ya if want to maintain the initial sustainability, then usually the % increase in premium will be higher or lower than the % increase in COI?

guys - need your kind advice on this.

my friend's mom just passed away last month, and the son found out she actually had a GE insurance policy that expired just few days before her death. the reason for expiry is due to his mom forgot to make payment for past 6 mths.

she forgotten because she was sick with cancer and had been going in-out of hospital for treatments.

questions:
1. should the agent call to remind on missed payment?
2. is there any way to re-activate the policy since the customer is sick and unable to follow up with her payment? DB is rm50k, quite a lot.

Licensed GE representive myself.

Possible to upgrade to SMS from SMX however if you have any pre existing, it will not be covered under SMS (the newer plan).

The newer plan does cover more comprehensively but it comes with a higher cost as well. Ideally you should make sure it is within your budget to commit to the plan for long term.

hi contestchris, just to confirm, you are paying RM875/annum for SMX200+SME200? i thought that plan must be RM1,200/annum minimum. do correct me if i'm wrong.

so if i read it correctly, it will be additional RM100/month to change to SMS-250-D, right?

you listed out the pros and cons correctly. well i will say not really cons la. the changes are actually simple, either you go through the servicing agent of the policy, or if agent MIA, you can go to GE customer service to do the change.
then it will take around 14 working days to have the change effective.

Hi Sifus,

I am in late 20s and paying RM280 monthly for this GE medical plan.

I believe annual limit coverage is 1.2 mil and no lifetime limit, coverage until year 2073.
(can someone explain to me the 132,000 amount and for those policy that end in year 2092)?
Daily hospital board coverage is RM 200 per day

Need your expertise to advise if my current medical plan is ok compared with other plans in the current market?
Is there anything i can add (or get another insurance) to improve on my existing policy?

Since it's a unit trust/mutual fund, I think this answer your question?
https://unittrust.poems.com.sg/glossary/bid-offer-price/

I maybe wrong and I hope I am wrong.

I know in general what bid/offer pricing refers to. It's just that when I look at my ILP statements, I see all buy/sell transactions are done at the BID PRICE (i.e. NAV). So I'm wondering when does the OFFER PRICE come in the picture. I also compare to other insurance companies, I do not see BID PRICE and OFFER PRICE, there is just one price, i.e. the NAV PRICE.

Refer to the screenshots below, the "unit price" for buy (i.e. Total Investment Premiums Received section), sell (i.e. Total Charges for 2021/2022), and total fund value (i.e. Closing Balance as at 31 Dec) are all matching.

i have a question, i upgraded my plan a year back and was told i need to keep my old plan during "transition".
It has some investment link plan in it any idea when usually i can get it back. my agent wasn't really able to give me a timeframe.

Currently I have smart protect essential 2 with rider smart medic extra 150 + smart extender 90k.

My agent also introduce me the smart medic shield plan, seems to be cheaper based on the table comparison.

but not sure he wants me to apply a new policy or replace the medical rider (not sure if possible).

The new medical plan seems very cheap, seems too good to be true x.x

Thank you for your insights. I kinda get it that ILP route MAY not necessarily be a good investment plan. However, the pros as I see it (correct me if I'm wrong) if looking purely at medical benefits point of view:
1. affordable monthly premium (almost like forced savings which I don't get back if I don't ever intend to take money out)
2. bigger annual limit of 1.5mil & 150 days R&B as compared to Standalone which is annual limit of 1.375mil & 120 days
3. Waiver

Cons: I don't know yet! Except that premiums might be adjusted down the line due to what Lifebalance has pointed out. Question is: how often or at what regularity and quantum/amount??

Standalone Medical card-
Cons:
1. Upfront annual premium of RM3,800 (now) to +-RM20,000 when I reach 79
2. Lower limits as stated above
3. No waiver

I guess the question I have right now is- is it possible that the premium for the ILP when i reach 79 yo be: 20,000 div by 12= RM1666.66?
I'm trying to see the possible negative side of ILP; again purely from the medical point of view.

1. If you look at sustainability of ILP, upon the end of the ILP life basically your cash value is zero. Also if you look at the sustainability of ILP usually they cannot even cover past mid 70s year old for premium of RM3k/year for someone who is 30-31 years old. So I don't know what "level premium for life"

2. Thank you for your input. That's sad that you got repriced after 5 years of buying. When I found out that ILP increased in price, I was shocked. I didn't sign up for ILP to get increase in price over time. I wanted a level premium. Hence after finding about it not being level and require me to topup in the future or pay more for premium in the future, I said nope. ILP is not for me.

I will be abit real on a few things. In principle, overseas hospitalisation sounds good but unless you get the rarest of rarest disease, seeking medical treatment overseas is not a fun experience.

Being away from home, away from most family member, away from familiar food etc. The good thing malaysia medical facilities is really not bad for the price point. Look, our fellow indonesians friends do frequent malaysia for treatment.

The thing about ILP is like a all-in-one plan (i use nasi lemak as analogy for today). When you eat nasi lemak you want the basic, rice, cucumber, sambal, ikan bilis, maybe1/4 egg. For the ILP you can add on egg, chicken rendang, squid if you feel like it. But everything you add on there is price tagged to it.

Standalone is standalone. Some maybe got some add-on, but usually very limited.

Other explanation on the add-ons (the eggs, chicken rendang or the squid) where i would like to give another point of view but Ramjade criticised the premium waiver rider.

------LONG EXPLANATION-------
Premium Waiver Rider (disclaimer, i didnt buy this on my own policy, some strongly believe in it, i'm half half, leaning towards saving some money and not paying for it)

Let me explain how it works. In the event of CI or TPD, the insurance company will help you pay the premium on. so example your premium is RM3,000, then they help you pay RM3,000

So let's say you bought an ILP plan, RM3,000 is the premium, then touch wood, one day kena CI, then the company pay the RM3,000 premium on behalf of you.

what's the catch?
1) you get charged some charges when you add on this benefit. just like you tambah telur for your basic nasi lemak.
2) the premium waiver does not mean you dont need to pay a single cent. now this part where most agent can't explain

in many post before, there's some explanation by different poster that actually while the premium you pay for the ILP is level, you will expect it to increase when the company increase their rates (not because you got older, because the claims experience deteriorate). now go back to this RM3,000 example... so every month the insurance company will still charge you what they call insurance charge, regardless of whether the person is paying his premium or he kena CI / TPD where the company is paying on behalf.

when the insurance company increase the rates for medical plan, what they mean is they increase the insurance charge. so when your RM3,000 premium is not enough to cover these charges, you will need to increase your premium. SO, even if there's one person who kena CI or TPD and wants to continue with the medical plan, that person actually need to pay an increased premium. say example the final premium is RM3,600 per year instead of RM3,000 per year, what happens is that person need to pay RM600 on his own, the RM3,000 will still be paid by the company.

Then you will be like.... "WAH insurance company cheat me...told me dont need to pay, now i need to pay". before you go there... when you bought the insurance, what you buy is the company pay RM3,000 on your behalf, NOT RM3,600. so they pay you according to what they charge you also.

so is the premium waiver still important? some view it as yes... at least you dont have to pay that RM3,000.

BUT they only pay if i kena late stage CI or TPD, when i'm like "one leg into the coffin". is it valuable? Let me explain who this is for... the idea of a premium waiver is that if you are sick or TPD, you dont need to pay premium on your own as you may be unable to work or bear the financial burden. but if you are NOT that sick, that also means eventually you will be able to work again, earn a living and continue to pay premium.

so there's a reason why most company premium waiver covers late stage CI and not early stage CI. anyway, everything has a price, even if another company say, "OK, we cover for early stage CI", that just means consumer pay more

higher probability of happening means higher chance insurance company need to pay a claim means it's more expensive.

insurance company not a charity...

Jargon: Late Stage CI means more serious CI condition, this is the simpler coverage. Early Stage CI means not as serious but still serious, usually insurance companies now have the option to attach Early CI coverage but not for their premium waiver, just if you want a lumpsum pay out upon this early stage CI.

---EXPLANATION OVER-----

If you look at your policy wording, the premium waiver covers an exact figure (RMxxxx/year), it didn't say "cover your annual premium".

Share the materials for us to refer in order to answer your question.

The smart protect is an ILP plan. Min to start this plan is Rm100/m. RM50/annum for 50k coverage? Are u referring the COI?