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 Insurance Talk V7!, Your one stop Insurance Discussion

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Gaza
post Mar 15 2023, 05:18 PM

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Hi,

What are the reasons that cause the insurance company to revise my premiums upwards? Is it the performance of ILP funds managed by the insurance company? I was asked to increased my medical card premium contribution from RM300 to RM400+...

Which insurance companies are better are maintaining premiums - meaning their funds have better performance to help cover the future cost of insurance?

And which insurance companies are better at pricing their insurance products - meaning they take a more conservative expectation to potential ILP fund returns to cover future cost of insurance?

Or cant be helped in the sense that everyone's medical insurance premiums gets revised upwards every few years?
Gaza
post Mar 15 2023, 10:05 PM

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QUOTE(Ramjade @ Mar 15 2023, 05:40 PM)
Maybe your insurance is old insurance. Hence pool of money depleted. Cannot sustain the insurance policy hence increase premium.

So far from shopping, medisavers (standalone) only increase their premium by 10%. Not sure about AIA or Great eastern ILP
From what the agents told me, AIA med regular with booster and GE GMS2 + Extender (both standalone) no repricing yet, just normal increase in premium due to age.

What I heard is if funds not making money, they have to hike premium to make insurance sustainable. How true it is, I don't know as I avoid ILPs.

Everyone premium will increase with age even those on ILP. Supposedly ILP repricing happen lesser than standalone but looking at last few years of reviews (on lowyat forum and Reddit) seem the other way around. Everyone affected. AIA, GE, Allianz, Prudential

If you don't want to get repricing only alternative are
1. Gathercare (crowd sharing funding for private healthcare)
2. Own insurance fund (aka separate account for medical purpose)
-pay cash but must diligently put in money and don't use that money for something else

Btw you can read here for more info.
https://forum.lowyat.net/topic/4753108 old but still relevant.
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My insurance is around 5 years old, but i think the bad market performance in the last 2 years has affected my future expected coverage. I expected ILP will have fairly stable premium throughout the policy, maybe premium increase 10% every 2-3 years but they quoted me to increase my premium payment by 50% mega_shok.gif Reason i took ILP over term medical card was those guaranteed renewal, still deciding if worth it in future. Thanks for sharing that link, will need to give it further reading - but from what i read there so far if insurance companies already know medical insurance every year 15% why cant they price it correctly in the beginning rather than hooking a customer in and then asking them to increase their premiums massively after a few years.

QUOTE(lifebalance @ Mar 15 2023, 06:17 PM)
A few reasons for such thing to happen.

1. High claims
2. Portfolio shrinking
3. Poor investment returns
4. Did not top-up
5. Withdrawal made
6. Increasing cost
7. Inflation

Different company will have a different experience, they will normally inform you should there be an adjustment required by your end.
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I believe probably due to ILP performance since i have never made claims or withdrawals. Should i do more surveys to see if other insurance can offer around the same coverage for cheaper cost or worth topping up the suggested premium?
Gaza
post Mar 17 2023, 08:54 PM

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https://howtofinancemoney.com/best-medical-card-malaysia

I was reading this and realised that insurance companies have increased annual limits to RM2-3m compared to around RM1m few years ago when i was looking to buy medical insurance. Is this because they expect RM1m annual coverage wont be enough in the next 30 years? Then in the next 5-10 years the "normal" annual limit offered by medical insurance will be RM4-5m? How to know what would be the ideal insurance limit in 30 years from now?

QUOTE(lifebalance @ Mar 15 2023, 10:45 PM)
You can explore on other companies if the similar benefit with a similar premium that you're paying previously / now.

When I talk about claims, it's the overall claims experienced by the insurance company on the product they sold.
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Do deductible medical insurance and non-deductible medical insurance share the same pool? I would imagine the claims % for deductible pool would be lower hence the lower premiums - which does make deductible option more attractive to someone like me.
Gaza
post Mar 18 2023, 11:53 PM

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QUOTE(Ramjade @ Mar 18 2023, 10:02 PM)
Keep in mind prudential is always ILP. As far as I know, they don't carry standalone cards with coverage of million (I maybe wrong on that). This is what the agent tells me. I am not sure about Hong Leong as I did not get quotation from them.

For me, I am advocate for standalone cards cause I don't see value in ILPs other than making the insurance company and agent richer. Majority of ILP funds suck big time (can't outperform EPF or FD over long time).

If you want medical coverage max at RM150k/year (increasing to RM225k/year) get AXA emedic plus.
Get a life insurance from dearlife or fi.life
This option guaranteed you to be cheaper than Prudential or Hong Leong.
Cons is it's not ILP.

If you are like me who want medical to be at least RM1m, I will go with the following
GE great medic shield 2+ extender or
Medisavers (cheaper long term but have it's cons)
Likely get standalone critical illness from AIA or Prudential.
And do my own investment.

Most ILP cost min RM3k/year and above. If you want to have longevity in your coverage.

Again I only recommend standalone. No ILP recommendation from me. Not an insurance agent or anyone from the industry.
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The thing i scared about non ILP medical cards are that since they are renewed yearly and dont have guarantee renewal is that if suddenly 1 year kena something bad, then they dont want to renew for the following year? Or they will allow to renew with huge loadings or a lot of exclusions?

I also thinking getting those 10 year term life and term CI, then maybe ILP medical card due to the concerns above.

Can anyone help understand this insurance lingo if this plan is level term and no increase with age? As i understand under C(4) it should be. Thanks
https://www.fwd.com.my/direct/FAQ.-oonA.pdf
Gaza
post Apr 10 2023, 02:36 PM

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Each company is different, hard to know how they come to their decisions... Mine gives RM120k medical card (per person) for inpatient but only RM5k for outpatient (pay then claim - shared per family) which runs out pretty fast if you have kids as they get sick every 2-4 weeks.
Gaza
post Jul 29 2023, 04:55 PM

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Hi,

1. For ILP medical cards, which company offers good no claim bonus? My spouse managed to get 20% premium refund if no claim from Allianz last time. Wondering whats available in the market now.

2. For term CI that can be bought online, it will auto reject if the applicant had history of cyst (non cancerous)? How come ILP can apply but term will reject?

Thanks
Gaza
post Jul 29 2023, 05:52 PM

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QUOTE(lifebalance @ Jul 29 2023, 05:26 PM)
1. For Allianz, the benefit that your wife is having is no longer offered to new customer.

And Yes, still got such offer in the market.

2. Online product is straight forward, it'll auto reject if you got any health problem. Applying through agent will normally have room for you to declare and appeal.
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Yeah too bad was told by the agent the incentive/plan not offered anymore. Probably the closest i see is like AIA health wallet, but it doesnt go into the account value to help policy sustainability but need to find specific things to spend the money on.
Edit: Oh i saw Generali also has 20% cash back after 5 years no claim.

Ok got it.

This post has been edited by Gaza: Jul 29 2023, 06:05 PM
Gaza
post Aug 15 2023, 11:39 PM

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QUOTE(Ramjade @ Aug 15 2023, 10:56 PM)
All companies will have it mor for less. I know AIA, great Eastern, medisavers have standalone one without the investment part but you need to be specific and ask for it.

You can even design your own with deartime. It's basic and it cheap. Check it out.

For me personally, I avoid anything with the name Great easteen on it.
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First time i heard of deartime, looks interesting but i didnt manage to find if they were covered under PIDM (didnt see their name on PIDM's website).
Gaza
post Sep 22 2023, 04:49 PM

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Anyone using Manulife medical card? Mind sharing any experience or how much did they ask to top up premiums when they revise? Thanks

I saw their Manulife Health Saver Benefit got 40% no claim bonus which is quite attractive. Previous highest I saw was Generali 20% no claim bonus.
Gaza
post Sep 23 2023, 03:21 PM

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QUOTE(MUM @ Sep 23 2023, 02:11 PM)
So premium of ILP for life insurance plan also goes up periodically like ILP of medical insurance plan?

Does the premium of the NON ILP LIFE insurance plan also goes up periodically like the ILP LIFE insurance
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I believe ILP life insurance will increase over time IF there is a medical rider attached to it, as medical inflation outpacing the insurance company forecast is the one causing it.

Non ILP life insurance i think will only go up according to the age schedule, as no medical rider for non ILP.

I'm not an insurance guy tho so not 100% sure.
Gaza
post Sep 25 2023, 10:44 PM

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If the insurance company voids the policy due to non-disclosure as mentioned in earlier post, do they refund the premiums paid assuming no claims have been made before?

If i develop a condition (eg: diabetes) after the initial 2 years period, am i supposed to update the insurance company?
Gaza
post Oct 3 2023, 05:57 PM

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Any Hong Leong insurance agents here? Looking for someone to give me a quote...
Gaza
post Oct 5 2023, 11:27 PM

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From what i understand - standalone medical card is non guarantee renewable? Means if someone gets a disease or needs to go for operation, the following year renewal the insurance company can decline your renewal because you already have health issue history? Or in another way increase your loading until it becomes not worth it to continue the medical card?

Whereas for ILP they do not target you so directly?

Or is my understanding wrong?
Gaza
post Oct 12 2023, 04:52 PM

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Has any agent here registered a client with "sleep apnea" before? Has it caused problems when getting insured? I have snoring problem but scared to do sleep study and find out the result because may affect my future insurance applications.
Gaza
post Oct 12 2023, 10:33 PM

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QUOTE(lifebalance @ Oct 12 2023, 04:54 PM)
Depends on your doctors report
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I see, so have chance to pass or fail depending on severity? Or whether it is treatable or not?

QUOTE(mini orchard @ Oct 12 2023, 05:42 PM)
I don't think you should approach insuring yourself in that manner.
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But should everyone who has any sort of symptom go and investigate underlying causes? Everyone who snores need to go do sleep study? Someone who has headaches need to go for MRI? It could be something or it could be nothing, so better to ignore early testing until it becomes a proper concern? My fear is that if get rejected, would pretty much rule out any sort of insurance i want to buy in the future...
Gaza
post Oct 15 2023, 03:58 PM

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QUOTE(denion @ Oct 14 2023, 05:22 PM)
hi Gaza, are you diagnosed with sleep apnea by doctor or you "self-diagnosed" without going through any check up?
Self diagnose. Just worried if i do a proper test the doctor will recommend CPAP machine or surgery which may cause problems with future insurance?
Gaza
post Dec 28 2023, 03:31 PM

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If my spouse stops working and i take over the payment of her life or medical insurace, am i able to claim the income tax relief if policy owner and life insured is under my spouse's name?

This post has been edited by Gaza: Dec 28 2023, 03:31 PM
Gaza
post Jan 14 2024, 07:52 PM

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QUOTE(adele123 @ Dec 31 2023, 12:21 AM)
I suggest you read the guidance note by LHDN. If i am not mistaken, LHDN say medical insurance can be for spouse and child. But i forgot if they mention you have to be owner, maybe not also.

Life insurance macam tak boleh...

But if you are reading it up, you can confirm on both.

EDIT: LIFE INSURANCE --> OWN + SPOUSE
MEDICAL INSURANCE --> OWN + SPOUSE + CHILD

SOURCE: 2022 guide
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Thanks!
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