Out of curiosity on all these cost of insurance increase, do you all check your annual statement to compare the cost of insurance increase?... Not refering the premium paid but actual cost of insurance deducted after your paid premium is converted to funds unit.

My overall cost have creep up slowly over years but did not recall a dramatic jump but expecting a big one when hit 60...

Yes... But this repricing will translate into actual cost of insurance which is to be paid...

I have not seen a dramatic repricing notification thus far for many years that I need to top up. Maybe the cash reserve was able to sustain it as I intentionally have spec an extra investment contribution so I don't get caught out unexpectedly down the road which for sure an ever upward trajectory...

And I have also refreshed my policy 4 years back when the insurer offer an upgrade without medical check leveraging same submission back 10yrs+ ago. Yes there was some increased premium but also massively increase my coverage limit to unlimited lifetime which was capped previously.

This post has been edited by gamenoob: Jan 11 2024, 11:35 AM

Ayo.... insurance benefit is like unwanted lottery... rather have it burned than materialised it.... I know sounded ironic....

The cost of insurance on our policies statement... not their super secret internal cost....

Allianz

And as long as they have something to sell after analysing your portfolio....its a clouded judgment... its somehow conflicting interests no...?

Possible too... hence second opinion...

On serious note, they are subjected to rigorous selection and carry oaths and obligations that need to have its own insurance too... yes? As for certified or qualified financial planner... so far have not needed one... maybe too peasant of level....

Yeah, if they suggest the ratios of split, options, where too etc. that supposedly match one risk profile, thats fine.... but than again, who would know one risk profile better than own self.... hmmmm, frankly at my age, I know what I'm looking at given all facts considered....risk appetites, age, commitment, liabilities,....

Crunched all my numbers, from worst to best case I possibly could...even if these folks planner can help me making extra 10-20%, not going to make any differences.... but a discourse of diversification would be productive....as long as my interpretation of risk threshold is met etc..

Sorr6 digress off topic....Heck its part of COLA inflation discourse.... 😄

This post has been edited by gamenoob: Jan 16 2024, 07:48 AM

Damn.. I need to download and check my previous year statement to see the annual creep...

I don't think its gone that much higher ie 7-8%... hmmm,.... makes me worry a bit pulak......

Looking back, my current policy started 15yrs ago. Midway, I have 2 supplementary policies whenever insurer offer them at discount with extra coverage with low premium and no medical check requirements to provide the additional coverage.

Then 2 years ago, it was consolidated when insurer offer an upsell without medical check, allow me to upgrade my original plan that in total match all 3 policies combined. Nett Premium is actually lowered as part of their upsell consolidation. I let my 2 supplementary policies run for another 6 months as there was waiting period on the upsell.

Now with only 1 policy and the other 2 is cancelled. Overall, the premium remain about the same last 5 yrs with small creep about 3-4% annually.

Ya that the million bucks question....

Finger crossed.... but then again, I'm already at high state cost group at 55... so it will be an upward trajectory premium... pretty sure.

You are absolutely correct on the agent gain. However it was an open eye on my part as I requested the agent to check for it.

That period, health wise was having some issues and felt my policy limit is not adequate, hence when the offer came, I pick it up while waiting for upsell.

Lo and behold, few months right after consolidation just past the waiting period, I had a complications which recoup whatever I have paid last 8yrs ish of insurance premium.

Let's just say it's not an lottery/ROI that one should aim for when it come to insurance.

Be it the 3 separate policies or one consolidated it would have cover it. But having a single one now that technically cheaper ie higher coverage for same dollar, it's easier to manage.


This post has been edited by gamenoob: Jan 17 2024, 01:12 PM