From e-Connect.

Mine is a ILP.

Not sure about old plan.

For GE most of the new plan got different paying monthly vs yearly.

Example ILP medical / Life policy, paying in yearly will have more cash value in projection compare with monthly. This affecting sustainable period

If you exiting policy was generated base on yearly payment sustainable age80.
Change of payment mode to monthly may affect the sustainable.

Simple calculation.
Every month investment RM10 you can earn extra RM1 . You need 12 months time to accumulate RM120
In yearly mode you can have RM120 at the beginning. And start earning extra RM12 monthly in 1st month

Not AIA. its Prudential.

What rider is that called may i ask?
But then again, if i have to add-on new rider doesnt that mean the premium will increased too? So what are the difference?
I still dont understands why ILP medical card is more beneficial than standalone since ILP also subjected to premium increase.

As i understand for standalone card when insured is younger premium is cheaper and premium increased every year but what is the difference rate to ILP?
Can give some example for premium comparison between ILP and standalone for 30 years plan (same coverage) ?

Ya for me it is even better to pay monthly because I do not have to pay a lump sum in one shot and also able to do cost averaging into the investment fund
The transaction fees you mean, referring to credit card % charged to merchant? If so it is a fixed % whereby in the end is the same amount in absolute MYR isn't it? Or you are referring to another thing?

The policy is more than 10 years so it has been increasing due to medical cost inflation rather than tekan agent for lower
One more thing, say we want to pay the coming premium and we have cashflow problem. Are we able to withdraw cash from our cash value / investment linked fund? Rather than letting it grow until like 5x my annual premium value there

Understand but with the increasing annual premium we have burden paying it

So with the pool of fund at RM30k++ I am thinking why not take out like RM2k per year to ease the burden rather than seeing the pool grow there

And with only RM2k per year we can continue to withdraw to compensate the premium for more than 15 years while the policy is expiring in 10 years++

Afterall just finding a way to help easing the stress to fork out more to sustain my mom's policy but thanks for your input too
eh no need to apologise I am also exploring the options to continue paying the increasing premium while income has been stagnant or even reduced
Thanks!

Hi Adele, yes I understood the concept from what you had explained earlier

However, since Prudential had sent the letter informing the premium is gonna get revised in 2021 to RM5600 I wonder I can continue paying RM5000 and whether Prudential will charge the balance from the fund
Your case I supposed the Insurance company did not write you a letter saying the premium is revised

In my case, Prudential had sent the letter informing the premium is gonna get revised in 2021 to RM5600 I wonder I can continue paying the old amount and whether Prudential will charge the balance from the fund

As I am paying online, the epay system will die die state the premium amount decided and I can only pay that amount

Premium (or to be exact, cost of insurance) increase, will be every 3-4 years one cycle in the foreseeable future.

Previously, 10-20 years back, the premium/coi pricing strategy was to price in as many future inflation as possible, however this pricing strategy makes the insurers hard to compete in the competitive local market.

Then in ~2010, most companies changed the pricing strategy, to have a repricing cycle of 3-4 years instead. So we can see a smaller increase in premium, but with higher frequency.

In general, the increase in premium will tend to have a lower magnitude in the future, as the first 1-2 rounds increase in the recent years mainly just recoup back the losses previously, and bring back premium/coi to a more sustainable rates. (Many insurers medical business operated at a loss in early 2010, especially for old block of business)

In principle, the frequent increase in premium/coi, is actually better for most customers, to avoid them paying too much commission in early year, then drop the policy later and purchase a new one.

This year due to covid situation, many insurers actually seeing better medical claims experience, and some insurers delayed their repricing for a few months.

Source : I am an actuary, used to work on this repricing
**some general tips
1. Buy medical insurance with deductible if you perceive yourself to be healthier than average
2. Don't buy medical insurance up to age 100. Ask your agent, usually even if you select age 70 expiry age, the medical rider coverage will continue pass age 70 until the unit funds exhausted. COI is the same for age 70 or age 100 expiry. The only diff is you will have to pay higher premium (and thus higher comm) right now for your age 71-100 coverage.

Insurance companies in Malaysia are not LGBTQ friendly... People who didn't go under the knife (surgery) but ongoing transition (HRT) also can't apply/claim for insurance. Or am I wrong here?

Ya will write an e-mail to BNM explaning the situation and see how will they reply

My bro is on GE and yes they are opt in rather than force increase
He did not reply the letter and until today his premium stays the same

Just wondering, what happen if we did not pay our premium. Say I should pay monthly but I skipped a few months. If the fund pool is still sufficient at the moment for one year deduction, any issue? Not talking about sustainability in the future until 80/90/100yo

One more thing, on the policy expiry or maturity or something like my mom's she told me she extended her coverage until 80yo (should be under this PRUmajor med Plus) and yes even her medical COI projection schedule stops at 80yo. But when I see the annual statement it said at one page the policy sustainability is until 100yo. So does that mean it will continue until 100yo? Now I suspect they increase the premium based on this 100yo sustainability calculation...

my current plan (12 years already) is on GE, SPE2:

Lifetime limit: 800K
Annual limit: 80K
CI: 70K

was advised to upgrade to SPE3 by my agent for the unlimited lifetime limit and 1M annual limit, and higher coverage and up to 90 days of pre-medical claim (sorry I forgot what is the correct term, just make it up)

I understand that policy change means the agent able to earn commission from new policy, so I wondering if SPE2 memang really don't have this upgradeable options.

The dilemma comes in because if I were to change to SPE3, I have to maintain 2 years of SPE2 for the contestable period in case anything happened to me at coming 2 years.

if SPE2 don't have such options to update for higher limit, I don't mind for SPE3 and paying the commission fee.

Just wondering if it worth to change the plan, bear the contest-ability period for 2 years, and maintaining 2 policies for 2 years.

So skipping premium payment as long as the investment fund has sufficient amount will keep the policy ongoing

Can the insurance company later charge penalty or interest like we did not serve loan repayment to bank?

ok... traditional plan is like standalone medical card / any insurance plan eg. CI, PA etc. without investment linked?

sigh my agent really ah... that day she visited and said both my mom and my policy has lifetime limit of RM500k

But just now I went to check the policy documents, only stated annual RM50k and lifetime RM200k

Either simply tembak or donno where she pluck the number la wei

Hi all,

Not sure if this sounds stupid to ask. I bought an AIA Signature Life insurance last year. Currently planning to get one for my soon to be wife, but apparently AIA has renamed the life insurance to AIA wealth care.

I've been reading this forum closely in regards to ILP and premium. I know that for medical card, premium are revised every now and then even for ILP.

However, I want to know whether the premium for ILP life insurance will be revised like how medical card plans?

Reason being is that my agent told me that unlike medical, life insurance premium is fixed throughout the tenure.

For example, the one I plan to get for my partner is pay 10 years, coverage to 70 years old. And the premium is fixed at x amount for next 10 years.

Will this change?

Many thanks!

PMM3, Mom has additional PMM Plus and PMM Enhancer
Portal doesn't have annual / lifetime limit info

Benefit Description                Benefit Purchased
PRULink Assurance Plan        MYR 40,000.00
Accident Medical Reimbursement MYR 2,000.00
Accidental Death & Disablement MYR 50,000.00
Crisis Shield                        MYR 20,000.00
PRUMajor Med 3                        MYR 100.00 (Room & Board)
PRUMajor Med 3 Enhancer        Yes
PRUMajor Med Plus                Yes
Weekly Indemnity                4 unit(s)

Hello there,

I am on the verge of accepting a standard ILP Medical Insurance plan for my foreign spouse (who is residing permanently with me in Malaysia and will visit her country 1-2 times/year). In the conditional acceptance letter there are some special terms below: Could you advise if these terms are also standard across other medical insurance companies for foreign spouses?

1) Premium waiver and TPD diagnosis shall be made in Malaysia by a doctor registered with the Malaysia Medical Council.
2) Definitive diagnosis of any Critical Illness shall be made in Malaysia by a doctor registered with the Malaysia Medical Council.
3) Accidental benefits shall only apply for accidents occurring in Malaysia
4) Medical card benefits shall only apply for treatment/hospitalization in Malaysia

Hi Guys/Sifus

Just need your help to clarify the following:

a) HLA coverage includes targeted therapy, hormonal therapy and immunotherapy - Any idea it "As Charged" (as per AL/LL) or RM5000 per month. I saw the brochure and a bit confused. I think Allianz and AIA (AIA- not explicitly stated) is as per AL/LL

b) Assuming my policy is sustainable up to 80 years and renewable up to 100 with the current premium.

What happens at the age of 80? - Do I continue paying my current premium or re-calculated? If re-calculated - what method do they use? Will it be based on the market premium/COI at that point of time? Which might be very high. Or is it better to pay a higher premium to increase sustainability at the start of the policy itself?

Hi Guys

Just another thing - for CI waiver - the waiver is normally after 'Late Stage' right?...thanks

hi guys..just want to get more opinion for my parents insurance...is it really worth to buy for them at the age 60++?  they have some conditions like hypertension and high cholesterol.... I got quotation from the agents all around at least RM500 to RM600/ month...so means RM6000/year X 2 PPL...is a big burden for me but also feel like is a must too..is there any way to reduce the monthly premium or maybe switch to a traditional standalone medical card (got annual limit)? can give me some idea or experience how you guys handle for parents without medical card? ps. agents pls dun find me ya ask I had already in contact with a  lot of insurance agents dy! Thanks all!

hi sifus, need recommendation here.

already going to be 49. currently unemployed. if i need to get medical card (to cover hospitalisation, surgery eg slip disc, heart, etc), which would u suggest? as cheapest premium possible. what would be best of someone my age group (quit smoking with high blood pressure history/overweight). Thanks

Hi, I'm shopping around for an investment link insurance policy with medical card rider.

I am interested in medical card rider that still offers daily hospital cash allowance (upon admission in private hospitals). Insurance providers such as Prudential no longer offers this. They only offer daily cash allowance upon admission to government hospitals which is not relevant in my case.

Can anyone tell me which insurance providers still offer this please?

RM 2,000 for room & board daily is ideal.

Prefer the daily hospitalization benefit to be in the same rider as medical card. Noticed lately that some company has daily hospital income benefit that its own standalone rider.