uh, no ?

Because adding an additional benefit would mean increased cost, hence you are paying extra premium for it over the long term.

While not adding anything additional would mean your policy sustains longer.

This post has been edited by lifebalance: May 30 2020, 09:36 PM

hi SwarmTroll, how is it stated in the quotation that the selected option is RM143? maybe you can elaborate more?

if you think that the Hospital Income is something that will benefit you and you want it, then you can go for the RM153 one. else, choose the first option

This post has been edited by ckdenion: May 30 2020, 09:57 PM

I had discussions with my life planner and using the iPad I can see the monthly premium generated depending on whatever options I choose. So when I tried to go for something not expensive I ended up with RM143 monthly premium (Life 6000, R&B 200 (300 Deductible)). My concern was more towards the medical card only rather than the life hence I put life at almost absolute minimal, while I judge R&B 200 to be adequate enough for me. Since I was short of RM7 to meet the RM150 minimum monthly premium, I thought that it would be a waste to not add some form of rider to make the premium closer to RM150. I was recommended by my life planner to take the waiver extra but I decided for HospIncome 100 since I felt it would be more worth it (if I recall these two options have the same premium). Would you guys have recommended me something else?

Some Info:
Age before birthday: 23
Occupation: Consultant (Office Work)
Non-Smoker
Single

btw what is the sustainability for the plan if you opt for RM150/month?

say just this 2 benefits = Life Insurance RM5,000 and RM200 R&B w/ RM1,500,000 Annual Limit , with a premium of RM140/month, the sustainability is 59~62 years old. I think it is actually ok that you go for the RM150/month.

or perhaps you can share more of your concerns?

This post has been edited by ckdenion: May 30 2020, 11:04 PM

May I know for any insurance type, if I have 2 same insurance type with different sum assured, when I would like to claim it, the claim form would require to fill up any similar insurance you have both with the company and with other insurance company, will the claim amount proportionate if submit both insurance claim together or submit one another after the first claim is approved?

Its meant to be projected up to 80 years sustainability in the policy but of course that could easily change I suppose. My concern is if I just drop the HospIncome, would that RM7 be sort of wasted? But from what I gather from the feedback here, the extra RM7 does go to investment so it would increase sustainability. I guess I do not see any extra riders that would be of real use to me as compared to extra sustainability...

I would look for a more complete all-rounder coverage. Different people have their own plans. Your insurance agent should advise you, but it's up to you to take the action.

If you're looking for just medical alone then you should have opted for a standalone card instead of ILP.

Whether it's an issue of budget, personal choice, not sure what you're buying, have your own thoughts that opted you to choose the above for yourself. I don't know.

You're talking about life or medical ?

May I know for different insurance type case?

Situation 1
2 Medical insurance

Situation 2
2 critical illness insurance

Situation 3
2 life insurance

Nothing is really wasted. You'll be just allocating the budget elsewhere.

It's just like you have RM10 now, an item cost RM9.70, do you feel that 0.30 cents change is wasted or do you need to purposely find an item worth 0.30 cent or higher, say RM3 to make it feel better for you to utilize your initial RM10?

But then you would have overspent if you had only budgeted RM10 initially.

Getting the picture here ?

1. Medical you will have to claim from 1 card first then subsequently once it's been fully utilized, you can claim on the 2nd card (based on annual limit)
Policy 1 - Annual Limit RM50,000
Policy 2 - Annual Limit RM100,000
Example: Surgery cost RM130,000, you decided to claim RM100,000 on policy 2 and balance RM30,000 on Policy 1.

2. & 3. The amount will be summed up, example,
Policy 1 - RM50,000
Policy 2 - RM30,000
Upon CI/Death, payout will total to RM80,000.

This post has been edited by lifebalance: May 30 2020, 11:47 PM

For the Medical one, should it be Surgery cost RM130,000, you decided to claim RM100,000 on policy 2 and balance to claim RM30,000 on Policy 1 so still have allowance of RM20,000 for policy 1 (touch wood).

so for situation 2 and 3 will be process the claim (of the same type of insurance in the same company and with other insurance company) as individual policy, without proportion the payout amount.

Question, we would expect the COI of standalone medical to be higher than ILP during the later years. But shouldn't the COI rise approximately the same for both (assuming both have R&B 200)? If we do not look at ILP with its investment returns offsetting the increase in premium, the COI for both standalone and ILP would be about the same no? Sorry I just want to understand the concept here.

Options were put on the table for you to choose by the Life Planner, and if your informed judgement is to take the Hospital Income, I believe you will sleep soundly at night. If you still have a nagging feeling, talk to your Life Planner.

Hi RocketM,

For Life and Critical Illness, upon happening of a covered event, either death or critical illness, you can claim the full sum assured as per the policy. However if you surrender the policy for any reason, you will get less, only the cash value.

Assuming you have only one medical card, with a annual limit of RM500,000; You can claim the full amount of RM130,000 with this card.

However if you have two cards one with lower limit and another with higher limit, that you can use the cards to pay the hospital bill as advised earlier.

That would depend on the plan that you're comparing with, probably it's best you get a quote on the ILP and compare the illustration with the table on a standalone card with a similar benefit i.e same R&B and Annual Limit from the COI Table.

With that being said, just buy an insurance because you need the protection and not being too calculative on the back figures.

What is the typical range of medical insurance premium (hospitalization and surgical) that can sufficient to cover those medical bills?

or what are the coverage that I should focus on its when deciding medical insurance as the cost of those items are more expensive in the hospital.

Which we should place more weight between a critical illness insurance or medical insurance?

I have limited budget due to low salary for now and I also plan to reduce the premium for my existing critical illness insurance as it exceeds my monthly salary so I am not afford to pay in long term.

Some questions on investment link products.
Does the investment link insurance originally is for life insurance and can add on riders such as medical insurance, critical illness, PA?

Does the investment amount is based on sum assured? The sum assured is the portion of premium set by insurance company allocate for investment after deducted those fund management fee and misc fee?

When the fund perform badly, does the policyholder require to top up premium in order to serve the investment portion?

Does those riders such as medical insurance is affordable and comprehensive than a standalone traditional medical insurance?

Is there any difference for medical insurance having medical card and without card?

This post has been edited by rocketm: May 31 2020, 03:01 AM

The Industry Benchmark for medical insurance now is all about 1million Annual Limit with Unlimited Lifetime Limit. Where the premium is depends on your age and health condition.
A medical insurance is to cover highly cost medical bills from hospital treatment, such as cancer. As it cost around 50k-100k per cycle (3months) depends on what type of treatment method. From my client's record, is around 300k treatment till she recovered from it.

A limited budget due to low salary aren't an issue as you can start it from low coverage and upgrade it later, better than without any coverage at all. Will certainly suggest you to get one standalone first if possible.

Investment-linked plan is like what you've said, is kinda flexible. As you can adjust or add on any rider you wanted, such as Medical, Critical Illness, Accident & Waiver.

The investment amount of investment-linked plan will taken from your premium with these rates :
1-3yr 60%
4-6yr 80%
7-10yr 95%

Then the remaining portion will only goes into those management fee, misc fee, agent commision and what not.
This new allocation rate is only enforced 2019 by Bank Negara, as it ensure consumers premium paid could sustain the plan longer enough until its maturity.
And yes, depends on the fund your agent selected in, there's fund profile from high risk to low risk, if it does not perform. It will affect on your sustainability of your policy. Top-up might required to allows you to continue / extend your coverage longer.

If there's budget for it, it will be more affordable and comprehesive than a standalone medical card.

Here's a guideline of price for you. Investmentlink plan which includes life, critical illness, medical card and waiver.
From age, 21-30, is around 200-300/mth.
From age 30-40, is around 300-400/mth.
From age 40-55, is around 400-500/mth

Hope these info helps you. =)

Thank you for your reply.

How do we know the policy is allow to upgrade? What are the conditions for upgrade the policy? Can it done by walk through the insurance branch or online?

I also notice that some the medical insurance offer until age 99 and policyholder require to pay until 99 year old. Any medical insurance offer no payment coverage without using the cash value/cash bonus accumulated?


I saw this diagram in the BNM document explain about the investment link insurance. As you said there are percentage of premium allocate to the investment account as show in the middle column. Does the value derived from the percentage of premium then deducted all the fund related expenses then will be the Sum Assured as the final value to invest in the selected fund? The profit/loss of the selected fund performance is kept as cash value that the policyholder like those traditional insurance?

What is the must have element for investment link insurance, is it life? If the new investment link insurance is having those rider that I already have then it might not economic for me as I have to pay for the price.

Does the price for the investment link you provided is refer to the premium?

How much different averagely for a standalone medical insurance and with investment link medical insurance?

Is there any different for medical insurance for having medical card and without card?

you may check the fine print from the product illustration. the plan is up to 80 years old but the sustainability might not reach 80. so you may double check with agent on that.

apparently, the COI for Standalone medical and ILP medical card rider is different reason being Standalone medical card included other fees like policy fee and perhaps other misc fees (in the COI table there is no breakdown on this but just a lump sum). for ILP medical card rider COI table, the figure is only referring the rider charges, the other charges you will see the breakdown in the COI table in the product illustration.

rocketm, answer as above

hope the above replies clear your doubts.

tried my best to answer your questions.

Thank you for the detail explanation.

Perhaps, I need to consider what is the effect of downgrade my CI insurance and then decide a traditional medical insurance (if possible with card).