Anybody forced you to take the premium holiday?

Can you name me something that isn't a "burn money" affair?
Let's be realistic here. You're not living on an island, and you certainly don't plant your own rice, collect your own rubber tree sap to make into all the rubber products that you use, dig your own oil wells just to produce your own plastic straw to sip water from a cup.
You're from this century, correct?

I'm a dividend guy myself. This is not a new thing.
In fact, I have a blueprint for my wife to follow in my absence that will largely be derived from dividends.

So what is it you're trying to do here?
Your first enquiry here in this forum was to look for a Life Insurance that can make you money when terminated in 10 years.
I told you I can do it for you, then you pivot to ILP vs standalone.
After calling us all kinds of names too, mind you.

I gave it a good thought and decided to follow your lead and compare and contrast with a third party's case study.
Pendekatan pun ikut your rentak. Then you pivot again to having dividends pay for your premiums.

Are you an AI programmed to always take an opposing stance?

Part of my agency training now is to go up against Chat GPT too.
Chat GPT also doesn't pivot as much as you do.

Quite impressive that you part with certain amounts in your investments capital with the sole aim of generating enough dividends to pay for your AIA Medical Insurance premiums.
No wonder price is so sensitive for you. I can finally understand why you would settle for a plan to, at the age you need it most, give up on medical insurance altogether and try your luck at Gov hospitals.

Not commenting anything about your plan and approach. If it works for you, it works for you.
Just don't impose such a high-risk method on others.
Like signing up a new medical plan every 10 years for no good reason... That's a pretty extreme plan to follow.

And I just wish you'd refrain from telling others here to cancel their medical plans so lightly.
You at least find out about their health conditions first boleh?
Are you going to be held responsible in the case of any exclusions?
Let's be objective about it lah... It's people's lives leh...
Everybody here also got family behind them wan. Just like you do as well.
Ada faham?

There's 3 parts to an ILP policy - 1) regular premiums; 2) regular top-up; 3) ad-hoc top-up.

So everybody knows about the regular premiums - 161% of the annual premiums, spread out over 6 years, subject to adherence to BSC and persistency over D0, D1 & D2.
Now come the regular top-up - 2.xx% perpetually.
Now come the ad-hoc top-up - 2.xx% on each and every top-up.
Any new amounts that come in under any of the 3 categories above will be treated the same accordingly.

So if you love your agents a lot, maybe consider some amounts in regular top-up and ad-hoc top-up regularly?



Then we come to traditional policies - 171% of the annual premiums, spread out over 6 years, also subject to adherence to BSC and persistency over D0, D1 & D2.

If I can be even more transparent about it, let me know how.

Please be clear that I have taken every opportunity to make it very clear that every product is designed and priced for specific market segments.

There is no merits to champion one over the other, we just want to give you, and everyone here seeking clarification, what fits.
Even buying cars and houses they go through your income statements kan?

K, I certainly did.

@Ramjade sorry bro, I totally mixed you up with another person.
Totally uncool on my part, I apologize.

But yes, it's good to DIY, keep things separate.
Good that you walk the talk, but the path you walk, albeit being your preferred modus operandi, it is really not for everybody.
Just visit the customer service branches when you betul2 free, and look at the amount of people in line, complaint la, regret la, etc.

ILP does have some features and benefits above standalone, but it does expose the insured to market risks, hence the term "Investment-linked".

Which is better?
The one that fits is better lo
And it's a long term commitment too.
Please don't suka2 change here and there, not trying to prevent you from getting the latest and greatest, but the current market offerings are about as generous as it will get from what I can see.

Pro-tip moving forward:
Deductibles - good.
Co-pay/co-insurance - bad.

The industry moved away from inner limits, illness/treatment-specific limits, co-insurance, deductibles, lifetime limits... up till now we are all seeing deductibles being reintroduced back into the market. Will the rest follow? My best guess is yes.
I've had the privilege of meeting with Ng Keng Hooi, Loh Guat Lan, Mark O'Dell, and the late Bill Lisle on separate occasions.
Those are all coming back into the market if claims trend does not ease up.
Last thing we need is for big-pharma to creep into our policies!

Of course this is a very macro perspective, but we're all headed into the same future together.
So, don't say I x bagi heads up.

This post has been edited by JIUHWEI: Oct 6 2023, 12:06 AM

AIA already straight up rewarding customers with cash via the AIA Vitality program.
Just stay active, do the activities that leads you to be healthier!
Get to know your health - Vitality health check, dental checks, etc
Improve your health - step counts, gym check-ins, fitness assessments, etc
Get rewarded - TNG cash vouchers, membership discounts, deductible waivers, etc

Your medical plan is eligible to sign up for Vitality lah.
Why you not making full use of it? Go join the device challenge now lah Nicole David talk until no more saliva d.

I just compare and contrast lo.
COI for medical memang lower on the ILP structure.
Total comms to life planner also lower compared to standalone (if you put 100% regular premiums).
Only downside I can see is that it exposes the insured to market risks.

There is a plan suitable for all market segments.
And those who just want to have total control of their investments, nothing wrong with that either.
Just buy standalone plans.

Is it a burning money affair? You tell me
Whether you buy or don't buy, you would've already bought.
Whoever took the premiums that you're supposed to pay, will be the one footing the medical fees.
If you took it, you pay lah.
There are so many merits to keeping the premiums for yourself too.
There's no such thing as exclusion
Covers even for experimental procedures
Aesthetic procedures cover 100% worldwide
GL will never ever be rejected
Whole world hospitals and doctors are all panel
No annual limit, No lifetime limit
No limits to room and board too
Self-inflicted injuries also no issues

Only downside is no tax benefits.
But, considering the generosity of coverage and the outlandishly low rates, mesti okay la kan?

Yes ada. In fact, I do a lot of it.
How big is your group?

Should be RM10/person.

I'm trying to understand your situation, same like everyone else here.
I try to organize it first ya

Policy was bought when?
What kind of policy was it?
When was the last payment made?

The last payment obviously x jadi sebab we're now in the current situation.
So when was the premium due date that was missed?

The premiums, are they charged to a credit card via auto-debit?

The policy, what date was it lapsed?
Wanna see any chance to have it restored.
Please use exactly this term when talking to the CS, because we do not want your mom to go through any waiting periods, etc.
TO RESTORE THE POLICY

If I were you, I'd look up any and all comms (sms, emails, letters) by the insurance company.
Call up the agent, request for it.
At least my admin keeps track of all the correspondence letters with all my clients.

Okay. I shall then cease to even attempt.

X cukup stress kot...

Hi guys,
I just wanna make clear again, that the purpose of Life Insurance is not for any sort of returns. The same goes to ILP as well.
ILP exists just as another option to serve the upper-middle market segment and up, as a whole-life non-participating product.

It also does not mean that those in the upper-middle market segment and up cannot access products like a Term Life insurance.

I hope we can steer this great thread back towards needs-based, rather than going off on a tangent, needlessly pegging one product against the others.

I mean, we don't see supermarkets trying to convince anybody why GMOs are one way and organic or local produce are another way kan?
They just have it there, as an option for those who prefers or has certain dietary habits/requirements to get it.

Same goes to just about everything else in our lives la kan.
Can a rich person go squat at roadside stall with me? Can mah
But can I day day spend 3-400 drinking with top 1% people? Cannot mah

This post has been edited by JIUHWEI: Oct 18 2023, 10:05 AM

Quite agree with you on the doctor analogy.
However, we also won't ask the doctor between generic and name-brand medication kan?

I highly doubt it.
There's so much more to an individual's obligations than just medical insurance.
To put it bluntly, a medical insurance policy is basically guaranteeing the medical service providers that they will be paid accordingly.
Beyond that, what else is there?

Whether or not a person want to take any proactive action on their personal financial needs, either with cash or trust or life insurance, it's entirely up to the individual and the options available to them, given their resources & requirements (if any).
This is when actual valuable discussions happen between life planners like myself and the client/prospect.

But if the client/prospect want to come into the discussion with only the aim of judging the life planner, to see if the life planner can regurgitate whatever they read on the internet... what's the objective, really?
Again with the doctor analogy, what's the point of checking if the doctor's diagnosis is the same with your own diagnosis? And then prescribe the same medicine as what you found on the internet?
Mystery shopper at least gets remunerated by their employers to do these things.
Yes, every insurer has their own team of mystery shoppers to call up and meet with their own reps randomly.
Part of BNM requirements and guidelines too.

It's weird that people should be incentivized to not make frivolous claims...
But I guess I catch your train of thought.

Maybe the Takaful model would be what sits well with you.
Every FYE, a portion of the surplus will be shared and distributed accordingly with all the members.
What do you think? Give Takaful a go?

Co-insurance is definitely coming back.
As a consumer, I hate it.
But it works from a macro perspective.

So what's the difference between a "deductible" and "co-insurance"?

Here's how a deductible works:
It is the first portion of the total claims that is paid by the insured. Hence the name - deductible.

Here's how a co-insurance works:
The insured is agreeing into taking care of a portion of the total bill together with the insurer.

TL;DR version:
Any deductible amounts can be claimed from another policy that the insured may or may not have.
But co-insurance amounts x boleh. Sebab the insured agrees to shoulder that obligation.

So yes, we are at the tail end of plans with deductibles.
Co-insurance (a thing of the past) is coming back. Only a matter of time.
Mau beli, beli skang.
Mau tunggu, teruskan menunggu

I beg to differ.

There used to be an insurer in Malaysia that did that, thinking that by offering outpatient coverage to its own customers, it'll somehow bring down the claims ratio, thereby achieving some savings in terms of Cost of Insurance.
Well, what happened was that the portfolio failed and the insurer had to immediately pull that product off the market as claims was through the roof.
I don't know if those sold are still being honored or not.

So yes, I can see how it is easy for consumers to take an attitude of who wants to pay for medical bills when you already pay for insurance.
And, we can continue to take that attitude and continue to blame the big corporates; or we can start looking at insurance policies for what they essentially are: contracts.
The more favorable a contract to your favor, the more you gta cough up. It works the same for both parties that enter into a contract.

So if you want an insurance that "baokaliao"
Then better be prepared to open up your wallet and pay.
It goes both ways.
If your employer demands more of your time or higher service level, you would naturally ask for more pay kan?

I hope I'm making some sense here.

Look deeper into the proposal
I believe there is more than just a medical coverage la

Please bother to spend the time to understand it together with whoever it is that gave the proposal to you.
Then also communicate with the person rather than just take it then throw it here for the "cheapest" premium.

Below 3k also can do.
But will it be what you want to live with is another issue altogether.
And you'll be the one living with the plan.

So please take the time to understand it from the life planner that gave you the proposal.

Are there any claims made previously?

Check back with the insurer, if there's any opportunities like guaranteed issue offer, etc.

Covid-19 hospitalization only covers for Category 3 onwards, depending on the severity too.
Based on what leh? Doctor's report loh.

I think the consumers at large can now expect their insurance providers to withdraw the exclusion clause on communicable diseases and/or diseases requiring quarantine by law.

But just to leave nothing up to chance, do check back on your policy contracts, or any endorsements issued on older policy contracts.

So if got slot for you, you gna accept or reject it?

Klo ur policy x cover, you comfortable with it, then okay lah.
Why have to find something negative out of every good thing?

For the benefit of everyone reading, the same is true for every insurer.

The random call is betul2 random wan.

AIA called me also to welcome me to AIA and for buying a new policy.
I thanked them for the call and told them the Life Planner that sold the policy to me is very thorough and very handsome too.

All the above is true. And I actually told them exactly that.