You need to understand that 4 hings
1. All ILP will not have enough cash balance to cover your policy after xyz years that is why you need to manually perform a large chunk topup to keep it sustainable. Cause majority of ILP cannot beat EPF return.
2. All ILP cash balance will be negative at end of insurance life.
3. All medical insurance premium will increase regardless if it is ILP or standalone. ILP will just minus out the investment portion toale up for it until it reaches zero then lapse. All medical insurance premoum increases with age. Cannot run away fo it. Embrace it.
4. For medical insurance, agent continue to receive premium for at lesat 6 years. First 2 years 40% will be as commission goes to insurance company and agent. The rest goes into your investment fund and your premium.

You can complain of OFS and see can get any settlement. Likely not.

This post has been edited by Ramjade: Oct 13 2023, 02:14 PM

Is not a scam. It's just maybe agent never tell you the full story.
1. Did the agent tell you don't expect any money left from the ILP?
2. Did the agent tell you that need to topup eventually cause premium > ILP returns/cash value?
3. Did your agent tell you that majority of ILP cannot beat EPF?
1 & 2 all good and honest agent will tell you. Mine did. No 3 no one will tell you. I went with standalone over ILP cause i am not overpaying for stuff that I don't need and not helpful.

Actually mcis should send you a SMS/email/letter telling you to topup if ILP not enough money to sustain the insurance. Failing to topup = insurance lapse. Not sure if your mother received those notification. What is done is done.

Then it's time for you to do homework and see if it is still active. If it's active, see if you want it. Is the protection enough? If no, surrender the insurance and get a new one.

You should always review your insurance at least once every 5-6 years.

Also if you are getting new insurance, think, do you want to pay for ILP or standalone? Standalone is pure insurance only. Nothing else. All agent will push for ILP cause it's more pricey so they get more commission.

Never stick to one company. Shop around for best value for money.

You can switch fund if you are not satisfied with it. If you don't like the insurance consider surrendering it. But keep in mind, no coverage and if apply for new insurance there is new waiting period of 2y for medical insurance.

This post has been edited by Ramjade: Oct 13 2023, 03:32 PM

Depends on plan. Some require to pay and claim first. Some require you to pay like RM500-1000 first before insurance foot the bill..

All premium will increase with age. Cannot run away. Let say in your 30, premium is RM1k+ for 30. Now maybe premium is RM2k.

Whether you buy at 30 or buy at 40 now, if you buy at 30, you pay for 30-40 premium. If you buy at 40 only, you pay premium of 2k.

40 premium still ok. 50-60 premium sky high.

How to shop around
1. Determine you want how much coverage. The lesser the coverage the lesser the premium and vice versa. The higher coverage of RM1m+/year coverage is obviously going to cost more than a RM150k/year coverage.
2. Determine if you want standalone or ILP. For those RM100+k coverage is usually standalone. Those RM1m+ are usually ILP. But there are standalone that have RM1m+ coverage.
Here are standalone with RM1m+ coverage
AIA Mediflex with rider(yes must take up rider to increase coverage to RM1m+)
GE Great medic shield 2 + rider
Fi life (by Generali previously AXA)
Medisaversvip prime
Gathercare

The cheapest of them all would be gathercare aroind RM400+/year and not increasing.
The second cheapest if your take until 80 years is medisavers. The insurance part is under lonpac. You sign up via medisavers but all claims and contract is with you can lonpac

3. Download the brochure, read though them. Determine if you are ok paying that premium at say 70 years old. Cause insurance is long term contract. For me, I advocate the RM1m+ coverage because if you wannt to use when you are old, it make sense to get RM1m+ coverage. Give you one eg.
Dialysis at private is around RM400-500/session. 3x/week. So you count yourself RM400/500 x 3 X 52w = RM62400/78k year which will increase with time. So you count yourself see if it is enough.

4. Opt for deductible that you can afford to lower your premium. Know your budget.
5. Last step, look for contact me button/connect me with life planner on the website (except for fi life where it is completely DIY) and arrange time and place for agent to contact you. Just listen and ask any question you want. It is ok to not buy anything from them. I talked to I think 5-6 agents without buying anything from them. Some will try to push you, just ignore. If the agent is spammy, not honest, pushy, just press contact me button/contact me with life planner again and get new agent.
6. Keep in mind new waiting period of 2y and any exisirnnillness won't be cover by the new insurance.

How to know if agent honest?
Ask them about the ILP and they should tell you what I told you.

Good luck.

Life insurance is different from medical insurance. Life insurance is cover you, if you die, your family get some money.

This post has been edited by Ramjade: Oct 13 2023, 03:34 PM