Hi guys, newbie here. Has been observing this thread for quite awhile when I'm researching into insurance related info. I find the discussion here is quite constructive.

I need some opinions here.

I am currently holding on a 16-years-old PruLink Assurance Account ILP since my childhood days, recently just took over the ownership from my dad. Due to personal unpleasant experiences, I kinda give up on consulting with my agent and decided to lead my own decisions instead.

After a serious consideration, I have a plan in my mind right now; to lapse my old policy by phases, while taking up another new policy. Meanwhile, I am removing all the other riders which I don't intent to keep and retaining medical riders intact throughout the two-years of contestability period/so-called waiting period; just in case of any medical emergencies. I don't intent to pay the premiums during the 2-years period, but to rely on my cash value to drain out from the fund allocation.

May I know if my way of stopping to pay the premiums is something feasible? I was confused with the term "grace period", as the source defined it as post one-month deferred on the payment due date, otherwise the policy would lapse.

Is there any Prudential agent/experienced assurer here could validate my way of dealing? I was worried that I might mess up my insurance policy and ended up jeopardizing my "life-jacket"

Appreciate your reply. Now I am affirmative with what I need to do.

I have another question on the qualification of insurance agent and/or financial planner.

I find out that I can look for a registered life insurance agent/financial planner with the following search engines attached:
https://www.liam.org.my/customer_zone/?c=15&ct=2
https://www.fpam.org.my/cfp-members-list/

(1) If any agent/financial planner was not found in this database, does it indicate that they running the business "illegally"?

I encountered an agent self-claimed a "wealth planner" (ain't even financial planner, but I assumed it's probably referring to the same profession),

The agent is holding the title of "CMFA", "MDA" too.
(2) What do the titles signify?

Well...it's not exactly different name printed on the policy but rather, I was served by a different person.

The one who attended to me was a clerk of the agency, I kept inquiring for the details of policy which was left unclarified over a long course of insured years.
(Just took over ownership from parent, and my parent is not very keen with handling all the documents)

"Your policy has been quite some time, I will look back and let you know"
More than 3 weeks later, a cover of endorsement letter was sent back to me, which is not helpful at all.
Declaration of additional riders. That's all. I need to know the exact benefits.
I sent in an inquiry to the insurance general email and got exactly what I need in just 3 working days.

After finding difficulties to answer to my queries and my clear intention to restructure my policy, then only she referred me back to the insurance agent (agency owner).
In fact, the name in charged was supposed to be another partner in the agency. But well.
Attempted to be pushy and pitch her products, I still stood on my ground. She referred me back to the clerk to proceed with what I requested.

Following up was a series of product related queries that the clerk was unanswerable for; Just a simple thing, I wanted to know minimal amount of death benefits that I could adjust to, what was the rate like?

"Not sure, we need to try in system how much lower can be reduced"

2 days later, I asked her again.

"Sorry for the delay. System currently busy these few days due to system migration. Will keep u update once i done k"

Walao, at least let me well informed la. Totally fire-fighting style.

What a big waste of both of our times.

Yes. I do have it. I literally flipped them over and over again for at least one month before I came to my own conclusion.

Well...I can come into understanding that agents do have their limitation.
And I don't think it's wise for them to tell me off by asking me to DIY, since we customer rarely understand how the system or management runs.
But that's what exactly agent exists for, right? To assist and direct us to the appropriate channel upon request.

As I mentioned previously, I particularly asked for the annexure/terms of some additional riders, which are added later and hence not available in the original policy booklet.
If they are obtaining from the customer service the same way I did, it doesn't add up on how I can get the complete doc (endorsement letter + annexure) within 3 working days, while agency spent 3 weeks just to send me the endorsement letter?
I mean, you are basically living off as an insurance agency, and you should have the relatively easier access to the information than any ordinary customer, no?

Down in my heart, I kinda grasped the situation: I'm just holding on a 16-years-old ILPs which has no intention to bring them any sales in but just some extra workloads. You get what I'm saying?

I think I might have sounded a little harsh here. But it's nothing personal. Hope you can understand that I just want to vent out some frustrations...

Thank you for all the suggestions.
Just for clarification, I attempted to ask the Prudential CS officer for help when my parent & I went together to service center to get our transfer of ownership done.
And she is the ONE that referred us back to our agent cuz she claimed it involved conflict of interest and hence, cannot be done.

I do have the physical copy of policy booklet and I can read all the info that I need.

It's just those additional riders being added later, e.g. Pru Med Enhancer, PruMajor Med Plus (medical related riders for Prudential) are not within my finger tips.
And I don't mean to be offensive here, but just a little rant about PruAccess portal:
(1) frequent server down causing failure to login
(2) add-on R&B, annual limit, lifetime life not UPDATED/REFLECTED to my actual coverage, in the online portal
e.g. Pru Med Enhancer supposed to R&B+50, AL+12.5k, AL+37.5k
(3) unable to check the breakdown of premiums payment in details


Excuse me for making this a tedious post. I really appreciate all the constructive feedbacks given in response to my concerns.
You guys are awesome!

I am not familiar with the other companies, but Prudential ILP will transfer the ownership by default from the parent to the child insured right after your 25th birthday.
They will send out the notification & relevant forms to fill up when the time is ready. I assume that life insurance companies generally should be the same.
I'm not entirely sure about your circumstances, I have never heard of this "conditional assignment" either...?
Perhaps you can consult with the CS on this matter?

For my case, I never thought that I could attain the complete document thru the general inquiry. It was sort of like last resort to me.
Cuz back in my mind, insurance policy was all about personalization, and I assumed agent is the gateway to those information.

When I was lack of info on my old policy, and I realized my agent is not my ally to begin with (yes, sarcasm intended) I googled intensely using different keywords hoping to capture some old brochure/annexure in the internet. I managed to put together some scattered info from old brochure & discussion in forums, at least better than nothing.
Perhaps you could try it, too since you have limited access to the information.

Hi guys, was browsing thru the thread and found a point which perked my interest.

Could anyone further explain on what exactly does the 2 years of contestability applicable to?
Is it based on the type of insurance or the circumstances?

Something like:
(1) Standalone medical plan to ILP and vice versa? (changing the type of insurance plan)
(2) Switching ILP from company A to company B? (switching to another agency)
(3) Changing same type of insurance plan under the same company, e.g. ILP1 to ILP2, Medical card 1 to medical card 2
(from my understanding in previous post, some companies do offer waiver of waiting period in (3) subjected to T&C?)

As this rule of contestability seems to work against those who is having ill intention, such as fraud claim, over claim, etc.,
isn't it relatively safe for a insurer with a clean medical history to surrender the previous plan after the waiting period of medical card, which is 120 days at most?

Perhaps the context suits better in those with medical claim or history in the past?

Hi, guess we are missing the context with all the replies.

I am talking about surrendering upon making the transition from one policy to another.
That's where the contestability kicks in right?

It's just something that I have been pondering for a long time, raised it up to my agent previously but always getting an ambiguous kind of explanation.
I was "adviced" to keep the old policy for at least 2 years due to the consideration of contestability period. But was not explained exactly why.
Well, it's just bothering my mind if I could surrender and claim back the cash value in the previous policy, without letting my cash value to drain away unnecessarily.

I just realized a policy could be managed differently in different hands. Just wish to get a better clarification by gathering different opinions.

@lifebalance @ckdenion nevertheless, thanks for replying patiently. Cheers.

This is by far, the clearest explanation regarding the contestability period while addressing my concern on the transition between policies.
Perhaps I'm not good with my words, others may have difficulty in attempts to address my concerns. Appreciate all the feedbacks. I have learnt plenty here.

Yes, you are right. I can be "nitpicking" in nature as I'm very cautious in expenditure, others might think that I'm being stingy, but it was just being me;
I don't mind spending, I just need a valid reason to spend it.

Heeding your advice, now I am affirmative with what I need to do. Thanks.