Thanks. Saw this previously. Feel like too good to be true for me.

At the moment, more interested on the family plan on the market, if any.

Hi All,

I need your advice and clarification on how my medical policy works. Note the policy is from Great Eastern.
I receive this letter couple of months back asking me top up because my current monthly payment is unable to "sustain" my insurance plan.
My insurance agent explain to me that topping up is not required especially for my age demographic (late 20s), and my policy can still cover me to maybe age 70+(?)

I have a few questions :

1) What is the difference between increasing and not increasing the premium amount.

2) If i increase the premium amount, does it mean that the policy can maintain longer and vice versa ?

3) Scenario : Lets say i don't increase the premium amount, and the policy can "sustain" until I'm 70, what happens later if i reach to 71 age, does my policy suddenly lapse ? how will i be notified and how much should i increase the premium then ? (Touch Wood) Lets say if i'm hospitalised at age 71, does it mean that my insurance is effectively lapse and I'm not insured? What happen to all the premiums i payed previously, does it not cover any of my hospital bill ?

4) Scenario : Lets say i do increase the premium and policy can sustain longer, but what if (touch wood) I don't reach the supposedly extended period. What happens to the extra premiums I paid ? All wasted ?

Really sorry if I'm asking very noob-ish questions.
Appreciate your time in explaining this to me and much thanks in advance.

Hi UnrequitedC,

Yes there are Family Packages with deductible option.

AIA
Manulife

1) What is the difference between increasing and not increasing the premium amount.
You are advised by the insurance company to do the necessary top up otherwise your policy may not be sustainable based on your original term of coverage. Which means your insurance coverage will end earlier.

In this case, your insurance company recommends you to top up an additional RM140 monthly.

2) If i increase the premium amount, does it mean that the policy can maintain longer and vice versa ?
Yes as per my explanation above

3) Scenario : Lets say i don't increase the premium amount, and the policy can "sustain" until I'm 70, what happens later if i reach to 71 age, does my policy suddenly lapse ? how will i be notified and how much should i increase the premium then ? (Touch Wood) Lets say if i'm hospitalised at age 71, does it mean that my insurance is effectively lapse and I'm not insured? What happen to all the premiums i payed previously, does it not cover any of my hospital bill ?
Nowadays Insurance company are required to send you an annual statement to show when your policy is likely to end. You won't have "suddenly" kind of scenario unless you're ignorant to your annual statement (then you can't blame the insurance company because they've already gave you written notice and advise).

4) Scenario : Lets say i do increase the premium and policy can sustain longer, but what if (touch wood) I don't reach the supposedly extended period. What happens to the extra premiums I paid ? All wasted ?
Basically you're trying to say if "events" happen and an example, you died earlier, if your policy features Basic Sum Assured + Cash Value, means whatever you're covered for Death + Cash Value at that moment will be payable to your Nominee. So there is no "rugi"

This post has been edited by lifebalance: Aug 10 2021, 08:30 PM

Hi,

I'm actually checking AIA package. Seem like the family package only having annual limit of RM150k.

Was looking if there is package covering >1M, with the health wallet and AIA vitality option.

Got, can even go up to 2 mil annual limit with health wallet & aia vitality.

Hi, can PM and quote for the premium for 2 healthy adults with annual limit of 1.5M up to 99 years old, with the above perks?

Deductibles if available, 50k till retirement.

Life insurance may not be required, if possible.

Thank you.

which insurance company's medical card is the best in Malaysia?

Everyone's definition of "best" is different.

How do you define your standard of "best" for a medical coverage ?

And if you're expecting "the best", are you prepared to pay the premium price for it?



This post has been edited by lifebalance: Aug 12 2021, 08:39 PM

Kalau ada 1 yg "best", other companies yg "not the best" boleh tutup semua.

Best dari segi harga... yourself.
- because the premiums you pay, you pay to yourself. Come time to claim, you claim from yourself juga.

Best dari segi coverage... yourself.
- because apa2 pon, you won't reject yourself too. Siap cover Covid Stage 1 and Stage 2 juga.

Best dari segi conveniece... yourself juga.
- Credit card, e-wallet, cash, you won't deny yourself access to your own money in times of need, right?

You can check on the various platforms such as ringgitplus or imoney to have a good idea on what products are out there.
Then perhaps you can approach the respective insurance company websites to maybe download a digital brochure to understand further too.
Should you require further clarifications, then maybe you can scout here to see who are the reps of the respective insurers.
Or you can check your social media, see which one of your friends is in the insurance business.

Note:
Insurance products can be quite sophisticated, and often times come with extra features that may work to your benefit in more than 1 aspect of your finances when optimized.

Which automotive company’s vehicle fuel consumption is the best in Malaysia ?

This post has been edited by ping325: Aug 11 2021, 03:31 PM

Best is subjective. Not all medical card are created equal. Hopefully 5 years down the road, don't cry the premium is increased substantially from what was originally sold to you, as it will be given medical cost are rising. What is best is what fulfill your needs. Compare the product features and decide based on your need.

Do read the T&C

Coverage Period = 6 August 2021 onwards until announcement of end of coverage

Question is When is the announcement ?

I mean other than AIA and Pru, there aint any other insurance company offering such protection. some come with limited campaign coverages but pru is paying up to the annual limit, which imho, not bad.

1) we need to understand why is this happening in the first place. BNM has this mandatory sustainability stress test announced HERE. Check it out

the bad news is this practice is also retrospectively applied to existing investment-linked plans. Since you are buying from GE, it is my territory.

An increase in premium IS NOT EQUAL to an increase in insurance charge. It is merely a piece of advice to ask you to allocate more funds in order to let GE deduct the insurance charge per month. (it is called unit-linked or unit deduction rider for a reason).

Now, you have the options to remain as it is or increase premium or reduce your benefits to allow the policy to sustain till its end of term. new plans signed after 1 July 2019 would not have the privilege to remain with the existing premium and are subject to mandatory review of premium.

2) Yes. but still very much depends on the performance of the fund(s) selected. check your investment portfolio under the policy

3) no need to wait till 71 years of age, GE will notify u via SMS, email, and snail-mail (remember to register all your info in eConnect) when you have a potential lapse date, u may check your annual statement. my advice to u, switch your portfolio to fixed income or balanced fund temporarily to safeguard your investments (switching is FOC)

Once, it is insufficient to sustain, you can do a "single premium top-up" or a permanent increase in premium

4) all money paid in premium will be first distributed to (i) unallocated premium and (ii) allocated premium channels. the first channel is for agency-related expenses etc and the rest will go to the allocated premium channel. and all the received money will be used to acquire units in your selected fund, then GE will gradually deduct the cost of insurance expenses monthly from your fund account (aka total investment value). so to answer your question, your money is still in the investment account under your name, it won't be forfeited whatsoever.

In conclusion,

if you are currently broke, stay as it is.
if you are ok with the increment in premium, reply to GE and adjust. it is much more beneficial in the long run.

hi timeekit, no need to sorry for the questions you asked, indeed this is not something layman, it's normal to ask this. answered your doubts in spoiler

the best one should be the one tailored to your medical need. and an agent you can trust in the long run.

Any1 can suggest a child insurance that comes with education savings?

Most of the insurance company do offer some sort of education plan.

The plans you can choose to receive the payout anytime your child is between 18 - 25 years old.

That being said, you'll need to determine a few things
1. The time (years) before they attain the age 18. (The shorter the years, the more money you'll need to put upfront to achieve your target fund)
2. The investment returns expectation
3. Being an insurance product, you'll need to put a lower expectation on the returns as it emphasizes more on protection of education fund in the event the parent passes away.

That being said, I can't recommend you anything yet unless I know details about your child and what you've planned for the child.

This post has been edited by lifebalance: Aug 14 2021, 09:30 AM

May I know which types of policy you need ?
1. purely education savings plan
2. child life insurance with savings inside it [ CI , Life , Medical Card etc ]

As two are different types of products offered by life insurance company.

This post has been edited by ping325: Aug 14 2021, 01:56 AM