plurbuddyskuppy,
You can get a decent coverage for whole family around 500/mth if it is standard.

ahleemaju,
No medical underwriting product I do, definitely no need go thru medical questions, no medical examination, limited to life insurance protection only and limited time offer.

Whatever pre-existing serious health conditions can be accepted.

Hi, guess we are missing the context with all the replies.

I am talking about surrendering upon making the transition from one policy to another.
That's where the contestability kicks in right?

It's just something that I have been pondering for a long time, raised it up to my agent previously but always getting an ambiguous kind of explanation.
I was "adviced" to keep the old policy for at least 2 years due to the consideration of contestability period. But was not explained exactly why.
Well, it's just bothering my mind if I could surrender and claim back the cash value in the previous policy, without letting my cash value to drain away unnecessarily.

I just realized a policy could be managed differently in different hands. Just wish to get a better clarification by gathering different opinions.

@lifebalance @ckdenion nevertheless, thanks for replying patiently. Cheers.

on what I see here is the insurance company can contest you up to 2 years of the policy. Especially medical policy, every few months you are cover a certain coverage, until 2 years. if anything serious they will check around your clinic around 20km radius of your workplace and your resident and hospital up to 40km for your history, just in case you did not declare any kind of sickness.

As mentioned based on my reply earlier, the clause is a safe guard for the Insurance company in the event of non-disclosure fraud claims.

Honestly, you shouldn't even worry about this if you have done your part on disclosing your health status to the insurance company.

And yes, it kicks in within a new policy that you've bought.

On Contestability Period:
Every new medical policy, there will be a contestability period of 2 years. Even if I upgrade within my own policy, it still applies unless expressly stated otherwise.
So what is it?
Like what others here have mentioned, and it is a fact, not an opinion, the insurer retains the right to investigate on whatever claim that arises, to check with licensed medical service providers around your location for past history.

On your cash value:
During this contestability period (on your new policy), it would be best to keep your old policy running. Paying the regular premiums might not be in your best interest (depending on your financial position of course), and there is really no foul play to let your fund value feed the COI of your old policy.
Is it necessary?
Again, it really depends on your financial position.
Should there be a claim within the coming 2 years, you might need to foot the bill until the the investigations are concluded with no evidence of historical medical issues (up to 6 months) and then your claim amount will be released to you.

SO if you're cash rich, maybe just cut your old policy immediately. Considering you betul2 got no historical health conditions.
But if you're like me, middle class, being more alert and cautious with spending during this round of MCO, maybe consider keeping your old policy for now while the new policy's contestable period run its course.

If anything, your agent is being quite careful with handling your policies.

This is by far, the clearest explanation regarding the contestability period while addressing my concern on the transition between policies.
Perhaps I'm not good with my words, others may have difficulty in attempts to address my concerns. Appreciate all the feedbacks. I have learnt plenty here.

Yes, you are right. I can be "nitpicking" in nature as I'm very cautious in expenditure, others might think that I'm being stingy, but it was just being me;
I don't mind spending, I just need a valid reason to spend it.

Heeding your advice, now I am affirmative with what I need to do. Thanks.

Hi, anyone can update on the private hospitalise for covid patient? I saw my AIA agent friend update that only AIA accept private hospitalise for covid patient?

Happy to clear the air for you bruh.

APHM is still ironing out the details with KKM.
As of now, the guidelines for private hospitals is to send Covid patients to gov hospitals once beds are available at gov hospitals.

Nothing to do with insurers actually. Insurers' job is just to pay.
However, do check with your respective insurer if the exclusion of quarantine by law is still being waived.

Note* - Much older policies may have the clause expressly written in the policy. Newer policies may not have this clause. Kindly check with your respective insurer on this.

My insurance already matured for about 6 years. If I surrender the policy, how much would
I get back the money? Add all below or only Net Surrender Value?

Net Surrender Value: 50200.20

Survival Benefis Balance: 14040.20

Cash Bonus Balance: 18010.00

Check with your insurer. Call up customer service or your agent.

Either one of them would be in a better position to give you an accurate answer more than anybody here.

My agent disappears already. I ask here to seek any clarification from insurance agents or expert.

1. Do you mean your policy has matured? Or do you mean your policy has been running for about 6 years?

2. You get your survival benefits if your policy matures before you do. Or at the end of the policy term.

3. If you have your policy with you, it will spell out for you exactly what will you be entitled for at any point in time.

4. Over the years, there has been some changes in calculations, products, etc.

Maybe you can mention the name of your Policy, from which company, bought which year, then somebody here would be able to help you better.

I bought this from GE 16 years ago. Only need to pay 10 years and i'm thinking to surrender
the policy. Just want to know how much I would get back the money. The name of the policy Great Junior Advantage/Great income advantage.

netcrawler,
Normally this policy breakeven 13-14yrs, means you can get back same amount paid in 1st 10years.
You can refer to total surrender value in the latest annual statement.

This is a whole life policy and it only mature at age 87. Policy holder also will get yearly survival benefit (either pay-out/ accumulate) starting 11thyear.
If the cash from surrender is not for emergency, is recommended to continue enjoy the fruit from your earlier savings.

When you surrender a policy before maturity, you will get back Net Surrender Value. Net Surrender Value would have factored in both Survival Benefit and Cash Bonus to date.

If you keep the policy you can enjoy the annual Survival Benefit and Cash Bonus.

This post has been edited by Cyclopes: Jan 23 2021, 09:12 AM

what about when "My insurance already matured for about 6 years."....like ts posted?
is it same "will get back Net Surrender Value. Net Surrender Value would have factored in both Survival Benefit and Cash Bonus to date. ?"

like total of all these?
Net Surrender Value: 50200.20

Survival Benefis Balance: 14040.20

Cash Bonus Balance: 18010.00

abt 82k?




This post has been edited by MUM: Jan 23 2021, 09:21 AM

I believe his is a life policy that matures at age 87, with short term payment (10 years paying).
The policy will pay benefits till age 87, if you don't surrender. If you surrender and Cash out, the policy terminates.

hi netcrawler, if you surrender your policy, you will get the amount of all 3 combined less any premium due + loan interest on premium due