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.

While you're pending more input on what to do with the policy,

The first thing to do now is to check if the policy is assigned to the bank.
If yes, go to the bank and to terminate the assignment, then update your nominee details.

I would think maybe you to check whether yours is MRTA or MLTA? One have cash value another do not. I forgot which is which.
You can search Difference between MRTA and MLTA and see tell tale signs yours is which

hello Insurance sifu

After do some online research/reading, my understanding as per below, correct me if i am wrong

For MLTA/life insurance, if the nominee is others than spouse/child/parent. The nominee is just an executor
Insurance company will pay the proceed to nominee when insurer passed away
nominee have to distribute the proceed follow will or distribution act
the proceed is subject to creditor
If would like the nominee as beneficiary, need to do full or conditional assignment of the policy, which will make the original policy owner lost the full right on the policy. Any changes/amendment he/she wanted to make after that, have to get consents from the assignee. and thing will become complicated if assignee do not want provide consent.

if the nominee is spouse/child/parent.
the nominee also is beneficiary
Insurance company will pay the proceed to nominee when insurer passed away
nominee can use the proceed and will cannot override the distribution
the proceed is NOT subject to creditor
original policy owner retain the full right and he/she can change the policy without need current nominee consent

The role of insurance in estate planning and probate in Malaysia
https://simrahman.com/will-writing/insuranc...obate-malaysia/

The Distribution of Insurance and EPF in Malaysia
https://www.ziclegal.com/resources/the-dist...epf-in-malaysia

"if you nominated someone in your EPF account, then the nominee is your beneficiary. On the other hand, the nominee in your Insurance policy may not be your beneficiary. It is depending on the relationship between the policy owner and the nominee at the time of making the nomination."

More indepth details, ...
Insurance Nominees or Beneficiaries?
https://www.rockwills.info/insurance-policy...on-in-malaysia/

So there is Conditional Assignment and Absolute Assignment
Absolute assignments allow for the complete transfer of rights of the insurance policy to a person nominated by the policy owner (the assignee). However, with an absolute assignment, the policy owner loses all rights and financial interest in the life policy, and should he decide to revoke the absolute assignment, i.e. decide to assign the policy another person, the assignee must give written consent for this to take place.

With a conditional assignment, the rights to the insurance policy is transferred to the assignee, however, the assignment will also stipulate that upon a particular event that is not something that can be caused to happen by the policy owner, the assignment can be suspended or revoked in whole or in part.

But if you intend for someone or an entity other than your spouse and children to receive the proceeds as the rightful beneficiary, maybe consider a Takaful Certificate?
Why leh?
Under Takaful Certificates, you can choose to nominate somebody as a Wasi (usually spouse or kids lah) or as a conditional Hibah (Gift).
Conditional Hibah nominees receive the payment as the rightful beneficiary. It does not form part of the estate of the deceased, and it is not subject to the deceeased's creditors' claims.

*No you don't have to sunat to set up Takaful Certificates.

This post has been edited by JIUHWEI: Nov 4 2025, 06:37 PM

Read this just minutes ago

Ideal cancer treatment options for insured patients are being delayed, with insurance companies ignoring clinical needs and dictating terms, including downgrading medical procedures, says National Cancer Society of Malaysia (NCSM) managing director Prof Dr M. Mural­litharan.

He said some patients are often caught in a quandary when insurers question recommended procedures by doctors, withholding approvals or demanding further justification before critical treatment can proceed.

Cancer patients caught in gridlock
Wednesday, 05 Nov 2025
https://www.thestar.com.my/news/nation/2025...ght-in-gridlock

“Cancer treatment is actually straightforward. There are clear medical guidelines, but what we are seeing now is treatment shaped around insurance conditions,” Prof Murallitharan added.

“Most medical insurance only covers 90 days of medication, while cancer drugs can be required for many months or even years. At times, this leaves doctors hesitant to prescribe what is medically ideal,” he said.

He said the situation is not entirely the insurers’ fault in some cases, as policyholders underestimate rising healthcare costs and fail to update their coverage.
He advised patients not to assume that an old policy will automatically protect them, as cancer treatment is costly and coverage that seemed sufficient 10 years ago may now be barely enough.

“Charges will continue to rise. Policyholders must re-examine their coverage and ideally buy young, when premiums are lower,” Prof Murallitharan said

This post has been edited by MUM: Nov 5 2025, 07:22 AM

Another good site for leisure reading on the ongoings between the medical field:
https://codeblue.galencentre.org/

Anyone received offer from GE to upgrade to GMVE/GMVE+?


[Upon the conversion, your existing medical rider(s) including all secondary medical riders attaching to your current
investment-linked basic plan, will be terminated automatically when GMVE / GMVE + GMVPE is/are in force]

Saw above mentioned in the offer letter, does that means my existing other riders like IL HB, IL PWE, SMCC all will be cancelled?

Source and more FAQs

Value Up Medical Coverage Campaign
https://www.greateasternlife.com/content/da...paign-flyer.pdf



Attached thumbnail(s)

anyone here familiar with great eastern surrender value calculation? in their e-connect portal, i saw there are 2 value Net Surrender Value and Cash Bonus Balance value. Let's say i surrender my policy, i will only get Net Surrender Value or i will get Net Surrender Value + Cash Bonus Balance value

Bro, wouldn't your agent or the CS Rep at GE be the best persons to ask?

And both also you have their phone numbers.

Hi I have an aia medical card (1mil annual and no limit life time), and thinking to switch to another company to get higher limit with similar pricing. Any recommendation from anyone here?

Did you know you can change it within your policy too?

Just some kay poh comment, just take it as a pinch of salts

Changing medical insurance companies in Malaysia primarily carries the risks of new waiting periods, potential exclusions or higher premiums for pre-existing conditions, the loss of cash value accumulated in the old policy if any and potential issues during contestability period.

Buy new and continue to keep the existing policy during the waiting or contestabilty period would mean paying 2 times for the 2 coverage plans.

If the existing plan costed 5k, while the new plans costed 4.5k, is a 10% saving or 500 saved.
If you intend to keep the existing plan for just 2 years to mitigated the risk of issues during the waiting period and contestability period, it would means you need to pay 10k expenses more.just for the 500 saving per year.
If the rate of premium remained the same, that 500 saving pa would break even after 20 yrs for that 10k extra expenses spend.

Don't know about your experience buying insurance/dealing with insurance agent but my insurance agentss always encourage to buy new product rather than discussing about insured endorsement.

This post has been edited by AhBoy~~: Today, 01:26 PM

Then tell them if they do not guide you, you will lodge a report to Bank Negara Malaysia. And follow through with it should they still not be helpful.