Actually you will be surprised. I was like some friends just buying the cheapest insurance or just buy cause friend ma must support and don't know what are they paying for

Not to mentioned overinsured. It happens both here and in Singapore as well. People buying too much insurance and got no money left.

I was like what?

This post has been edited by Ramjade: Oct 3 2023, 10:57 AM

There are few good people here that if one search their history of replies are good agents. You can also search for those "pm for details"

I contacted a few but cause what they have didn't suit me. So no deal.

This post has been edited by Ramjade: Oct 3 2023, 11:00 AM

Is the buyer willing to go though multiple agents like I have or just buy from the first agent that he/she contacts? At the end not everyone can interview so many agents or want to do it.

Like I said, it is their money at the end of the day. If they want to have less/better value of money, by all means go ahead.

This post has been edited by Ramjade: Oct 3 2023, 11:11 AM

Info is always one sided unless you do your own research. Don't limit yourself to research in Malaysia. I read lots of personal finance blog but majority don't talk about insurance. There is only blogger who deep dive insurance and deep drive lots of stuff.
https://investmentmoats.com/budgeting/insur...-right-reasons/
This is sg style ILP more advanced than our Malaysian ILP. Potential of better returns too as they use ETF vs us who use UT and only invest in Malaysia market.

After doing your research, info will favour the best value that you believe in (when all evidence stacks up)

I am not affiliated with the blogger or owns the blog. Just found that his blog have lots of gems if you are willing to take your time and read through.

This post has been edited by Ramjade: Oct 3 2023, 11:40 AM

Help by correcting any incorrect stuff I/anyone post. I don't mind being corrected. Get new things to learn

I think all insurance online website got write there amount needed to pay? I know AIA, GE have.

One way I do, pay lump sum every year so you no need to worry about payment not made.

Alternatively if lump sum too much, make manual payment on first of every month. That is what I am doing for my other bills and credit card. I manually pay one by one. No auto deductions for me.

If the policy is very old need to do top-up cause no more cash left. Usually they got write there sustainability until xyz year. Cash value how much.

This post has been edited by Ramjade: Oct 3 2023, 01:31 PM

Check with customer service does your insurance have conditions that you need to pay for like 5 years or more then only you are allow a premium holiday. Since yours is only 4 years. Cause for the first and second year, >50% of what you pay goes to agent if am not wrong. So maybe that's why not enough cash value.

This post has been edited by Ramjade: Oct 3 2023, 01:59 PM

Hang on. Let me check my old ILP quotations. It's 40%+ in commission for first 2-3 years, Not 50%
40%+ paid in commission for first 2 years is true. Not sure out of the 40%+ how much the agent gets to keep.

But it make sense what. If 40%+ taken up as commission, where got enough money for the funds and insurance? So no money for premium holiday yet.

Someone posted here before ILP only making money after 7 years like that. Cause by 8th year no more commission already. Hence 8th year onwards all money you paid goes to insurance premium and fund. That is if fund is performing. If not performing, how to take premium holiday?

4 years too short to take premium holiday.

This post has been edited by Ramjade: Oct 3 2023, 02:46 PM

So? You take premium holiday your sustainability suffer. You may need to topup down the road. No free lunch.

Like I said, insurance is burn money and have to pay for it. If don't want to burn own money, and have insurance pay for you, the best option is invest in insurance company shares and take their dividends and pay them back in premium.

That's what the blogger did with his curry puff. Now he enjoying free curry puff from the company for years already. That's what I am doing. Having my banks and my UK insurer pay for my insurance premium cause AIA dividends are not worth buying.

Wow thanks for this info. Now it make sense why they push ILP and savings plan.

Normal la. When you kacau people rice bowl, they feel threaten and assume that they are boss of this thread.

Only one person I know here who have trigger happy fingers. Lol

Actually if you are long term always go with equity cause equity will always outperform fixed income in the future.

But the problem with the investment in ILP are majority invest.like >50% into Malaysia market. Those that don't invest in Malaysia invest in China. And when you look at Malaysian and China Market, returns have been rubbish for few years. That's why majority cannot even EPF returns.

Fixed income was slaughtered last year due to rapid increase in interest rate by US govt.

This post has been edited by Ramjade: Oct 3 2023, 09:05 PM

Holocene, denion, JIUHWEI comment please. Is it true or false?

Nah halocene, you asked how can you contribute, here you go. Lol.

If you guys don't want to comment about it for Pnc reasons, I am also fine with it.

When you switch (if new plan) there is a waiting period of 2 years usually unless it is dengue, accident or viral fever (that one no need pay and claim)

Basically if you try to use the card within 2 years, insurance can ask you to pay and claim first while they investigate or dig up info on you and see if you try to fraud the insurance company.

Now you can switch to new plan and surrender the old plan and don't have protection (pay and claim first) or you can continue paying the premium and be covered by old insurance while waiting for your new insurance to mature.

So why is Ali paying double? Cause he don't want to surrender his old policy and still enjoy protection from his old policy. That is why he is paying double. If you are absolutely sure that you are in good conditions, then you can surrender your old insurance and buy new insurance and don't need to pay double. The question is how sure are you?

Keep in mind every time you buy new medical insurance, they will ask if you got any illness. Any existing illness won't be covered yo. So think carefully before surrendering old insurance before getting a new one if you got illness. If you got no illness, go ahead.

This post has been edited by Ramjade: Oct 3 2023, 09:51 PM

Thanks cause as far as I know trailer fees will always go to the company selling the unit trust. Never heard that the agent gets it. Learned that from FSM.

This post has been edited by Ramjade: Oct 3 2023, 09:56 PM

Yes. Reasons
1. Medical inflation because everything goes up.
2. Pool of money getting smaller.
Insurance does not cover outpatient for lots of illness and require admission, so everyone admits. This would change if they start covering outpatient. Paying say RM500 for outpatient Vs RM5k-7k for admission. So which one dries up the money faster? So if you are in the pool, and didn't claim, sorry but that is not how it works. You claim or didn't claim other people claim so everyone pays the price.
If you are on older plan, without new money coming in (new customer) expect more increases. To get around it, shop for new plan every 10 years if you area still healthy without illness.This way you always in bigger new pool of money Vs previous pool.
3. See reason 3 in the link
https://forum.lowyat.net/index.php?showtopi...ost&p=108230425 (only applies for ILP yo)

Before applying for increase, insurance company must show to BNM why must increase. Only if BNM said ok, can they increase it. Medical insurance is usually the losing money part for life insurance companies cause people actually use it (few agents told me this)

If you are worried about increase there are few ways around it
1. Go for stand-alone. You still can get increase from reasons 1-2. But 3 is within your control. You won't be subjected to 3.
2. Gathercare. It's more a less a fixed rate premium at around RM400+/month. No increment cause not for profit. First in Malaysia.
3. Go for higher price plan. Yes. You are reading correctly. Why?
I have seen this where one company increase the premium for all their plans except for people in the highest tier. Something about different pool of money.
4. You can downgrade your plan though but still have increases (cannot run away).

Do as mini orchard said.

You don't want to be like the GE customer where she didn't declare anxiety and was denied payment when she had cancer do you? Give them no reason to deny your claim by being honest.
https://forum.lowyat.net/topic/5125587

Disclaimer: not an agent, nothing to sell or earn. Not affiliated with anything mentioned. Just someone who did 6 months of research on medical insurance.

This post has been edited by Ramjade: Oct 4 2023, 09:46 AM

Even with your colonscope report showing all clear?

Eh? Can appeal la do that cover colon. Whether they approve is another question. You got your report what.

Like me I upload all my recent medical checkup and there was nothing on it is they approve my application.

If it's me, I will fight and appeal. Just try your luck. You never know.

Yes. Only 1 in Malaysia.
1. Your company insurance. Some cover outpatient and some don't. Mine previous company no insurance. Typical Chinaman company.
2. Generali outpatient (not valid anymore)

Yeah. Surrender lo. Once you got illness cannot shop for existing insurance already cause usually insurance don't cover existing illness.

Edited to point out Generali does not accept new customer anymore.

This post has been edited by Ramjade: Oct 4 2023, 11:19 AM

Yes and yes. That is why I said as long as still healthy can shop around for insurance. Once you are not healthy anymore your shopping stops and you stay in that pool and be subjected to more price increase. Don't get me wrong. You still can shop around but existing illnss won't be covered.

Why surrender? I give you an example
Say 10 years ago, you buy plan that have medical coverage of say RM50k or those with life time limit say RM100k and now you are paying say RM2k/year. Now you check AIA and GE and they have coverage of RM1M+ with no life time limit and only paying say RM2.2k, do you want to surrender your old plan if you are still healthy? I would.

That is why some people hold 2 policy and pay double. Cause say old policy have coverage of only RM50k and already got illness. They can still get new insurance. The caveat is the new insurance won't cover their existing illness. So they can use old insurance for old illness and new insurance for others. But pay double.

Keep in mind from my research, you can stay with one insurance company for super long time and they will move you to new pool. Not sure what is the criteria for moving to new pool but my guess is no claims at all. They offer you the move without any need for new medical underwriting and cover all existing illness. I got only 2 real life example for that.
1. One was blogger who work in Singapore. He got illness but he used his Singapore insurance and not his Malaysia insurance. So on Malaysia side he seems clean. So they offer him free upgrade. More coverage, new pool. He took it.
2. Was a friend. Also never claimed before.
Not sure if they are ILPs or standalone. The insurance company in question is AIA. As far as I know GE does not offer this. Not sure about other insurance.

Can you remain healthy until 60-70? You bet. I got one colleague I think 60s? Still no illness. Never claimed his medical insurance before. Run don't know how many km every few days. He is using allianz and I asked him any upgrade to new plan? He said no. He also don't care.

That is why you review your plan every few years if healthy. 5 years too chort time to change.

If you are on ILP up to you to decide if want to change cause need to start from scratch if buy new ILP. No issue with standalone cause you don't have the investment baggage there.

This post has been edited by Ramjade: Oct 4 2023, 11:20 AM

Yikes. Thanks for the info.

Yeah. There are ways to maintain your health. We can move it to health section if you want. There's no pm me for info. I don't do that type of thing. Lol.

I share everything openly. Nothing to hide. Nothing to gain.

This post has been edited by Ramjade: Oct 4 2023, 11:27 AM