I got old and newly purchased ILP from diff insurers.

I want to let my old policy goes into premium holiday for 2 years and cancel it afterwards.
Old policy's cash value is able to sustain more than 2 years, provided that no premium increase.
During the contestable period of my new policy, the old policy is still in force, right?

Those premium amount deducted from cash value will reinvest into funds?

Account value will stay invested until it's deducted to RM0.

As long as got enough cash value to support the old policy, still in force.

If not, it will be counted as lapse.

AIA ExcelCare only covers up to age 70.
The premium increase by at least 15% each year due to the age of parents and premium now is almost 10k.
Looking for alternative now, anyone had any thought on HLA Asset Elite?
If it's still too expensive, may consider putting the money to be spent on insurance into savings instead.
Any advice would be greatly appreciated! Thanks!

Just asking ...how old are your parents now?

Just a thought....what ever you had saved ( especially the 1st 5 yrs) may be wiped out by just a simple operation....

Hi, the plan you shared is different from your existing plan which is a medical plan.

Again what's your objective? Medical coverage for your parents?

I see, didn't realize that, was just looking at the age of coverage. yeah it's medical protection for parents reaching 70.

reaching 70.
yeah, medical costs nowadays are getting out of hand.

Let me know what you are looking at and I'll see if there is anything that fits

When one is getting older, .... be prepare to allocate "enough" in your monthly budget in your retirement planning. Some things will have high incremental increases.


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Rm150k premium a year ，for people around 40s at the peak of earnings ok lah.... Further up the age , some policies would already be fully paid up, and some can let it autopay from accumulated value... Others can be dropped since you would have accumulated e enough to cover ownself as the said ..by 60s cannot be so high any more

No head no tail in those photos

Anyone can show x amount of premium to pay. What matters is the coverage that you're paying for and when you bought it.

If you opted for Rolls Royce, I wouldn't be shocked to see such repayment. Unless you said you are paying Proton for this amount then hahaha

Those are rookie numbers, then again not sure what your paying for 🫢

If you listened to those agents, that told you, it is still affordable and okay to allocates 10% of your income for insurance purchases...
then just remember, that premium paid years ago can "exponentially" grow to 50k. That 50k annual premium would means about 500k income pa.
That would definitely be an "ouch" for many especially when one is near or are at retirement age/ no income/lesser income

This post has been edited by MUM: Apr 6 2024, 10:32 AM

That's why I said time and time again, don't listen to agent. Agent always pushing for nice to have. Cause more stuff you buy from them , more commission they get. But only what you need.

But that "what you need", (ex: medical insurance) may hv the same issue as spelled out in above post.

That's exactly why all of us are pushing for FHC.
Yet you call us all sorts of names.
Macam mana mau kerja lidat?

My mum has aia plan too but up to age 100. The premium i paid recently, at age 70 is 8.3k.

You probably dont have much alternative
1) you continue paying
2) you find alternative from aia or other companies
3) you fund for it yourself

2) for older parents, probably not much options. On paper, they can enter into buying a new one but in reality most likely they usually have some health conditions by then.

Alternatively, and something i have always advocate is you buy something with a high deductible. Say 10,000 for example. When your parents sick, you pay 10k (that's what deductible mean). Any expenses after 10k, is borne by insurance company. If you can afford 10k on your own then the premium will be cheaper.

This alternative will be better than option 3, which is funding it yourself. It's less damaging but yes you gotta fork out some money if something happens.

Another alternative is to consider Life Insurance.

The family can pool their funds together to shoulder the medical bills.
In the worst case, at least those that help foot the medical bills gets their money back.

It's not the best way.
But it's one way to look at it.

This is quite true. But the cons is that you may not able to get enough funds if you suddently need a large sum for surgery.
Btw, how to actually project the increase in premium as we aged? Say if now one get a medical card for rm250 monthly, in 30 40 years time after retirement can we be sure that we can still afford to pay as the premium increases?