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 Insurance Talk V6!, Everything about Insurance

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RigerZ
post Mar 15 2020, 05:26 PM

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From: Subang Jaya
Hi masters,

I realised that my Great Eastern medical insurance was actually an investment-linked life insurance with medical cover packaged together.

What I have is Smartprotect Essential 2, with add ons:

Premium Waiver
Critical Illness
Smart Medic + SMX
Hospitalisation Benefits
Smart Early Payout

I feel like my agent duped me into signing up for this whole bundle so he could earn more commission. This was the first product I bought from him and I knew nothing about insurance at that time.

Is there anything I can/should do about this?
RigerZ
post Mar 16 2020, 06:59 AM

On the way on the way
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From: Subang Jaya
QUOTE(tyenfei @ Mar 15 2020, 11:40 PM)
Halo RigerZ,

Any reason why you feel so bad about investment link plan?


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QUOTE(ahwai @ Mar 16 2020, 12:15 AM)
If you just sign up recently still got free look period to cancel.
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I bought this solely for protection and not for investing. I do not want to end up paying extra in my later years if because the investment funds are not doing well and doesnt cover the insurance charges.

I've had this policy for about 5 years already
RigerZ
post Mar 16 2020, 09:19 AM

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QUOTE(Cyclopes @ Mar 16 2020, 07:07 AM)
5 years is a bit too long to do anything now. You may want to read up on term policy if your primary aim is solely protection. But check out what riders you can/cannot add in a term policy. Investment Link policy gives flexibility that a term policy does not.
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I meant protection in terms of medical, not term life
RigerZ
post Mar 16 2020, 11:05 AM

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From: Subang Jaya
QUOTE(lifebalance @ Mar 16 2020, 10:33 AM)

Did your agent explain to you the entire plan?

Most insurance companies sell investment link policies nowadays so unless you opt for whole life or term insurance (medical card), the other option is just investment link.
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No he did not explain it entirely. We only briefly went over the medical covers.

So even if i were to buy a medical policy now it will be ILP as well?
RigerZ
post Mar 16 2020, 09:39 PM

On the way on the way
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Joined: Nov 2008
From: Subang Jaya
QUOTE(tyenfei @ Mar 16 2020, 10:57 AM)
1st of all. SPE2 is medical plan as mentioned before.
If you need the critical illness coverage then basic sum assured apply. This part share with LIFE/TPD. That's how this plan designed.

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Eventually the total amount paid by both Standalone and ILP plan is about the same at the end. Anyhow ..Standalone got to pay much more if you longevity
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QUOTE(lifebalance @ Mar 16 2020, 11:26 AM)
Or through ILP if you want to add on other riders as well.

I will normally suggest my clients to go for ILP for a more complete coverage.
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QUOTE(Cyclopes @ Mar 16 2020, 06:40 PM)
Unless you are of the view that the riders (add on) are unwarranted, I believe the agent, in good faith, ticked all available riders😆 (based on brochure), in wanting to meet your medical & health protection. 

On your other question on  buying a medical policy now, if your intent is only  to get coverage for hospital stay and related cost, than you can opt for a standalone medical plan. Or you can source for other available options.

But be noted that insurance cost  for medical/health will increase as you age  irrespective whether it's standalone or investment linked.
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So that means I would have needed this policy to have the add on riders (which I kinda do) anyway

Thanks all for your clarifications
RigerZ
post Mar 17 2020, 09:49 PM

On the way on the way
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Senior Member
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Joined: Nov 2008
From: Subang Jaya
QUOTE(ckdenion @ Mar 17 2020, 05:25 PM)
hi RigerZ, my guess is your main concern is not feeling good because you are getting something that you are not aware of. If you really look into term life + standalone medical compared to ILP (with the exact same benefits), actually till the end of the day, you wont have any investment return, unless you terminated the ILP before age 70/80 where by it wont be a lot too. of course this itself is very subjective depending on what age you bought at.

perhaps you can let us know what do you wanna do next? look into a re-planning for your financial risk?
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I just want my medical insurance to cover for my medical expenses and critical illnesses, period.

What I thought I had was::

Smart Medic as the main policy

+ Premium Waiver
+ Critical Illness
+ Hospitalisation Benefits
+ Smart Early Payout
+ SMXtra

As you have quoted me, I do not and did not intend for my medical policy to be mixed with any sort of investing nonsense which may affect my premium when I'm old.

Nor do I want to be talking about investment returns and financial risks when it is a medical policy.

However, based on earlier replies, it seems that the main policy + riders I have now is already the best option.

Unless you have other inputs?
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