I can simplify abit... many companies do accept new applicants as long as at or below age 70. The problem is usually the health condition of the client need to be quite pristine and the price is also quite mind boggling.

If got Diabetes, any age also dont need to think. If generally healthy still ok.

I wont call it scary. i think the equivalent of this is the adjustor for if the car goes into an accident. something similar, but of course anything that involves human is alot harder.

i dunno how adjustor works in real life but i'm sure they have their equivalent of checks they have to go through. make sure no collusion between the mechanic and customer.

After awhile all the medical plan kinda looks the same. You have pointed out 2 somewhat unique benefit.

Aside from that, annual limit is 1mil, no lifetime limit, but room &board 180 is kinda low for Klang valley but outside Klang valley is not bad actually, just not sure inflation might eat it or not after 20years.

The plan seems cheap for zero deductible but would suggest to get a plan with deductible, 1000 will be a nice spot or something with coinsurance 10% or 20% with some cap to lower down the premium you have to pay.

My bad. Miss that through my cursory reading. That's a good feature to hedge inflation

I do own a HLA traditional policy. It's not IL, but my medical plan does come in the rider form.

The life portion i had was much higher, but it was my intention in getting that 200k life insurance. I bought this 2 or 3 years after i started working. Bought back in 2014.

If you want to be sure, just get the agent to sent you the sales illustration and PDS confirm the details.

Get your agent to quote you something with deductible, so you can compare the cost.

This post has been edited by adele123: Aug 12 2023, 08:43 PM

Ya, the premium for the medical will increase based on age.

Little are known on deartime but they are legit. They are one of the participants of the BNM sandbox. You can google, not that i know alot about BNM initiatives.

But to me, it's BNM allowing fintech to grow. Longetivity of the business is a problem but i dont think it is a concern because i trust our BNM to be VERY pro consumer so they would ensure consumers is protected even if the business cant sustain. Purely my opinion... not an expert.

I have roughly read through... is this an opinion piece or an actual news though. At least, the way it's written sounds like opinion piece. I dont read chinese newspaper much.

One thing i have to say, insurance is a contract between you and the insurance company. You should read and answer everything truthfully. Just like you dont simply sign SnP right?

For your case, feel your agent should be correct but yes, within the same company, they will have the record already. i think in the proposal form, they ask about coverage that you owned from other companies...

Your case, unless you bought 5 million or 10million, ultimately i dont think it affects you even if you bought with another insurance company.

Just dont make the same mistake as my 60year old parents make. Not everything you read on the internet and newspaper applies to you. If it became a court case it's probably due to the person bought a really really high coverage relative to the income.

Imagine a professional who got retrench from his highpay job got retrench and became security guard earning 3k a month. Buying even more insurance now, maybe 500k... while he had alot of existing coverage (maybe 5mil, 10mil). Anyway, i am not an expert on what income deserves what coverage amount. Just quoting example la...

I have said this in the forum many times, it takes more effort to deny claims than to approve claims.

If you buy from GE only, then GE knows how much you have already. They wont come after you for no reason. If you earn 5k a month, buy 100k 200k coverage, that is normal lo.

You double check your contract. If there is no consequence missed payment or there is no reward to payment on time, you dont have to do it.

For example, assuming i'm the same profile as you (age, gender, etc) and we bought the exact same coverage, paying the same exact premium.

The difference is probably you skip about 3 months premium whereas i'm have been paying on time every month.

Insurance company do not penalise you. When they increase the price for the medical card (for ILP policies), what they mean is they increase the insurance charge. you and i will be charged the same insurance charge. but you MAY need to pay a higher premium than me due to your missed payment as they are required by BNM to ensure the premium you pay is enough to last until maturity. BUT we both have to pay higher premium anyway.

ILP Quick 101

How ILP works is every month (or year or whatever frequency) you pay a fixed amount of premium. some of the premium you pay will be taken by the insurance company to pay for expenses, the rest will go into your investment account value. Every month, the insurance company deduct insurance charge to pay for the insurance coverage you have selected. As long as you have investment account value to deduct insurance charge, you will have your insurance coverage active.

Insurance charge increase as you age, but the premium you pay is the same every month. this is because in the earlier years, you pay abit more, so your investment account value has the savings and buffer to cater for higher insurance charge in future. but this buffer is based on an assumption by the insurance company (with some supervision from BNM on how the insurance company determine this i hope, i'm not from BNM, but i trust BNM with consumer protection job)

BUT in reality, investment return are rarely as expected AND due to medical inflation, the insurance charges will increase to a higher level than what was expected. Hence you will be expected to pay more premium in the future due to this reason.


both are of you are not wrong but not right either. the problem with super high plan is, not many of them actually buy those super high plan and small sample size. i'm not an expert anyway, i also get 2nd hand information.

anyway, it really depends on what the insurance company decided to practice eventually. they do have to answer to bank negara, so dont think they will simply do this. they have to justify whatever the scenario is to bank negara. it's actually quite a complicated and painful process for the insurance companies themselves.

one thing is for sure, if you and i buy the same plan (and we are same age gender), we will get the same increase

We (my spouse and i) analysed our own policy mathematically. If we continue paying what's the return? If we stop paying, what's the return. So when we did this on our old ING policy, we calculated that, our return was around 4%++ to 5%. The return does not sound great and we are aware of this. During covid it make sense to keep it. Now that interest rate has risen... we are still keeping for now. we use this as a defensive strategy, somewhat equivalent to FD. if indeed one day AIA decide to reduce the bonus or interest, we will re-assess and surrender if we deem the return too low. so whether to keep or not, it's really hard to advice without knowing the numbers.

This post has been edited by adele123: Sep 2 2023, 04:34 PM

it's called incontestable period or something. long story short, it's not a waiting period. if you buy something and claim within the 1st or 2nd year, it does seem suspicious from the perspective of the insurance company. they just want to make sure customer not being not honest.

i would got for up to age 80 at least. minimum 70. after 70, the price is quite jaw dropping, but most likely i will still be alive, so i rather get the coverage.

In the brochure, covid not in the list of 23 disease that they cover.

Keep in mind it's a PA policy. Means they cover accident only. Infectious disease is not an accident. It just that they happen to offer some benefits that cover some infectious disease.

Depends. No hard and fast rule.

The thing about covid is, it's infectious disease. The more technical term is communicable diseases.

If the medical related policies dont exclude, usually it means they cover. Other non medical related policies then no, because it already says it covers

It's like how i go through credit card t&c. If the bank didnt say certain things is excluded, then i should expect points or cashback to be given.

This post has been edited by adele123: Sep 12 2023, 08:31 AM

Why do you recommend medisavers? Actually that company still seem very dodgy. No credentials, medisavers powered by metafin, does not seem like something to be recommended.

One thing not mentioned by ramjade. But it does not change my advice regarding your parents.

There are fewer companies offering medical insurance as a standalone plan. Prudential does not have it. But GE, AIA still have them. Other pure general insurance company, means like lonpac, tune cant sell life insurance. So in this situation whatever they sell, will definitely not be an ILP plan, because they are not allowed to do so. So in theory you have this option to look into them.

Side note: Those companies with multiple license, can sell whatever but the life and general insurance company is technically different entity but should not much impact to the consumer in the end.

In general, the medical product designed by companies like AIA, GE (the life insurance company), Prudential, are more varied than their pure GI counterpart like tune. I also dunno why. Somehow these i cannot explain. Maybe they just happen to have a bigger market share too.

So i think GE was the one that started this annual limit 1million trend in the market. Those products that generally have 1mil annual limit, typically is offered as a rider under investment linked plan. So the current trend in the market is as such. Now some of them probably can offer 2mil annual limit if not more.

However if you look into AIA newer product A life medi flex, which is a standalone medical plan you can top up a booster to increase the annual limit higher, i think close to 1mil. But if someone who is not from aia or ge, then due to standalone medical plan not available, they cant recommend you.

For someone who is younger, i would recommend taking ILP plan, they can attach other coverage (like critical illness, life insurance), at the same time the newest benefit are introduced to the ILP version. The exception is probably this medi flex plan by aia.

For your 60+ year old parents assuming no more liability, the aia medi flex plan is a good exploration ground. They have an option between 500 deductible and 20% co-payment up to rm3,000.

Means everytime masuk hospital need to pay rm500 first OR For the copayment option, means every rm1 of the hospital bill, you have to fork out rm0.20. This is capped at rm3000. If masuk hospital, rm10k, then you pay 2k, aia pay 8k. If the bill is 20, you pay 3k, 17k paid by aia.

Obviously 20% copay version will be cheaper. For older ppl like your parents, you can consider this. This will make your insurance cost more palatable. If your parents stay healthy and use it less, will save some money. This would be the one i buy for my mother also. Let's just say mine does not have copayment, 0 deductible, i am paying 7k annual premium this year. Next year gonna be worse, she 71 y/o. I wish i had bought a copay version.

I just want to comment on #3. Dont think the singaporean invented it.

This post has been edited by adele123: Sep 15 2023, 05:04 PM

Everyone wants cheapest for the best. There ain't gonna be that in real life.

The company MXM that offers medisavers itself seems dodgy. I don't worry about lonpac since they are highly regulated. I think many months or years ago lifebalance got share something about them. But then I would think lonpac or other insurance companies got do their homework before working with this 'broker'

The thing is as much as I don't prefer the idea of ILP, I have seen enough consumers who don't like standalone medical also kind of product.

People cannot grasp the concept of paying for something and not getting anything back. Some do not see that they receive the insurance coverage during those period as getting something especially if they don't claim.

And it is also true that the medical products attach to ILP plan are more canggih. Of course whether this kecanggihan is necessary to customer, I am aware. Not everyone wants the bells and whistle.

Despite that, I owned 2 polices. One of them is ILP. I practice what I preach. Hahaha. I don't like ILP. But I can tolerate it.

The problem is, when you read up on MXM, doesn't the company feels extra weird and dodgy? Should you be recommending if not sure?

Actually lonpac has medical products on their websites, why not name drop at lonpac websites directly.

This post has been edited by adele123: Sep 16 2023, 09:20 AM

You cant compare white label investing with MXM and lonpac.

While i do not have any actual information that MXM is a shady or a legit company, you didnt go through the buying process to actually legitly recommend it also.

https://forum.lowyat.net/topic/4919324/+2360

This was shared here by lifebalance years ago.

Side note: While i dont benefit for speaking good on behalf of GE, there is no definite proof that GE is bad at paying claims. Alot of informations are hearsay and anecdotal. That is why we have regulators.

That being said, if you all stop buying from GE, i think i benefit in an indirect manner.

Can you share what medical coverage are you enjoying now? Is there any deductible? Are there options from GE aside from increase price.

I will be honest, about every 3 years, it is the right time that the price increases. Post covid, not only there is revenge travel, there is also revenge hospital claim. You wont escape this even if you buy other company.

If you look into another company, it will most likely be ILP being recommended.

For all ILP, the charges in the initial year is high. Around year 7, the charges are reduced greatly. What this means is, maybe year 1, only 40% of the premium you are paying goes to your investment. Balance 60% is insurance company makan. The investment account is where the cost of insurance is being deducted.

If you buy another ILP, you will go through this process again. And depending on your luck it may increase price maybe 2 years down the road.

I know.

But standalone or ILP, price is increasing.

GE Or not GE, price also increase.

AIA standalone confirmed got repricing. This year already started. Few years also got increase. Which is why I am paying through my nose for my mother. Brother, SiL all kena.

Standalone version or ILP version got got repricing.

GE confirm got also. I dunno when.10years no reprice is no way one. 5 6 years maybe still possible. I have seen company not reprice 5 or 6 years suddenly hentam with +50% or more when reprice. I don't sell things on this forum I don't thin

Generali recently took over AXA. I think their medical probably also bursting at the seams but Generali or former AXA is nowhere near as big as the big 3.

There was a period of time where repricing was a bit less known as to most people out there. Now expect it to hit any medical plan you buy with 2 to 3 years.

Even my non ILP 15k deductible medical plan is repriced twice in the last 4 or 5 years? Just kena once this year.

EDIT: edited exact year for aia. Memory abit fuzzy.

This post has been edited by adele123: Sep 23 2023, 11:27 PM

For the benefit of other readers and yourself, repricing is more like to happen every 3 years if not even more frequent. 5 years is very unlikely under current climate.

If your chicken naik harga, so is hospital supplies. Sadly, our weakened ringgit is not helping this of course. I am not hospital supplies expert, you can go around asking one, but i am guessing they have their problems.

AIA A-Life Med Regular is going through repricing now. This year. I forgot the exact month but started this year and will continue until next year. It's probably not something on google. I am just writing this for the benefits of other reader. The last time they did it is probably about 3 years ago.

Am i painting AIA as the lousy one? No, all companies does it. Based on the post i'm reading on lyn, there is always one of the big 3 doing repricing. Last i heard, prudential is doing repricing also.

Final post on this topic. End.