Hey All,

Can I please get some opinion from SIFUs here. I am super newbie to the insurance world, but I roughly understand a couple of items here and there.

Current – I previously bought Life & Medical insurance from Alliance (back in 2012) and I think I am due for an upgrade.

Profile – 36yo, non-smoker, never made any insurance claim since purchase, currently paying insurance +/- RM5.16k

Policy:
Life – Life [500k], TPD [500k], CI [500k]
Premium : Yearly RM3k
Expires : 2042 (age  54. purchased 2012)
Remark : Life & TPD either one, payor cover, depend on sustainability

Medical:
Life – Life [85k], TPD [85k], R&B [200], A/L [120k], Lifetime [1.2mil]
Premium : Yearly RM2.16k
Expires : 2045 (age  57, purchased 2015)
Remark : Life & TPD either one, payor cover, depend on sustainability

Recently I wanted to review my policy as I am looking to increase some coverage up to Age 80.
This was the renewed policy shared/discussed, and now my annual payment increases to 12k:
Policy:
Life – Life [500k], TPD [500k], CI [300k]
Premium : Yearly RM7.8k (pays for 20years)
Expires : Age  80
Remark : Life & TPD either one, depend on sustainability

Medical:
Life – Life [100k], TPD [100k], R&B [200], A/L [2mil], Lifetime [Unlimited]
Premium : Yearly RM4.2k (pay until age 80)
Expires : Age  57
Remark : Life & TPD either one, payor cover, depend on sustainability

Questions to Sifus:
1) Are the new plans justifiable, at this point I am quite certain of protection to age 80. Does anyone has (or know of) better plan or can point me to better value for money plans? 12k do seem a lot.
2) What other items should I consider?
Both new plans require me to cancel the old plan, but the idea is that I do not have to pay the old plans (cause I some “cash value?”) and just pay for the current new one.

Note : I find it funny, that insurance doesnt give benefits for upgrade for long-term policyholder that never claimed since purchased since they already have data. But this could also be like a tactic to get new comm or something.

Thank you everyone.

looking for stand alone medical cards for young adults; any ideas?

which one you recommend for good value?

thanks for the info; where to find claims history of medical insurance claims for the companies? dont think such info is published

Just curious and just asking only.
Why do you still choose to remain at your current premium level even after knowing the possible results?
Isn't topping it now will have a more smoother or gradual financial commitment shock than performing larger top up later?

Question for Great Eastern agents.

Lets say I have a ILP with an attached medical rider (SMX200). My premium is currently RM200. However, the recent sustainability letter says I need to increase my premium to RM280, and the repricing letter says I need to increase premium to RM250.

I'm considering switching plans to SMS-250-D. The recommended premium by agent is BIP RM340 and GSR RM30 (for top-up premium), i.e. total premium of RM370.

1) Can I elect to maintain my BIP at RM200, and instead apportion all the recommended increase in premium to GSR, such that the GSR becomes RM170?

2) Can I elect to maintain my monthly premium at RM200 for the time being, and revisit in the future during the next sustainability letter? I have ample cash value, and for now the annual premium is around twice the total cost of insurance of the plan + riders.

Thanks!

Just applied to GE medical card insurance with ILP for my 10 y.o daughter and was informed that during the free look period, although I could try to cancel the policy by writing in but the final decision solely lies with GE itself, they can refuse the cancellation.  Is this rule not contradicting our consumer protection?  Though I do not have any evident that there is this kind of consumer protection in our country.
https://www.greateasternlife.com/my/en/pers...s.html#freelook

You are Allianz agent but promote Aia?

AIA Medical Insurance (From Excel Care) for my Mom is expiring at age 70.
Is there any insurance for Elderies? She's 65 this year I'm going to help her to enroll into a new plan that can give protection after 70. No problem to undergo a body check etc..

buying insurance izzit nessary have to go through agent？

I am wondering... basically at the age of 70... getting new coverage vs maintaining old coverage... both is going to be very expensive. If don't have the financial means, it is going to be very burdensome eitherway (ie buy new or maintain old coverage) until some may just give up getting medical insurance.

Hence I think the only real difference is that if one already has medical coverage hitting 70, one can continue to have the coverage if can afford.
If don't have and want new coverage, most probably will be rejected, unless BNM does something like forcing insurers to accept new coverage of certain limitations (similar to how company group insurance works).

I have go through a meeting with my agent regarding the increase price of the insurance. We had discussed few point which i unlikely agree. Here is the thing we had discussed

1) he claim tat EVERY insurance model actually is running base on a pool fundings. So the insurance will be eventually increased the premium price eventhough u r very young subscripted it. Is tat true?

2)some of the insurance they only accept to 70 years old,eventhough u want to pay the premiem they also wont accept. If u reach 99 years old the premium will be 31 k per year,is tat true?

3)the invesment link account,lf lets say currenly im 300 month,150 is the premium of the insurance,actually only left 80 go to invesment fund,70 goes to adminstrating charges.

4)for sight surgery,for example cataract,cannt be fully claim,only give u max 2000 per eyes.every insurance is the same,is tat true?

appreciate to elaborate more tq..

1. So the insurance will be eventually increased the premium price eventhough u r very young subscripted it. Is tat true?
Incorrect.
Currently im 300 per month, can it be maintain to 300 until im 99 years old? the claim as promise 1M renew by every year nvr change.
2. some of the insurance they only accept to 70 years old,eventhough u want to pay the premiem they also wont accept.
Incorrect.
this i agree

3. Incorrect. You may want to refer to your policy for the exact distribution.

agree..
4. Not true as that depends on the package / benefit that you signed up for.
agree, my 1 is smart protection essential smart protect 2,with few rider. IL CRITICAL ILLNESS BENEFIT RIDER,SMARTMEDIC XTRA,SMARTMEDIC XTRA 99, SMART EXTENDER 90K (R&B150) ,SMART EXTENDER 90K 99 (R&B150) , IL PREMIUM WAIVER EXTRA RIDER.

not sure im this protection is ok for me or not, tq

Can we report people suspected of medical insurance fraud to anyone?

Today overheard someone was sharing how they got saja saja admitted to do CT scan as a precautionary measure. By right cannot, how they bypass?

He using SMX same card as me.

Hi all, I received premium revision for my existing GE medical insurance plan (SMARTMEDIC XTRA + SMART EXTENDER), need some advice on some question which my agent wasn't able to explain clearly or maybe just my understanding not good:

1. There is a recommended/suggested revision premium amount +RM80 per month to maintain to same coverage but there are choice for minimum amount of +RM20 so question is why anyone would choose RM80 if there is a lower option? Any chance on opting lower amount?

2. My agent suggest me to opt for an upgrade to a diff plan (reason bigger pool of fresh fund product usually "sustain" better meaning less likely to increase premium soon) but I am worry that the new plan just initially low cheaper but eventually increase higher premium and more frequently revision - am I right about my worry or should I just opt for upgrade instead of premium revision on my existing plan, can anyone please advice.
TQVM

All the more reason to sign on with AIA and pautkan AIA Vitality where you actually get rewarded for keeping an active lifestyle! 

then typically insurance like Pyramid scheme already.. i thinking if the fund alots of people pass away ..how to sustaine? what will be the end of this pool? for example my insurance promise can cover until 99 yrs old, i for sure my plan cannt have new funds come in around 30-40 years later..then how to sustance to 70 years later?

I think when the word "pool" is used, it does not mean each individual plan has its own pool. I think it's more of a gigantic pool for all existing plans for medical claims, etc.

Are you on standalone or ILP?

Like Ramjade mentioned, for standalone, eg: AIA they cover until 100 years old if you continue to renew every year. Some perks like you may upgrade to a better plan in the future for "free" without health check up.

Pyramid Scheme is a frauduluent thing. Many ppl pay, and very few gain. Hence the word pyramid. You cannot equate insurance to pyramid scheme. Insurance is about risk sharing and risk pooling. You just pay someone called the insurance company to help manage this pool.
I hope you get your facts right for Gathercare because you have been constantly promoting it. While I think it’s good to have alternatives especially cheaper ones, I think let’s be straight.
1) Gathercare does not state they are non-profit organization on their website.
2) Look at the management team or staff. Who are their staff? People with insurance or actuarial background.
3) One can try out gathercare but keep in mind a few things. What’s the sustainability? What’s the track record? What will happen to them 10 years down the road?
4) According to their website, they have 3000 people in this crowdfunding. Who are in these 3000 people? Insurance companies are dealing with customers in the numbers of 6 digit or even millions. The law of large number is I guess good enough for this case. That 3000 is nothing compared to the millions.
5) And the list goes on…

The Gathercare Medical Cost Sharing Community is a not-for-profit Medical Cost Sharing community, focused on serving the engaged healthcare consumer. Gathercare facilitates the direct sharing of medical costs among our participating Carers (the Community

According to the company  Gathercare is not an insurance/ takaful operator. ( per image from website)

No wonder Gathercare is not listed under BNM lists of regulated operators.
https://www.bnm.gov.my/regulations/fsp-dire...view&p_r_p_tag=

Gathercare was rebranded in 2020 from Life Engineering according to their website (per image)
Life Engineering had been noted by BNM as per image of BNM notice to the public in 2017.

If, just if shits were to happens ..
Contact SSM or BNM to help resolve matters?

I liked the "Disclaimer" from their website as per image

Ok. I take not that they are not for profit.

I am not questioning legit or not. I read their history, BNM has investigated them when they were life engineering. They are ok.

But the points i pointed out is applicable. Even if it's a legit business or NPO everything done correctly, there is no track record to prove it will sustain in the long run. There is a reason insurance company exist. And PIDM exist as well. And BNM ensures when companies merge, policy holders remain pretty much unaffected