If they investigate and see no fraud they will pay you back. If got fraud that is when they will revoke your insurance.

Wrong. You can buy standalone for baby. Of course they sell you ILP cause can earn more money from you.

With ILP you are forced to buy life insurance. Even though not needed.This is how you are being forced to pay extra for stuff you don't need.

Again wrong. All insurance company have standalone. Maybe low coverage around 50k-150k if buy online.

If you want higher than that need to go via agent. There have been reports that people bypass agent and buy directly from company. I intend to explore this route in the future.

The one with standalone offering around >=1m coverage are AIA, GE and Generali.

ILP generate more commission as premium paid are generally higher. So agent more incentive to sell that Vs standalone.

If you can sell one ILP Vs sell 2 standalone to make the same commission, I as the agent would sell ILP. Cause 2 ILP = 4 standalone already.

This post has been edited by Ramjade: Nov 7 2024, 05:19 PM

A good honest agent will tell you that ILP will have no cash value or negative cash value at the end of the insurance. Having cash value is a marketing trick as people don't like to pay and get nothing back.

Unless you are a bad paymaster then yes you need "premium holidays".

All extra rider cost money. No free lunch in insurance. You pay more for rider to earn money Vs amount of money paid from the insurance for not working.

Kindly don't misled people.

This post has been edited by Ramjade: Nov 7 2024, 07:12 PM

I don't remember you telling that there is additional cost to all that. Lots of people don't know that there is no free lunch and assume it's build into the insurance. I was one of them. Until one of the agent pointed out to me. She told me everything you add got cost. So add only what you want. Lots of things are nice to have but do you really need them. The more you add, the higher your premium will go or your sustainability decrease.

Majority of people just want simple medical insurance. They don't want all the add ons. Yes there are some people who want all the add on. Yes there are some people are tricked into selecting all the additional add ons.

That's why I still drive a viva. Sorry. No mers or BMW for me. My phone also 5 years old phone.

I got nothing to sell and nothing to gain.

This post has been edited by Ramjade: Nov 7 2024, 10:46 PM

Did you tell in your post that adding payment while hospital will increase price of premium. Simple yes or no.

Like I said not everyone knows that whatever you add will be charged. Some think it's part of the insurance. Like I said, I was one of them.

You need to understand why price increase.

Standalone
1. Age. Older is more risky and Rooney to illness hence insurance also want to cari makan. They know likelihood of you claiming is going to be high as you get older so to protect their business, they charge you more as you age.
2. Pool money depleted ((more and more people claim, but lesser new people coming in -this happens in old plans that have been discontinued))

ILP
Same as standalone
3. Funds not performing. So if your fund not performing (very normal say giving only 1-2%p.a) your sustainability of ILP will be affected. You buy for say to cover you until 80 years old. But because of 1&2 is raising faster than 3, you have to fork up money for the incompetency of the insurance company if you wish to cover until 80 years old. If you don't agree to pay overtime from 80 years, maybe your insurance van last you until 70 years old.

How much increase won't be shown to you. You will get a letter. But seeing from recent complains around 20-50% every 3 years from ILP. You can do your own homework and see how much people complain their insurance going up.

No one likes to buy insurance except the agent and the insurance agent and maybe some people in US who use it as personal bank.

Actually you pay more or less the same or even more. Don't forget annual expense fees of the ILP unit trust. It's 1.5%p.a of asset.

I thought you are an ILP supported as you seems to support ILP.

This post has been edited by Ramjade: Nov 9 2024, 11:13 AM

If you want real life data, 1-2%p.a return. Pathetic if you ask me. If you ask insurance agent they will tell you otherwise. Yes there maybe few funds which can give decent but they are few and far in between.

Majority of customer after buying insurance, the agent will just abandon them. Agent won't adjust their fund. Also try it, ask any agent about ETF and they look at you blankly. I tried from old and young agent, all same only

1%-2%p.a is nothing. Cause at around 50 or 60 years old onwards premium shoot up more than cash value. So cash value will deplete very fast. That's why the honest agent told me at the end of the insurance, cash value likely zero or negative (do lump sum top-up to make sure it's not zero, hence negative). Remember everything you add into ILP is already counted into the premium... No free lunch unless they are having promo. Also if you read through T&C it's mentioned that the insurance deserve the right to start charging for the promo feature in the future. Agent told me this showing that he/she is honest and tell me the cons of the ILP.

Different is you use less budget. Why? The ILP give you 1%p.a. If you invest yourself using EPF, you earn 5%p.a instead of 1%p.a. If you do Nasdaq QQQ, likely can get 10%p.a. You already save yourself lots of money cause your returns is way more than what ILP can generate.

Difference of 1%p.a Vs 5%p.a compounded over long term is a lot of money. Short term maybe can't see much difference. Remember that. If you want to use BNM conservative 2%p.a for ILP also can. Cause some people will say not fair you are saying that ILP make only 1%p.a return. So use 2%p.a Vs EPF of 5%p.a

This post has been edited by Ramjade: Nov 9 2024, 01:27 PM

That's why you invest. All my money saved up from standalone, I invest it so that I know at around 60-80 yo when I need the insurance, they will pay me as my insurance will is still in force.

For ILP, assuming no top-up and refuse to agree to increase in premium, likely insurance coverage premium will decrease drastically. So come back to same thing. Either top-up or find money to pay for the premium. It will come a time when cost of insurance is say RM12k, premium only 3-4k, you are already deficit 8-9k. Where to get the money? The insurance sells your unit trust to fund it. As long as your unit trust got money, no issue. What happen if say unit trust left only RM100? Well that is when insurance lapse and no more coverage even if you buy since young cause unit trust value cannot sustain the insurance. This is what I mean that expect cash value to be zero at best or negative.

Majority of people won't invest the money. Even simple stuff like putting it into EPF also they won't do and when they are 60-80 when need the insurance the most, can't afford the insurance. Force to give up because of poor planning and not investing from young.

This post has been edited by Ramjade: Nov 9 2024, 02:06 PM

I assumed you are on ILP.
1.It will start to minus your cash value.
2. Sustainability will decrease means number of years covered will likely be reduced if large amount minus. If small amount usually still ok. You need to see the letter send by your insurance company whether it is stated that sustainability affected or not.
3. If you got sufficient cash value, you will still be covered.

This post has been edited by Ramjade: Nov 12 2024, 04:15 PM

Talk to your agent. Get rid of some of the riders. Downgrade to the minimum plan as much as possible. If agent useless, ask allianz to find you new agent.

If money is issue and ILP still too expensive, I would suggest getting cheap insurance like Generali emedic and cover yourself first even though coverage is low. Later once you are sure you can afford rm1m coverage then change insurance. Yes let the current insurance lapse.

That's the only way I can see you.

Mind you asking for help here is like dangling your bleeding leg in shark infested water. Likely will sell you new plan. Be very careful.

This post has been edited by Ramjade: Nov 12 2024, 07:37 PM

Rider like paying for hospitalisation is not needed.
If you got no kids cut down to minimum amount of life insurance coverage.
Critical illness be careful. If you don't fulfilled the definition of the disease, you won't get paid out. So this one 50-50.
If old then don't do anything drastic.

This post has been edited by Ramjade: Nov 12 2024, 08:49 PM

You are living a very dangerous life without emergency money.
Is your say RM100/day that insurance pay for for hospitalisation worth it for say RM50/month rider?
I am not talking about hospitalisation cost. I am talking about extra money that is paid to you for being hospitalised.

How often you masuk hospital? If you masuk once every 10 years, it's like paying RM6k for say RM500 payment (5 days stay).

I am talking about hospitalisation income and not your main medical insurance.

This post has been edited by Ramjade: Nov 13 2024, 07:43 PM

Hospitalation income la.

Got. I am not sure you are agent or not. I have seen agent pushing lots of things.

I think you have too many rider. Need to get rid of some of them. Yes all ILP stuff arrived nice to get if you got the money. If you got no money, focus on the most essential stuff in your insurance. Other stuff don't bother.

They do. They cover and thing approve by Malaysian govt.

You have to search for the clause all medication approved by kkm/moh. If you don't have that clause, no coverage.

All insurance will write experimental treatment won't be covered.

Can easily prevent with supplementation of lutein and zeaxanthin.