lifebalance
Thanks for the prompt response. I will contact them.

Just a side note, I am tired of the Allianz Customer support. Even a simple thing like fund switching, for 3 weeks they had not responded to me. So I am considering to surrender my policy which I had held for many years. I knew we can use BNM or etc to counter, but this is not what I am expecting from an Insurance company.

Ah any rational behind? What if their process is so screwed until any claims also not possible / delayed as long as they can?

Many thought buy insurance is just buy only, unfortunately they do not know proper disclosure is needed.

Hi guys, I need a quotation from AIA, Allianz, Prudential, or AXA

My details: 25, Non-smoker, asthmatic but very very light last seen doctor for this is probably 3 years ago, using blue inhaler only when needed

Please quote me:

Plan A :
1. Life insurance -100k
2. CI- 50K (36 Illness)
3. Early stage CI 50K
4. Medical card (1mil -2mil annual)
5. With waiver of premium
6. Accident as a top up

Note: NON - INVESTMENT LINKED PLAN.
Term: to 70years and 80 years ( means need 2 price for this)

Plan B:
Same as above but ILP.

I am actually looking to fix the cost of insurance till the term of 70 years -80 years old.

By this way, isnt it means I am able to save for my future (as insurance cost will keep increasing yearly)

Understand that the premium will be way higher than ILP. So I want to see whether I can afford that.

I prefer to keep my investments and insurance separately if possible

is it all insurance company price increase this yr?

Haix...you see that's what I want to avoid....

I don't trust their "projected" returns

But there's seems to be no other way to fix cost of insurance as previous mentioned even traditional have a slightly bump up in insurance premium.

Hmm, maybe traditional insurance bump may not be so significant as the ILP

Reply to 4
Insurers / TOs are not allowed to reprice premiums / COI to maintain profit margins - by this I refer to what is contractually implied and not by what BNM allows. If it is so difficult for insurers to price long term products appropriately, don't sell long term products. If they cannot account for long term medical inflation,  long term stable utilisation rates, long term investment returns - there is a very simple solution, just sell short term yearly renewable products with guaranteed renewability and no reunderwriting and high deductible like RM 5k (Max RM 11k per annum), RM 10k (RM 22k per annum)

Why are they having these nonsensical above 5%, 10% utilisation medical pools? If they designed these products / riders not knowing or knowing that the stable utilisation could be above 5%, they deserve to bear all the burden for the so called "medical inflation"



Reply to 5
There is no other reason for cohort to dwindle in size if not because of the closed block approach by insurers. And why do these champions close the block to new business??? Why can't they just give everyone a free upgrade or augmentation to the coverage and continue onboarding new policies. Cause, aside from the reasons in reply 4, these insurers are scared that the block is suey already - e.g. due to being exposed to covid, so they isolate them, hike up premiums / COI to kasi all the "konon healthy" or no claim lives to cabut to a newer block with better experience and pricing. Last-last, the ones that tinggal in the block will scream bloody murder due to the price increase and may have to lapse their policy if they can't afford it or can't jump to a newer pool because kena reject or where the re-underwritten COI charges are higher.

Take GE. This is classic unethical, embarrassing behaviour from the insurer. What bloody nonsense la, first come up with SMM in 2019 and three years later SMS. Before that SMX and SM. There is no good reason on this godly earth to have so many series in the first place. One every three - four years. Look at the jump in utilisation rate. Gila wei. What was the block's initial pricing expected long term stable utilisation? Was it above 5%? They should have never issued such products where the stable expected utilisation is above 5%. Let the insurer bear all the financial  burden. period.



All insurers and takaful operators should be banned from closing the block and repricing COI / Premiums during the midterm of any long term contract

What [email=perseides]perseides[/email] is saying is likely true
I don't believe this is good way of explaining medical inflation and/or utilisation effects. Waiting periods are not that long and product pricing will account for mature block experience. The chart implies that products are underpriced because they don't account for a more "developed" post waiting period experience, which I don't believe to be the case. And I don't think consumers are jumping around to new medical policies cause they are cheaper - let me know if I've got this wrong. Medical inflation and utilisation effects affects all insurers as far as I'm aware.

What do you mean 'With such a high coverage amount (like yours) ......It is becoming a luxury item' ? What's wrong with having high annual lifetime limits? That is exactly why we have insurance in the first place. Low frequency, high severity. It's not a luxury, but a necessity. Why buy medical insurance for small claims which are high in frequency? That's not insurance but a kootu scheme.

Insurance companies and takaful operators have been hawking kootu schemes under BNM. So let them all bear the burden. Not consumers.

Who asked these guys to come up with products / riders where the utilisation is above 5%? Stop all dividends and use that money to fund all mispricing errors. No more repricing for long term contracts

Right on.

My ideal proposal is that:

1. there must not be ANY DISCRIMINATION in the pricing between ohorts. No such thing as old or new cohort. No closed blocks. They must all be aggregated in a single block with the only rating factors as age, sex and occupation class.

2. Pre-existing conditions must be covered.

I was in the SM pool. Received repricing of 100% premium around Nov 2023. So I contacted agent to ask if I can upgrade to new Medical plan. then feedback was cannot. Then i roughly went to website and saw the 10x annual limit plan only require 50% higher premium than my current.
So I just quietly go buy another company's Medical plan with 30% higher premium than my current only.
But doing that, I anticipated New Policy Premium will increase within 1year because Premium is too low for my age. And it happened within 7 months

Medical inflation affects small claim amounts. It is not like a surgery that cost 70k before is now 140k.  Why are insurers covering small claims? Who asked them to design products like that and package it as a long term proposition? Let the insurers bear all the financial burden. It's not insurance anymore. The insurers are now claims administrators. And a big time failure at that.

United Health boss defends firm in first earnings results since CEO killing

On Thursday it reported more than $400bn in revenue for last year - a record - up 8% from 2023. It said it was expecting revenues to rise more than 12% to $450bn in 2025.

Profits fell last year by more than a third, from roughly $22.3bn in 2023 to about $14.4bn. Its medical care ratio - which tracks how much of the premiums it collects are paid out for healthcare - rose from 83.2% in 2023 to 85.5% last year.

Even with 85.5% claims ratio (payout to those insured) and less than 4% profit margin, the CEO kena tembak di, so how ah for our Malaysian ITOs' board and management?????? BNM analyst/actuaries/deputy directors/directors/governor/deputy & assistant governors how ahhh????? What about MOF and other ministers and other MPs?????

PIAM medical portfolio has only 66% claim ratio (net incurred claims) and our life insurers, their claim ratios are even worse (lower). For PIAM, ~35% margin goes to comms and management expenses, and for life insurers, you guys can see for yourselves the crazy margins - more than 50% goes to comms, expenses and profits













P.S. Not calling for physical violence or harm to those in positions of power who are screwing with us, but please la, this nonsense is unjustifiable - the only harm I would call and insist on is for these knuckleheads in the ITOs, BNM and MOF to be f**ing fired and given their deserved public opprobrium. Too many big salaried useless tai-tais and power hungry idiots in these institutions. The unlawful/illegal premium hikes got to stop. Reverse all past ILP premium/cost of insurance hikes - refund the policyholders. There should be zero hikes for ILP medical insurance covering policies. Mandate above 80% claim ratios for medical portfolios and zero hikes for ILP. These f**kers paid nearly RM 14 billion in dividends within 6 years (2018-2023)

Those life insurance under KWSP i-lindung program are without agent commission. I was told it is cheaper. you can try to check around.

Googled and found this.
https://www.generali.com.my/medical-health/...medi-outpatient

Contact them for more details and on its availability
And
There maybe others on the net too

https://www.google.com/search?q=out+patient...mobile&ie=UTF-8

Slightly off-tangent
Just wanted to say that there is no need to have agents for even medical insurance. The 200% commissions / allocation charge is really unnecessary - in this case for ILP covering medical.

Why do we even have a system (insurance) where there is a need for agents to be engaged in making a medical claim? There are too many middlemen. I include not only agents but also all claim managers -  need to cut them all out or whittle them down and optimize what can be gotten from them for the least amount of money. It is way better (more effective, both cost wise and based on outcome) to employ high deductibles/co-pays in the product design and perhaps only engage in serious claim management reviews on a sampling basis (for those above 30k claims) and more importantly get a always on the ground high powered team of effective intel gatherers / investigators to weed out doctors & health service providers engaging in unethical, illegal/unlawful, harmful, shady, wasteful practices - if minimizing these practices is the main objective. More money need not be spent on educating the public on 'healthy lifestyles' or even what 'medical necessity' is - the outcomes and the way they measure outcomes are suss and always biased towards having these education initiatives and outcome measurement systems in place - tai-tai style governance checkbox rubbish. Also, policyholders should not be harassed or cajoled into not making a claim. Doctors generally have a good sense of what falls under medical necessity - let's not impose really inhumane legal boilerplate language straightjackets on them. They know what is elective / cosmetic and what isn't.  There is no doubt an element of subjectivity due to human psychology - like reconstructive surgery etc. - and this freedom to interpret is necessary to cover such procedures.

Just mandate above 80% claim ratios for medical & make sure to red flag expenses when they breach even 5%

Also, we need all ITOs to publish claim, expense and commission ratios. We don't want shady agents/distributors like these medisavers/metafin/mxm/far capital/pathlab health management going around claiming savings from their "early screening initiatives" and why people should join their 'program' when no one knows where the money goes to. So these programs too should be subjected to such ratio analyses in their entirety.

I guess that is why BNM allowed reprising.
Else how can keep on sustain the ILP medical policies if keep with same premium value.

If there are frequent repricing, all the values would be changed, so are when they have steeper price hike after reaching certain age groupings milestones

We now have another Teflon champion. Prudential's net profit for the 2024 financial year has risen to RM 1.13 billion from RM 0.96 billion in 2023.

No sign of medical inflation impacting profits.

Very very strange 🤔.

Still waiting for AIA to upload their annual report.


These champions also paid dividends as well. RM 100 million. The new minority owners may or may not be happy. Wasn't as high as previous years 😂.



Should ban the big three (AIA, PRU, GE) from paying dividends until they've stopped all ILP repricing measures & fully reserved for the negative balance clearance mechanism.

i fundamentally agree with your idea, but i wont like to comment a bit.

i agree with your "pay now or pay later". The difference is pay now means the future return is based on poor insurance funds return, pay later will using returns from our own investments.