So is the premium always fixed or it is fixed unless gov allows it to be increased and then your consent is not needed? the latter means it is not fixed.

the last 2 years shenanigan basically tells you the answer already, regardless on how one wish to describe it. If can happen once, it most probably will happen again.

Read back what I just wrote.

Not to pour cold water on things...
but how certain are you that the new agent will actually behave any differently?

Then again, if you are planning to give him/her new business, that might change the dynamic a bit... or maybe the "good" behavior lasts until you switch to a new policy.

Don't understand why you are so adamant in claiming the premium is fixed.

Are you a insurance agent? Cos JIUHWEI do sell insurance...

And thanks to the recent 2 years debacle, many of us had our medical premium fees increased, with or without our consent.

Ah ok, now I see where you’re coming from.

But based on my experience, similar to what MUM described (pls refer to the quotes below), ILP premiums can be increased automatically, with or without the insuree’s consent. The recent auto-debit hikes many of us faced are proof of that.

Before this, I also used to get letters "suggesting" me to top up my premium. Those were just suggestions, which I ignored, and nothing happened. Maybe that’s what your aunt encountered.

That said, insurers can and do raise ILP premiums without explicit consent. To say otherwise and go around telling people the insurance “company cannot increase the premium without your consent” is misleading: it gives false confidence and echoes the same half-truths some agents like to sell. Potential buyers of insurance should be made aware that the premium can be increased and they should plan for that eventuality.

For your aunt, it’s worth checking her policy’s surrender or investment value. If it’s substantial, she might be able to stop paying the RM800 monthly premium and let the investment portion cover the medical charges instead. (That’s what I’m doing now — my ILP fund can sustain about 15 years of medical coverage... if the charges remain static)

yeah, prior to this year, I also mistakenly thought so... because the letters requesting for increase were mere advises/suggestions.

This year's letter proved otherwise.... and my provider's CS terang terang claim it is out of their hands and push the blame (verbally) squarely on BNM. how about that?

I think there’s probably no need to keep explaining to koja6049. He is set on his view that ILP premiums can’t change without the insuree's consent, despite others sharing their experiences, explanations and proofs; with his explanations like one off, allowed by gov, you signed without knowing, etc. I wouldn't be surprised if, a few years from now, premiums are raised automatically again, with insurers citing BNM as the reason once more.

It’s fine if he hold that belief to himself only or if he clarifies what he actually means, but the concern is that such statements can unintentionally mislead new policyholders. Saying things like “ILP premiums are fixed and can’t change without consent” echoes the same misunderstanding that some less scrupulous agents have been known to spread.

assuming you are healthy.

how much are you paying for this coverage monthly?
50K rm is really quite small an amount... so if you are paying like 100 or 200rm pm, just cancel it lar. if you just pay like 5 to 10rm pm, sure... still worth keeping it.


note: personal opinion... not involved in insurance industry

Sorry, just want to make sure I got this right.

If you paid the premium for the term life policy in one lump sum, that means you've already fully paid for the coverage period, right?
Did the insurer mention if they’ll refund anything on a pro-rata basis if you end the policy early?
I doubt it, since it’s already considered “paid up.” So technically, you still have the term life coverage even if you settled the loan early.

Since you mentioned it was tied to a loan, I’m guessing it was required by the lender to cover the loan in case of death before full repayment. If so, that loan turned out to be a little pricey once you factor in the insurance cost too.

Actually A + B is better than C.

Just the 90 days hospitalisation per plan means extra 90 days.