so i've reading up a lot of US-based personal finance books and there seems to be a common theme on insurance, i.e. "insurance is for protection only, not investment".

This got me thinking about my insurance choices. I'm 35 yrs old and i have the following 2x GE plans with the listed riders for about 10 yrs running now. They are all investment-linked which I understand is a mistake?

SmartProtect Essential Insurance 2 (RM270/month)
- SmartProtect Essential Insurance 2
- Critical Illness Benefit Rider
- Smart Early Payout CriticalCare
- IL Comprehensive Accident Benefits Xtra Rider
- IL Waiver of Premium Plus
- Smart Medic (SM150)

Great Early Triple Care Special (RM100/month)
I have quite a bit net worth with me that I'm pretty sure I can do without life insurance. My EPF & cash investments are 4x more than my life insurance sum assured. However, I do believe I still need medical and disability insurance. My question is, do you think it's worth for me to restructure my plan so I can:
- Remove the life insurance and investment portion
- Retain (& even upgrade) the medical & disability insurance portion

And what is the best way to go about doing it?

I didn't bother asking my insurance agent because he'll just tell me to retain everything and buy more policies 

so i've reading up a lot of US-based personal finance books and there seems to be a common theme on insurance, i.e. "insurance is for protection only, not investment".

This got me thinking about my insurance choices. I'm 35 yrs old and i have the following 2x GE plans with the listed riders for about 10 yrs running now. They are all investment-linked which I understand is a mistake?

SmartProtect Essential Insurance 2 (RM270/month)
- SmartProtect Essential Insurance 2
- Critical Illness Benefit Rider
- Smart Early Payout CriticalCare
- IL Comprehensive Accident Benefits Xtra Rider
- IL Waiver of Premium Plus
- Smart Medic (SM150)

Great Early Triple Care Special (RM100/month)
I have quite a bit net worth with me that I'm pretty sure I can do without life insurance. My EPF & cash investments are 4x more than my life insurance sum assured. However, I do believe I still need medical and disability insurance. My question is, do you think it's worth for me to restructure my plan so I can:
- Remove the life insurance and investment portion
- Retain (& even upgrade) the medical & disability insurance portion

And what is the best way to go about doing it?

I didn't bother asking my insurance agent because he'll just tell me to retain everything and buy more policies 

so i've reading up a lot of US-based personal finance books and there seems to be a common theme on insurance, i.e. "insurance is for protection only, not investment".

This got me thinking about my insurance choices. I'm 35 yrs old and i have the following 2x GE plans with the listed riders for about 10 yrs running now. They are all investment-linked which I understand is a mistake?

SmartProtect Essential Insurance 2 (RM270/month)
- SmartProtect Essential Insurance 2
- Critical Illness Benefit Rider
- Smart Early Payout CriticalCare
- IL Comprehensive Accident Benefits Xtra Rider
- IL Waiver of Premium Plus
- Smart Medic (SM150)

Great Early Triple Care Special (RM100/month)
I have quite a bit net worth with me that I'm pretty sure I can do without life insurance. My EPF & cash investments are 4x more than my life insurance sum assured. However, I do believe I still need medical and disability insurance. My question is, do you think it's worth for me to restructure my plan so I can:
- Remove the life insurance and investment portion
- Retain (& even upgrade) the medical & disability insurance portion

And what is the best way to go about doing it?

I didn't bother asking my insurance agent because he'll just tell me to retain everything and buy more policies 

Sure why not?

But normally group insurance premium are much cheaper than personal insurance as the coverage offered is lower hence the cheaper premium charged.

It's a tax deductable expenses for the company.  It's one way of keeping the staff loyal to the company too.

In this case the group insurance is charged quite high due to high claims ratio. As such as there savings if I were to take out my own personal medical card with the cash saved by company.
Giving the cash to me as an allowance is also tax deductible for company.
I'm looking at 2 options presented to me, either Allianz or Prudential. The way I see it, Allianz is about 20-30% more expensive than Prudential, (although depending on how often u claim vs not claim, the % will vary as Allianz has no claim refund and Prudential has RM300 deductible), but generally speaking I can see a slight advantage in Allianz for medical card and better advantage for critical illness compared to Prudential which may explain its higher COI. Is this finding a consensus or am I missing something >.<

True since it's sponsored by the company.

You won't be able to compare apple to apple as 2 products features are not the same especially with deductibles.

Have you even considered other companies ?

how much difference between smoker or non smoker policy? How about someone has quit smoking 10 years ago, can declare as non smoker?

how much difference between smoker or non smoker policy? How about someone has quit smoking 10 years ago, can declare as non smoker?

As long as >1 year didn't smoke can consider as non smoker already.

Price difference depends on your age as well. Normally if you're younger i.e age 20 - 30, the price difference is like maybe RM10 - 20 monthly, but as you grow older, the gap difference is bigger, can be easily 200 - 500 monthly in difference.

So there is no fixed %

Oh, thanks for clarifying. Would the insurance company still check if want to make claims even though already declared as non smoker.

Hi all, I need some advice here. I recently purchased an insurance plan with my agent while I'm out of Malaysia. During the application process, I was told I need to do e-signature and indicate where I'm signing from. Despite I'm out of the country, my agent told me to put "Selangor", and keep my Malaysia residential address.

May I know if this is advisable to do so? Thanks.

how much difference between smoker or non smoker policy? How about someone has quit smoking 10 years ago, can declare as non smoker?

As you mentioned, insurance is for protection, not investment. Life insurance is a form of protection as well, so there is no need to reduce the life insurance portion.

There are some benefits to have some form of life insurance:

1. Life insurance money will not be frozen and will be passed to your beneficiaries for use immediately.
2. Using small periodical payments to exchange for large payout.
3. Considering you are just age 35, life insurance is to make sure that your family can maintain the same standard of living (daily expenses, children's education fund, parents' expenses, etc) if you were to pass away tomorrow.
3. Rule of thumb is to have life insurance coverage 10 times your annual income.

Looking at your policies in medical card as well as GETC (without looking at the sum assured), it looks like you are covered quite well in terms of medical insurance as well as critical illness.

I see a lot of online life insurance covered up to 500k only. How to buy 10 times of annual income? Does it mean buy multiple life insurance?

so i've reading up a lot of US-based personal finance books and there seems to be a common theme on insurance, i.e. "insurance is for protection only, not investment".

This got me thinking about my insurance choices. I'm 35 yrs old and i have the following 2x GE plans with the listed riders for about 10 yrs running now. They are all investment-linked which I understand is a mistake?

SmartProtect Essential Insurance 2 (RM270/month)
- SmartProtect Essential Insurance 2
- Critical Illness Benefit Rider
- Smart Early Payout CriticalCare
- IL Comprehensive Accident Benefits Xtra Rider
- IL Waiver of Premium Plus
- Smart Medic (SM150)

Great Early Triple Care Special (RM100/month)
I have quite a bit net worth with me that I'm pretty sure I can do without life insurance. My EPF & cash investments are 4x more than my life insurance sum assured. However, I do believe I still need medical and disability insurance. My question is, do you think it's worth for me to restructure my plan so I can:
- Remove the life insurance and investment portion
- Retain (& even upgrade) the medical & disability insurance portion

And what is the best way to go about doing it?

I didn't bother asking my insurance agent because he'll just tell me to retain everything and buy more policies 

I see a lot of online life insurance covered up to 500k only. How to buy 10 times of annual income? Does it mean buy multiple life insurance?

If more than 1 year stop smoking, it is able to get non smoker rate

However if suddenly go back to smoking or is a smoker, then please declare as smoker and pay a higher premium.

The reason is that in the medical report, for lung cancer claims, the doctor will normally write the most likely cause of the cancer.

You do not want your claims to be declined, for non declaration of material fact.

Roy, I always wanted to know for smokers that quit after 10 years , casual smoking one or two in one month will insurance company find out when declared under non smoking?

I see a lot of online life insurance covered up to 500k only. How to buy 10 times of annual income? Does it mean buy multiple life insurance?