Since you want to pick ILP, contact many companies and choose the best value for money. I compare I think allianz, aia, GE, Prudentia, tokio marine.

My conclusion: all more or less same price for same feature (I focus on medical)

I already post like 1 page back, standalone cards are now guaranteed renewal unless of fraud or you didn't pay. In case you missed it, here it is. Yes you need to know that premium will increase with age (same with ILP).



Looks like level term if I am seeing the correct page.
https://www.fwd.com.my/direct/protect-direct

This post has been edited by Ramjade: Mar 19 2023, 12:07 AM

It's not accurate. If you want accurate premium, get AIA agent to give you quotation. Min will be around Rm2500-2800 but the downside is you sacrifice sustainability of your coverage. A good agent would be happy to generate multiple quotations for you l. I asked my agent to generate I think 10 quotations for AIA and GE each and the respective agent obliged to my request. Some.send me via emai

I am around your age, for RM200 bed and sustainability purpose, I had to increase premium to around RM3200/year and that also can barely reach 80 years old age. My ILPs coverage all in the range of 70+ age. Keep in mind I throw away whatever rider I don't need like savings, bring down the life/critical illness to bare minimum and only select waiver of premium.

In the end I said screw it, I will just buy standalone. Reason I went for standalone
1. From what I read (old 2019-2021 threads on lowyat forum and posts on Reddit), it would seems repricing affects ILP more than standalone. I would know roughly how much I will need to pay for standalone vs the unsure status of ILP)
-some ILP increase 2 years from purchase date while I don't see that complain/happening in the standalone camp.
2. I am not going to pay extra to enrich the insurance agent and the company.
3. Why should I pay for ILP when their investment sucks (cannot beat FD or EPF)?

Hence I take the savings of buying standalone and invest the difference. Yes I accept premium will increase gradually with time. Embrace it.

Unlike agents who push you for unit trust, if you don't know anything about investment, just dump it into a S&P500 etf. Long term 30 years, you will nest the insurance company return by miles. That time, use some of the money to pay premium for your standalone card (that's what I am doing except I don't do S&P500 etf)

This post has been edited by Ramjade: Mar 19 2023, 04:51 PM

Supposedly but if you rajin like me to go dig up anything regarding ILP, you will see that is not true. Although it's not statistics, but based off people who owned ILPs it will start to leave doubt in your mind. If 1-2 people commented, maybe it's just 1-2 people. But when you got like 20-30 people, you know something is not right.

Also if cover, did your agent tell you somewhere down the road need to topup. Did he or she tell you need to topup eventually cause cash value not sufficient to sustain the insurance until age you want? So far I meet some insurance agent who don't tell me about that. Just tell me ILP very good. Maintain premium Vs standalone. I just keep quiet and see if they will tell me ILP also increase in premium/have to topup down the road. Those who tell me need to topup eventually, I ask them why. But no insurance agent tell me ILP increase premium until I came across the Reddit and lowyat forum post. They only told me increase premium if you want the policy to last until the age you want.

I want peace of mind rather than wonder will they increase my premium just because fund not performing or how much and when to topup?

Covid different. That one really emergency cause all private hospital don't want to take. If take also ask like RM100k. Insurance also don't want to cover

I visit the emergency don't know how many times before. Always make use of my tax money. Only waiting time very long.

Bro, macam same only in terms of % for commission for ILP Vs standalone. Only difference is agent get paid lesser in total amount with standalone cause standalone is generally half price that of standalone (if taken around 30+)

Based off my quotation from AIA Standalone and ILP documents.

You can always choose a lower premium at say RM180-200/month. There you will see in your ILP quotation cash value X and cash value Y cannot sustain until 70 years old. X being 2%p a return and Y being 5%p.a return.

I kena few time. After I asked the agent to play around with the iPad quotation by increasing monthly premium to RM25O-35O then only you see Xand Y can reach 80. If you are being conservative by say targeting 2%p.a, with RM250/month premium, you will get sustainability until 70s. It cannot even reach like 78-79yo. Of course if you take 5% p.a different story but I prefer to be conservative.

This post has been edited by Ramjade: Mar 19 2023, 05:29 PM

Meaning of COI is reactive to actual claims? Means as claims increase, COI also increase correct?

AIA cover but that time no private hospital want to take in covidt and private hospital ask patient to pay and claim first. How?? Go govt only loh.

Simple stuff, food poisoning, fever, upper respiratory illness. Never use GP cause simply give meds and bang antibiotics for everything.

Bro, single la. I am considering adding on critical illness though (not going to get from GE even if they are cheap).

Assuming both premium is RM3k/year
ILP commission

1st, 2nd and 3rd year 40% (1200)
4th, 5th and 6th year 20% (600)
7th, 8th and 9th year 5% (150)
Total = Rm5850

Standalone commission

1st year - 65% (1950)
2nd year -40% (1200)
3rd year -26% (780)
4th year -20% (600)
5th year -10% (300)
6th year -10% (300)
Total = RM5130

So ILP does generate more commission for agent

This post has been edited by Ramjade: Mar 19 2023, 09:06 PM

Don't know. This is from the quotation I received. Is this true?

This post has been edited by Ramjade: Mar 19 2023, 10:24 PM

I know it affects everyone but I am seeing it i more in ILPs. I do know AXA and medisavers increase too but not as drastic as ILPS 20-50% increase. AXA was 16% and medisavers was 10%.

Asking someone to fork out RM50-100K for covid admission. As good as don't cover.

Why would I want to audit people? Think I got so much free time?

I am only taking their standalone medical card. Staying far away from them for everything else.

I am just showing that ILP generate more commission either paid to the agent or company. Until today I dont know how much agent earns but I know it's double digit and for 6-7 years. Correct me if I am wrong.

Actually you are wrong. I came here hoping to meet good agent which able to recommend me good medical insurance. There are few good ones who received my PM but didn't match what I wanted. Of course not everyone received my PM

1. I am happy to pay for thing that give value. Now tell me I can do claims everything myself and can buy things online myself. I never seen the need for an agent. I don't see value that agent can give hence I don't see value in making my premium more expensive.

2. If insurance company offer online sign up, I am more than happy to buy from them directly Vs going through agent. Unfortunately they don't. Can't wait for the moment when they let us do that. So far from what I have seen there's no benefit of an ILP (I went in open minded ready to see both side in case I miss anything) and came out with the conclusion there's no benefit in me getting ILP. ILP might be useful for some people but not me.

3. It's true. Show me the returns of ILP returns for the past 5 years Vs EPF and let's see. There are only a handful (I am able to count with my fingers that are good unit trust). Majority sucks. Can't even beat EPF returns. You name it. AIA, allianz, GE.

4. Er that's what I see you do? I don't see you recommend anything which is not a unit trust? Heck I never see you recommend a robo advisor.

I don't bash, I am just sharing what I found out for free. Why share? Cause it saves people like me time. I wish there was someone before me who did research. Would have make my life easier. But since there is no one, I will share what I know and learn freely without expecting to get paid cause it just helping others.

Actually I DIY everything so yes it's damn hard to get my money.

This post has been edited by Ramjade: Mar 20 2023, 12:11 AM

Already buy.

Yes I am avoiding ILPs at all cost. If people ask my recommendations, I will say avoid ILPs at all cost. Like I said I went in with open mind and ready to accept ILPs but came out like I am getting the short end of the stick. So no thank you to ILPs.

What does Epf death benefit got to do with ILP? I am stating that ILPs returns are pathetic and can't even match EPF returns. I am not asking them to match against S&P500 etf which even EPF cannot beat. As ILPs return are so pathetic, it would be better to buy standalone and dump the difference in savings into EPF or S&P500 and withdraw them at 55 to help pay for standalone premiums and still have more leftovers vs going via ILP route. Not only me. Singaporean reddit side and some Singaporean financial bloggers that I have my respect (post useful article, guides, and manual for investment all for free plus some other personal finance article) also advise stay away from ILPs. Now if it only happens in Malaysia, maybe it's Malaysia side. But if it's also happening in Singapore side (stay away from ILPs), something is not right. If something is not right, better for me to avoid it and don't try to be hero and try it out.

Bro, what AIA, Allianz, and GE does not offer unit trust? Those funds that come with the ILPs are not unit trust? Tell me I am seeing wrongly. They have prospectus, fund management, expense ratio, nav, units buy equities and bond sounds like a unit trust to me. I don't mind to be corrected.

I don't even have time for myself as I sometimes work 6-7 days a week, sometimes I even work like 15h/day. How to even drop by and it's out of the way btw.

This post has been edited by Ramjade: Mar 20 2023, 01:32 AM

It's still unit trust to me but I don't mind being corrected. But a lousy one no doubt as it's unable to match EPF returns. Some can't even match FD returns. For me, I will benchmark against EPF returns cause one of the agent told me once reach 55 years old, withdraw some EPF and topup into your ILP so that it can sustain you until 80. For me it's a very very stupid idea. My EPF is not to be used for any insurance and it's purely for retirement.

They shared got waiver, premium holiday, "supposedly stable premium", all in one (don't need so many insurance). Only good thing I can see is waiver which can easily be matched by getting a critical illness insurance which covers the cost of the projected premiums.

No la. Not too many good financial bloggers unlike Singaporean who scrutinized everything. But Singaporeans are not that smart also. They have fallen pray to ILP before. So many of them regretted buying ILP.

This post has been edited by Ramjade: Mar 20 2023, 02:35 PM

Thanks for the correction. I totally forgot about that column. Surprising they did not publish commission for standalone. But if were we to compare apple to apples (total distribution cost), ILP distribution cost > standalone.

Why not go via standalone cards and standalone critical insurance that provide early CI? I am going via this route though.

This post has been edited by Ramjade: Mar 20 2023, 08:33 PM

I don't have a CI insursnce yet. Looking to get one standalone. What I know is I am comparing to see who is able give me better deal AIA or prudential. I don't know I prefer to mix and match my insurance to get the best deal rather than get everything under one roof from same company.

One thing I know I am not getting my CI from GI due to their "reputation". I am ok with medical insurance. But nothing else from them.

This post has been edited by Ramjade: Mar 20 2023, 08:53 PM

https://investmentmoats.com/budgeting/insur...-right-reasons/

For me, if ILP have value ok fine. But I don't know. Maybe it's just me but I don't see enough value in them for me to get an ILP. It just doesn't make sense to me. Mind you I went into this shopping event with open mind so I was open to idea of having ILP as my medical insurance.

This post has been edited by Ramjade: Mar 20 2023, 09:04 PM

TBH, I was impress with the waiver initially. I thought it was a free feature. Then one agent told me everything you add into your ILP have cost which will reduce your sustainability of your medical insurance. If you want it to last long, no choice have to drop some stuff or bring stuff like life, critical illness to bare minimum or increase the premium you are willing to pay. I think it was the 3rd agent (an AIA agent who just drives an axia) who told me this. The agents who drove big cars were just interested in selling me ILPs and when I asked for standalone, they were reluctant to show me standalone medical insurance. I think like 2-3 of them.

After I get more or less my quotation, I did a Google on Reddit and LYN on ILP and some other sg financial blogs on ILP. That was where I nope. No ILP for me.

I already got my medical card. Now is shopping for standalone critical illness from Prudential/AIA.

I already keep that in mind and already have plan in place for my insurance premium payment.

This post has been edited by Ramjade: Mar 20 2023, 09:26 PM

I adjusted until the insurance agent also pening/got fed up with me.

Yes that's very true. Those sold online are subpar compare to those sold by agents.

You cannot buy online standalone medical insurance with coverage of RM1m before this. Only one company currently offer online for that kind of coverage and that's fi.life which partnered with AXA.

Can't wait for policystreet to come out their medical insurance advisor then we can see which company have the better deal. Best of all it's free and you have access to multiple company at the same time Vs only one. It's been coming soon for months.

This post has been edited by Ramjade: Mar 20 2023, 10:31 PM

If you see on their medical insurance page, it mentioned free.
https://www.policystreet.com/medical-insurance

But downside is the word coming soon have been there for months. lol

This post has been edited by Ramjade: Mar 20 2023, 11:46 PM

Keep in mind you need to have no illness or your new policy/different insurance from another company will not cover that present illness (I heard you can appeal but for discussion sake, let's assume they won't cover)

Depends on what you want.
If you want RM1m+ coverage until 100 you can go with ILP or AIA standalone.
Fi.life also have RM1m+ coverage under AXA (fully online, no agent).

For me, I go will be going with AIA standalone (AIA med regular + booster) and add on my a standalone critical illness. I will never advocate for ILP. But it's your choice.
With ILP you hope that your premium stays the same but from few post on lowyat forum and Reddit, that's not the case (premium increase 20-50%p.a 2-3 years buying) vs gradual increase in standalone. For me, hope is not a good thing to depend on. Better to have real people experience.

You have to understand that the premium for standalone and ILP in terms of cost of insurance is more or less the same. Yes agent may tell you oh this ILP premium is cheap, but take a look at the sustainability of the insurance age. Can it cover you until 80+? For me I I cover myself until 80 enough.

If money is an issue, just get AIA standalone without the booster or fi.life (AXA)

Hope this helps.

This post has been edited by Ramjade: Mar 24 2023, 11:10 AM

Unless the insurance issue you a letter to upgrade, then yes pre existing condition will be cover and yes no need underwriting. If you buy new insurance, there is underwriting and any pre existing condition will not be covered.

Edited my post cause saw your age.
A-med life regular without booster have max coverage until 100 years old with max limit at 150k.

Keep in mind not all insurance cover covid and even if they cover covid, they need your covid to be category 3 above.

Let me look for them. Later I will post once I find it.

This post has been edited by Ramjade: Mar 24 2023, 11:14 AM

jackdon
kindly take your time and read
https://www.reddit.com/r/MalaysianPF/commen...egular_medical/

From learner


https://forum.lowyat.net/topic/4753108
https://forum.lowyat.net/topic/4753108

topup =ILP. Cause standalone there's no topup to sustain your premium until the desire age

One thing to note majority of ILP returns cannot match FD or best case scenario EPF. Since you are 61, you can treat EPF like a bank. Buy standalone, put the savings into EPF. Don't be afraid to pay more for medical insurance. Part of life.

This post has been edited by Ramjade: Mar 24 2023, 11:32 AM

The standalone majority of the time follow the the brochure. I have not come across yet any post about standalone increasing a lot Vs projected (from my shopping experience for medical insurance, I am not an agent or anyone who works in insurance. I am just someone who research medical insurance to pick the best bang for buck. Been doing that for I think 3 months+. I have talk to many agent, spend my time reading through multiple post on Lyn and Reddit to see if I should take standalone or ILP).

Standalone and ILP both go up with age and time. Can't run from it. You need to embrace it. If you don't want increase in premium, DIY insurance fund. Put aside your premium for insurance into a liquid cash account. Normal admission is going to cost rm5-10k. If ICU admission prepare easily RM50-100k. Some hospitals give senior citizen discount and if pay using cash Vs insurance.

ILP increase is masked and subjected to market return. So in down market expect ILP to ask you to cough up money.

I have already embrace the increase in standalone premium and already have plan for it. No right or no wrong. For me personally I don't advocate for ILP for the following reasons:
1. No value for me.
2. Not worth the extra money.
3. Lousy investment returns.
4. Expensive over long time.
5. Reviews about it's not worth it. I have only so far read a review that mentioned the time when ILP really shine (but can easily be copied using standalone products)

Nowadays all new standalone won't terminate your policy. They will terminate your policy on condition
1. You didnt pay
2. You surrender the policy
3. You commited fraud

Whatever you do, do not hire lifebalance services. He don't do it for free and goodwill and it's all about money. He maybe a qualified financial planner but I wouldn't use his service even if he give it to me for free or he were to pay me (ethics reason)

I suggest you to get independent financial planner. It only cost RM1k for all insurance question (mypf)
https://mypf.my/access/financial-planning/#register
https://www.myfp.com.my/

This post has been edited by Ramjade: Mar 24 2023, 11:56 AM

Correction. I went into my research open minded. I was ready to accept both side of the story. But research indicate otherwise.

Look carefully. it's not premium.