Yup. My guess is he using GE. Cause GE got this campaign of free 2x double or 3x covered for free but of course with a *.

*states that they can charge for the coverage in the future. One of the GE agent I met fail to tell me about the fine print and try to entice me to sign up cause it's free.

Too bad for her, I read fine prints.

Again likely agent words. I want to see black and white from the insurance company. Again not first time agent tried to use the trick of no increment on me.

Premium may increase over time as your insurance pay out claims.

Having such high annual limit may not be necessary now but it's more to just safeguard 30 to 40 years from now from increasing medical cost.

Again, nothing is really free. You will have to stomach increasing premium as time goes by. The insurance company won't be handling you free 7 mil every year for your 3,900 yearly contribution.

No bro, a real one.

My plan is have to higher coverage insurance in longer run like 30-40+ years. Premium will increase as inflation and high claim ratio goes, but my intention is to get higher coverage before I got some serious illness in mid-age then next time when I wish to upgrade, the insurance company exclude my condition or not eligible to upgrade.

I still young a bit and can afford to buy higher coverage with higher premium. However, traditional (standalone) and ILP always confused me.

Alright, you know what you need to do.

Nothing to be confident about. ILP is you are paying the insurances company to manage investments for you. Hoping that whatever investment they do can pay for your insurance with time.

Do yourself a service and go run out all fund the ILP can invest into, ask for annualised return and see if they can match EPF return or not. Many of the time, the best they can do is FD return. There will be some outliers.

Of course throw in one insurance there, another insurance there, waiver, premium holiday, woila an ILP.

There are 3 ways around it
1. Continue buying ILP cause you don't want to think too much.
2. Wake up smell the air, buy what you need and dump the rest into EPF (as majority of EPF will beat whatever return the ILP can give you). If you are more adventurous S&P500 or QQQ (no agent will tell you this cause it effect their rice bowl).
3. Do analysis and buy whichever best suits you. Be it ILP or standalone.

I already write my thoughts on ILP and got reported for writing about it, so you can read what I wrote.

Refer to below proposed:

Medical Insurance (ILP)



Critical Illness (ILP)


Life (ILP)(20 years payment term)


How you all think? Kindly advise please.
If traditional seems more worth, I don't mind change to traditional (standalone).

I not familiar with investment thingy, the return projection etc.
As I focus on coverage part.

Great Eastern, all ILP plan. I bought under a campaign

Wow, 4k premium for 40 yrs no change
Use 100k now put into a 4% roi pa vehicle, use that roi to pay the premium...
Then, for 40 yrs, from age 33 to 75, ... got 7.3 million medical insurance coverage with just 100k (still in the hand of the insured)

Good mitigation investment

Part of the reason your 1mil life portion is expensive because you only pay for 20 years. It is coverage for very long i suppose. Probably up to 100 based on what you have shared. I would usually prefer something to pay yearly. After all, at some point, once i stop working i wont need the 1mil coverage.

The more you prepay upfront, you just putting more money into the investment fund. As ramjade rightly complaint most of the time, the fund performance are pretty bad across all the insurance companies. So you are just prepaying for GE to earn more fund management charge every year and give you lousy return.

For life protection, it's more simple to compare. How much you pay vs how much coverage you intend to have. It's really difficult to say if traditional plan is better. You have to ask agent send you both to compare.

Market trend wise, ILP is more popular. Does not mean traditional plan is bad. Gotta see the price and if it fits your need.

As for your medical plan, just fyi, it's just projections based on current cost of insurance. Based on current trend, every 2 to 3 years, insurance company will reprice. It's a matter of when not if. The 310 wont stay until age 70. I can guarantee this.

As for the price for the CI or medical plan, there is no context on what is being covered and what is not. But seriously, best way is just get a quote from another company and compare apple to apple.

if the provider never increase your insurance premium at all until age 70, this seems like a fantastic deal...

i just take the 13.5K rm outflow every year and compound it at 5% pa return, by age 63, the future value of your outflow is yet 1 million ringgit.

ie from 33 years old to 63 years old, you have ur medical coverage, CI coverage and life insurance 1m coverage, while were only paying installment for 1 million life insurance.

not bad. (caveat: can the provider say in 3 years claim medical cost went up and jack up your premium???)

7800 x 20 = 156K for 1 million life insurance I would think is quite a decent deal.

I understand all insurance companies will reprice after some years.
If we put it this way,
(a) Premium reprice every 2 to 3 years
vs
(b) Premium reprice every 8 to 9 years

in continuous 30-50 years length (from year 2023 to year 2053 / 2073).

which reprice period is most likely happen? if premium must die die reprice every 2 to 3 years in continuous 30-50 years length, then I will be shocked lar.

I used to have one medical ILP, RM 990k annual limit with RM 180 per month, bought in year 2015. never receive notification to increase, until last year 2023 then only received such notification. Meaning this reprice period has 8 years gap to me.

I think sometimes buying insurance need to see luck.

however, this life insurance bought under campaign deal. Not surprise if 5 years later got increase in premium.

You sure they never send you in the last 8 years? Or you didnt check your notification properly in the past? Every 2 to 3 years is probably the trend. The more often they do it, the more gradual it will be. At least that's the hope.

The chances of life insurance increasing price is low. Depending on your product, maybe your product comes with t&c that says GE cant increase the charges. If yes, this is your peace of mind.

If no, this really depends on the actual experience of the insurance company. In theory people should be living longer, so you should be less affected by repricing for the life policy.

I think you are referring to this...?



I only have one notification regarding premium increase, dated this year 2024, not last year.
It's like 8 years+ later only ask me to increase premium since the 1st day of policy purchase.

This post has been edited by X-SenZ: Mar 21 2024, 08:53 PM

Just out of curiosity, for that highlighted in blue.
Mind sharing, After 8 yrs, how much was the new premium per month?
From 180 pm in 2015 to ??? in 2023?

I think the quantum of increase won't be that much as in 2015 you are just 24 yrs old when you 1st bought it?

While waiting for your answer, My guesstimate is the quantum of increase is about 80 pm.

This post has been edited by MUM: Mar 22 2024, 06:16 AM

Increase to RM 240 per month.

Thanks for telling.

180 to 240 increase of 60 still have same 990k coverage. So you added another 90 to 330 to hv 7.3 million coverage with a new upgraded plan.....
.....better value for money. Good move

This post has been edited by MUM: Mar 22 2024, 09:46 PM