If your concern on getting the new policy with the new waiting period, it's normally at least 4 months (120 days). Not 2 months (60 days).

Then you would need to start applying 4 months in advance before your old policy is terminated.

Do take note 120 days is for certain sickness only.

There's another 2 years waiting period for other more serious illnesses.

I did a switch from GE to HLA, and because my policy is less than 2 year I had to pay first for my MRI scan on my spine..

I see, these are the disadvantages of upgrading policy but still you’ll get back the money.

I guess I’ll stick to my plan. Upgrade end of the year, not at the moment.

the 2 years contestability period isn't define within just 2 years, if there is a non-disclosure then you only need to worry, otherwise as long as it meets the 120 day guideline, your claim will have no issue.

The insurance company may anytime investigate on your claims but if you have nothing to hide, they will still honour the claim filed to them.

Thanks for your input

Appproval would be not an issue and probably approved within 1 week unless there are health issues.

Waiting period is different from approval period. Waiting period is, you have to wait for say 120 days after the policy is enforced to make a claim. The idea is you don't suffer from the illness during the waiting period. Waiting period varies for different illness/sickness, as some have mentioned here.

Room 350
Annual 750k
No lifetime limit
Yearly 3.5k

Mum
Room 350
Annual 750k
No lifetime limit
Yearly 1.7k

Dad
11k yearly

Hi all,

I'm thinking to buy a medical card for my mum. Age is 66 years old this year. Wondering what options do i have.

Her health is generally fine. Thinking how much will it cost, coverage amount and up to how old.

Thank you so much for your help!

This post has been edited by spiderwick: Jul 16 2020, 04:38 PM

Room 550
Annual Limit 1,000,000
No lifetime
Yearly premium 3600
coverage up to 100 years old

I would advise getting medical coverage is a must. You may choose between standalone medical or investment-linked depending on your budget.

Investment-linked will be more expensive because more coverage like life insurance, critical illness or waiver can be added. Standalone medical is just medical coverage (cover for hospital bills only) alone and the premium will increase every 5 years according to the schedule.

Standalone medical you are looking at around RM4,000 per annum but the premium will increase every 5 years based on age. Investment-linked with life insurance coverage (RM30k) will be around RM12,000 per annum and this premium will stay fixed until the sustainability runs out which is estimated at around age 90.

If you think that life insurance is more important, you may go for pure life insurance policy for your mother. There are people who prefer general hospitals over private hospitals.

Take note that the maximum entry age for any insurance is age 70 so please get all the insurance coverage you need for your mom as soon as possible.

This post has been edited by GE-DavidK: Jul 16 2020, 10:54 PM

Does this mean those age 65 who is generally healthy is able to get a medical card with annual limit of rm1mil for only 300 per month? this is standalone card?

As example, was looking at the new revised COI charges for an insurance company and the medical premium for a RM200k annual limit for age 65 male and female is already RM5.5k and RM4.7k per year. The premium for age 66-70 is even way higher hitting the next age category.

Putting both side by side, your quote is providing 5x more limit coverage with only a fraction of the premium, sorry just trying to understand such huge discrepancy out there in the market

Yes of course.

it depends on who you engage as an advisor that can optimize your budget and provide optimal coverage.

this is something new to me. had always thought that medical premium across companies is more or less the same with probably only plus minus 10% variance since everything is highly regulated

It depends who you work with, some agents would propose a higher premium to entice client with projected higher cash value when it comes to Investment Linked Insurance.

The agent could also be proposing a standalone medical card hence it is by its nature having a lower premium as compared to an ILP.

It really comes down to knowing which product benefits your financial situation.

Best,
Jiansheng

Hi Keith,

Could you pls pm me more details on this plan.
Which insurance company is this.

Thank you.

Thanks GE-DavidK, I'm looking for standalone medical. May i know how much does the premium will be increased every 5 years? Insured age is up to?
Kindly pm me the info. Thank you.

if putting premium aside and looking from COI angle, can i assume that the medical COI will be the same be it a standalone or ILP, say for e.g. a healthy individual aged 40 has the following alternatives:-

1) standalone medical plan with annual limit of RM1mil
2) ILP medical rider with annual limit of RM1mil

from medical coverage standpoint only, is the COI the same for either options above?

if the above is true, then i foresee if the sustainability of an ILP is at stake in the future, one will have the flexibility to "restructure" his/her existing ILP akin to a standalone medical card, i.e. keeping only the medical rider and very bare minimum of life coverage?

ok seems like my 3 post per day is up. till the next 12 hours..

Not necessarily. ILP / Term Insurance are just different tools used to meet your risk management needs.

Neither one of it can replace another.

Here's the full disclosure for Great Eastern

https://www.greateasternlife.com/content/da...er-brochure.pdf