Not sure why your preferred is NON-ILP, maybe you have tired google and read some bad reviews for ILP in other countries etc.
However, for Malaysia, ILP typically will always give you the best deals, especially if you are looking for multiple combined coverage.
Malaysia ILP market is rather unique vs many other countries, as in Malaysia ILP is the key product, hence intense competition.

if the cost of insurance is re-adjusted higher overtime then the premium payable will need to increase.

Only the medical (and sometimes critical illness) will have the premium revision, and this is unavoidable.

A traditional medical insurance will have premium revision as well. It is still relatively uncommon now due to the small size, and for some insurers, they feel that the cost for system enhancement will less than the new revised premium.

ILP = investment + insurance is quite a common misconception.

Say if you purchase an ILP, and select 70 as the expiry age, this indicates that you will get back 0 (assume fund return as expected) at the end of policy term, and this implies that your ILP is 100% protection, which in this simplified example, is exactly similar to a conventional product.

Of course, back in old time, or even right now, many agents will intentionally "apply" a high premium to their customers, instead of select the lowest possible premium, to earn higher commission upfront.

My ILP has half the cash value of my traditional insurance..  and I got a notice to top up if I want it to last until 70. At least 10k.

If not mistaken, the assumed projected return is 5%.

Of course year-to-year, it will not be 5%, especially KLCI is very underperforming now, but overall, say over 20 years, it is not unreasonable to expect to gain 5%.

Edited out certain details so that it doesn't advertise a specific insurance company 

1. You will pay the premium that is required at that age which depends on the benefit that you sign up for.

2. Depends if the plan you register is a term or ILP. The premium required will be lower if you register earlier than later.

Which insurance company ?

There's 2 possible impact

1) if you buy medical when you are older, you will pay more
2) if you buy later, you might be not be as healthy and may be excluded for certain conditions OR will need pay more premium due to loading OR both.

having say that, because you are holding an ILP plan, your medical charges are being deducted every month, and it will increase as you get older anyway.

when your charges goes very high, you will need to increase your premium anyway. premium and insurance charges are not the same and not equivalent

If the estimate is until age 40 to 50, it's rather short. in theory, you can increase your premium to ensure longer sustainability. age 70, age 80.

most importantly, check if your policy can cover you up to age 100, if can, then the "easy" job is, you need to make sure you pay more so that you can sustain it for as long as you want it and continue to monitor it.

Regulation has helped. You should at least read the annual statement sent to you by Hong Leong Assurance every year, to know where your policy is. you dont need to check every month UNLESS you dont have to pay on time la.

hi HumbleBF, i believe you are notified through the annual sustainability notice you received early in the year right? if yes, check is it also stating that you are advised to top up an X amount of premium for the policy to sustain until certain age.

just wanna confirm did you receive a letter stating that the policy can sustain until 40~50 years old?

In theory yes. My question to you is... can you guarantee, double confirm, you can monitor your policy regularly and ensure you pay higher premium at the right time?

Can you confirm if by then you need to pay extra 100 a month, you can fork out then vs if you fork out extra 50 per ch omonth today?

Hypothetical example above. Fork out now is like putting it in the tabung now. But if you are clear on how to manage, can fork out later la. But even for ppl like me, i wont cut it that close. So many things to monitor, later really oops, forgot.

Assuming HLA is good at managing your investment fund averaging 6% to 8% long term for equity, paying them earlier does not seem like a bad thing.

But... honestly i doubt it will hit this range. My doubt is not specific to HLA but to all fund managers in general but i'm sceptical.