Saw this in my insurance proposal from Prudential. Is this normal for new applications? I'm applying Life+Medical+ILP for my children, noticed this at the end of the proposal. Does it apply only to Prudential or other insurance providers charged for this as well?

Looks like in the near future, if policyowners call CS, it will also be charged time cost ....lol.

lol .... you are very details in checking out the service charges from the policy contract.
This is just one of it , there are still others small small management fees, like few ringgit, for funds management as well.

Therefore , the premium that you are paying per month,
1. Certain portion of it is paid to insurance agent [until a duration]
2. Certain portion is paid to administration
3. Certain portion might be paid to miscellaneous [ if there is any ]
4. Certain portion is paid as insurance charges
5. Lastly certain portion put into saving if your plan has it.

This post has been edited by ping325: Oct 27 2021, 10:50 AM

If I am not mistaken, just few weeks ago, there was a posting mentioning premium paid monthly will be cumulatively higher compared to premium paid annually.
With those charges made at RM5/6 per month,... Now I can see why monthly paid premium was said to be higher

Yes this is normal, you can look through the entire Appendix on what are the charges is applicable within the policy that you plan to buy.

Ya, cuz right now most of the servicing are done by agents.

Should agency be abolished, that would be an unfortunate possibility.

Hi all, just curious. Do Malaysia have a medical card for Diabetes people? I am in the late 20s and got Type II. I Googled Prudential got medical card for Diabetic people but need to be above 40 years old? Allianz also got but the minimum entry age is 30 years old too, I read at Ringgit Plus

Yes there are offerings, premium are usually higher than the normal one's but at least you still get medical coverage than upfront rejected.

googled and found this.

mentioned 3 companies...
just not sure if there are still valid or outdated info.,...or the same info that you got

https://moremoney.my/blog/diabetes-insurance-malaysia/

Thanks, ya similar to what I have researched

Yeah, as long as covered during an emergency is a sound investment. Pity those big-big takaful ones did not offer for Diabetic people. Anyhow, do you offer this kind of product. I saw your signature, you are an insurance planner.

Different insurance companies have their risk appetite and also whether opening such offer is profitable.

Yes I do offer such product.

Hello... i am not agent but... i want to help set your expectation... likely you cant buy any medical or Critical illness insurance.late 20s with type 2 is almost no no.

The most encouraging is allianz but there is a chance you may still not get it. I'm not familiar with allianz and how it works. Educated guess is there is likely alot of t&c as well.

As i know prudential does not have the same thing as allianz but can confirm with pru agents.

you are young, do look into your diet and lifestyle plan seriously. Diabetics can lead to many chronic diseases, this is the main reason many insurer do not offer medical card.

True, I'm on medication to control my diabetes. Actually I do have an insurance but that is a very very old plan and I feel under insured because got lifetime limit and tiny annual limit. If I want to cheat insurance agent also cannot, because I have been admitted to hospital for diabetes related illness. Sometimes very worried if my current condition leads to more chronic disease in the future..

Take care

I was thinking, is it possible this way,
buy a new plan if can get one, which will most probably excludes all the diabetics related illness.
Use the old insurance limits to covers all medical related to the current illness only but use the limits from the new insurance to cover all others...
Doing this may helps increase the usage of the annual limits quota.
Hv to know what you will be hospitalised for in advance so that the right insurance will be used.

In the mean time, like lifebalance mentioned, Take care.

Unfortunately not possible, usually will upfront rejected by most of the insurers excepts some insurers who intend to cover the diabetics as mentioned in earlier post.

Practice good diet (vegan, keto diet) and healthier lifestyle may able to control the sugar level. take care.

Hi, this is my current ILP plan. (Pic Attached)

I'm thinking of increasing my Annual Limit on the Medical Card & adding Riders.

1. If I wish to increase my Death/TPD or CI coverage, would it cost less to upgrade my current Rider or to buy a standalone Term Life Online Policy (until 80yrs coverage) ?

2. Can I upgrade my current plan to the Smart Medic Million + Extender & upgrade my Riders, Without Underwriting again ?

3. Would it be better to collect my surrender value & change to Allianz Medisafe Infinite+, as it provides better additional benefits (20% NCB Discount & Traditional Medicine/2nd Opinion) OR should I just continue with Great Eastern because I've already paid the Agent's fee ?

4. A relative of mine has an AIA Excelife Whole Life Policy.
Is it possible to Withdraw the Cash Value & still maintain coverage by paying the premium annually ?

All research so far says No, however, an Insurance Agent, said Yes. I'm wondering if he's confused Whole Life with ILP ?

Apologies for so many questions.

Thanks in advance, been researching Insurance for the past 3 days. I'm confident I can explain insurance policies better than 50% of Agents

https://pictr.com/images/2021/10/31/BVwdQ6.md.png

https://pictr.com/images/2021/10/31/BVwuDq.md.png


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From your overall post, it seems you're looking to upgrade your medical benefits to cover better/higher amount but not sure whether to stick with your existing insurer or to pick another insurer.

There is no right or wrong answer, different insurers have their own special perks to benefit their policyholder. It depends whether those perks suit your lifestyle as you've pointed out like NCB's or other benefits that entails.

You may say that starting a whole policy would mean paying a distribution/commission fee to the new agent but that's pretty much the cycle of the insurance industry. Say if it doesn't happen now, down the road 10 years later, you'd still face the same scenario on paying commissions. The question is, is the agent you're engaging is able to provide you good service & advise that would make you want to shift your portfolio to him/her?

2. You'll have to do a health declaration for underwriting as this is an upgrade.
3. Answer above
4. it's best for you to refer back to the policy contract on the matter of withdrawal as this is a really old policy.
Things to determine.

Thanks.

I'll most likely switch to a new insurer, as I'm not really bothered as to the savings option in the ILP (just changed to Fixed Return Fund, my previous fund had a CAGR of 0.3% after 7 years ), and the NCB would probably cover the Agent's Commission in the long run.

Is there any standalone Medical Card that has annual limit of 1million or more & Guaranteed Renewal ?