Coverage will reduce accordingly.

Almost likely there is some savings component there. What plan is this? Maybe consider getting a pure life. But sometimes cancelling a savings plan midway can be most costly than just keeping it till maturity

Its pure life insurance. Just texted my agent. 3 years back I was okay with 1.5k everything felt doable. I notice everything starting to be expensive. Can really feel it

Sounds like you got a bad deal. Shop around. Compare prices. Life insurance usually very cheap. Can even get FSM to do a quote for you.

If you are like me who want best deals, can even consider shopping from Singapore. I was shocked they have cheaper insurance with same coverage than Malaysia even after conversion.

Downside need to travel there to sign the contract and priced in SGD.

This post has been edited by Ramjade: Mar 2 2024, 11:29 AM

Geez 1.5k monthly for a standalone life insurance... How much is the coverage?

4 million upon my death. Honestly I think it's overkill lah.

I'm gonna reduce it to 1mil

4 mil is abit high... but we dunno your circumastances. You yourself know better.

If got dependents and what not, really need to be higher. At the end of the days, it is how many months of living expenses of your loved ones this 1mil can cover.

But the counter argument of inflation being really bad is that you need to leave a bigger sum for your dependents to survive longer.

Of course if your asset cukup cover then ok la.

Can try cut to 2mil first. Then decide if that is sufficient.

May I ask how much is your life insurance coverage and premium? I'm meeting my agent when he comes back from his course. Need to see the average people pay. Many thanks

No one size fits all. Generally as you head into retirement, can scale back life coverage. Also, as your net assets increase, you can do the same. Unless, you are getting life insurance as a way to transfer wealth but there are better ways

This post has been edited by contestchris: Mar 2 2024, 01:50 PM

I don't have dependents yet. And I paid off my house. Circumstances are not the same.

I prefer not look at how much paid (not that it's not important, I just think look at what I need first, then look at what I can pay). I look at what that 1mil or whatever mil will bring to the table.

The old fashion agents always use annual salary X 10 to determine how much life insurance coverage to have. Which I dunno if that make sense. I think it's good take monthly expenses as a benchmark. And how long you need to cover. Then other assets can be for discretionary spending or long term. Or for education fund. Etc.

I only have about 750k of individual life insurance for now. Only got spouse now but spouse earnings far exceed mine. So this 750k is more for my parents or spouse to drown sorrows, not to put food on the table.

If need to put food on table I would need to get more coverage...

You can't compare like that. Why? Different age, different plan, different company, different coverage amount.

I pay about 3.6k monthly in insurance premiums.
My Life coverage is 4.3mil.

There's a good reason why I want it at that figure la.
So I won't cancel it wan. Ever.

Thanks for sharing bro

Save us a lot of saliva and typing time.

Want to ask,
I got medical card insurance,
While my company also buy 1 for me....
Since now financial abit tight,
Plan to on hold my own medical card or cancel...
Possible to on hold for 1~2 year and then continue again?
Or only can cancel?

My sis not advise me to cancel...
She say if anything happen,
When 1st medical card use finish,
Can continue draw from 2nd medical card...

Your sister is not wrong but you gotta calculate the chances of it happening.

More details needed. How long have you bought it for? Which company yoi got it from?

How tight is your budget? Reduce 50 per month, does it help?

a lot depends on yr age, what plan u have n what plan yr employer gives u.

if young 30s-40s, dun worry so much, keep getting covered by employer.

if not so young like >40s, better keep.

becos... if u give up and buy again later, the premium is much higher due to age, loyalty, inflation.

some insurers wun even sell to u if past a certain age and/or u have poor medical records.

quite common that people who delay too long and end up w/o medial insurance, have to "self insure".

Better check with your agent. If the plan got investment unit/cash value, see if it can deduct from there for the time being.

I think around 2~3 year....
1 month around 300++

38 yo,
Company and self buy medical around same value,
1 million ++...
Currently take cholesterol med, and tyriod med...
Plan to stop and use those cash to settle other debt before continue ....

1st of all, do you know how much company medical annual limit for you? To be frank, company medical protection won't be high in common practice. Most of the employee out there less than RM50K annual limit
2nd .. company may change policy by cover only high level management personnel or reduce your limit.

edit : just read your reply having 1mil by company and yourself. Good. Just what if, you change to new job or company change policy.

When financial tight, we got to plan which is need.
I'm sure you know the medical cost risk, that's the reason having own medical plan.
Try meet your agent access the full detail and discuss. Asking here we all can give general opinion but not according to your actual status.

Is not easy to apply medical plan now. Unless you are so sure your blood test / urine result cantik tip top

My opinion, keep it since you have it. Adjust riders or premium discuss with your agent.
Because the money you save never enough to handle medical cost.

Lastly .. worst case, accept the fact .. we got gov GH as last backup. Just try your best since you know the need of medical plan.
Good luck

edit : you taking cholesterol med, and tyriod med .. if apply new plan high chance not accept or exclusion ...

This post has been edited by tyenfei: Mar 4 2024, 08:56 AM

i wud advise u to recheck the terms & conditions of yr policy - for premium changes, increases.

some policies are rigid, committed to "review very x years", etc... won't be able to raise premiums easily.

some reserve right to change anytime... subject to BNM rules, of course.

if price isn't prohibitive and not likely premium hike easily, should keep.


with the current high real inflation environment, we can only expect medical costs to keep rising.

imo, medical/hospitalization insurance is the most impt one to have.

the rest... life, endowment... i see them as secondary.