Hi all, would like to seek some advice on my following situation:

1. I have a 7-year old medical card insurance policy. Monthly payment RM275, investment value now around RM10,000. So far the plan is quite good, high coverage amount and cover most of the things.

2. But I recently just started new job in a company. The company got provide medical insurance also, and the plan is also very good coverage and even include for family members.

3. So my question is.. should I cancel my personal medical insurance? BUT even if I cancel, I plan to save the existing investment value RM10,000 and continue monthly own-self save/invest the RM275. My plan is IF after 3-5 years I no longer work in the company and lose the insurance, then I can get a new personal insurance plan using the money saved.

Does this makes sense? Will I be losing out in terms of any value or coverage benefit if I cancel the existing policy and then get a new one after 3-5 years?
The only thing I can foresee losing in the current personal plan is the yearly booster amount, where every year my annual coverage will auto increase by 5% or something like that.

Another option is to downgrade the existing medical plan, but I'm not sure if this is something allowed? Mine is AIA btw.

This post has been edited by zigot14: Sep 2 2023, 08:26 PM

wow didn't know there is a waiting period 2-3 years. is this for medical insurance also or life insurance?

thanks for flagging gathercare. just looked it up and quite interesting alternative.