okay whatever. You know I know can already.

This thread really has zero tolerance for different point of view.

Accepting different point of view also means you have to accept other people's POV as well. You seem to indicate that people shouldn't top-up towards their insurance policy and do investment elsewhere.

I indicated that you could do so, just; however, live with the consequences as not everyone has the "intelligence" & "discipline" to invest the money and subsequently use that "profit/loss" to pay back towards the increasing insurance premium.

However, you don't seem to be "agreeable" towards my POV and deemed that there is zero-tolerance. Doesn't the above shows that you are the one being the intolerant one?

Never did I insist YoungMan MUST top-up his insurance, I also suggest he can cancel it now and save the money. I'm pretty neutral towards my answers. Nothing like a "typical insurance agent".

okay whatever. You know I know can already.

Yes, if you cannot afford to continue to pay, ...then the policy will lapse.
Yes, all the hard work you put into getting the medical card become useless because once the policy lapsed, as you will not be covered anymore.
Your objective of getting that plan in the first place will not be there anymore once your policy lapsed.
Thus "all the ward work you put into getting the medical card become useless" if you did not have plan to sustain paying for someone to take that risk of you having to claim the coverage.

Thanks. You're welcome.

Yes that's right. I always say that is insurance company way of being polite and tell you I have milked you enough. Now I know you are going to claim and I don't want to pay for your claims. Kindly f**k off. If you want to stay around, pay us more.

If you are like me, hang out with the Singaporeans who write financial blogs, they got lots of ideas in how to plan your insurance journey so it won't be burdensome to you.

He calculated how much insurance he will need for old age, planned and set aside that amount with additional buffer.

Some bloggers who are super rich also tell you that insurance is for you to protect yourself until when you are able to self inure yourself. No need to depend on insurance your whole life. Lots of style.

Normal la. Now only you know. That's why I try to stay away from this section. Super toxic and not very non insurance friendly.

This post has been edited by Ramjade: Apr 9 2024, 12:37 PM

Thanks fr sharing. If u dont mind could u pm me the financial blogs abt insurance ?

Sure no problem. I got nothing to hide. So just put it here unless someone doesn't like it and report it.
https://investmentmoats.com/
https://singaporeanstocksinvestor.blogspot.com/?m=1

If you want more specific type the follwoing into Google
site:investmentmoats.com insurance
site:singaporeanstocksinvestor.blogspot.com insurance

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

Firstly wanna thank @lifebalance for helping with a quick and accurate response.

So at the time of purchase, it's natural that whichever proposal with the "best value" wins the business kan?
Nothing wrong with it, just human nature.

So here's where how we approach to the issue of rate hike differs.
As a consumer, of course I want to "win". And by "win" I mean coming out on top, hopefully with the least outflow from my pocket.
All the monies are "my money", one bag with everything in it.

But people like @lifebalance, @denion, @Holocene, and myself are not just mere consumers. I like to think we're a little more than that. Sebab people act on their advice (I cheapskate didn't maintain my license).
Just like running a business, you need budgets for different intents and purposes.
At least I do it that way.

Let's then jump in on the issue of budget.
Like everything else we do, we budget for it.
So you are being presented with a few proposals for medical insurance (ILP), ranging from RM250-RM350/mo.
You need to keep in mind that these are the lowest ticket price that the quote could be generated.
We can blame it on inflation lah, abuse lah, etc. But let's not be blind to the medical technological development over the years as well.
With this in mind, would it be too much to let's say consider adding RM30-50/mo in premiums every few years or as and when you are able to afford it?
Rather than being reactive and feel victimized by medical rate hike, this is how we be proactive and be in control of our finances.

Of course, it is also not wrong to be even more disciplined to invest that difference elsewhere in the hopes of better returns.
But the "even more disciplined" part of that sentence means that you are investing that money to ultimately pay it into premiums or top up.
Very frankly, I don't have that level of discipline in me.

But if you're worried about choosing between continuing to eat for another day and paying premiums, by all means, please eat for another day first.
It's a very extreme example, but the scenario given was rather extreme as well.
If I can put it in another way, if your retirement plans are to fail because of a medical insurance rate hike, perhaps you need to speak to a planner if not another planner.

I am currently doing so too. Well I just make sure I have money to top up when the time comes. Too much uncertainty with all the medical cost inflation. Whatever that I top up now goes into the investment fund as well which may not generate as much return. Might as well park my money somewhere else.

This post has been edited by coolguy99: Apr 9 2024, 06:20 PM

Appreciate your sharing.

Moving to Co-pay and/or high deductible are something i am considering recently.

My ILP premium went up from 3XX to 5XX over 2-3 years while still within the age band. Crazy stuff.

Good move. Do consider to do extra regular top up on top of your existing premium from time to time instead of waiting for the insurance company to notify you which may end up with the above scenario.

Yah will do thanks. I do play with the sustainability calculator to be aware how long can my policy last.

Hi, I am currently 25 years old. Currently shopping for a medical insurance because just started working.

But I have a question. Recently I went for eye check up and found out I have small cataract. If I only sign up for medical insurance now, that cataract will appear in my record as pre-existing condition? means If I have cataract surgery in the future, I won't be able to claim?

Yes, it will be excluded since it's a pre existing.

So that means I should have sign up insurance first then only went for eye check up? walao eh.

Because the ophthalmologist say my cataract very minor. can ignore for now no need remove yet since I still very young. So even if I wait until like 40-50 years baru do cataract surgery also cannot claim ah?

Yes that's right.

Not necessary.

Again, since it's pre existing. Anything minor can become major later on as long as it's not cured or removed.