 100 )  RM850K               
Sum Assured Death & TPD  RM10K
Room per day  RM150
Lodger Benefit Daily RM75
Genomic Cancer Test  RM10K
         

which one is better for these 2 providers? or is there any other medical insurance provider better than this?
my major concern is I realised if the specialist doctor ask to do some test like MRI or Scan, once result is fine then the insurance won't reimburse or pay for it!!! but if the test found out something  then will this become pre-existing???  so if this is the case why get medical card insurance?
Agent told me it really depends on how doctor write in the report. Again will the doc be kind enough to cooperate with you just for the reimbursement or payment?

All I need is medical card that I just can swipe and worry free to have it get reimburse / pay or not, worry free for pre-existing or not... Is there any medical insurance provider like that?????
So far I can see is all insurance company just want to earn money from me while I don't get much benefits on it.

any advice?

If u have this thought of surrender your existing plan and go for new plan. Pls keep in mind, start the new plan for 1 year only surrender the old plan. The reason to ask to do so is waiting period. not 120 days but 1 year to be safe.

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?

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?

not sure if this has been asked before but here goes. I'm currently reviewing my Great Eastern ILP plan and I noticed that my funds are 100% invested in Lion Strategic Fund. I am just wondering if that really is the most suitable fund for me? A bit about me, I'm 35 yrs old and I don't mind going high risk (heavy on equities).

Looking at the fund description, this Lion Strategic Fund floats between Fixed Income and Equity with the goal of reducing downside risk. Seems a bit 'safe'. I think I'm more a 'Lion Enhanced Equity Fund' kind of guy. Besides having huge weight in equities, I also like it that they diversify out of Malaysia (i.e. 50% M'sia, 25% HK, 25% SG).

I usually would do my own analysis but public information on these funds are quite hard to obtain. Best i could do is compare the bloomberg chart but that just goes as far 5 years only. Also, Bloomberg just tracks the unit price and doesn't account for the fund distributions.

If you guys also know where I can access the latest fund factsheet for all the Great Eastern Lion funds, that would be greatly appreciated 

If I had it my way, I would just go all into Lion US-i Fund (just track the S&P 500) but the GE e-connect website won't allow me the option to do so. I guess they only allow transfer between local funds.

Edit: I do understand that insurance plans should not used as a vehicle to grow wealth. That said, I guess there is no harm in trying to maximize returns since there is already an investment element in it?