Takaful or insurance?
It will not effect the coverage
Tapi dia akan tolak dpd beberapa contribution yang lain
Aku dah lupa apa benda yang ejen aku cakap dulu
Reject je

boss, can calculate how much should I pay monthly in order to leave my kids rm100 millions each ah?

Beg to differ bro. Before suggest anything you need to know the person’s financial status
Then suggest based on their need
Stand-alone med card is not increase every year
Sometimes within 5years. 5years in future probably the salary has increase vice versa.
Bajet kecil better ambil stand alone dulu

What if u take the amount to invest urself

Refuse to participate in this scam industry. Like me. The only insurance forced on me is vehicular insurance.

Malaysia's medical inflation is ~15% a year for the last few years.

In future if covid +ve once . Insurance will reject new application nor policy upgrade

TS, when GE planned on the increase, it was last year before Covid19 was even visible.

Optics doesn't look good but the staff just following what was planned earlier - GE has postponed the implementation of the increase for 2 months but that's hardly enough.

Ok enough background.

Depending on your age and also how long ago you bought this plan:-

If you reject the increment - it shouldn't affect your coverage for the near-term since the premium should be enough to cover your current insurance cost - the increase is to plan for future.

Mid- to longer- term, if the cost of insurance (the cost of individual riders in your ILP plan) could exceed the premium you are paying, then GE will cover the difference by utilizing the unit trust units/cash value. As some has said it will affect the sustainability of your policy or the projected cash value of the policy. This is the purpose of unit trust/cash value to cushion the effects of inflation/increase in rider cost, or allow you to get premium payment holiday during times of hardship (loss of job) and give you the buffer to either catch up later in premium payment while not terminating the policy.


Summary:-
TS, if you can afford it, sign up for the increase, there is also another option, you can choose the amount of increase that's more comfortable for you if the amount recommended if too burdensome.

If you don't agree to the increase, just ignore the letter. Premium remains the same, coverage remains the same. Only sustainability of the policy/cash value will be affected.

GE has released a new medical card that addresses the recent cost increases (meaning slightly cheaper and more sustainable) and have more modern features that matches some of the competitor's features but is only currenly available to new ILP plans, the existing ILP plans will need to wait until next year before the system is able to accept upgrade applications.

TS age increased , so premium increase , normal la

huh can reject?

i tot its mandatory

A good papa.

Well done.

Hope your kids won't be char siew in the future

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..

This post has been edited by hahakat88: Oct 29 2020, 12:10 PM

Cost of insurance for the medical rider will increase, but premium can remain the same, since premium is usually higher that the sum of all the cost of individual riders - the difference will be put into the unit trust account (that is why ILP seldom, if ever gives you +ve returns since the money that goes remains in UT portion after deducting the rider costs usually cannot cover or exceed the total premium paid.

Topup a bit, all in and buy glove stocks for them.

They will be millionaires by the time they hit 30.

when i ask my insurance agent, she say its normal for premium to increase, no option to accept or reject though, she say it will keep increasing throughout the years

prudential

hmm

You lagi bodo, read my post properly. I’m complaining about the price increment, not the concept of insurance itself. Insurance companies should take into account increases in medical costs over the duration of the policy and factor that into their premiums. To suddenly jack up premiums 10 years down the road because they silap kira is unfair to the customer.

This is beyond the projection of age increases - this is due to medical inflation above projection (macro-economic issues), higher claims due to better diagnosis and also higher incidence of dengue fever (my own theory) that uses medical card (you see hospital doubling bed by adding a new wing but number of doctors remains relatively the same, why? Dengue patients just stay there while waiting for their blood platelets to go up).

Also the fact that Malaysians being the most obese country in ASEAN, whatever average that the actuaries to base their projection on also throw out the window.

The above just some of the factors for the cost of insurance increase.

Rider cost will increase, premium increase is optional, but it will come to a point where premium increase is needed to sustain/continue the policy.

that is 21% increase? wtf

i thought the investment funds all went back up to previous high ? unless their investment went kaput recently ?

Kan dah kata insurance tu scam...