Ever heard of such a thing as. If u cancel existing policy and bought another policy at different insurance company, some Insurance body will block the commission for the new policy's agent? Need to have buffer period like some number of days before cancel old/existing plan. If got very experienced one, please state like 15 years ago there is such a rule etc. Thanks!

Because lately many sudden increase of insurance payment. Many kena old plans one switch company to buy new plans and have plan that maybe want to cancel existing one. New agent will say dont cancel immediately bcos new plan is not effective immediately. And i read somewhere saying new agent says this because they are scared their commission get blocked or something. Not because coverage have not started

"An agent and/or agency leader shall not receive any compensation if he/she
replaces the policy of his/her previous insurer with a policy from his/her new
insurer."
Meaning if same agent change company? Pull all his/her kaki over. Then the replacement rule applies.

Oh my plan still ok. I have seen those very ancient RM110k annual coverage medical plan. For my peers need increase payment to about RM320
But he got quotation for RM300 per month with Rm1.5m annual coverage for any new plan even his own existing company. So i think the existing insurance company not ethical too. Make people dilemma. I also ask around why dont auto switch to new medical plan. I think sooner or later i kena myself

Just curious. To buy insurance in Sg. What are the requirements.
Example: Sg address? Can pay with Msian credit card? Need Sg PR Identification number?
For Death/TPD seems like need certain number of days staying in Sg to be valid. CI claim need?

I was told new insurance policy for Standalone Non ILP. there will be a statement saying X% premium increase every year
Anyone that saw new quotations can verify this?
Something like buyer complain why their plan's price adjustment so much higher than plans with ILP etc.

Ohhh me also 40 so i can give you some reference. Feels like you have a expensive rider. Maybe Critical Illness is very high. or Basic amount (yes its death benefit) north of 150k.
If you really have budget concern, can remove one of the 'expensive rider'. my case cheapy is because i didn't add Critical illness.

I was in the SM pool. Received repricing of 100% premium around Nov 2023. So I contacted agent to ask if I can upgrade to new Medical plan. then feedback was cannot. Then i roughly went to website and saw the 10x annual limit plan only require 50% higher premium than my current.
So I just quietly go buy another company's Medical plan with 30% higher premium than my current only.
But doing that, I anticipated New Policy Premium will increase within 1year because Premium is too low for my age. And it happened within 7 months

This post has been edited by tweakity: Dec 3 2024, 10:03 AM

Effective increase from original SM plan is 130%
Difference for this new policy new company, they upgrade my newly bought policy with Booster with the absurd number
So now is Annual limit is 76x of previous GE SM. I think if i claim that much within a year, 1 leg in coffin already
But hey, upgrade is upgrade. Its the thought that count.
All these events lead me to think about what people say like pay so long already sayang la. Accumulate so much, accumulate what? No loyalty points for me in SM also. If i'm simply upgraded to simple 1.2m Annual Limit i would've stay put.

I'm not advocating people to change plan and company. Unless its moving from lowww 6 digit Annual limit to 7 digit, then can consider.
In my case initial Annual Limit was 120~140k forgot exactly.

You are right. I have this inkling feeling the agent could be doing that. But like parent's friend. I cannot be too bishy. Just be neutral. Oh oh oh.

Going directly to the service counter and ask is the right thing to do first before deciding further.
After giving some thought, i went to service counter. But i went there to remove my Medical riders instead. Long story this one. Summary is i want to challenge my wife's old Insurance Fund value
Not financial advice. Others do not do this.

I am 41. Premium now i round up a bit. Because my CI very the low. let's put 350 per month
Let's do unprofessional ball parking for discussion sake
Assuming 5% increase per annum (base on Agent feedback this is written in new non-ILP policy)
I might've gotten a Repricing at age 49 ( COI hitting 50% of monthly payment, resulting in low ILP fund increase age 46~49)
Maybe I would hit 8k premium by 54yo. Then big reprice again around 59yo
By 62 easily north of 1000 per month
Hopefully the Co-Insurance can suppress this a little bit

Actually I cashed out a portion of my wife's ILP in Nov 2022, about 1/3. Its a 15-ish year old policy.
And by now the amount grew higher than before cashing out in Nov 2022 already. But this is purely by timing and luck because stocks are high etc. So it is sort of active managing. Small percentage of user might see this as well.

I would think maybe you to check whether yours is MRTA or MLTA? One have cash value another do not. I forgot which is which.
You can search Difference between MRTA and MLTA and see tell tale signs yours is which