Thank you but I am not looking for life insurance with fixed COI. Unlike medical insurance, I think rising longevity should make it cheaper in general over the long run...

my client around 70 years old has been renewing medical card with me for more than 10 years. His premium is about 3.5k /year still reasonable as the premiums didn't increase much compared to 10 years ago not like 10x increase as feared. He told me he didn't have medical when younger back then medical costs was still not as crazy inflated. But nearing 60, he didn't mind paying yearly in case anything happens to him as the now medical costs are financially catastrophic.

Hi fariz,
My client same age as you 44yo
He purchase from me
Annual limit: RM 2,200,000
Lifetime limit: Nil
R&B : 400
Overseas Treatment : RM 1,000,000

Premium : RM 1,821 per annum

Thank you

Thank you. Maybe I will take for my dotter and wife since I already have illness.. Please pm me for further details.

Anyone know if this is even possible? Let say currently i am on AIA. The coverage is RM1.1mil and room&board is rm150(which I think this is a lil bit bothers me everytime i need to hospitalized, have to wait for room, else they will assign me to shared room.

And face amount is 40k

Paying rm380+ month

Is that possible if i get a better policy with AIA, without having to do a full body check up again?

Unless you have health problem, otherwise you are not required to do a medical check up.

Hello, I’m new to the forum and need advice with the insurances I currently have. I would like to apologize in advance if my questions are very dumb. 🙏🏼

I have AIA Lifelink 2 and it comes with a medical card, these are the details:

A-LIFELINK 2
Coverage Amount: RM 100,000.00
Effective date: 17-DEC-2018
Expiry date: 17-DEC-2094
Premium: RM 200.00
Premium cease date: 17-DEC-2094

And then I bought another life insurance, the PB WealthElite:

PB WEALTHELITE 20PAY@70
Coverage Amount: RM 500,000.00
Effective date:24-JUN-2019
Expiry date: 24-JUN-2064
Premium:RM 266.25
Premium cease date: 24-JUN-2039

I’m a freelance translator and the company I worked with has terminated all translation work yesterday. I’m still in shock right now because that was my sole income. Right now, I would to have some money in my bank account in case of emergencies, so I’m thinking of cancelling the PB WealthElite. I’m not sure when this pandemic will be over and when I will have a proper job, so I would like to know if it is alright to cancel it or not, since I already have AIA Lifelink? I think both insurances have similar coverage (correct me if I’m wrong 🙏🏼), just that the coverage amount for PB WealthElite is higher. I need advice hahahah thank you! 😭

You may choose to do a partial withdrawal if you still want to keep the insurance policy for Pb wealth, otherwise if you drastically need the funds and have no other choice then you may choose to surrender the policy for now until your finances are stable again.

We can review to enhance your current policy. Medical check up would be subject to current health conditions.

On face value, PB Wealth Elite has higher coverage with only a slightly higher premium and would worth considering to retain compared to AIA with a lower coverage. Other terms of the policies should also be considered. It's also important to maintain a medical card, especially now.

As mentioned in the above post, consider partial withdraw to resolve your cash flow issues. There would be some options if we look deeper, with terminating any policy a last option.

hi alfred, what's your age btw? for your current policy, when did you buy it? of course you can get a better policy with AIA, so long you have no pre-existing illness.

hi mackerelisgreat, sorry to hear what you are going through. indeed tough times for most people. the 2 policies that you have right now, for me, i will always retain the one with medical card. as for PB WEALTHELITE, if there is financial difficulty at your side, you can temporary stopped premium payment first. based on your situation (freelancer), it is a bit difficult to apply for premium deferment. also your PB WEALTHELITE policy is kinda new, i doubt the cash value in the plan has 2.9k (can you check the available cash value inside?).

For the cash in your bank account and FD, how long can it sustain you (assuming you continue pay both premium)? maybe I can guide you from here.

Hi, I went to my AIA profile and found this. Is this my cash value for PB Wealth Elite? If it is, it’s not a lot.

https://pictr.com/images/2020/04/29/53InAD.md.jpg

If I continue to pay both premiums without taking any freelance jobs, I can last till August/September. I live with my parents so my cost of living is not that high, so that’s why I can live by just doing freelance work. May I ask why it’s difficult for a freelancer like me to apply for premium deferment?

Like other suggest, try your best to keep the one with medical card.
Even if need to ask from family support ..if they affordable. Because the cost of hospitalization is high. Illness and accident are not predictable. Some more got covid19 extra benefit.

Mind to share your age and what kind of freelance job you in? Car / housing loan?

Hi, I’m a freelance translator and have been in the industry for four years. Right now none of the companies I’m working with have projects to give to us translators. The economy is really awful right now. No loans whatsoever. I’m really lucky to be living with my parents right now!

hi mack (hope you dont mind I call you that), yea that is the cash value. if you cancel it that is the amount that you will get end of the day. means your emergency fund can sustain you 4-5 months. what if you stop paying the PB WEALTHELITE premium?

it's difficult for you to apply for deferment because you need an official letter from the company stating that there is pay cut/job retrenchment. since you are a freelancer (do you have a company set up? if yes can try using your own company, just to try la even though i cant guarantee will that work), you are not under employed, that's why no company can issue you a letter to notify pay cut/retrenchment.

This post has been edited by ckdenion: Apr 29 2020, 04:12 PM

You can apply for premium deferment as what ckdenion has mentioned.

You can also check with your service provider what happens if you decide to stop paying the premium for 3 months.

- Will they sustain your coverage and use your cash value for the Cost of Insurance?

- Will they inform you prior to terminating your policy?

Check your policies terms and conditions and confirm them with your insurance provider.

Best,
Jiansheng

Hi all.

Can I know whether the COI is same or not between standalone and ILP in same company? I heard that COI of standalone is higher than ILP.

Let say for example for 30 years old male non smoker for 500k term life compared to 500k life ILP plain plan with no other riders. The premium for sure will be different but I eager to know their COI is same or not each year.

And whether it also same if compared between online products and tru agents.

Thanks!

No its not the same.
Standalone is higher than ILP across all insurers, COI wise.

I believe only term products are available online.

What you can do is get a quote online, and from the quote, pull out the schedule where you have a projected premiums year-on-year.
In the same schedule, you should be able to pull out all the necessary info such as COI and surrender value (if any).
Then what you need to calculate, calculate lah.
Finally, you can compare it with a quote from your agent.

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.