Can advise what is the limitations and cons?
Other than if high claim they might reject renewal?

Googled and found these. Hope they can provides you with some info

Before you decide on a medical card, here are 5 factors to consider to help you make the right decision:
https://www.comparehero.my/articles/medical-cards-healthcare

https://www.imoney.my/articles/standalone-m...card-comparison

Image of source of some cons is from....
https://qoala.my/en/blog/personal-protectio...e-medical-card/

This post has been edited by MUM: May 27 2024, 12:22 PM


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ILP may mean long term commitment with investment portion inside.

My personal choice would be standalone first since your son still young.
In the future, if want ILP also no too late.
Standalone is easier to manage and based on yearly renewal.
If any newer better policy come out in the future, can cancel and take new one.

ILP inside got investment, and some investment may need considerably longer time to have return.
Cancel early may not be so good.

Anyway just personal choice, standalone vs ILP has their own pro and con, can't say which is better.

Rider also face premium increment lor.

Yes, but the steepness of increase which one will be more? (especially when nearer to retirement age?)

Bruh my son just 5 years old. I dont expect to keep tied to 1 single policy/company until his retirement age.

I'm thinking when insurer ask for premium hike i would survey for other companies that gives similar or better protection at the similar price, take whichever cheaper.
As long as no serious illnessess that nrw company may reject right?

If for short term...
Just go for standalone as possible steeper premium increase does not matter.

Standalone plan is cheaper to hv coverage.

BTW, if you change new insurance company, I think, you may be subjected to waiting and or contestabily period sort of things. (Example is as per image)

This post has been edited by MUM: May 27 2024, 04:38 PM


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Medical rate hike is not a company-specific thing la bro.

But yes, you're right about qualifying with health first.

Based upon scouring this thread and getting helpful insight from users here, I have narrowed down my choices to products below based on my profile :

Term life/ TPD Takaful : RM64.33/month Etiqa i-Secure (RM500K Death/TPD until 75 years old)
Medical Takaful : RM77.50/month Kawtim Medikad (RM1.1M yearly, lifetime unlimited, RM200/day R&B, cover until 85 y.o.)
Critical Illness : RM35/month Etiqa Critical Care Takaful Plus (RM200K for 42 CI + RM100K additional for cancer, cover until 70y.o.)

Any suggestion to further optimize this?
Some background:
1. Term life is only for my mother in case I gone first
2. I guesstimate my lifespan only until 70 since my father passed away at 65

One concern I have is regarding guaranteed renewal topic for this Kaotim Medikad. I did not see any clause in the PDS or cert. wording on this. Only Portfolio Withdrawal Condition clause which is pretty typical for medical policy. May I know which clause can be an indicator whether the product is guaranteed renewal?

Thanks

This post has been edited by Dweller: May 27 2024, 04:25 PM

yes, in theory yes. if you buy standalone where the yearly commission to the agent is the same, sure.

buying insurance plan is not like shopping for the cheapest postpaid plan out there. if you bought IL plans, and keep changing plans, it will hurt you because you keep paying the charges over and over again. the charges are designed to be high in the initial years, and lower later.

understand what you are buying and understand the pros and cons of switching.

ILP also incur steep increase in medical cost when old.
No way to escape high medical cost or premium when old.
Insurance is profit driven business, not charity.

After all, her son may want to buy his own medical policy when grown up, as policy may be totally different by then.
Let them choose what they want then, as they are the one paying for it by then. Retirement is 60 years down the road issue, don't need to worry too far front.

I remembered last time bought medical insurance, annual limit is like 100k, 200K only. Now, newer policy come out with 1 mil or even more.

Based on the earlier posted explanation, i Guess the premium increases of Ilp will not be as steep as the standalone plans of similar kind.





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Well, perhaps these words??

Best is to write in and ask, then keep a hardcopy of the company's reply



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It is not because ILP doesn't incur steep medical cost premium when aging but because ILP drawdown the investment portion of money to pay for it.

So which one will actually feel and felt to have steeper increases at older age ?

This post has been edited by MUM: May 27 2024, 05:10 PM

Hi,

My AIA agent offered upgrade to my existing medical plan from 1.5m to 10m, for additional 15% yearly premium.
If upgrade this , will i get shocking premium increment in future compared to sticking with 1.5m ?
Meaning is it much safer to stick with 1.5m plan?

ILP, you pay upfront more, the extra more being channeled into investment and being drawdown later so that pay lesser than Standalone when old.
Standalone, you pay upfront less and pay more afterwards.

Just like
ILP- bitter first, later sweet later.
Standalone - sweet first, bitter later.
Both also one bitter, one sweet. Neutral.

If one is financially discipline, both actually not much different. While Standalone may have more advantage in term of flexibility of cashflow and investing. Mind that certain a few ILP may suffer poor return as well.

The lesser pay standalone, the extra money can be invested into ETF or whatever, then long term future reap good profit, and those profit can help you to pay the bitter bill later on, which in the end of day, similar what ILP can offer.

But if take up standalone, have extra cash but spent with unnecessary stuff end up no money for future, then different story.

It is not inflation proof. So yes it will be subject to repricing in the future

Do you feel your medical coverage of 1.5mil will be enough when you are above 60yrs old?

How much can you save buying standalone vs ilp per year?
The saving saved if invested will the returns be enough to cover the increase in premium?
The money invested will be subjected losses or long period of price stagnation....which may not be helpful when have no active income ( old age)