Hey there, details as below

29
Male
Non smoker
Financial Analytics
I need medical cost coverage only as a top up to my existing company insurance. Around 1mil for the major illness like cancer. Hoping to have this insurance policy as my back up and retirement insurance package.
Don’t need investment link, PA or critical illness compensation

Hi .
I am looking for standalone medical card for my mum and dad.
Kindly pm me for more details.

Thank you.

Alternative plan aside AIA. you may consider this RM 1,010/year.

to get more effective n efficient response,
try provide some bit of info.
like age, and type of coverage required, etc etc

Father with history of diabetic will be more challenging and depending on the underwriting results. Annual premium for a healthy person at age 63 is minimum at 4k per year.

For mother at age 59, it would be around RM2k ++ per year.

Since you mentioned that your mother in law has a bit of life insurance in the medical card, I am assuming this is an investment-linked policy. You may get cheaper policy with standalone medical card but the premium will increase according to age.

For standalone medical card, you are looking at around RM6k per year depending on the room and board/annual limit you prefer.

Standalone medical for your age is estimated to be around, RM800 per annum. This premium will increase according to age, hence the affordability.

As long as you understand that standalone does not come with any life, critical illness and waiver (All of these are important coverages which makes your protection complete), you may go for standalone. You can consider to sign up other policies which provide coverage for life and critical illness to cover the loopholes in your protection.

Is she already insured?

If she is already insured, I encourage you to not change around.

Each time you change it around, you are subjecting her to another round of underwriting.

You buy insurance with your health and age first before you can buy it with money.

Maybe they don't want to reveal too much info in public

yeah, you could be right...
anyway, just hope that is not the reason,

Yes already has a policy but it's rather expensive, 1k a month,thinking if can get something cheaper

ILP and standalone about the same. Bcoz the cost of insurance of the medical card is increase as age progress. Standalone medical card may seem much cheaper now but 5-10 years later the price will be double to triple.

Whereas, ILP you are paying more now and accumulate the cash value to help to sustain when the increment happen on the medical card and still pay the same premium.

If standalone premium triple, so does COI for ILP.

Please do not pain the picture the standalone will increase the premium tremendously, while ILP will not. Although the above statement may not say so, but the statement can be mis-interpret easily by those not familiar with ILP structure or newbie in insurance.
ILP never guarantee premium won't be increasing.

ILP premium will also need to adjust if the COI increase tremendous or investment portion is not as good as projected to sustain the policy.
ILP just store excess money in investment to sustain the policy, it never mean ILP won't suffer from COI increase.

We don't want people to have wrong mindset towards ILP.

Thank you.

I was about to point out this point mentioned by this agent. Medical Repricing affects both ILP / Standalones.

For elderly people, sometimes it's more on the budget affordability of the family members paying for her health care.

Standalone insurance are still more cost effective as the premium payable yearly is more affordable.

Bear in mind if the old person lives from 70 to 85 years old, paying 1k monthly would result in 180k Premium Paid.

You have to bear in mind that insurance is an expenses as well, though it may cover us from uncertainty on hospitalization. If there is no claims for next 15 years, 180k would have been good money burnt instead of being invested for retirement purposes. (Of course side note is, the agent earn a lot of commission for selling you the 1k monthly policy)

but I don't think painting ILP is always cheaper is a good idea, every case is a case-to-case basis.

So what happens to the policy if the fund/cash value suddenly drops like what happen in March 2020?

There is NO GUARANTEE that the policy holder will keep paying the same premium, even with ILP and especially true when the COI increases at older age > 70.

Hi guys, I’m currently having stand alone life and medical policy and according to my agent the medical policy coverage is kinda low but I’ve just renewed my policy on end of Mac(pay the premium yearly)

He intro a new policy combining both life and medical. I’m ok to upgrade but I plan to upgrade only by either end of the year or early of next year. Having a little concern of overlapping the old and new policies (save money?)

He did mention about waiting time for the new policy to be approved therefore he suggest that I upgrade immediately

What do you guys think?

Better safe than sorry however it all comes down to your financial comfort and planning.

Best,
Jiansheng

Did some reading on life insurance lately and in the US, for some (as idk if it applies to all) policies when you die, the cash value you don't get to keep it. Does that apply here too?

This post has been edited by wcypierre: Jul 15 2020, 09:04 AM

Depends on the policy, some are "Cash value + Sum Assured", some are "Cash Value or Sum Assured, whichever higher". The difference is that for those that payout Cash Value + Sum Assured, the cash value is usually lower. They also generally have lower premium.

Whereas the Cash Value or Sum Assured, whichever higher, the cash value is usually much higher hence some people prefer these type of policy because they can access the cash when they need it. Of course, premium is also higher.

So it comes down to how you do your financial planning.

Personal advice, when it comes to Insurance try to get the most bang for your buck. Weigh the premium vs benefits and decide how a certain policy suit your unique financial situation.

Best,
Jiansheng

Depending on your need (whether it's urgent that you need this upgrade now or not) and cash flow budgeting, if it's overlapping then it's suggest to only think about applying it the following year since you've just paid for the premium (unless you don't mind paying at a loss).

For investment linked insurance policies, the payout in Malaysia is based on Basic Sum Assured + Any Bonus Sum Assured + The Cash Value at that particular moment of death.

Care to elaborate when you mentioned “better safe than sorry”?

I’m open for discussion and opinion

Yup, I’m assuming that if I apply for the new policy in January next year and it takes max 2 months to get it approved, by Mac I would have the new policy and I’ll get surrender my old policy by end of Mac