Follow the PayWave guideline which is any amount below RM250 can be transacted.

Hi all! Would like to ask, how do I decide how long should my insurance sustainability period be?
Most insurance agent that I talk to recommend a plan with sustainability until I am age 70, aka same premium until age 70. But I understand that the fixed premium is sustain frm cash value in the investment link product.. And may need to top up if the funds is finish..

Im only 24yrs old now. If I'm confident in doing my own investment, is it advisable for me to opt for maybe shorter sustainability ie until 50 yrs old, so that I pay lower premium, and use the extra amount for investment so that I can afford the higher premium when I extend my sustainability later on?

What are the cons of short sustainability period? If someone can elaborate?

The purpose of a sustainability period is to ensure that whatever the premium that you're paying for the insurance will sustain until the particular term of coverage.

Based on the average Malaysian lifespan, it's about 76 years old so it's recommended to insure until that age otherwise if you're having plan to pay out for your next of kin at that point of time but your policy had already expired, then it's too bad your insurance policy will not have any payout. From the medical point of view, you'd want to make sure you are covered until that age as well to pay off any medical cost as the older you get, the more health problem you'll encounter and you'd not want to break your bank account which is mostly your retirement money.

With a lower sustainability, you'll have a cheaper policy but don't think that's a great thing because if you choose to top up later at that point of time, you may be required to pay a much more higher premium than if you had started a policy with a longer sustainability and paying a slightly higher premium due to the snowball factor.

You can't cheat the insurance system and there is no shortcut behind them, all of it is already pre-calculated by the actuarial.

This post has been edited by lifebalance: Apr 13 2021, 01:27 AM

Applied insurance and got cancelled halfway. Did every test but when reach to the point where the doctor need to give their report (and the doctor refuse because reason might affect my insurance etc...) ...

I am left with disappointment. I am left uninsured. need advise on what i should do next

This post has been edited by Leo the Lion: Apr 13 2021, 09:35 AM

Interesting how the Doctor can refuse to produce a report.

Even if the report disqualifies you from getting insurance, wouldn't you want a copy of it for your own keeping?

Is there any action plan proposed by the Doctor that you need to take in order to have a better report in the future and only applying for insurance then? If that's even possible.


Best,
Jiansheng

The doctor will not pass you the report, they'll directly send it to the insurance company once you've conducted the test.

From the sound of it, your story is incomplete, it's not possible for the doctor to cancel your insurance application nor refuse to pass your report to the insurance company after conducting the checks required by the insurance company.

However, if what you said is true, you may file a complaint to the insurance company that you've applied with on the incident you've mentioned as these clinics / hospital are appointed as the panel to the insurance company.

The insurance company that requested the doctor to provide the report.

You unable to shorten it to 50yo bcoz the new ruling from bank negara. All the companies have to follow this. Either sustain on 70, 80 or 90. So basically all the quotation premium generated from all the companies about or more or less the same.

Or u may opt for standalone medical card and par/non par life &CI which no investment involved.

Thanks.

1st thing 1st, did u ask the dc why don’t want to write for u? Dc personal issue?

This post has been edited by Ewa Wa: Apr 13 2021, 05:34 PM

At age 24, the difference of having a policy sustaining between to age 70 and to age 80 is rather negligible (in the grand scheme of things).
Saving the difference would get you... a couple Starbucks drinks a month?

I applaud you for being so engaged and involved in managing your finances.

But in the context of your question, in your retirement planning and accumulations, would you also include an amount to pay for your insurance needs beyond age 70?

Not true and incorrect.


Not true and incorrect.

Hi sifus, I have below policy with monthly premium of rm200 with credit card debit automatic sustain till 70. My question is can i go econnect portal to pay more monthly so that it can sustain longer and maximize rm3k tax benefit? any reason not to do? Thank you!

SMARTPROTECT ESSENTIAL 3 MYR 50,000
SMARTMEDIC XTRA
SMART EXTENDER 90K(R&B150)
IL PREMIUM WAIVER EXTRA RIDER
IL CRITICAL ILLNESS BENEFIT RIDER

You can contact your service agent to do the ILP calculator.

Suggest to ask your agent more info about new medical rider Smart Medic Million / Smart Medic Extender & Smart Medic Million Plus

hi kimi, your premium is RM200/month so even if you opt to pay more, the eligible for income tax relief is still RM2,400 per year. if you want to max out your tax relief, have to do amendment on your policy to change the regular monthly premium.

since you are keen on utilizing the income tax relief on life insurance and medical insurance portion, perhaps you can use this opportunity to also review which benefit you want to adjust at the same time changing the monthly premium.

Good evening,

If you're planning to contribute extra every monthly, you would need to get your agent to fill up a form for the top up.



Normal top-up are not entitled for tax deduction, you will have to add-on/upgrade the existing benefits within the policy to make up the difference.

If you wish to utilized more on your medical 3k portion for tax deduction, you may consider to add-on more on the critical illness or medical card benefit.

That being said, sometimes it's not necessary / worthwhile to spend the extra RM600 yearly to upgrade if it's not necessary or if you have enough insurance already.

Essentially you may be spending RM600 unnecessary for 1% - 25% worth of tax (RM6 - RM150) equivalent of savings. (Depending on your tax bracket)

This post has been edited by lifebalance: Apr 16 2021, 12:28 AM

https://www.manulife.com.my/content/dam/ins...SB-1M-Flyer.pdf

Hi is this a good plan?

This is the latest promo on the additional annual limit.

Quite okay if it's your first policy or coming from an old medical card with lower annual limit.

This additional benefit will cease immediately if there are changes in the Room & Board or Co-Insurance Option after policy is issued ----> is that mean they will change in future to ammend back to the original annual limit?

Any better insurance can compare with this?

Which means if you upgrade the plan to a diff room and board or co insurance option in the future, this additional annual limit will cease.

A comparable plan would be Allianz Medisafe Infinite+ with a longer pre and post hospitalization benefit with similar NCD and co insurance option available.

This post has been edited by lifebalance: Apr 16 2021, 10:29 AM

You mean Allianz MediSafe Infinite+

Allianz MediSafe Infinite is no longer available and does not provide the benefits you mentioned.

Hi,

if without informing the company, additional premium will go to suspense acc where your money sit there and do nothing. So not advisable to do so.

If you wan to sustain longer sign this form PSF02 version 2020 to top up on the "GSR". This allow u to sustain longer but it wont help in getting higher tax benefits. Do report ur tax according to the premium statement where you can download from e-connect.

If you wan to maximize yr tax bracket, top up ur life sum assured, critical illness etc.

This post has been edited by Ewa Wa: Apr 16 2021, 10:28 AM