just asking,
will this "auto extend" be subjected to underwriter review at that time (60 yrs old),...example review of existing medical condition?

No, it'll not be subjected to underwriting for the auto extension.

what about, will it be subjected the review & declaration of medical condition?
or it will just be auto acceptance regardless of preexisting med conditions?

It's an auto extension without any conditions as long as you continue to pay for the new premium

Why commit yourself to insurance with ILP. Just buy those stand-alone. I bought 3 policy from different insurer and you can stop those that you don't need at that point and just pay for the medical insurance.

HLA Medical sum insured @ 690k lifetime - 120k annual - continue paying till I'm dead.
Manulife term life insurance @ 250k - stop when my kids reach 25y.o.
AIA for CI @ 250k - stop when my kids reach 25y.o.

For the next 10 years:-
Insurance premium average is about 2.5k a year for myself.
Add in 2 of my kids insurance will be 4.2k a year average.
Add in my wife insurance will be 5.5k average a year.

If a family of four sign up to ILP for 200 a month x 4 x 12 months = 9,600 a year. A 4k difference not exactly a lot but why buy a huge sum insured?

Many consumer still don't a clue on insurance and the unlimited lifetime limit medical card to me is gimmick.

Last year my wife relatives admitted to hospital then only i know if your medical bill cost 150k and your yearly limit is 100k you will have to pay the 50k from your pocket even though your lifetime limit is unlimited. So pray that your annual limit is enough for any major operations.

New adjusted premium to auto extend to 70-80 yrs old...

How much normally is this new adjusted premium? I can choose not to opt in right

Pros and cons...ILP vs Term..

ILP I still got a cash value in the end...and can bundle up all my insurance (life + medical + CI)...more expensive in the beginning, cheaper in the end..

Term...is a no frills, pure insurance..but the premium will increase as you age...since there's no cash value to cover the rise in medical costs...cheaper in the beginning, more expensive in the end...

This post has been edited by Oklahoma: Jun 7 2021, 06:11 PM

Increase in cost of insurance applies to all if your premium is not sustainable you will have to pay more also. The cash value that you have is to pay for the increase in insurance cost when you get older. While your money stuck in ILP I can choose where to invest my money and can choose to terminate my CI and term life. For you, your choice is either continue or totally don't have any insurance coverage if you choose to stop.

Thanks for sharing. May I ask what will cover for CI between when your kids reach 25 and until your unfortunate demise? Personal savings fund?

Hopefully my company can sustain my living expenses if I no longer able to work.

True2...maybe I should listen to your advise and get term..if the premium makes sense...

This Auto Extension clause has written clearly in the policy contract without requiring any evidence of assurability. "Auto extension clause" only applied to policies inforced after Jun 2019. Just to take note ya.

Good info

ILP has non guaranteed feature. Unable to tell now how much will it be costing after 20-30 years. Medical card cost of insurance will revise based on the medical inflation and etc..

The plan u r signing up till age 60 the cash value only able to sustain till this age based on the system. You can opt out to the auto extension by not paying so policy will lapse slowly.

Recently one customer age 59 decided to buy anther medical card to replace his old medical which expired at the age of 70. The older we are the more we need the medical card. So by the age of 60 or 70 only u will 'realize' the medical card is important. now still early to decide to auto extension it or not. Just prepare some fund to pay the new adjusted premium if last minute u need it.

Interesting...in an ILP, am I able to set different maturity dates? For life I set at 60 years old and medical 85?

For GE u can only set age 70, 80 or 90. Other insurer I'm not sure but pretty sure the same, Company A can go at the age of 60. Correct me if I'm not.

This maturity date is known as "sustainability age'" set by BNM for the insurance companies to follow starts in Jun 2019.

If your Life and Medical in the same plan then u cant have separated sustainability age.

This post has been edited by Ewa Wa: Jun 8 2021, 10:30 AM

hi Oklahoma, long time no see. you can decide on the plan's coverage term which most companies offer 70/80/99 years old. some offers as low as 65 years old. however, that is the plan's coverage term, different rider got different coverage term for example most accident riders covers up to 65/70 years old only maximum. certain CI riders like Early Stage CI covers till 70 years old only (depends on which company) even though the plan policy is up to 80/99 years old coverage term.

but i believe agents will advise you better in terms of the coverage terms/years.

Hi everyone .. I might be posting in a wrong topic .. but perhaps anyone know where I can get this kind of medical card.

My previous company provides a medical card that covers my parents (RM 4,500 annually - MiCare). But since I've joined a new company, my parents are reluctant to use the Cash or debit card that I gave them for medical usage. They prefer to pay by themselves (using their pension) or might choose not to go if not critical.

But, I want them to enjoy the privilege's that they have enjoyed for several years. There is no use of having a high salary but cannot contribute to parents.

Therefore, the only other way is I prepare the same type of medical card like what previous company provides. I'll try to find other excuses so that they will use the card for medical usage. Or I'll go to the extend and saying that the card was given by the new company.

Is there any debit medical card that is available in which I can automatically deduct from my bank salary every month? In US, they called it as Health Care Payment Card. Such card is exist?

Note: Both of my parents are over 66 years old. I'll deduct RM 200 each every month for my mom and dad. So, by the end of the 12 months, the fund would accumulated at least RM 4,800 and they can use it for whatever medical purposes.

This post has been edited by Irzani: Jun 8 2021, 04:42 PM

I find this arrangement really unusual, it seems that your parents don't want to spend your money?

In that case, giving them any type of card would be treated the same - they would just refuse to use it.

The other method is to get them to use their IC number when it comes to claim. I guess in a way, they would "feel" that they are not using a form of insurance. If the recommendation fails, I guess you have no choice but to let them have their own way of dealing with it like what you've mentioned "They prefer to pay by themselves (using their pension) or might choose not to go if not critical."

You can probably set another pool of fund for their hospitalization/medication.

Thank you for the feedback. Kindly please elaborate a little bit on this .. what kind of services is this?