My biggest regret in lifd is get scammed by insrance. I bought it when i am agr 23. Scammer product

Do you purchased standalone medical card? Its best to purchase ILP plan medical cards where your premium will be fixed until contracted period.

Dont buy lo if u think scamm. Any hospital bill u pay urself lah.

This is what we call penny wise pound foolish.

Wanna jimat 200/month which is 2400 a year . In 10 years its only 24,000

Sekali kena hospital bill , 50k-100k easily.

Cannot understand Malaysian mentality. But when got new rtx , new iphone, new samseng, they dont blink an eye and immediately buy.

Topkek

My opinion..

some insurance provider really 'unethical' .. to gain market share they price their product lower than competitor.. did some heavy marketing showing they can provide same coverage with lower premium..

People who looking for coverage will get enticed and sign up in drove.. But once the quota filled up they wait for 2-3 years down the road then suddenly they said oh shit.. looks like medical cost increase laa the fund cannot sustain.. cannot do anything about it other insurance also increase bla.. bla.. either u pay more or coverage lapse..

People who are in the  3rd years for example will hesitate to terminate cause already paid a lot and some may already claim and afraid new insurance will not cover previous claimed illness so they just accept the increment.

Boss, ala product liability insurance?

My agent told me if I accepted the RM50 increase, there no problem also as the after deducting the cost for medical premium, whatever remains will be park into the Investment Link rider. The fund that is generated in the IL rider can later be use to offset the medical cost premium in the future.

My opinion..

some insurance provider really 'unethical' .. to gain market share they price their product lower than competitor.. did some heavy marketing showing they can provide same coverage with lower premium..

People who looking for coverage will get enticed and sign up in drove.. But once the quota filled up they wait for 2-3 years down the road then suddenly they said oh shit.. looks like medical cost increase laa the fund cannot sustain.. cannot do anything about it other insurance also increase bla.. bla.. either u pay more or coverage lapse..

People who are in the  3rd years for example will hesitate to terminate cause already paid a lot and some may already claim and afraid new insurance will not cover previous claimed illness so they just accept the increment.

I used to think this way,  but this is another alternative thinking, at 30 years old ----->

a 150medical + 150 investment = total RM300 per month

don't count the first 150 because it's supposed to be "utilized"

"invest" at 10% compounding annually over 35 years, u get 518K

at 120th months (40 years old, 10 years later) your own investment portfolio value is RM30kish

if you get sick or get into motor accident, stay private 1 week, use 15k? half of your investment gone. worse, if major operation.

sure, there are public hospital and sometimes they are better in terms of equipment, but can you wait the queue? if motor tumbang, now covid time go in, feeling worry? family members come to take care or visit still need to rampas parking. Penang GH situation.

remember, at 10th years, u paid a total 300 X 120 = 36k premium, half of it is in your investment. and you already get to utilize rm500k minimum medical or even more if u are young, I don't know

outside agent will use second year kena accident to scare you.. but I think my example is moderate..

at 150 per month, "invest in yourself" in out in out bursa how many supermx only can cover 1 time sick ? insurance is not to earn money leh.. the Investment link policy here is also not for earning, is to cover shortfall or times when policy increase price like TS mentioned.

just my opinion. tq bro
edit : my 518k is derived from financial calculator app or online webpage, you may find it to calculate..

Insurance is important but gets a very bad reputation by "scammer" insurance agent/ planner that says ILP/ Investment Linked Plan premiums are fixed.

This is so true. Myself in insurance business, seeing this happening for past 15 years seeing this price cutting in first year then 3rd year increase premiums.. first 3 years premium paid fat commissions to agents. Customer always at a losing end. Thats why i've been proposing to life insurance companies to follow standard 10% commission per year.

Don't increase investment portion at all.

Medical inflation is about 7-15% per annum
Whatever investment can't guarantee you more figure forever. Let alone interest rate is going lower and lower thus safe investment like bond yields is getting lower.
Even the best UT performance probably 5% for a few years then will go negative region. Balance out 10year performance probably around 20-30%.

There's no such thing as 10% compounded because you'll be hit with economic downturn like now, wiping off more than half of the gains

You cannot make more money via investment as compared to medical inflation
These plans are meant for insurance companies to earn more commissions for the investments you've done.

Again I emphasize this. Investment go invest yourself.

Hi all sifus,

Anyone experienced their medical card premium increased?

Am using Great Eastern, today I received an email that my premium will be increased.

However, I have 2 options: either to Accept or Reject the increment.

My question is, if I choose to reject the increment, will it affect my coverage in the future?

Thanks!

#hidupsusahsekarang

Prudential is also increasing their premiums. Can anyone from other insurance companies state here whether they got an increase of premiums.

It looks like there are elements of price fixing involved due to the timing. I'm putting in a report to the MYCC (The anti-cartel commission of Malaysia) if I can get more cases or proof from other insurance holders.

Reply to this post.

To increase premium in this critical time show the insurance companies never sensitive and care for their insurer. All the want are their own coffer and their agents.

Hi TS, may I know when did you sign up for the GE medical card?