You won't be able to project it as the incremental is not a linear climb that is predictable.

However, you can always do your own top up from time to time. This ensure that your policy remains sustainable over the next 40 years.

This post has been edited by lifebalance: Apr 9 2024, 09:31 AM

Own topup means just pay more on top of existing premium?

Yes

You better put aside that money else where.

Sifffuuu and senpai sekalian....

wan to ask, so my case is "car insurance". So my car insurance expired sometime in 2023, why is there a refund in surplus? I thought you pay the premium and that's it, why is there still surplus and what is it for? I am not against it, its free money after all, just want to know the rationale?

Check what was written in the notes of the refund.

One SMS surplus paid XXX and that's it and money appear in my account. Not even a note or receipt. I have no clue what is it for. Not a scam by the way, all the details match.

Could be just the premium that you paid extra. If you are really curious, you can contact the Insurance Company directly.

Was it a takaful? It's normal for takaful to have surplus sharing (refund) if there's no claim.

Was it a Takaful car insurance company? Because in Islamic finance, they are required to pay the surplus back to contributors if there is any excess, so it is normal.

I do have the same thought, since premium increase is uncertain and given the inflation cost there is possibility one cannot afford to pay long after retirement. Then consider the plan will lapse, and all the hard work you put into getting the medical card become useless?

Seriously, I have been wondering what is the benefit between Takaful and conventional all this while. I was using Etiqa Takaful previous, this time itching fingers changed to Etiqa Conventional.

Actually I got two refunds, one for RM 26 (28 Mar 2024) and now RM 252 (9 April 2024)?? Shouldn't refunds be at one go???

Noice.

Then wait for policy to lapse as you didn't want to "top-up" and hopefully, you got money to pay for your own hospital fees from "elsewhere". Meanwhile, YOLO while you can.

There is nothing called "useless" when you are utilizing "it" for the benefits.

Is your hard work to pay your Car Loan is useless since Cars typically becomes worthless in the next 10 years due to depreciation?
So, why bother to buy a car?
- No, you use it because you are benefitting from it giving you the convenience of transportation despite the depreciation.

Same goes for the insurance, it gives you the benefit to claim from the insurance company and not coming from your own pocket while you are insured in the event you are required to be hospitalized.

If the above is deemed "useless" to you, then maybe I suggest you cancel your insurance now and do something else with that money.

Well you are covered as long as you pay the premium so it's not completely useless. And when you need the insurance the most (when you get older), they charge you higher. It is what it is.

Oh well, don't judge too quickly like typical insurance agent do. Doesn't mean you enjoy what you can. "Put your money elsewhere" can also mean investment.
I'm just giving a Circumstances that can happen given our small income. Surely one should pay as long as they are alive to have that benefit.

Like I said, do what you like with your money. I am not judging; you seem to be quicker to judge and conclude that "typical insurance agent do."

Small income? Then maybe the problem is the not goods and services but your job that is not paying you enough to enjoy things in life. So either get a better paying job or cut down your expenses.

Chill. When I said "put the money elsewhere", I was referring to the "extra amount". Instead of putting that extra amount into the insurance, better put it elsewhere that can generate more so that can use the money to pay for the insurance later on.

I'm not against buying insurance, just not give the money to insurance and hope that they will grow it to pay for future premium (aka ILP).

Isn't that what I'm clearly referencing your "elsewhere" as investment although indirectly.

If you don't intend to top-up to an ILP and wish to do your own investment. Then don't buy ILP policy in the first place. It's akin to buying Petrol Car and you insist to pour Diesel in it when it runs out of petrol and hope that it will still continue to run for you.

This post has been edited by lifebalance: Apr 9 2024, 11:18 AM

No, you said use the "elsewhere" money to pay for hospital fee while I mean use the "elsewhere" money to pay for insurance. And I didn't said anything about YOLO.

Cheers.