AFTER I think no need otherwise tak senang every now and then we need to disclose ha ha

But let's wait for the experts to confirm

No issues at all. No need to disclose too.

Because the questionnaire is asking for disclosure AT THE POINT OF APPLICATION.

Since there was no diagnosis at the point of application, there's no way of knowing.
And since there's nothing known at the point of application, naturally there is nothing to declare.

Example:
2020 - Sibling A had a heart attack, but he didn't tell his family so the family members didn't know about it.
2022 - Sibling B buy an insurance without declare any family history, because he didn't know about A's heart attack previously.
2023 - A & B had a gathering chit-chatting then only B found out about A's heart attack history.

So should B inform/update the insurance company?

Oddly specific scenario?

So the fact is, B really didn't know.
The challenge is, how to prove?

Quite difficult not to notice a heart attack...
Goes on to show how far apart they have drifted

For me, I will write it down as truthful as I can.
Betul2 didn't know, then write didn't know.
Recently only the feller tell me about it. So I do my part to declare.

hi poweredbydiscuz, for this matter, i will help B to declare if B mentioned it. it won't be any big matter, there won't be any check-up or exclusion for case like that. to be safe, just declare.

Recently got a letter from my insurance mentioning "If you do not take any futher action, your current policy coverage is projected to last for the next 8 years and 5 months only based on your current premium."
The revised premium is a whooping 80% increment.
Is this kind of thing only happens to Investment Link?

Yes.

There are advise within the letter from the insurance company on what action you can do now to pro-long the policy.

What do you think on plan with limited days for room? Is it worth it? Should I go for unlimited one?

What is the different in amount of premium to be paid?

If can afford the premium, ..it is always better to have everything "unlimited'

This is why I will never and have never bought ILP products

Don't be greedy. Unlimited all marketing. Whatever extra feature in the insurance have already been calculated in. You pay more in premium. A word my agent use. No free lunch in insurance.

As newer plan comes out, they will always outshine the older plan in order to keep up with the market trend on what people are looking for in coverage. You can check out and compare which is suitable for you.

What would be the best choice if were to avoid premium revise from time to time?
To buy Life Insurance and Medical Insurance separately?

Yes, in my personal (and I stress, only personal) opinion, these are the essential insurance that I will ever consider buying:

1. Medical insurance - comprehensive coverage, esp. hospitalization. Mine has a 365-day post hospitalization coverage (in case of chemo etc) & also pre-hospitalization coverage (eg. to claim back all the investigations & diagnostic procedures), and mine is valid for both private &/or public hospitals in Singapore and selected private hospitals in Malaysia (eg. Gleneagles in Malaysia, or Pantai Parkway).
2. Professional insurance - my insurance to cover against medical errors at my practice, as well as my practice insurance
3. Car insurance - comprehensive and third party
4. Home & content insurance - and for my rental properties, landlord insurance
5. Travel insurance - we used to buy yearly, but since COVID, I've gotten the per-travel option by Allianz.
6. Personal accident insurance (if you're in a high-risk profession, or engage in extreme sports)
7. If you have kids &/or decide to leave something for your family members - life insurance
8. I used to have income protection insurance, but they no longer wish to insure me without a hefty spike in the premiums which simply wasn't worth it

You won't see investment linked policies in that list. I'd rather do my own investing & cut out the middle man.

I do have a couple of annuity plans but those are to hedge my bets and mainly to supplement my passive income in retirement.

I would definitely buy life insurance and medical insurance separately.

There are no ways to avoid it. Term insurance are subject to repricing as well. If you can find one that doesn't at all, please let me know.

Yes. You cannot run away from premium increase. Medical insurance premium will also go up with time. Plan for it.

ILP premium increases because
1. not enough money left in the pool (too many people claim)
-this also happen for standalone
-this you cannot avoid
2. Fund not performing
- this one you can avoid. How? Do your own investment, avoid ILP. If you don't know how to invest, just dump it into EPF. You will beat majority of the ILP returns over time.

Medical premium will increase with age. You cannot run away from it. Is whether you get additional increase vs the projected returns. In theory you are not supposed to get additional increase when you buy ILP, but that's not the truth. Some people get it as early as 2 years of buying. Some get it like 2 yearly Also depending on insurance company. Some standalone medical insurance follow the projected increase to the dot. Some standalone do not. You need to research before buying.

This post has been edited by Ramjade: Aug 8 2023, 03:49 PM

I found critical illness insurance with fixed premium which is fixed for the entire duration of the insurance term.

This post has been edited by Ramjade: Aug 8 2023, 03:50 PM

Will this premium be more expensive than the normal type?

Like, perhaps, maybe you pay 25% more than normal, then this 25% will sustain the future premium increases?

On the contrary, it's 50% cheaper than what I found in Malaysia. eg.
RM500k coverage. AIA charges me RM14k/year fixed for the entire term of insurance. Sg insurance charges me only RM7k/year. No other charges. No increases. The payout coverage is RM500k but if you factor in multiplier, it's 2x more and they cover for relapses of diseases (more coverage and cheaper). Basically a better deal.

This post has been edited by Ramjade: Aug 8 2023, 04:13 PM