Wait. Insurance purchased 2010. Surgery done 2022. Claimed diabetic 10 years so should be 2012 should be ok what since 2012 only diabetic not 2009 diabetic.

So come back to this statement, this is still valid right? Pay and claim for 1st and 2nd year for those 120 days disease cause haven't pass 2 years right?

This post has been edited by Ramjade: Sep 25 2023, 07:42 PM

From what I know, don't need to update the insurance company. But keep in mind you cannot purchase any new insurance anymore and need to stick with your current insurance. You can buy new insurance but diabetes and it's complications won't be covered in the new insurance. There are some insurance company which release insurance for diabetes though.

About refund part. Don't know. Never tried. Don't dare to try.

This post has been edited by Ramjade: Sep 25 2023, 11:55 PM

If policy until 69.means 69. No renewal after that. There are now insurance which last boarding age is 70 years ago and cover until 99 or 100. But keep in mind premium going to be expensive, any existing illness won't be cover and need to wait 2 years before use and insurance company may ask for health checkup in view of age.

If don't want to pay for insurance, then pay out of pocket or use govt service. There is no 2 way about it.

High premium is insurance polite way of saying get lost. We don't want to cover you. If you want to pay for coverage, by all means please pay the high price. Reason for high premium is because higher risk for frequent admission to hospitals.

For me, if I am still well no illness, I will look for standalone to cover me until age 80 if you can afford the premium. If got illness time to use govt service. Pay so much for income tax time to use the service.

Up to you to decide if
1. You have budget for it (high 4 digit to 5 digit with of premium per year)
2. How comfortable are you with govt service

This post has been edited by Ramjade: Sep 27 2023, 04:04 PM

You can go download AIA Medi flex and ge great medic shield pdf brochure and have a look at the premium. There's additional rider to boost the coverage to millions.
https://www.aia.com.my/en/our-products/heal...e-mediflex.html
https://www.greateasternlife.com/my/en/pers...-extender2.html

If cost is very important to you can take a look at medisaveers. It is the only insurance with 4 digit premium with coverage of RM1m+ at age 70+. No one come close. Not sure what is their last age of boarding. It's sold by mxm but the insurer is lonpac (part of public bank)
https://medisavers.my/medisaversvip-prime.html

Old people more worth it to use insurance cause more frequent enter hospitals Vs young people. That's why premium increase as you age cause insurance company know you are going to visit hospitals more frequently.

If really emergency, govt hospital will serve you first in the red zone. For broken bones generally op will be done by the week. If need emergency op, it will be done the same day itself. For non emergency stuff like hip or knee replacement might need to wait like 1 year.

This post has been edited by Ramjade: Sep 27 2023, 05:29 PM

Marketing to pull you in. Once they have enough customers they start charging for it. No free lunch in insurance. You can take it up as long as free. Once start charging (monitor your premium or your email or letterbox), discontinue it unless you want to pay premium for it.

This post has been edited by Ramjade: Sep 29 2023, 07:23 PM

Write into the insurance company or ask agent to do it for you to terminate the insurance. I did that once for my life insurance and switch the premium over to medical insurance.

What are the criteria to stop current CI
1. What happen if you are out of work for prolonged period of time? Can you take the hit? CI is to replace your income while you are not working and hopefully recover and to help cover additional expenses not covered by regular medical insurance. Eg you want to have more organic vegetables, specific supplements .
2. CI criteria is very strict yo. If you don't fulfilled their illness criteria, no pay out.
3. You can create your own CI insurance aka you got positive free cash flow every month excluding salary. Why excluding salary? CI is meant to replace you active salary.
4. There are better coverage around. For eg. AIA offer me RM14-15k/year fixed price for RM500k coverage for early illness. I found another company in Singapore giving me better coverage and multiple payout in case of cancer relapses within a year for RM7k/year fixed price Yes half of what AIA Malaysia offering and better deal. No brainer to pick the Singapore version.

For me CI is nice to have not a must have and must cover my working years. After that no need.

Initial goal of getting a CI was create my own medical insurance waiver. I saw my colleague 50 years old got heart attack even though non smoking and because he is super rich, now his insurance company is paying for his premium (a waiver for ILP) until the end of his contract. Do I want a waiver? Yes. But insurance is something you don't want to get and glad that you got it when you get it.

Hope this helps.

This post has been edited by Ramjade: Sep 30 2023, 12:00 PM

When you buy insurance, always go with the mindset, you are burning money. But you will be glad you burned money when and if the time comes. Like I said insurance is not something you want to use but you will be glad you got it.

If you want to make yourself feel better, match your premium with the insurance company selling the product. Eg you are paying RM100/month = RM1200/year for your insurance.

Match the premium by buying RM1200 worth of the insurance company shares. Eg if you are using Great Eastern, buy great easten company. If you use AIA buy AIA. Yes you can buy insurance company shares and be owner of insurance companies. Overtime, dividends received = free insurance cause amount received = amount of premium paid.

I learned this from some guy who likes to eat curry puff. Now he's getting free curry puff for life as the amount he spend on curry puff in a year is less the dividends paid by the curry puff company.

This post has been edited by Ramjade: Sep 30 2023, 12:07 PM

Take standalone. Forget about ILP. Get the one with the highest deductible to save in premium.

Cause likely if you retire or stop working they will continue to cover you. So you can use the medical insurance at old age time. Keep in mind the premium likely 5 digit per year then.

This post has been edited by Ramjade: Oct 1 2023, 01:41 PM

That's why 1m coverage is enough for me la.

Critical insurance got few caveats or else no payout
1. Must survive xyz days (check the policy for more details ranging from 15 days to 30 days)
2. Your disease must furfilled the definition. Eg of real life example, one person have blockage in the arteries. % of blockage = 67%. Insurance refuse to payout cause they want min 70% blockage.

This post has been edited by Ramjade: Oct 2 2023, 12:25 AM

I will reply to you first
1. Why the hell do you want to pay more for stuff that you don't need? If your purpose is medical insurance only, why do you want to bundle in life insurance, critical care illness? Remember all bundling cost money regardless how minimum you set it to. There is no free lunch in insurance. As someone said you want to buy burger from Mcd. Burger cost RM9.00. By going the combo way, you can buy the same burger with fries and soft drink for RM12.00. Some people said that is a deal man. Pay extra RM3.00 to get fries and drinks. Is it? Maybe yes. Maybe not. Why? Your original purpose is to get a burger. Now you are paying extra for stuff you don't want.
2. Why do you want to overpay for lousy fund manager which cannot beat EPF or worse FD over long term (10-20 years). Does it make sense to you? For me nope. Buy standalone and take the savings, dump into EPF as "investment portion" if you don't know how to invest. If you want better returns than EPF, buy S&P500 etf or QQQ etf. I have never met any agent or any planner here or IRL that tell me to go that route. Best part is whether the fund is performing or not performing, you will lose 1.5%p.a in terms of management fees if and when compound over long time it is substantial. How much does a S&P500 etf cost a year? Around 0.07%p.a. That's like a 2000% difference in fees alone. How does that sound? Paying 2000% more for something which is lousy? If it's me, I run far away. In fact, I already run far far away. The only unit trust I have left is my prs. All agents/planner only push unit trust which if you look carefully as mentioned cannot even outperform EPF or FD which is really sad. And when you tell them about S&P500 etf or QQQ etf, they either look like they are hearing it for the first time, or mumbled some excuse or try to avoid the topic altogether. Yes there are few funds far and few that can outperform EPF and FD. But majority like 90%+ cannot.
Is it that hard to do your own investment? It's not. I will be honest, the amount of free cash flow I can generate in a year as of today date and time is able to pay for my yearly medical pre premium at age if 80 with some leftovers. And this is from a person who just started work and have been investing consistently for 7 years already. It is not that hard.
3. Do you want to pay more premium everytime the fund is not performing and insurance company ask you "to top-up" or else fund cannot sustain you until the age you want? This is like sorry I f*** up. Now payup because I f*** up. Lol. See the logic there?
4. Why do all agent you see the first thing they push you is an ILP and not standalone? Cause ILP is more expensive than a standalone and they pocket more commission by selling ILP even if the % taken is the same.
5. Are you a really bad paymaster that you cannot pay your premium on time and in full every year? Do you really need a premium holiday?

Do what you think is best for your money. If you think paying more for a lousy product, by all means go ahead. For me, I keep insurance and investment separate cause insurance companies are not the best fund manager from their track record.

For me main reason for avoiding ILP is point 1, 2 and 3. I might have missed some stuff. Sorry for the wall of text.

Thank you.

You can still cut and save up lots of money.

You don't need to know every single dot. In fact by going ILP, it's more hands on. Why?
You need to keep track and see if the investment part is performing. Do you need I top-up so it is sustainable. Is it bearing FD/EPF return?
See so much work.

Rather buy standalone, put money into EPF/S&P500 or QQQ and dint need bother about investment part at all cause you already know you are beating majority of the ILP funds by huge margin.

Like I said point 2. Lousy fund manager still get paid even though with lousy performance and you as the consumer have to pay the price for their incompetence. I vote with my money and walk the talk. I am not just NATO.

This post has been edited by Ramjade: Oct 2 2023, 04:23 PM

I forgot to add in. Some people may want the critical illness insurance as well. So they are ok with the bundle product. But if you dig, you find that the critical illness insurance coverage offered by eg AIA is not a value for money deal Vs Singlife Singapore. Cause I enquired AIA on standalone critical illness insurance with early critical illness coverage for RM500k, they charge me flat rate premium of RM14-15k/year.

Now Singapore part quote me flat rate RM7k/year (in SGD obviously) for RM500k coverage (in SGD equivalent) with better terms like they cover cancer relapse which AIA didn't. Also there is no multiplier by AIA while there is multiplier with singlife. Eg AIA if you got stage 4 cancer they pay you RM500k. That is it. With singlife, I think the multipler was 2x so you are getting RM1m. This part I maybe wrong cause I didn't go deep into AIA. I was trying to look apple for apple comparison like how much coverage and how much premium per year. I was shocked that Singlife Singapore was able to offer me RM500k coverage while AIA Malaysia charges double the premium of what singlife offer for a plan with less benefit.

Cost of insurance maybe/may not be cheaper if you take the ILP (this one only those who design the insurance can tell you). Even if it is cheaper, I don't think the critical illness part can match the one offer by singlife Singapore.

Now do you see the beauty of standalone? I can choose the best value for money insurance rather than get a ready made package insurance and pay more for less coverage.

This post has been edited by Ramjade: Oct 2 2023, 07:27 PM

Is it wrong to talk about cons of ILP? Do you know where else anyone laid out all the cons if ILP? You are welcome to post your pros of ILP and cons of standalone. For me I do things for free so others don't need to research so much and have better decision. I believed you said before you don't give out things for free right?

Why are you so scared of talking about pros and cons of standalone, ILP? You as a financial planner never once recommend anyone an etf. Believe me I have been looking at your post for years back (on this insurance thread). Of course recommending etf means you get less commission cause no one is investing though you via unit trust.

Go on. I knew you are the one keep reporting all my old post. Make my day please. Thanks.

This post has been edited by Ramjade: Oct 2 2023, 08:04 PM

Like I told you many time, I don't sell anything. I got nothing to sell. I do all this for free. Something I don't think you can understand cause for you everything is about commission. I got no commission to earn, no fees to earn. No money to earned by posting here. No post count to chase. To be honest, I am giving up my free time being here only. Nothing else.
I am just someone who see what is the best value for my own money and I am happy to show people how to have better value for their money. Up to them to decide if what I share for free is helpful or not.

If people ask, I will post. If people don't ask I will shut up. Simple right?

This post has been edited by Ramjade: Oct 2 2023, 08:17 PM

Old info is still info. Actually I wrote them all manually. I rarely copy. The latest reply all I type myself manually.

Well you are not the.moderstor. I don't think sharing info is wrong?
cherroy is sharing information wrong and against forum rules?

Thank you. So I am free to share pros and cons of ILP if people asked?

This. Cause cannot share out info for free. Want Info pay la. "I don't do things for free". This is not how I do things as I have received lots of help from online people (who are not in the industry but have experienced in it and their help was more valuable than those "licensed people") before so I am just repaying the help given so new people looking for insurance can benefit.

When I started out on my journey of buying my own insurance, not much info available. People were reluctant to share info. Have to dig though years of bits and info over Reddit, here and YouTube.

Thank you. You are not the first. I have received few personal messages and all said thanks too for the info provided. I don't care if someone buy standalone or ILP. Like I said multiple times. I got nothing to sell. I got no referral links, got no agent to intro. No monetary compensation. What you or others buy is up to oneself. Cause at the end it Is your money. I believed one should take care of own money and be better inform when making purchases.

Google sucks or maybe not much info about insurance in Malaysia. All either paywall via an agent (pm me more details kind of stuff) or just copy paste from insurance company that I can get directly fron the company itself.

Or maybe I sucks in Googling.

TBH I found Reddit reply was better. I had most of my info from Reddit.

Want to cari makan what. If all info available, no need pm for details. Luckily I don't need to cari makan like that. My cari makan all done after everyone sleep already.

Pm for details should be for sharing personal info, meeting place not sharing insurance plan details.

I did list down pros of ILP though. But not much that I can find. Can't help it if there are not much benefit to ILP. (reality that it is not so rosy)

This post has been edited by Ramjade: Oct 3 2023, 10:50 AM