If you look at some ILP, their returns actually suck below FD. Not many people know this and not many bothered to look. I did. That's why I lol on taking up ILP.

That's why I said dump buy standalone, dump money into EPF.

Statistically, how many die with 2y of taking insurance? Very rare if young person. Also if you up your life insurance, your COI also increase. Nothing is free.

Definitely lesser as you don't have additional baggage of poor investment. Cause now you are dealing with only pure insurance and cost of insurance alone.

This post has been edited by Ramjade: Jan 5 2024, 07:31 AM

That's why I buy medical and critical insurance only. My critical illness insurance is also just to mitligate in case I can't work and it's not for life. It's until retirement age. People will get sick and you don't know how sick you will get. So you know you are going to use it in the future. I buy it cause I know I will use it. It's not something that I won't use.

You don't need to claim everything. You just need to make sure that you have enough coverage. All those 100k+ coverage is enough actually but when you are old, it won't be enough.

Lots of people already have good returns with medical insurance. That is why medical insurance is one area that many companies are losing money.
1. People admitting cause having insurance
2. One operation easily 5 digit
3. You get sick multiple times. Not one time thing. From dengue to food poisoning to accident

Death is certain. It's a one time thing. Unless you do risky thing, or don't take care of your health, death comes sooner of course there is always outlier. Does it make sense to pay for life insurance coverage of millions where likely your family claim the amount at the end of your life Vs putting money into say EPF and give your next of kin the EPF? For me I rather choose the EPF over life insurance. Illness is recurrent. I am paying RM200k+ for 1m+ coverage (entire term) I think is decent. One or 2 admission easily RM20k which is like 10% return.

No right or wrong.

This post has been edited by Ramjade: Jan 5 2024, 08:00 AM

Same with life insurance. You didn't die. So family didn't get pay out. As long as money in KWSP, your family payout will be higher with time. This is not the case with life insurance. Your payout is fixed. If you die early then consider bonus. You die later not so much.

That is where critical illness come in. If you want to protect yourself more there is disability insurance in Singapore. They cover you as long as you cannot work.

I bought critical insurance from Singapore side cause cheaper, better coverage but no cash benefits. I choose term coverage Vs whole life coverage.

I am saying kwsp Vs life insurance.

This post has been edited by Ramjade: Jan 5 2024, 11:53 AM

I didn't buy disability insurance but I know you can get it. Eg. You are a guitarist. You fracture your hand. So you can't work. They will pay you monthly until your bone heal and you can resume work. Then payment stop.

If you break your hand again, then they start paying you again. But pay only around 70% of your pay. Not full pay.

Allianz ILP. Keep in mind. Just go to allianz website and leave your contact. Someone will contract you.

Pro tip. Do not take the first agent that contacted you. Shop around and see which agent is worth giving your money to. I shopped like 10 agents. Sometimes 2-4 agent per company.

This post has been edited by Ramjade: Jan 5 2024, 04:24 PM

Now you know why I know so much on insurance. Cause some agent are just wasting my time and fear mongering. Some agent die die want to sell me ILP even after I told them no. First option is show me ILP. Never even tell me got standalone. When I asked about standalone their face become black straight away.

This post has been edited by Ramjade: Jan 5 2024, 04:28 PM

That's why I took like 4 months,+ to finally buy my medical insurance. You want the best deal, you need to shop around.

Agent who are pushy or dishonest or using fear mongering, sorry you won't get my money.

This post has been edited by Ramjade: Jan 6 2024, 12:40 AM

It's not about getting the cheapest medical insurance. It's about getting the right one. AIA for me was not the cheapest.

Everyone got different right one. But when you narrow it down to only standalone medical insurance, there really isn't much choice and all more or less the same. Difference is room, premium, number of post hospitalisation days, annual coverage. That's about it.

This post has been edited by Ramjade: Jan 6 2024, 08:10 AM

Don't know. Let's us see. It increase yearly due to age. Something people may not be comfortable with it. But it's normal. All insurance does it. Let see if the increase follow the projected table. Logically without the lousy investment part definitely lesser. Cause there is no sustainability element/investment portion which will trigger the increase. It's purely from medical inflation.

This post has been edited by Ramjade: Jan 6 2024, 08:26 AM

Unlikely. Cause standalone you are paying for medical repricing alone. ILP you are paying double. Medical repricing and poor performance.

But let us wait and see if I kena repricing by AIA

I am no agent. But here's where you are paying extra Vs standalone.
1. Fund fees in terms of annual expenses
2. Additional charges for life insurance which cannot be removed. Even your it at min amount also you are paying for it.
3. Lousy fund performance (can't blame them totally, ? BNM fault)

Very easy. Make sure you have passive income or ready cash that can cover you until whatever age you want. My passive income today can pay my medical insurance premium at age of 80. So no issue for me to continue until 80.

How much ready cash? Around RM300k should be sufficient to last until 80.

Wiser men than me have already said standalone is better choice Vs ILP. Who am I to argue with people that actually crunch numbers? Lol.

This post has been edited by Ramjade: Jan 6 2024, 01:27 PM

See my previous reply. RM7k for RM500k coverage with multiplier, cover early stage cancer, cover cancer relapses. RM7k until age of 60. Fixed. Won't increase unlike medical insurance. You can choose longer or more coverage or more early critical illness but it will become more expensive.

Only issue is you need to travel down to Singapore and sign the contract and it is priced in SGD.

They accept all medical reports from Malaysia side but have must notary chop.

This post has been edited by Ramjade: Jan 6 2024, 03:46 PM

Company seems to send me idiots. I already specify English speaking, they send me Chinese speaking. I already specify no ILP, send me those pushing for ILP.

I just act dumb and see what agent recommend. See what's is their first choice.

That's what I did will all the agent. Give them a test.

True. But some stuff govt hospital super slow. Another thing is govt overcrowded so you mix with all the sick people. You admitted for disease A, get disease B in the hospital pulak due to overcrowding.

If everyone think like you, insurance no business already. Lol.