New one no more loading from what I read the contract. Old one maybe yes

jackdon
Have a look at this brochure. There's no way the RM150 room premium cost RM100K+year for your age.
https://www.aia.com.my/content/dam/my/en/do...ar-brochure.pdf
https://www.aia.com.my/en/our-products/medi...lthbooster.html

If you are talking about annual premium yes, that's correct. My calculations is more or less same with you.

For me it's around RM280k for coverage until 80. Yes I am willing to pay that.

Er you haven't factor in increment for ILP yet. When I did my calculations, I didn't factor in ILP increment. Only after I read those post, I know ILP are not so stable. Hence better for me to know roughly how much I am paying Vs unknown.

This post has been edited by Ramjade: Mar 24 2023, 12:17 PM

Go take a look at the brochure for AIA stsndalone. There's no way at his age it's that expensive.

I didn't wriggle. I am just looking at the brochure and his age, must be typo from his part.

You can even do quotation on your iPad and see if I see wrongly for ILP.

This post has been edited by Ramjade: Mar 24 2023, 12:11 PM

Thats why I have gathercare as my backup. RM500/year is nothing compare to insurance.

There is nothing to topup to sustain it for stsndalone If you don't agree to topup the premium, and would like to pay the old premium, you cannot do that with standalone. By not agreeing to pay more means you are not paying= defaulted on payment = policy lapse

You can choose not to topup for ILP. and continue paying your old premium. By choosing this route you merely bring forward your policy expiry date. (Eg when you buy it, it's suppose to protect you until 80, by refusing to topup maybe it can now last 70 years only, again just an example)

This post has been edited by Ramjade: Mar 24 2023, 02:46 PM

Basically yes = default.

But like I said hours spend reading all old lowyat forum poat and Reddit post and asking multiple insurance agents, all confirm one thing. The increase affected ILP. Those on the standalone I mentioned before (AIA and GE), not affected. Price increase happen for standalone because of age/age bracket for standalone. No sudden jump.The only standalone which recorded extraordinary jumps are AXA (16%) and medisavers (10%). Both lesser than reported ILPs

That's what make me even more want to sign up for standalone.

Sudden increase in premium is possible, already prepared for it. I think BNM have policy in place to not allow 100% jump but say max 50% (this is what my medisavers agent told me, so max they can increase is 50% only) All increase have to go though BNM. If the insurance company can show bank negara that the pool not enough to protect people. BNM have no choice but to approve the hike. Of course whether BNM.is in cahoots with insurance companies, that one we don't know.

This post has been edited by Ramjade: Mar 24 2023, 08:09 PM

I can only think 2 things
1. Poor performance of investment (ILP investment already suck so for it to suck some more lol)
2. Old plan.
-too many people claim already cause no more money in the pool.
-everyone will claim cause already pay for insurance, don't use it's wasted.

This post has been edited by Ramjade: Mar 24 2023, 04:47 PM

But why does it mainly affect ILPs and not standalone?

Also why I thought ILP investment is supposed to help mitigate/smoothen this issue? Theoretical it should not be happening with ILPs.

Yes the way you put it yes this is the part ILP shines but then again, * won't denied it here. It's a once a year payment and even if says it's RM6k, don't tell me no savings? Max also for old people like RM10-15k.

It's not like RM30-40k.

For me, I always allocate RM3008 every year without fail to pay for PRS without fail. I know I am going to pay that every year, once my Jan salary comes in I set aside RM3k for that next year expenses. This is to ensure that I have cash ready for PRS. Same practice for my insurance. Prepare the cash 1 year in advance. Yes not everyone think that far. I understand.

Worse come to worse use govt hospital. Already pay income tax, time to use govt hospital. Just slow. If urgent stuff you will be seen urgently. If not urgent, just wait your turn. Nothing to be ashamed.

This post has been edited by Ramjade: Mar 24 2023, 08:28 PM

Covid happens once like a century. Even if covid V2 were to happen again don't expect insurance to cover. Even if cover, no private hospital want to take you in as shown during covid. Cause all rich private doctors scared of covid and only want non covid patient.

Cubalagi
Covid is something that even a 6 month emergency cash can't help if lockdown is prolong. You need at least 2 years of salary savings to sustain oneself.

Geez. That bad. 8. Luckily you survive.

That's all premium rise kick in after things almost back to normal, I think 2021.

But still caught many by surprise.

That's why for me backup gathercare without repricing is must. RM500/year and coverage until 100 is good enough for me.

This post has been edited by Ramjade: Mar 25 2023, 12:06 AM

See this table.
https://howtofinancemoney.com/best-medical-...dical-insurance

I saw one blogger who work in Singapore all his life had a Malaysian insurance. He got some existing condition but because he only use his Singapore insurance and never his Malaysian insurance which is AIA. AIA gave him a guaranteed offer letter to upgrade from old Insurance to new insurance without new underwriting and cover whatever illness he have (reason was he never claim the AIA insurance before).

I would go with AIA cause as mentioned they do offer guaranteed letter of renewal if you are a good customer (likely never claim anything) which is useful in the future.

Just get a standlaone card in Singapore. Singapore have lots financial blogger who is willing to share good information on what medical insurance is good unlike Malaysia here.

Here's one by NTUC
https://www.moneyowl.com.sg/hospitalisation/ You should be very familiar with NTUC.

Worse come to worse. Just cross the border and seek treatment in Johor hospitals.

For me, I will get/upgrade to AIA and don't use it. Keep this for retirement. Get a cheap medical insurance like AXA emedic and use this instead. That way AIA will see you as good customer as you never claim, hence you are most likely eligible for free future upgrade (subjected to them if they want to issue you in the future).

Applicable both in Sg and Malaysia and what I am doing today
https://investmentmoats.com/financial-indep...rance-premiums/
His articles are always long winded but a gem if you can manage to read though them and sometimes you need to reread to understand it. He's also a nice guy (know him via online chat in some sg telegram chat)

This post has been edited by Ramjade: Mar 27 2023, 11:05 PM

That guy was one of my teachers in personal finance when I started out.

Learn so much from his writing (investment).

Then it's likely late stage. You need to find out of it it's early or late. If early have to see the policy. Some policy payout lump sum upon early detection, some only pay say 20-30%.

The illness must fulfilled
1. The definition as per the insurance company contract
2. Most CI insurance require patient to survive the illness

Login to your account or app. They should write there insurance sustainability until what age. If in doubt, just give customer service a call. How long it takes for them to update in the app/online account, I have no idea.

If you don't agree to increase the premium, then your original sustainability is no longer valid. Means your period is now shorter by few years.

However I believed you can topup your insurance somewhere down the road to increase it's sustainability if you want to topup.

So back to your original question
Yes you are still covered only the insurance coverage (until xy years) is decrease.
Yes that's right. If you want to make the premium cheaper. Choose lower year coverage. For me personally if I were to choose an ILP, I would just choose to cover until 80 years old and balance I backup with gathercare (they cover until 100 years old) and only cost less than RM500/year with no increment.

How many times? I believed as many times as they as increase the premium. So each time you don't agree, your insurance coverage term slowly decrease. I believed you are on ILP? If yes, you can tweak your ILP to say decrease coverage for other rider like life or critical illness or downgrade your medical coverage limit to increase sustainability of your insurance. There's no free lunch for insurance. To get back your sustainability you need to sacrifice something.

Hope this help.

This post has been edited by Ramjade: Apr 5 2023, 08:59 PM

Got choice. See above.

In summary
Cut down on other rider to bring up sustainability. If already on the minimum and nothing left to cut then it's a different story.
Downgrade medical insurance coverage
Don't increase premium now but make sure to topup down the road later on.

This post has been edited by Ramjade: Apr 6 2023, 10:53 AM