Here there sifu sifu sekalian, I had an existing policy (not sure if standalone insurance/with medical) with GE which my parent enrolled for me back when I was a kid. They paid for a duration of time then stopped paying (got some sort of balance that self sustains).

Now that I would like to review it, and to make my decision whether to continue paying (as the balance is low); or to make the decision to let it forfeit.

I have quite little knowledge on the technicality of the insurance world at the moment so go easy on me in regards to the terms. I had just gotten my policy number from GE CS, but they need me to submit some ctc'd hardcopy details / forms etc to update my details.

Meanwhile, if I am going to forfeit the existing GE one (I also have another active one with HLA), i am considering to enroll another one for myself / GF (apart from GE).

our details:
-PII related pls pm me to get details
-both working with private company
-both non smoker
-no medical history (she has allergies but nth apart from that)
-typical health condition (borderline high cholesterol), the rest okay
-budget per month = around 200

hope im providing enough info, otherwise can reach out to me thanx

Am looking for recommendation for additions to my current plan(s).

I do have existing complete coverages with 2 different insurer, but I have a policy with GE that is somewhat legacy (many years ago).

Hence, will prioritize GE's coverage plans to add.

Current with GE:
MULTICARE - WHOLE LIFE WITH SPECIAL CASH BONUS

Any good recommendations for other coverages under GE? i.e. CI/MC

My preferences:
- Provide coverage for the usual CI and/or MC and any additional, if possible
- Premium not too high per annum/month, meant for supplementary purposes only
- Open to investment linked, if any, but without is fine either

*Please excuse my possibly confusing terms, am able to comprehend insurance terms, but might have used it inaccurately.

**if any agent decides to PM me, do note that I will be also looking for servicing agent (might request to change as the previous servicing agent never met before and it was ages ago) that can review my existing policy with GE and provide recommendations.

Hi, thank you for pointing this out for me, yes it is indeed bought prior to 2005.

I read through the article and made to aware that the misappropriation is a huge concern.

Would you mind sharing or catch me up to speed on what is the progress on this matter? Were there any restitution cases that had been attempted and if so, what was the end result?

I too would like to explore what are the outcomes and if indeed this misappropriation happened to the funds involving my policy, I will certainly pursue further action on this. But first, I have to figure out how to do so, who to look for and what is the process aims to achieve.

p/s: I was able to access the article however did not find the excel files, does that have anything to do with the fact that I was using chrome (did not download substack)?
p/s2: I went back to another article rather than the guest editorial and found the excel files.

Correct my understanding if I am wrong - From what I can understand after sped through the article, it seems that GEH pledged an amount of funds from the funds held for policyholders/shareholders to MySalam without policyholder's approval (not sure if they need our approval in the first place) > Pledged the amount > Made money > But did not share the earnings to policyholders (but at the same time, due to the funds being used elsewhere, policyholders also missed out on potential earnings) > Hence overall policyholders are underpaid.

This post has been edited by sadukarzz: Oct 22 2024, 07:03 PM

Yes thank you Hafiz, I took some time to read through the article again and digest on what is going on and was able to find the links to the excels in the articles.

And from the looks of it, I agree with you that it would be daunting. And due to the complexity of the transactions, many policyholders (including myself to a certain extent) had trouble understanding on a whim therefore does not see how significant the impact was. But I certainly will lodge a complaint and raise awareness to others as this has a clear impact on my premium payment.

It also did not make sense to me that a product that was intended to use the cash bonus to 'cover' as long as possible after a lengthy period of premium payments, only lasted less than 20 years before the cash bonus balance is less than sufficient to cover for another 10 years. Maybe my lack of understanding of how premiums work might mislead my comprehension, but at the same time with simple calculation it really did come up with a gap. It shows to me that there is a high possibility that the underpaid portion, would able to last the policyholders another at least 20 years before needing to make payments for their premiums. Hence, that tallies to the amount of more than 10k per policyholder.

I am now gathering who else (people around me) that is affected and will lodge a complaint subsequently. I shall be in touch with you on this matter too should I need help on the channels. Thank you once again, for raising this matter to me.

p/s: To other forumers that may have been impacted by this or think that you have people around that may have been affected by this, perhaps you can share your thoughts or at least voice out, that we know how many people are affected by this. Or, if you think that there was no wrongdoing and the amounts were inaccurate, feel free to share your thoughts and correct me too.