i am not aware of any, but does not mean there is not... however, given the old age, >70, very unlikely they can't even enter into one that covers accidental injury. i found something from etiqa, even that they only let those 70 or younger to buy and they cover up to age 70, contoh below, although your parents are not eligible

etiqa via maybank

the one here is not recommended by me because you essentially just get death coverage. it does not have the medical coverage caused by accident.

this is NOT true. even for medical insurance, give parents over 70-year old, they are not eligible to buy now. accident insurance also can get in malaysia. dont need to go to singapore.

Please dont do that. that's not a buying decision i support. it's NOT advisable to surrender your current policy and buy a new one. you already paid alot of initial charges in your previous policy.

what plan do you have now? i have said this many many times, go back to your existing policy if it's an ILP, ask for changing your current medical rider to a new one if you dont have too much long-term health problem.

can you roughly let me know what's your current policy like? standalone or ILP? and medical coverage on room&board amount and annual limit? do you have other important riders like critical illness?

This post has been edited by adele123: Feb 3 2024, 07:41 AM

I am buying for my kids

is it an offence if an agent claimed that my premium won't increase until 70 due to sustainability when in face there will be hiking due to increase of age esp. when old and even inflation

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

Increase in insurance charges for age is accounted for in your initial premium. It's there in the PDS and SI.

However increase for medical repricing is not accounted for (which factors in medical inflation, claims experience etc)

This post has been edited by contestchris: Feb 3 2024, 04:40 PM

means that it is not a offence if an agent say that my medical ILP premium can last until 70?

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

Do we have option to buy medical card online? Agent is quite limited as they normally sell 1 brand.. I try to see some brochure online and it seems better than agent quoted benefit.. Eg online saw plan 200 bucks vs agent plan 280..agent plan we can renew till we old, standalone do we able to renew? Or standalone price keep change and you might suddenly can't buy。？

I not sure if online actually also got agent? Cause usually it ask us fill information to get quote and will be contacted by their team

This post has been edited by eddie2020: Feb 3 2024, 10:31 PM

There are options to buy it online.

As for the plans, different companies have their own unique selling point in their medical benefit.

I see your predicament on 1 agent representing only 1 brand. Why not engage financial advisors? They have over 20 insurers to be able to recommend you better ☺️

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

the contention is that my agent say my premium won't increase up till the age of 70 so this is not wrong? Only later i learned that hike is due to inflation and steep increase due to aging?

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

Only traditional plan which cover only LIFE or LIFE + TPD + CI is premium guarantee.

Medical Plan for sure not premium guarantee.
Especially ILP medical plan with many riders attached.

I intend to complain the agent to the insurance company and BNM for misguiding me on no premium increase until 70 YO.

You can and are free to try out your intention.
Points to remember

When making complaints to either the Ombudsman for Financial Services, you can ask for your complaint to be investigated into if:

- your insurance policy is with a company which is a member of PIAM or the OFS. All PIAM members are members of OFS.
- you and your insurer have failed to reach an agreement and it is within six months from the final decision of the senior management.
- you have not started legal proceedings.

Should you be dissatisfied with the response from the senior management of the insurer, you may write in to OFS with relevant information and documents for their consideration to conduct an investigation.

More at
https://piam.org.my/complaints-mediation/

Jfyi,
Decades ago, I was sold a plan that mentioned that I need to pay only 12 yrs then can stop paying....I am still required to pay for it till now.
After some digging, it turned out, I can stop after 12 yrs, but the policy may not sustain itself to the duration of my liking.

The almost similar wordings used in the letters from for my other plans during each premium increases

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

want to correct this statement abit... 99% CI premium wont be guarantee.

while there has not been repricing on CI, no one has dared to make it guarantee.

Non-Cancellable
This Annexure is non-cancellable unless there is fraud or any circumstance that makes the Policy or Annexure voidable or null and void

Is non cancellable equivalent to guarantee renewal?

What's the context?

I have whatsapp conversation although it was like 2018