I read some news that insurance company will denied our medical card & life insurance during claim, just because due to non-disclosure of existing insurance coverage.

This also a lesson advice by the famous lawyer who assist patient family who got rejected claims.

My insurance unit manager told me don’t need disclose exist coverage/policy unless from other insurance companies, because same company knew our coverage record prior to approval. So I upgraded new investment link medical card and additional life policy without disclose existing insurance coverage. At least 2 years by now, should I stop paying premium ? Will GE dishonest claim later?

This post has been edited by reeve-826: Aug 27 2023, 10:53 AM

denied our medical card & life insurance during claim, just because due to non-disclosure of existing insurance coverage???
This is something new...
Never heard of that.

No disclosure of known medical conditions, ...yes

Refer to this news, missed fill up existing sum assured in proposal form.

https://www.sinchew.com.my/?p=4687695

This post has been edited by reeve-826: Aug 29 2023, 08:06 AM

What a scam. My agent also never ask me about existing insurance from other company.

Thanks for the link...

Wondering has that happened in Malaysia yet?

Cannot read more details about that court case mentioned in that article

I have roughly read through... is this an opinion piece or an actual news though. At least, the way it's written sounds like opinion piece. I dont read chinese newspaper much.

One thing i have to say, insurance is a contract between you and the insurance company. You should read and answer everything truthfully. Just like you dont simply sign SnP right?

For your case, feel your agent should be correct but yes, within the same company, they will have the record already. i think in the proposal form, they ask about coverage that you owned from other companies...

Your case, unless you bought 5 million or 10million, ultimately i dont think it affects you even if you bought with another insurance company.

Just dont make the same mistake as my 60year old parents make. Not everything you read on the internet and newspaper applies to you. If it became a court case it's probably due to the person bought a really really high coverage relative to the income.

Imagine a professional who got retrench from his highpay job got retrench and became security guard earning 3k a month. Buying even more insurance now, maybe 500k... while he had alot of existing coverage (maybe 5mil, 10mil). Anyway, i am not an expert on what income deserves what coverage amount. Just quoting example la...

I have said this in the forum many times, it takes more effort to deny claims than to approve claims.

If you buy from GE only, then GE knows how much you have already. They wont come after you for no reason. If you earn 5k a month, buy 100k 200k coverage, that is normal lo.

Hi all Sifu, I got some doubt on my Prudential Life insurance policy. my insurance LIFE / TPD: 500,000 & Critical Illness: 500,000, if I’m being diagnosed cancer and unable to work, insurance can claim the 500,000?, and let’s say I passed away after the cancer, my family member can’t claim anymore from this insurance policy?

You may read your policy to find out which critical illness rider you have then refer to the list below:

Type of Critical Illness riders in Prudential
1) Total Multi Crisis Care - Does not reduce Life/TPD
2) Crisis Care - Does not reduce Life/TPD
3) Early Crisis Care - Does not reduce Life/TPD
4) Crisis Guard - Reduces Life/TPD

Best,
Jiansheng

Understood. Thanks🙏

You should look back into your policy what benefit you bought to be able to know whether you are eligible to claim base on your condition which in this case is cancer / death.

Depending on the rider you bought, it may or may not accelerate your death claim benefit should you claim cancer first and thereafter, died from cancer.

Again, it's important to refer back to your policy

Seems more like an opinion than actual case, didn't even provide any case reference.

In short, does it make sense for you if a person earning RM3,000/monthly but paying for RM5,000,000 life policy in total bought from 10 different insurance companies?

This post has been edited by lifebalance: Aug 29 2023, 10:52 AM

I would love to do your business, but let's be objective regarding the issue being discussed.

Pendekatan yang I think is the most appropriate is to first kena faham the fact that there are 2 types of underwriting on every application:
Satu, yang most people are well aware of ialah MEDICAL UNDERWRITING
I think this one does not need further clarification. So I skip ya?

Secondly ialah FINANCIAL UNDERWRITING, which is the crux of the matter here, hence the need to declare existing policies.
There are 2 main reasons for this mechanism to be in place:
1. To prevent mis-selling
2. To prevent financial fraud

Long story short, potong buah pakailah pisau buah; potong kertas x pakai kapak kan?
Memang boleh, tapi x logic la

The main aim for insurance is securing our financial interests and obligations, in an attempt to achieve some level of stability in the local markets, where each individual's stability contributes to that goal. In short, we actually need you and your family to continue to be active players/consumers in the market as much as you need your local sundry shops, restaurants, dry cleaners, electronic shops, mini marts, etc, to stay in business.
So if a family in your area suddenly have to downsize by a lot, it actually affects the economy.

So the same is true for the opposite kan? Why stop people from buying as much as possible?
If lidat... who still wanna work kan? Every generation just buy huge sums in Life Insurance, live till whatever left to them dries out and just die.
You can do this.... But as a country, it can't function like that.
Hence financial underwriting comes in to, for a lack of better vocab, "set a ceiling". Reasonably, of course.

So yes, there is your interests, then there is also the nation's interests too.
But let's be honest la, even if there is no such mechanism... I don't think the masses will buy that much Life Insurance also.
Why I think so leh?
While many may have a general distrust of basically everybody else, I trust the human nature, which is in our nature to be self-serving.
Of course there are some exceptions due to the development of our intellect, but what's instinctual remains the same.




I just read what I typed...
Remember to vote for me when I run for public office ya
Love you all deep deep

This post has been edited by JIUHWEI: Aug 29 2023, 11:01 AM

Just got to know my son insurance auto debit was not successful for the past 8 months.

Its a medical card btw.
So it was deducting from the cash value until now.

The agent has been asking me to "topup" back the missed payments and when i ask is it OK not to topup the answer was no issue just that now no more cash value.

So im wondering is it really necessary to topup the missed payment?
Especially since its a medical card it wouldnt make any difference to the coverage isn't that right?

Pls do enlighten me if got any necessary to topup.

Hush hush. You just "discovered" the secret feature of ILP. Answer is as long as the Medical Card portion can deduct the fees from somewhere, no change in your coverage.

So just make sure the card is feed every month.

You double check your contract. If there is no consequence missed payment or there is no reward to payment on time, you dont have to do it.

Yes i know about it, just want to double confirm.

Just wonder when insurance companies revise the premium for medical card it does not change anything for my case right?

I mean i wont be targeted specifically for premium increase just because cash value is low.
But rather premium revision affect all the policy holder for the same plan.

That's is taking a premium holiday or you are bad pay master. As long as got cash value, it will continue to deduct the cash value until it reaches zero. Then insurance will lapse.

Cons of doing that sustainability decrease lo. Eg. You buy insurance until 80 years old, because you didn't pay your premium, now maybe it can only last 79 years. Eg only. Don't shoot me.

That's why I said ILP is good for people who are not very good pay master. Cause you can "forget" to pay or really forget to pay for a short while and you are ok.
Everyone on that plan will be affected. Of course I have read that sometimes those on the super high room and board tier won't be affected so much compare to those in low to mid tier. From what I have seen with Axa I think those on the most expensive tier was not subjected to price increase while those on low to mid tier all get price increase. Not sure if it's applied to all insurance companies or just AXA specifically.


This post has been edited by Ramjade: Aug 30 2023, 04:44 PM

Since your investment portion is drained, very likely it will not be able to sustain the plan until maturity and they will ask you to increase premium.

The insurance company will notify you someday in the near future if you need to top up or not.

It's just projected value with clause allowing them to suka hati increase premium any how so i will not bother about that excuse.

Furthermore Medical Card benefits/claimable amount/new diseases may be insufficient or need addon which eventually the existing plan no longer worthy compare to buying a new plan.

For eg. My previous medical card annual limit is 500K but now newer plans all bo annual limit. Its not even possible to addon rider to get unlimited annual limit or have to pay more to retain existing plan for the same benefit.

So with above these reasons i dont really see a need why i must be afraid "cannot sustain" because seems like future newer plans sounds more promising i dont need to purpose by hook or crook must keep this plan.

Btw the insured is only 5 years old ya. If insured is 60 years old probably different story