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 Insurance Talk V6!, Everything about Insurance

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darkterror15
post Oct 13 2020, 01:16 PM

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QUOTE(coolguy_0925 @ Oct 12 2020, 12:51 PM)
One of my parents Prudential policy received a letter stating the premium is going to increase by RM600++ in 2021 and previously there were already about 2 to 3 times such hike since inception

The issue is it seems to be a force increase with no option to maintain current premium and benefits

Of course, when contacted the agent for options to maintain current premium was always trying to taichi us by telling we can use the cash value to pay for future premium

The same thing happened to my policy as well a couple of years ago

The other company that my brother has bought his policy from, GE had also sent him a letter suggesting him to top up his premium but that wasn't like ours. His is with opt in basis, meaning only if he return / reply the letter he will be paying a higher premium

Can I know what options we have to maintain current premium and benefits, or the previously stated coverage / benefits are not guaranteed (meaning we cannot maintain current premium) and Prudential has all the right to always revise our premium every few years?

Like I mentioned, I can tell the agent is reluctant in revising the benefits for us, so the worst case is going to Prudential office ourselves

Many thanks!
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i got the same letter/notification. but the policy is for myself. increment of 10% from the previous annual amount. bought this policy with 2.4k, then upgrade to 3k becuz of the extra benefit like coverage till 100 yo and 1mil claim per year. next year going to be 3.3k per annum.

their reasoning is that medical cost increased. if we maintain the amount, they will cut it from investment fund in the policy itself. so when policy mature that time the investment fund will have lesser amount.

my wife bought her medical from AIA and her policy should remain the same through the years by using the investment fund to cover the insurance premium. i initially also heard this from my prudential agent, looks like prudential want us to fork out more money in order to maintain the fund in investment.
darkterror15
post Oct 13 2020, 01:41 PM

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QUOTE(MUM @ Oct 13 2020, 01:34 PM)
So will Yr wife's aia policy will have the problem like Yr prudential policy's where if they take out the money from the investment fund to pay for the increases... Then in later yrs it may not be sustainable?
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so far her policy still maintain the same premium whether AIA will revise it or not that is still unknown. my premium is still the same until next year onwards. I looked at the projection of the insurance premium, looks like they will adjust each 5 years as you get older. 76 yo will jump to more than 10k already for my case.
darkterror15
post Oct 13 2020, 01:57 PM

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QUOTE(MUM @ Oct 13 2020, 01:53 PM)
Will there be any more increases during the 5 yrs after having reached a higher age bracket?
Seem likely they can still increase the premium even after one had just reached a certain age bracket.
Possibly looks likely alot more than projected 10k when reaching 76 yo.
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yes, they actually can, and i just found out they can do so after receive the notice.
darkterror15
post Oct 13 2020, 08:59 PM

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QUOTE(coolguy_0925 @ Oct 13 2020, 07:34 PM)
The issue is even it said it covers until 100 but they can increase anytime in between. This really confused me. Then what kind of promise is that for covering us until 80, 90 or even 100? Whenever the cost increase they just said cannot sustain and please top up

Anyway, your RM3k for RM1mil annual limit sounds good for me but what is the lifetime limit? THe premium is only for medical or incl of others like CI, PA? And you bought at your 20s?

My own was started at RM1.5k and now slowly they increased to RM2k but the limit is only like RM200k lifetime but included crisis shield and accident
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bought since 2011 together with a prucash, around 21 yo i think. the benefit as in the attachment. not sure about most of the riders actually, i only know the max room per night charge, max limit and year i will be insured.

that time just sign only because helping 1 retired neighbour. i did cancel 1 of the policy with her because cannot afford it. bad decision signed too fast.


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