Mortgage insurance for the physical building or for the life of the borrower?

it is stated clearly in all motor insurance policies that private vehicles cannot be used for hire or reward.

The same applies to own damage claims, meaning insurance companies would not pay out a single sen if they discover it was rented out for a fee.

As long as not admitted and not covered by outpatient.

No

If you wish to invest 100% of the amount then you're better off to buy a standalone insurance policy since it has no investment element at all.

if your intention is to get a comprehensive coverage then you have to get it under an investment link policy where you're allowed to add-on additional benefits.

Mainly an insurance policy will have the
1. Basic coverage - Death / Total Permanent Disability
2. Add-on riders ranging from:
a. Critical Illness (Early, Multi, One Time Off, Accelerate, Non-Accelerated)
b. Personal Accident
c. Hospitalization & Surgical
d. Waiver of premium
e. Female specific critical illness


That being said, if you choose to invest the money yourself, don't forget that part of your investment return should be set aside to pay for future increment in premium for a Standalone (Term) insurance as insurance charges increases as you grow older.

The investment policy helps to negate this effect by allowing the insurance company to do the investment for you through what we call "Sustainability".

I'll be happy to guide you further if you need anymore info

The 2nd time you're mentioning is the recent hike which ranges from 13% to 45% depending on the plan you're in.

Try hike is across the board for all policy holders under the same company.

I don't really believe there is really "THE CHEAPEST" as any insurance policy may reprice itself in the near future.

I think instead of looking at only the "CURRENT" price tag on an insurance which is one of the consideration factor, you should also look into the overall benefit and whether it provides a comprehensive coverage for you or not.

For example, the plan has limited per annum coverage on Outpatient Cancer/Kidney Dialysis.

Example:
If a Kidney Dialysis cost RM1,000 weekly, you would probably utilize the RM40k benefit within 40 weeks in a year (Assuming a year has 52 weeks, that would mean you have to fork out additional RM12,000 on your own).

On top of that, the pre-hospitalization is 30 days and post-hospitalization is 60 days, if you think it's sufficient enough for your recovery. Then yes, you should get the plan, if you think it is too short time period for you, then this is not a suitable plan for you.

3 months? Not much

Check with the customer service officer on the surrender amount available.

Get a specialist to ascertain your condition. As long as there is a diagnosis, the insurance company can then offer you the policy with or without conditions

Submit the application first and see what the insurance company wants

Yes of course

If it wasn't a pre-existing illness, then no, it will not affect. Unless it was something that you intentionally left out even after you knew about the condition and didn't declare it.

Looks like an older generation policy, any reason for you to look for it?

You may refer to your existing policy for the policy detail if you're an existing user of this plan.

Quite well written actually.

Which part would you think is a hack job ?

I'm a little confused by the statement given, projected to lapse @ Age 64, projected sustainability = 40 years ?

a. Your friend's age only 24 now ?

b. Does that mean your policy can only run another 40 years based on 125/m premium?

c. Based on this insurance company recommendation to top up, is for until how old ? I don't see it written anywhere

d. I don't see any medical rider so it's quite surprising that they would reprice a non-medical policy, that could be a bad sign that they are not able to sustain the claims ratio.

Until more info is shared, it's not fair for me to comment anything related to your friend policy.

As for traditional policy, I don't think any takaful operator provide such plan in the market besides savings plan.

This post has been edited by lifebalance: Sep 27 2020, 02:26 PM

first time come across such thing for a term insurance.

As a consumer, you may feel free to lodge a complaint, let me know the outcome thereafter

For term policy, it's already pre-calculated for the term coverage you've selected by the insurance company.

i.e you chose RM100k coverage for 20 years and the insurance company charges you RM200 monthly for it for example. Then it will be fixed for the next 20 years.

Hence the reason why I said it's the first I came across that they would have a clause to re-adjust for term life coverage premium.

I don't see this clause in other insurance company though

All the 3 companies are good.

Allianz coverage will be more comprehensive and latest compared to GE.

Up to you if you think 50k is sufficient to pay off for hospitalization.

Just take note that anything about that is on your own.