Which company are you with and the plan name?

Yes it can be done and it is also advisable to upgrade it on the same policy (if there are no major health complications at the time of upgrade).

You can even upgrade the life insurance/critical illness/accident (if it is insufficient with your current needs) on the same policy.

There is no 4 months Waiting Period as any claims 30 days after you done the upgrade, it is still claimable from the PruFlexi Med. If after 30 days, the claim will be under the PruMillion Med.

Be aware that starting a new policy means paying the agent commission (in full for 6 years all over again). The allocation rate for the funds investment also restarts from 60% onwards instead of 100% (if your old policy is > 7 years).

Cancelling an existing policy just to start a new one is never beneficial to the client but brings many 'extra' benefit to the agent.

Hi sching, new policy is cheaper reason being the sustainability term is shorter than your current plan. If agent did explain this to you, then at least you are aware why it is "more worth" buying a new policy.

But like roystevenung mentioned, if can upgrade, then just upgrade in the existing plan.

I've just confirmed with my prudential officer *do take note it's public holiday today*

The policy can be upgraded.

As Roy pointed out, by upgrading you don't have to worry about the waiting period as anything happens, it'll still fall back to your current existing policy benefits.

However, I do believe your agent wanted to do the new policy and replace the old policy because he wants to earn the 6 years commission again.

But at your loss since you'll be paying 2 policies premium which you are also asked to hold 2 policies at the same time effectively doubling your cost.

I would say it's not ethical to do so but then again maybe you can reprimand your agent for advising you to do such action.

☺️ You'll have to do your own homework then to see what's best for yourself

Not sure what you are talking about.

If the medical card is able to be upgrade, it means the policy can even add on Total Multi Crisis Cover (TMCC), aka comprehensive CI.

Perhaps get your agent to run the upgrade in front of you?

It's applicable to investment link policies as your policy will incur a continuous increasing cost of insurance charges as you get older.

Thus you can either do a top up on your regular premium or a single premium top up in order to prolong your policy sustainability.

Policies with medical benefit will have a tendency to get premium repricing due to the high medical inflation in Malaysia that will mostly affect the cost of insurance within the Hospitalization benefit.

sching, the upgrade might cost more premium compared to buying a new plan (might ya), reason being is because your current plan default coverage term is up to 99 years old. So when you wanna do upgrade, the premium factored in must sustain until 99 (not sure whether you can opt to lower down premium with lower sustainability because Great Eastern can). For new policy, it is cheaper likely because agent quote you with lower coverage term... say up to age 70 years old? so if can and if you dont mind, you can share a lil bit more details what the new plan is and what it has.

yes you need to pay higher premium to let the policy sustain longer.

Some plans may differ in benefit but the main difference is really on the nomination part.