Please don't buy because of that. AIAs repricing might just behind the corner

So far, I am happy with AIA claims. Just don't buy Prudential.

Do you have existing medical insurance already? If yes, what sort of plan is it? Is it ILP or standalone? Buying a new plan is always not advantageous...

What you hear about GE claim is confirm anecdotal. I'm not trying to defend GE since i dont work for them but it's really not proven.

X-SenZ kindly read this post.

Thanks, let me go through the thread a bit

Sifu, can you send me the medical company in S'pore that you mentioned offer value of money policy.
Was freak out by story of insurance medical repricing at older age, one case is where from 8k to 16k per year.
Insurance Co surely "kill" the insurer even before they encounter any health problem at 60+.

same happened to my mother inlaw, who has been serving her insruance for more than 15 yrs.
now, it just tripled, she just hit 60...
from monthly 3xx, to 1k

so the so called 'retired' agent, basically screwed her over, 'take it or leave it'

(retired, and shes not doing insurance anymore, but every year she would call and ask to increase my wife and her family's premium) whatever crap that 'retired' means

I've always say, insurance is a freaking scam, ALWAYS IS.
they just operate like casino, they want the good odd, and kick the bad bet away...

even the word is misleading,
what are you insuring?
you take care of your own health, they dont insure you shit, they just 'compensate' for your loss

It's normal. Cannot run away from it. The Singapore one is not medical insurance. It's critical illness insurance. Singlife.
The only one no repricing is gathercare. See if you want to sub to them. It's cheap at RM300+ per year.

Insurance is not for profit and not for charity. They want to maximise profit.

When you buy insurance, you are transferring the risk to the company by asking them to pay for your bill. In return you insurance company needs to get paid.

This post has been edited by Ramjade: Mar 21 2024, 08:07 AM

Have a Allianz med plan, an investment-linked one.


The recent repricing almost doubled the annual premium....and asking for new premium of almost 10K.


That amt is beyond my ability to pay.......


so i'm wondering what to do next........if i stick with the same plan at the old price, the policy would sustain for around 10+ more years before it runs dry....this seems to be more palatable. and hopefully i will be dead then....or if still healthy (such a rare situation these days)...depend on govt hospitals after that.

Gathercare looks good but i'm beyond 40.

Ask your agent if can do deductibles or co payment option. Will be more sustainable without increasing premium.

Actually, in personal opinion, I do understand and accept the repricing due to increase of insurance cost. But, while the premium increase, the additional premium paid are AGAIN subjected to the new allocation fee, and ~30% (average) paid the agency, and only ~70% effectively goes to your policy fund, for the 1st 6th~8th years. Means the insurer and agent doing nothing but also to enjoy the repricing for the allocation rate for the 1st few years for the increment.... but sad to say, u got not much choice on this if you wish to be continuously insured. BNM should do something to exempt this allocation rate (fee) if this is forced premium increase. Haih....

Yes, there is a way.

You need to select "regular premium TOP-UP". You will still only get a 95% allocation rate, but it's a lot better than 43%/43%/76%/76%/85%/85% and then 100% from 7th year onwards.

So for example, recently due to repricing, my monthly premium was suggested to increase by RM100. Now, I have a monthly basic premium of RM220 (which is at 100% allocation since I am past the 7th year), and a monthly regular top-up premium of RM100 (which is at 95% allocation rate). This is for a Great Eastern ILP purchased around a decade ago.

Agents will con you to increase your basic regular premium. Be firm and say you want to do a top-up of regular premium instead.

I agree though, the allocation due to medical repricing should instead be at 100%. Sadly, the BNM guidelines allow insurers to take a 5% cut, which is shared between the insurer and agents.



This post has been edited by contestchris: Aug 29 2024, 02:40 PM

.

This post has been edited by contestchris: Aug 29 2024, 02:40 PM

I'm in the same boat as you. Having an Allianz med plan + investment link + Life + CI + early CI. The current monthly premium can only sustain the plan for the next 9 years, and this number may shrink further I think if the medical cost continue to go up.

What I'm thinking is to reduce the Life + CI + early CI part.

1. Life, reduce to minimum. I don't really need life insurance actually but I was told that reduce the life coverage doesn't make any much difference. I have other life insurance.

2. Remove the early CI. I know this is important but I would prefer to have longer coverage on medical instead of early CI.

3. Thinking to reduce the medical from 1mil to maybe lower amount like 750k.

4. Keep the CI coverage - RM100k or lower than RM50k.


Hopefully with the reduction above, that the medical plan can sustain for another 15-20 years.

Any advice from Sifu-sifu sekalian would be much appreciated.
Thank you.

This post has been edited by Sitting Duck: Aug 29 2024, 02:59 PM

Yalor, top-up policy linked fund is a way to reduce the so-called tips to agent and insurer loh, and top up while the unit price is low (if you could spot). I did the same too, but still 5%..... tips for nothing much in value, just to treat it as super-high brokage fee instead, hahaha...

Bro, anyway, thanks for the info above too.

I just realised in this BNM guideline, clause 15.4 (d), min 95% of additional Premium need to be allocated as due to Increase of Insurance Cost (COI), however, Insurer always stated the repricing due to Increase of COI, but recommending insured to REVISE PREMIUM, instead to add'on, and put you in the position subjected to low allocation rate (40%/55%~90%).

This type of misleading letter and written form of recommendation from Insurer or Agency, shall be reported to BNM to watch out or to take action.

This post has been edited by kinnasai: Aug 29 2024, 04:25 PM

Yes like I said agents will try to con you.

You can go directly to insurer. It's quite easy. I have done it for myself and my family, no issue.

Yeah, SOME agents are hopeless sometimes (some lah, not all ya)

But problem is, Insurer also issue a letter (formal notice) to recommend Revise Premium, caused by Increase COI, so to promote this CON Scheme, which personally i think good to alert BNM.

what is the difference between medical card / medical insurance offered by general insurance companies comparing with life insurance companies ?

As a standalone product, they are exactly the same.

But life insurers can bundle medical plans with Traditional insurance (Par / Non-Par) or ILP, which general insurers cannot.

This post has been edited by contestchris: Sep 1 2024, 03:49 PM