Thanks.

If I am rich, I won't bother with insurance.

Your coverage
Age (DOB)
Occupation
Smoker/non smoker
Any illness

Some standalone cards can be bought online but very low coverage at max RM150k annual limit. This card is suitable for small kids. Not suitable for adults as adults you want your insurance to outlive you.

So far if you want RM1m above coverage which are standalone cards only AIA and Great eastern offer them (with rider). The cards on its own limit is I think max RM150k/year (AIA - without rider) and RM160k/year (GE - without rider). Axa have standalone cards with limit min limit of RM1m. But their premium is more expensive than AIA and GE if I am not wrong.

Hope this help you.

This post has been edited by Ramjade: Jan 24 2023, 10:06 PM

You can engage independent financial planner. Based off 2 financial blogger review, not bad (Mr stingy and no money lah)
https://mypf.my/contact/
Modular RM1k
Comprehensive RM3k

You can read the review below.
https://nomoneylah.com/2019/12/17/personal-...ancial-planner/
https://www.mr-stingy.com/financial-plannin...urney-malaysia/

Or you can contact Holocene. He's also independent financial planner.

Disclaimer i have not use any of the service mentioned above nor am I affiliated with them nor do I earn any commission from them.

This post has been edited by Ramjade: Jan 24 2023, 09:44 PM

Independent here means not commission based and they are fee based.

You pay first the amount of deductible first and then GE will foot the remainder of the insurance. This is good if your company have insurance for you say limit of RM30k. This is bad if and when you are no longer working and unable to cough up RM30k easily.

For me, if the insurance company have deductible of RM300-1k, I will gladly take them cause it will help lower the premium I pay and you don't always get admitted to hospital.

Yes you will have to pay the first RM90k. Anything more the insurance will pay. That's why max deductible I will fork out is RM1k.
I am not sure about reset annually or per admission. I think it's per admission.

Sorry if I am wrong. Little stuff I pick up when shopping for medical insurance. You can read the article posted below.

https://mypf.my/risk/life/medical-insurance/

This post has been edited by Ramjade: Jan 25 2023, 10:21 AM

So what does the above does?

Sorry wrong info cause when I read the word deductible, my conclusion is as above.

lifebalanceYes I did not PM you. There's a reason I didn't recommend you. The reason is as below
1. I don't feel comfortable for you to be my financial advisor/planner. I will recommend one service if I feel comfortable with the service/reply. Maybe it's just me

Mr stingy is one of the financial blogger which taught me some stuff when I started out and I like what he wrote. That's why I recommend his post.

I am not an agent. But there are 3 ways to it. This is from my 1 month+ of shopping experience.
1st take up the new plan, continue the old plan for at least a year. After 1 year, terminate the old plan and move to new plan (provided you got no health problem)
2nd discontinue the old plan and take up the new plan. Keep in mind you will not be covered until 120-180 days for serious illness. But it's subject to GE themselves. Accident will be covered. This is the cheaper option Vs 1st option but more risky.
3rd shop around. For the same premium, I find AIA can offer better deal.180 days post hospitalisation Vs 90 post hospitalisation (GE) , 100% room and board upgrade if you are healthy via AIA vitality Vs need to wait for GE to upgrade every few years. Easy to waive the deductible Vs GE.

For GE, you need to purchase a rider to get the following benefits
1. increase post hospitalisations coverage to 200 days
2. Waiver of deductable

Well I never see you recommend ETFs.

What do you mean beyond the scope of financial planner? I don't see why a financial planner is unable to recommend ETFs over funds when majority of funds (in Malaysia) cannot even beat the simple S&P500 etf. Before this yes I thought of you as AIA agent. But after looking at your profile and saw that you are a financial planner. I was dumbstruck how can you don't recommend ETFs but recommend unit trust or ILPs???

You can do both actually. Get paid via your day job and give free and good advice on lowyat. But there you go again. Expecting to get paid for your advice on lowyat. For me, lowyat is stuff I am giving away for free as they helped me out when I am starting out. So I am just returning the favour here. I wouldn't be where I am today financially without some people help on lowyat TBH. Lowyat didn't provided me the job/networking effect but rather the initial knowledge.


This post has been edited by Ramjade: Jan 25 2023, 03:22 PM

True. That's why I try to avoid ILP where possible. If you pick the wrong fund, it cannot even beat FD returns. That's pathetic.

So just buy term, any savings just buy S&P500 etf and you will beat like 90% of the ILP in Malaysia or SG. Of course if you use the money and buy other stuff or gamble on penny stocks or speculative stocks then you are better off with an ILP.

You saved on
1. Agent commission
2. Annual fund management fees
3. Avoiding long term lousy performance

I am going to get some heat from from someone but this is fact. Majority of unit trust cannot even best the simple S&P500 etf over say 30 years. And this applies to ILP in Malaysia and Singapore. If you have been shopping for stuff like me in Malaysia, you will know most ILP in Malaysia have unit trust which focus on Malaysia market.

Disclaimer I am not an insurance agent or anyway a financial planner but a person who have been DIY his own investment overseas for 7 years+

This post has been edited by Ramjade: Jan 27 2023, 09:47 PM

There are few ways of going around it
1. One is cover until retirement then let it mature and that's it. Not to extend beyond retirement.
2. Cover until you are old (if you are rich) like 80 yo.
-for me personally I won't go this route cause if you know how to invest you can use the premium saved rather than giving the insurance company to generate growing dividends to leave something behind for your kids. A 30 years worth of premium savings can do wonder for dividend growth investing.
- I will only pick only this option for medical insurance
3. With term you can select how many years you want to cover. Some people just want to cover 5years or maybe 10 years.

You can check out
https://fi.life/
This one have coverage until RM1m.

Term life can be bought online too but max coverage is like RM500k from AIA, great eastern.

This post has been edited by Ramjade: Jan 28 2023, 08:27 AM

Keep in mind for everything you add to your ILP, the less sustainable the current premium going to be. I.e you need to topup somewhere in the future or you need to increase the amount of premium you pay. Something to keep in mind.

I drop my interest on GE website and they send me one person with MDRT status. The moment I see MDRT status, I was like hell no. I am buying from her. Bloody MDRT status and true enough that person was pushy. Lol.

I want my insurance agent to drive normal car and don't advertise you have MDRT status.

Yes. If I am not mistaken. Aia a plus health. If you have no claim they put money into your wallet. But the wallet can only be withdrawn once you are dead (for your family members). You can use the wallet for health screening or vaccine.

Another is Axa one medic elite. Supposedly give you rebate if you dont claim.

Above are investment link.

If standalone, only AIA with their health wallet.

Also.
Keep in mind cash value for investment link plan better to assume to be zero at maturity. Do not expect to get anything back from investment link.

It's not exactly as give back your money. Keep in mind on that.


This post has been edited by Ramjade: Feb 11 2023, 12:51 PM

Their online medical insurance AXA emedic also offer cashback if no claim. But very low limit of RM150k/year. It's actually enough in today climate but not so much going forward.

It's supposed to show the insurance agent knows what they are doing ethical. The way I see it as status given to people who knows how to close sales.

Some people will be like wow this agent have so many client must be a very good agent. He/she must know her stuff.
For me, if I see an agent with MDRT, I will be more skeptical rather welcoming cause to get MDRT means you need to close sales.
Up to you to interpret is MDRT important to you. If my insurance agent have MDRT, I will not buy from them. Pure and simple. Once you buy, your commission goes to the original agent even if you request for change in agent. So if an agent put MDRT on his/her card, they won't get any business from me. Lol.
For me it's important an agent have MDRT. Why? Cause it will tell me don't buy from him or her.

There are 3 levels of MDRT. Here's Malaysia MDRT condition.
https://www.mdrt.org/join/member-requirements/

This post has been edited by Ramjade: Feb 11 2023, 01:46 PM

Like I said your choice. For me I just happen to came across one agent with MDRT and that left me unpleasant taste (she was pushy and can be seen trying to close the sales by telling me promo going to expire, faster let me know)
https://blog.seedly.sg/million-dollar-round-table-mdrt-mean/

But to fair this is one only one agent so I might be bias.

You can just walk into your local allianz branch and request for agent. I did and regret it. Lol. My agent only knows how to speak mandrain and refuse to speak to me in English. Lol. I immediately get onto allianz website and request new agent.

For me, when I was shopping around, the agent with big cars were kind of pushy. The one which drive a normal perodua was very nice.

Shop around. You might see better deals. Don't focus on brand name.

This post has been edited by Ramjade: Feb 11 2023, 06:32 PM

For me I will pick the one card. You don't need two unless you are paranoid.

Just surrender the old card and stick with great eastern.

If you are paranoid and don't mind paying extra around rm500/year, can sub for gathercare. It's crowd sourcing medical care. Coverage up to 1m and 100 years old. No annual increment unlike traditional insurance.

No insurance will cover outpatient treatment. There is only 1 medical insurance in Malaysia which covers outpatient. It's AXA outpatient insurance. Another option is your employer insurance might have out patient insurance.
https://www.axa.com.my/medical-health/smartmedi-outpatient

If you want health screening, vaccination and no claim benefit go AIA
https://www.aia.com.my/en/our-products/medi...0Annual%20Limit.
The condition is must be healthy and must exercise.

Great eastern don't have this benefit.

Disclaimer. I am not an insurance agent just someone who have been shopping for insurance.

Another thing to note Great Eastern is very particular about claims. There have been report of them declined claims for critical illness because of
1. Patient didn't disclose have anxiety and claimed for cancer stage 4 (no relationship with cancer)
2. Patient having valve problem claimed critical insurance from great eastern but decline cause surgeon did key hole (minimally invasive surgery Vs open heart). Prudential paid out fully critical illness claim

https://forum.lowyat.net/topic/4833082
https://forum.lowyat.net/topic/5125587

The above post/comments and Reddit comments make me skeptical to choose GE as my critical insurance illness. I am goin with AIA or prudential. I am only going for Great Eastern for standalone card cause they are the cheapest and have outpatient GL for cancer treatment and dialysis.

Hope this help

This post has been edited by Ramjade: Mar 9 2023, 03:58 PM