Likely BNM. Cause you cannot collect money form public without a license. If you do so like JJPTR, sure get raided and shut down.

Er I think you should know my answer. Come I show you a better way. Open interactive broker, dump in insurance premium that you would be paying for the plan above into S&P500. You will have better returns than whatever GE can cough up. And yes fractional shares are allowed by IBKR.

This post has been edited by Ramjade: Jan 16 2024, 05:55 PM

Now you know why I got a shock when Singapore part can quote me Rm7k flat rate for RM500k with multiplier for critical illness. AIA offer me RM14k for RM500k with lesser perks.

Life insurance can be very cheap. Shop around.

Waive until end of contract and if it fulfilled the definition of critical illness. Give you one real life example. Heart attack if there is > 70% blockage in the artery. One of my agent client only had 67%, hence not waive. Have to continue paying. So be careful of critical illness.

Something about BNM force foreign insurance companies to sell like 30-40% of their share to local GLC. So to avoid that, GE put money into a fund supposedly for B40 mysalam. Whether the money actually reach B40 is another question. That said that exercise exempted GE from selling their shares.

In case you are wondering yes you can buy Great Eastern shares. It's a publicly listed company in Singapore.I know some Singaporean have like 6 figure SGD inside Great Eastern. Alternatively buy OCBC. They hold I think 90% of GE.

Turn that cash register around baby. Use dividend from them to pay your premium. Essentially getting free insurance from GE. 😁

ILP have baggage of poor performing fund. So if fund not performing, you are force to increase premium some more. It's double whammy instead of just one thing you need to deal with (medical inflation)

Normal. Cause as age increase higher chance that you will claim. So insurance want to cover themselves also.

Lots of people complain. You can see it on Reddit or lowyat. You can't do anything about it.

That's why I always say plan for it. Majority of people cannot afford insurance at age of 60 above when you need it the most. So they just surrender policy or let it lapse.

This post has been edited by Ramjade: Jan 28 2024, 01:09 AM

Yes. It's true. If you are willing to pay. If you look at the brochure and plan, all stare coverage until 99 years old. Question is are you willing to pay RM20k/+year for insurance? Sometimes can also be RM30k.

Another reason I can think premium going up is our weak ringgit. A weak ringgit will increase inflation as we import everything despite what govt said.

This post has been edited by Ramjade: Jan 28 2024, 01:51 AM

Medical insurance.

If specific accident issurance yes. Not in Malaysia. You need to go Singapore.

Agent basically no function unless you meet one that is willing to do claims for you. If your agent is the type that push you products or spam you stuff trying to get you to buy new stuff, you are better off against an agent. For me, no choice to buy online. Hence have to go via agent. Or else everything I settle myself. There are some stuff that you can do it yourself online. Some stuff need to buy via agent. If you are going to buy standalone, don't really need customisation. But some standalone plan still require agent.

Don't be fool by GE marketing. They offer you free for limited time. It's a marketing tactic for them to pull you in. Once sub, they can change the terms and ask you to start paying for it somewhere down the road.

All ILP more or less the same. As long as pay on time, infull and do not claim within 2years (other than accident, food poisoning, fever) you should be fine. Of course there can be cases where insurance can try to delay your admission but will still give you GL nevertheless.

Search carefully though all forums to see feedback of product you want to buy. Search back say 200x time also.

This post has been edited by Ramjade: Feb 2 2024, 02:41 PM

Maybe payout few tens of millions. That's why high premium.

There is already a clause that say premiums are not guaranteed and can be increased any time with notice from the company. Agents can tell you all sort of stuff. Remember their goal is try to get you to buy from them. That is why look for agent that don't push stuff. This is very important.

This post has been edited by Ramjade: Feb 3 2024, 04:38 PM

All ILP will have a sustainable table with 2% and 5% return and until how many years you are covered. Projected. It's projected. It's not guaranteed. You can tweak the amount by increasing or decreasing your premium. You can pay the minimum recommended premium or increase above recommended premium to increase chances of sustainability can be achieved.

Eg. Agent counted estimated premium come up to RM3k/year. You can choose to pay RM4k instead of RM3k

Only fi.life. Rest of the online insurance are crap (coverage).

I shop around and talk to around 10 different agent from like 3-4 companies. Took me like 6 months to finally buy my medical insurance.

If you search all medical insurance company coverage is more or less the same.

All latest standalone now can renew until old. But if you want pure standalone only got 4 in the market.
AIA, GE, Generali and Medisavers (lonpac). These 4 are the one with 1m+ annual coverage. If you just want like RM100k coverage, almost all insurance company selling those. If you want to go the ILP route, basically every insurance company got.

Difference is room and board price, how many days in patient, ICU admission, annual limit, post hospitalisation days, contact lens, genetic testing etc.

Forget about people telling you they can get from 20 different companies. They don't do it for free. Only some I know really does it for free which I was lucky to meet. Some though here and some via friends recommendation.

Do the leg work, shop around and you will meet agent who are after your money only or those that give you what you want and nothing extra. It's a experience you should encounter that will leave you wiser.

This post has been edited by Ramjade: Feb 3 2024, 11:03 PM

Ask agent for official black and white that premium won't increase. Agent which tell you premium won't increase is BS you. That's how they sell stuff. You yourself already see first hand here few people here their premium keep going up.

Yes there are some insurance that premium is fixed. Unfortunately that is not for medical insurance. You need to understand how ILP works. It is you paying the insurance company some money to invest on your behalf. Regardless of how the investment is performing they get paid annual fees via the fund. The hope is that it will come a time that the investment is large enough to pay for the insurance itself (in theory but in reality it won't happen, well it can happen if like I said you put in more than required as stated in the previous example that. How much extra need to put in, don't know.). Yes hope. So if the investment returns can pay for the insurance itself, yes your premium is stable.

Also any agent that tell you that ILP have cash value. They are not telling you the full story. They are telling you half of it. Or else it won't sell. Some way down the road, yes the ILP will have cash value. But say at 70-80 years old, cash value is negative and at best zero. Do not expect to have cash value from your ILP. Cannot tell full story or else no one want to buy ILP. People always like the concept that always have something left over. That's why when my agent tells me that, I was like wow you are the first which tell me this (no cash value in ILP at the end).

For me very easy. Find what you want to buy be it ILP or standalone. Be prepared and pay for it. Be prepared for premium hikes. Plan for it. Create buffer for it. Don't over protect. Protect just enough. Don't get tempted by insurance agent

This post has been edited by Ramjade: Feb 4 2024, 01:02 AM

Well you will need evidence. Either voice recording or black and white documentations. Cause no proof it is just hearsay. I have meet those agents before in my early days of insurance shopping when I was out looking for medical insurance. They told me that there will not be increase in premium if I buy ILP. Lucky for me I already did research before hand by browsing reddit and lowyat. Subsequently meet a few which tell me the truth. Do not expect any cash value out of your ILP.

This post has been edited by Ramjade: Feb 4 2024, 09:42 AM

No ILP for me. My returns is more than what ILP can give me. I went standalone route. Have to go via agent. No choice. I went with AIA based off friend recommendations (those working in private hospitals). I want hassle free admission when I need it.

That's not the only case GE have. I heard GE also have other cases. That is one of the reason I avoid GE totally.

Don't know. But I know GE got lots of case under them. Look for comments on Reddit, here. Make sure to search back 201x thread.
I don't care about Prudential cause I just want standalone medical insurance.

I am not going to bother with life. Critical insurance I get from sg side

Pure medical insurance. Nothing else. No bundle life/critical illness/investment. Prudential doesn't sell standalone medical insurance with RM1m+ coverage.