Hi Guys, anyone can explain the below picture?




3.8k pa = Life & CI
3k = Medical
1.9k = son medical

Why is the insurance charges for medical is so much higher then Life insurance? is it normal? which means that agent & insurance earn more thru medical policy?

and why is seems doesnt tally... example monthly RM 160, RM 121.6 into investment (24.32+97.28) , insurance & policy charges RM 74.21 (1.22+4.78+13.93+54.28), total more then monthly RM 160

Any sirus in insurance related industries care to comment on ...

Is there a requirement to hv a license from the authorities to gives recommendations or advice to others in insurance related products or its related matters?
Is there an offence when,.... “recommendations or opinions which are likely to induce a person to take any action or position (e.g. buy, sell or hold) regarding a particular insurance products, or instrument in relation to insurance?

As there is a need to hv a license for giving recommendation or advise in matters related to investment In securities or derivatives.
According to the SC, “recommendations or opinions which are likely to induce a person to take any action or position (e.g. buy, sell or hold) regarding a particular class, sector, or instrument in relation to securities or derivatives, is likely to be considered as ‘advising others concerning securities or derivatives'”.

But I read in the net, ....

They said investors should be wary of discussions in social media chatrooms that may trigger securities breaches such as the provisions on investment advice or stock recommendations without a licence.

Any person found guilty may be liable to a penalty of up to 10 million ringgit or imprisonment not exceeding ten years or both, they said.

https://www.reuters.com/article/malaysia-st...s-idUSL1N2K41CK

For the benefit of other readers and yourself, repricing is more like to happen every 3 years if not even more frequent. 5 years is very unlikely under current climate.

If your chicken naik harga, so is hospital supplies. Sadly, our weakened ringgit is not helping this of course. I am not hospital supplies expert, you can go around asking one, but i am guessing they have their problems. 

AIA A-Life Med Regular is going through repricing now. This year. I forgot the exact month but started this year and will continue until next year. It's probably not something on google. I am just writing this for the benefits of other reader. The last time they did it is probably about 3 years ago.

Am i painting AIA as the lousy one? No, all companies does it. Based on the post i'm reading on lyn, there is always one of the big 3 doing repricing. Last i heard, prudential is doing repricing also.

Final post on this topic. End.

Let's see if I get hit by it next year. Cause I always pay my premium one shot (yearly).

AIA agent.

I wish to provide some clarity on some of the statements made.

1. Agak betul.
However, generally speaking, you are not the only patient that your doctor visits. You are one of the patients that your doctor visits. So let's say your doctor makes his rounds and saw you at 10am. By the time he gets back to his surgery, it's likely around 12pm. When your report is ready and sent to insurance company for discharge GL, likely around 2pm. You'll be successfully discharged right around 4pm. So let's not berate our doctors as "lazy"... They literally saved your life.

2. Dunno who your agent is, but I have agency support staff for these.
And frankly, most of what I will have a hand in, is to communicate with the doctor. Case to case basis. It is never a agent vs doctor or insurance company vs hospital situation (unless you make it out to be). Everybody is doing their roles, working together to deliver a service.

3. You got stuff to hide?

Regarding the different jargons:

Waiting Periods:
Day 0-30 - only covers for accidental conditions. What qualifies as an "accident"? 1. It is sudden; 2. It is violent (ada darah terkeluar); 3. External impact (kena tumbuk also kira). Any combination of two out of three qualifies as an accident. Dengue all 3 also got lah. Tetiba the nyamuk land on you (sudden), tembus your skin (external impact), suck your blood (darah terkeluar). Accident lah namanya.

Day 0-90 - cashless facility waiting period.

Day 0-120 - specified illnesses waiting period. Those kinds of illness that need time to brew before showing up wan.

First 2 years - contestibility period: where the insurer reserves the right to withold a claim, just to check for non-disclosure. After which the claim amount will be released upon completion of the investigations.

Any insurer does not have the right to terminate your policy for the sole reason of utilizing it within the first 2 years.
If that even remotely makes sense to you, why do you still buy medical insurance? Let alone changing every 5 years, which means you willingly subject yourself to underwriting every 5 years. And every 5 years your waiting periods and contestability period restart and (according to your logic) you buta2 wait 2 years cannot use out of the 5 years. I think your agent training you to be a repeat customer every 5 years. And since in between purchases you will DIY everything on your own and make sure you pay on time...

Bro, there are better and more efficient ways to shoot yourself in the foot... such as just shooting yourself in the foot.
Self-inflicted injuries (whether sane or insane) is a general exclusion across the industry ya <<< friendly reminder.

I think what we are trying to achieve here in this thread is to find what fits. I'm sure @lifebalance and @Ramjade are not offering opposing views, just different methods working towards the same goal.

Is it great to have more control over your investments?
For those who prefer it, sure!
For others like me who distinguishes money allocated for protection in one box and investments in another box, ILP works very well for me.
What's comfortable for me may or may not be your style.
Doesn't make me wrong or make you anymore right. It's just what fits.
We're all adults here, we make our own decisions and live with the consequences. We tweak along the way or pivot and change course if the situation calls for it.

I do feel that @lifebalance has his own style of approaching the subject, which tends to be rather holistic (his profession demands it of him), at times uncalled for. But I see that he's often leading forumers to think and choose for themselves rather than feeding info and playing with words, attempting to lead anyone one way or another.

And on the flip-side, @Ramjade is very price-sensitive, which is great for fresh graduates looking to take control of their lives for the first time. It's not wrong to compare and contrast, also not wrong to list out the pros and cons of certain products.
But the pros and cons are largely only relevant to you and people like you, @Ramjade. For your part to cater for people like you, your sharing here is indeed invaluable.

Standalone medical insurance is indeed a wonderful product.
And just like what you said, you pay the curve in your golden years.
Now, not everybody is as willing to set aside part of their long-term savings, investment returns to pay for the premiums at the time.
You can, but it's just not how I would arrange my finances.

Budget airlines are great. No frills!
That was in my younger days.

I'm now very married with parent, wife, and kid.
I want the frills of a full service airline.
I won't even get it myself. I will get a travel agent to get me those frills.

Every product meets the different needs of their respective market segments. That's all.
Why the need to champion one product over the other...?
Because you think it's better?

Imagine walking into a shop, a sales assistant comes up to you and just blab on about how great the shoe that they are trying to sell is.
Then you try to tell the sales assistant about what you're actually looking for, something more versatile, a sandal with a strap. Because you're going on a beach holiday.
Then the sales assistant gives you a pros and cons analysis of the shoe vs the sandal, and how the shoe is superior...
You then siam to continue browsing yourself. Another customer walks in, this time looking for school shoes for kids. The shop assistant recites the same pros and cons analysis of the one shoe he peddling... so on and so forth.
You beh tahan d, confront the shop assistant to stop terrorizing shoppers.
Last last the shop assistant tell you "I don't even work here. I'm offering you my analysis for free."

Bang, u xde keje lain?

Holocene, denion, JIUHWEI comment please. Is it true or false?

Nah halocene, you asked how can you contribute, here you go. Lol.

If you guys don't want to comment about it for Pnc reasons, I am also fine with it.

Seriously? So many agents here post their own contact in the signature. Wonder if they got reported for it.

WTA will Great Eastern company call you up after your sign up to their plan? My relative just sign up and got a miss call from them but they never try to call back again? What could the call be about??

when i sign up many years ago i didnt get any call from them.lol
It was the HQ number dont know which department called.

any allianz insurance agent here, want to buy medical insurance for daughters

This is my premium hike from PRU, which an ILP based medical/life plan, it does not say that my investment is doing poorly but instead blame the increase of medical cost as the reason for the hike.
And since I am already here, should I take up the option to reduce the hike?

LETTER FROM PRU

Dear Sir/Madam,
Policy Number :
Life Assured :
Assured :
Subject : PRUValue Med New Insurance Charges and Premium
Thank you for choosing PRUValue Med as your health and medical
protection solution.
Healthcare costs have been consistently rising with increased
demand for healthcare services, and better medical treatment
with advancement in technology. As such, we continuously strive
to reduce the impact of medical inflation by working closely with
our healthcare providers to maintain high-quality care and
preferred rates.
Yet, the average medical inflation for PRUValue Med for the past 3
years is still rising at 14.30% per year. 65 out of 1,000 policy
owners made a claim compared to 67 out of 1,000 policy owners
3 years ago. Each claim on average has increased from RM
9,120.00 to RM 14,233.00.
As your long-term medical protection is important, we regularly
review our medical plans to ensure you are protected when you
need it. Having carefully considered the rise in healthcare costs,
we will be revising the insurance charges of your medical plan
effective 01-01-2024*.
With this revision of the insurance charges, your premium will be
revised as below:

Current Premium
RM 463.00
Monthly

New Premium**
RM 546.00
Effective Date 01-01-2024
Monthly

Note: The increase in premiums is to cater for the increase in medical insurance
charges. Payor coverage (if applicable) will increase correspondingly, and
additional insurance charges will be deducted from your policy account value. We
advise you to refer to your annual statement and discuss with your Prudential
Wealth Planner or Bank Representative to review your policy’s sustainability
regularly to ensure continuity of your coverage.

Option to Convert
For lower insurance charges, you have an option to change your current medical plan to include a higher Med Saver Plan. This means you will need to pay the selected Med Saver amount to the hospital before your insurance plan starts to pay out any eligible claim. If you opt for the higher Med Saver Plan, your current Room & Board (R&B) Plan will also be revised from R&B RM100 Plan to R&B RM150 Plan.

Below is the new premium comparison of your current plan based on PRUValue Med Plan RM300 Med Saver with R&B RM100 Plan.

Your current plan
RM300 Med
Saver with R&B RM100 Plan
RM 546.00 Monthly

Optional plan
RM1000 Med
Saver with R&B RM150 Plan
RM 505.00 Monthly

To opt for the higher Med
Saver with R&B RM150 Plan,
please complete and return to
us the enclosed "Option to
Convert" form by 31-12-2023.

my daughter has underwent operation for her spine due to scoliosis 2 years ago and is doing ok but since she will be considered as riskier than healthy person, i want to try to apply to a few insurance company to see their proposals, is this a right move?

Hi there, want to seek advise re illness declaration for medical insurance.

Back in 2019, I received letter from Pusat Darah Negara as they suspected that I have Hep-C. Their process requires 2-3 visits, 6mths apart, for them to confirm whether I have it. I didnt manage to complete the follow-ups (only attended the 1st appt) as we were in MCO by then.

Fast forward 2022, I had body checkup in ADMC and Hep-C was non reactive (means I did not have it at the time, nor have I ever had an active Hep-C infection before).
In my case, does this "hep-C suspect from PDN" need to be declare? Is PDN considered medical institution and I therefore received "medical advise"?  Thank you !

Geese, just realised I did receive this letter last year....

Just when I think the time has come for me to have a higher changes of claiming it, .....that coverage was terminated.

Ha ha....
The other  parts of my policy is still active, just this item

So,
Just remember to review the details in your policy periodically especially when nearing 60.

hi Sifussss out there, I use to buy my insurance directly from agent and still is but is there any difference buying via bancaassurance or directly online with insurance company? It looks cheaper but will I miss out anything aside from the risk aspect of it? I was told agent suppose to balance your risk and finances to ensure that you don't over or under insure... any thoughts?

RM 100K/ year premium, this type of story line not new.

I get annoyed especially when agent use the line, eh not that I don't want to do your business but I got client who pay 100K, 200K ... 500K insurance premium cause they want to protect their wealth from creditor. I told them, why incur such cost buying insurance premium like that, just put money in trust and use the trust as a vehicle to invest. Money still (technically) yours and you don't suffer administration charges/commission/repricing issues.

Some people lucky maybe find big fish but out of 32million Malaysian people, there are just a handful who are really rich (not everyone is T20).

The proper insurance person will not come to a conclusion until he has provided detailed financial planning, not just gut feel as to how much protection one needs. That's my 2 cents worth.

I like that you asked, amidst the agent-bashing going on.

I do have a handful of customers paying 6 and 7 figures in premiums annually.
And I was referred to a new uncle recently in is late 60s.
Long story short, he was ready to cough upwards of 90k to take up a life insurance for himself as his company benefit will cease as soon as he retires.
Heng ah. Jit pai hoseh liao loh 

However upon some questioning and understanding his situation a bit more, we ended up with just a medical insurance for himself.

I reasoned his way out of taking up a coverage that would be nice to have, but totally unnecessary.
He was ready to cash out his paid-up Universal Life policy (Singapore), but I talked him into retaining it. With good reason of course.

Now of course all this didn't happen all in one sitting.
I met with him a total of 4 times, before we met on a 5th time for the application to happen.

Now this guy owned and operated a VC firm in his time. Very shrewd guy and helped connect a lot of missing dots from the stories I hear from my existing clients (somehow my main customer base are 20 years my senior at least).
It has always made me wonder why is it that these somebodies would set aside the time needed with me, while my peers and many on this great forum just fail to see past my commissions.
I got to eat too, no?