If previous post was not in good manner, then apology for that. It is not my intention.

The reason of a little more strong word on ILP, because there were plenty of discussion always being loaded with misleading statement from few irresponsible agents that tell clients, premium is fixed so that they don't need to worry on premium increase like standalone.
Also, there may many potential misleading statement of "buy early so that premium will be cheaper", which is quite a common misunderstanding.

As a result, it may lead to many non-well understood clients that keep on trying to "save" or "buy cheaper" mindset in insurance, which eventually when something in the future is not as they expected, then say insurance or agent "cheat". <--- quite common when their ILP received letter or premium revision due to sustainability issue.

Just want to ensure everyone well understood and clear everything when signing up insurance, because insurance is long term commitment, which could affect personal cashflow problem if it is not well managed.

Insurance is buy what you need, there is no cheap or expensive insurance, as insurance is highly regulated industry.

Nobody claim who is smarter, we are here to share info and always learning with each other, and open minded for every aspect.
Cheers.

If your have housing loan, generally bank always insist of having MRTA, MLTA when approving the loan that will cover the loan outstanding if passed away. So it is not urgently need to have a life insurance to cover the loan, as most loan when taken up, most borrowers already signed up the MRTA or MLTA already.

This post has been edited by cherroy: Aug 23 2020, 03:51 PM

To cut the long story short and simple to answer the query.

There is no medical insurance plan that can enable medical COI will not increase that much, be it standalone or ILP.

Medical insurance COI increases with insured age risk and inflation of medical cost that is calculated based on insurance pooling factors.

This post has been edited by cherroy: Aug 23 2020, 08:57 PM

The first priority is always financial management.

Look at how much you can save each month, only then start to look for insurance.
Don't pay all the insurance first until no saving left.
Insurance is not magical tool, it won't cover you everything, built up enough cash for emergency and buffer is priority.

1) If you have no financial dependent, life insurance is needless.

2) Medical if stress in financially, at least we have gov hospital as back drop. Alternative, take up lower tier first before upgrading.

Insurance is long term commitment, always proper plan the financial first, before committing, don't need to rush upon. Buy insurance when financially is stable and disposal income become "relax".

Cheers.

This post has been edited by cherroy: Sep 9 2020, 09:34 PM

ILP is just unit trust + medical.

It doesn't deter the medical cost premium or COI increases.

While the unit trust or investment portion is not guaranteed to make a profit.
It can result in losses as well especially in current equities market condition.

Those projection in the proposed illustration is made based historical data, it doesn't means future the investment return will be the same, nor guaranteed to make a profit.

ILP premium is structured and projected to the same if COI + investment return come in as projection, by drawing down the investment portion to compensate the rise of COI.
Just like one pay extra more compared to standalone especially in early year, then latter years, the extra portion + investment return (if) is used to cushion the rise of COI.

One can always check the ILP portion or specific unit trust invested fund fact sheet to know whether the investment is making money or not.
If it makes a lot of money, then probably can cushion the rise of COI.
While if makes a loss, then double whammy situation, rise in COI + loss in investment.