Dear Sifu, i would like to review few insurance subscribed to. Mainly to ensure the coverage is sufficient and whether there are now policies that are better. Most of these insurance was chosen by my father long time back when i started working.

GE Endowment
Commence Date: 2004
Multicash Lion Endowment Series 2 with Cash Bonus (Sum Assured RM25,000)
Waiver of Premium Rider Plus (Sum Assured RM1,720)
AccidentCare benefit (Sum Assured RM25,000)
Living Assurance RIder with Total Permanent Disability Benefits (Sum Assured RM20,000)
Cash Bonus Balance: RM1.6k
Survival Benefit Balance: 15k (Option: Leave on deposit with company)
Net Surrender Value: 15k
Premium RM175.65 per month
Term: 53

GE Medical Card
Great Healthcare Plan
Commence Date: 2004
Balance Annual Limit: 60k
Balance Life Time Limit: 180k
RM703 per year

GE Whole Life
Great Ideal Living (Sum Assured: 100k)
Premier Medical Reimbursement and Hospitalization Benefit Rider (Sum Assured RM100)
Commence Date: 2012
Net Surrender Value: 23k
Cash Bonus Balance: RM1.8k (Option: Leave on deposit with company)
RM320.70 per month
Term: 87
Sum Assured RM100k

Hope experts here can shed some light on any areas i need to increase or let go.

Thank You

Personally I don't know you so it's hard to define what is enough for you.

A general guide
1. Enough payout to pay off debts.
2. Income to sustain disability/critical illness/accident for 3 - 10 years.
3. Medical card to cover about 200k - 500k Annual Limit.

While I won't comment much about your other policies, you may want to consider upgrade your medical card as the annual limit is quite low @ 60k Annually.

I read somewhere in this forum where some insurance agent said that if a new medical card is being used (less than 1 year old), then usually insurance company will refuse to issue GL and u will need to pay and claim first. If the claim is genuine, then insurance company will pay the money to you and the whole process takes around 2-3 months time as they need to check ur past medical record and etc...

Then again, some ppl claimed that they get their GL issued just in a few hours time

Why sometimes it takes insurance company as long as 2-3 months to check your past medical record, and sometimes just only a few hours ?

yes jhodyj, this is the "Contestable Clause" stated in the contract. When a medical card is issued less than 2 years, company reserves the right to decline GL first and investigate the claims after treatment done. The process takes how long depending on the complication of the case (my friend's bought her medical card and claim Kidney Stone removal surgery on the 8th month, GL is declined but after submitting the claims, it took around 10 working days for company to approve and release the claims.)

When GL issued during the 2 years contestable period, it is likely illness that is very minor and not related to major organs, say an infection, dengue, and etc.

This is a case-to-case basis If the insurance company is suspicious, they'll probably deny to issue a GL first and get you to pay first & claim back later while they investigate into the matter.

Thanks lifebalance, hope i understand correctly:

1. Enough payout to pay off debts.

Assume I have RM200k debt now, so I need to increase my GE Whole Life Insurance from Sum Assured 100k to 200k, correct?
Since after few years this loan amount reduces & I didn't incur any new loan, I should review it again after 5 years to reduce it?


2. Income to sustain disability/critical illness/accident for 3 - 10 years.

If expenses RM8k per month, 96K per year, for 10 years need almost 1mil, so I need sum assured of RM1mil for Accident / Disability?


3. Medical card to cover about 200k - 500k Annual Limit.

Your advice is based on Page 8? there was a infographic on how much medical can cost (ex: Kidney Stone up to RM40k, Colorectal Cancer treatment RM80k, this is for per year correct?
Maybe one might be affected by one or 2 conditions such as kidney stone & colorectal, so per year i need to insure at RM120k correct?
For Lifetime limit, say to remove kidney stone or remove polyp from colon approximately max of 10 treatment in my life time, i would need lifetime limit of 1.25mil correct?

Thank You

This post has been edited by shee1: May 5 2021, 11:30 AM

1. You can say so.

2. You can say so.

3. Depends on whether the treatment requires long term i.e kidney dialysis.

The general guide is just in general, to find out the exact amount and to address your concerns, it's always best to discuss with a financial advisor.

Anyone knows if all allianz life insurance products are cash before cover? Means we need to pay before underwriter will underwrite the application?

Yeap collect payment before underwrite.

Policy 1 & 3 can keep.

Policy 2 which is a medical plan. This plan is very old and been replaced by Great Medic Xtra. You may look into this policy called GMX2. Annual limit is 3 mil onward.

You current plan should have repricing 2 years ago. I think you shall look into a better annual limit medical plan.

As for the other 2. You may keep them especially policy 3. Sum assured can increase till 180%.

Hello, I am a foreigner (28 years old/male/non-smoker) who recently got LTSVP and I am looking at health insurance plans. I recently went in for investigation with my cardiologist (including mri/echo, non-emergency) but they didn't find any problems (had symptoms that have since disappeared but were unexplained). Would this investigation limit my insurance options?

Looking for plan with no deductibles/cashless. I don't mind lower than average annual/lifetime limits to reduce premium cost. More for sudden emergency/acute injuries. Any suggestions or rough price ranges would be welcome. Thank you.

This post has been edited by 4004: May 6 2021, 06:26 PM

How long do you plan your stay in Malaysia ?

What's your country of origin and are you employed in Malaysia?

You may submit your relevant reports for the insurance application for the insurance company to review.

Thank you for your reply, I will prepare my reports then for my application.

Planning to stay in Malaysia for long term/foreseeable future. Originally from UK and currently fulfilling two contracts in IT sector (self-employed).

Depending on how comprehensive you want the insurance plan to be.

Options available as below
1. Term Insurance - solely just medical benefits - Normally ranges 500 - 2.5k yearly depending on the benefit you're looking for.
2. Investment-Linked Plans - you'll get to include medical benefit and others such as Critical Illness, Total Permanent Disability, Personal Accident, Death etc; Premium starts around 2k annually.

This post has been edited by lifebalance: May 6 2021, 07:23 PM

My company currently provide medical card & covers only 35k per year.
In my 20 years, have done 5 surgeries, all using company card and never used my medical card.
I was planning to keep to this medical plan until a time when company no longer provide me with a medical card.
After that only upgrade my plan to GMX2. Upgrading to this GMX2 at my age now means paying double what i pay now.

1, Anything i need to consider or overlooked?
2, Does changing from my old plan to GMX2 exclude my previous illness coverage?

Thanks

This post has been edited by shee1: May 7 2021, 11:32 AM

Having done 5 surgeries, it depends on what you did back then and how it'll impact your life moving forward. All these will be assessed by the insurance company before they can grant you the new medical card benefits with/without exclusions or loading should you choose to upgrade.

Thank you all for the reply, have started getting quote to compare my existing coverage & review the Sum Assured.
Also looking at covering whole family instead of many standalones.

For my Father, he has few Whole Life insurance.
He is already 70 and no longer working for few years.
All children are working and independent now.
so what shall we consider before surrendering this whole life insurance?

Thank You


PRIME LIFE
Whole Life Insurance
Premium RM4k
Payment Frequency Annual
Coverage Period APR 1997 till APR 2052
Covers the following:

PLPP8 PRIMELIFE PLUS
Coverage Amount RM100k
Status IN FORCE DISAPPEARING PREMIUM OPTION (DPO)
Premium RM3k
Effective Date: APR 1997
Expiry Date: APR 2052
Premium Cease Date APR 2040

C3FG/EXL/AAAL/PLN7 CLR
Coverage Amount RM50k
Status IN FORCE DISAPPEARING PREMIUM OPTION (DPO)
Premium RM7XX
Effective Date: APR 1997
Expiry Date: APR 2052
Premium Cease Date APR 2040

WP-1 31 CLR/WP
Coverage Amount RM50k
Status IN FORCE DISAPPEARING PREMIUM OPTION (DPO)
Premium RM2XX
Effective Date: APR 1997
Expiry Date: APR 2040
Premium Cease Date APR 2040

When you're already 70+, you can't really apply for anymore insurance *but* there are a few exceptions.

From the look of it, he has some Life & CI coverage. I'd suggest to keep them since he's out of option to get new ones at a cheaper rate.

Just a random question about agent or agency performance such as Top Agent or Top Agency etc etc as claimed by agents that engaged me. I tried to validate these claims, but Google couldn't find satisfying results to me.

Question: how do I validate if an agent claims that he/she is TopX agent/agency in certain region or nationwide?

call or email the HQ of that company to confirm or ask for verification?