The treatment might related to require imported special equipment..

Actually I’ve been thinking when everyone say how expensive it is when we subscribe insurance when we are older - how expensive are we looking at?

I’ve been paying the premium since 20 years ago and I’ve never claim any hospitalization before. Only twice but those are covered under company. All those $$ could have been saved and if the premium at older age is more expensive, just wonder how expensive could it be?

I don't know the numbers but I suspect it's based on a set pay table already. So even if we start earlier or later eventually will pay the same at the same age. Excluding any loading etc.

Just the main thing is as we age, there is a risk of loading, exclusion or rejection die to our health deteriorated.

They are just telling you
"You are getting riskier and not so profitable to be insured. If you still want the 'protection' you need to continue pay up"

Insurance is a risk calculated business where the insurance company always wins. How else they can publish full colored centerspread page in newspaper of their agents achievements. If at current age, you feel the squeeze to pay, wait till you get older or retired, that is when you realized you already spend a fortune on insurance and they decided not to insure you anymore or increase the premium beyond your capability, in a way forcing you to willingly surrender the policy. Do the calculations and adjust accordingly today.

This post has been edited by Capt. Marble: May 7 2024, 08:36 AM

insurance companies: pay cash if don't like us.

If you are capable of self-insured, then go ahead and take the risks.

Like you say, insurance is risk calculated biz. Your own life is also a risk calculated. So, it's up to individual to decide themselves.

Fact is even millionaires buy insurance when they can easily self-insured?

This is Medical Inflation. All medical fees price increase so your medical insurance price also ikut the inflation.

All insurance company also have to increase their medical premium

you should get a letter or email directly from the company.. not from ur agent.. To know got increase or not, you can login the their web.. usually got notification in there too..

Ok to raise price but the company pls warn your agents not to flaunt wealth on the expense of clients. Got overseas trip star producer every year, big cars, raya open house at 5 star hotel for all agents. This like saying we take client money so we can live in luxury. Recently pru keep investing in starbucks although all analysts advise against it, is it a wise decision when it fell 50%?!

This post has been edited by daidragon12: May 7 2024, 08:50 AM

My friend has Rare Disease.

He wants sign up for insurance but the insurance companies refuse to do business with him. Same goes to the people that have Rare Disease in support group he joined.

So the only option he has is getting access to gov hospital only

You get more cash value, AKA saving.

Insurance is like a prepaid account, you top up every month or year just to make sure your account have sufficient money to deduct by the time you’re 60-70 or till your policy termination.

Mine for your reference. Age 54, my premium with 300 B&B at 13k+ pa

Latest sustainability revision as at 1 Mar 2024

Note: from 3k pa in my early 30s (no add-on)

This post has been edited by jojolicia: May 7 2024, 08:57 AM

I don't think its apple-to-apple comparison as each individual health condition is different. What I know is if you take up insurance at older age, the requirements are stricter as my friend needed to go for medical test. Another friend who tried to take up insurance was rejected after medical test.

What I know is I took my insurance since my 20s and today my premium is about 30% lower than my friend who took his insurance much later even after my policy was repriced twice. But like I say, it's not apple-to-apple comparison as I don't know what is his medical condition.

Insurance is to insure yourself against any potential risk. It is something you hope you never need to use. So, a lot of people think that just because they don't use since they bought insurance, the premium paid is wasted but that is a wrong thinking as even though we never claim, they are still insuring you against any risks.

From what I hear, the insurance penetration rate in Malaysia is still low especially among the B40s and the government is encouraging more people to take up insurance. That's why there are schemes like MySalam being introduced. The current cheap government hospitals are no longer sustainable which is why a lot of government hospitals already have private wings. Sooner or later, we will have to kiss goodbye to RM1 fees at government hospitals.

This post has been edited by 30624770: May 7 2024, 08:54 AM

A lot of ppl are unclear that premiums and insurance charges are actually dif item in insurance terms.

It’s actually very similar to our prepaid plan, you pay your monthly/yearly premiums (like top up) to reload some cash value (credit) into your account and keep it active. Then every year or so they’ll deduct credits from your account as insurance charges. The main killer figures here is the insurance charges after you’re age 70, those can easily grow to 5 digits and beyond, and it’s meant to tell you you’re too costly to remain insured and may be it’s time to terminate your policy, cash out whatever cash value left and bare your life/medical at your own cost.

Actually there isn’t much additional cost taking insurance at older age (like in your 40-50s), all be it you’re less likely to be fully healthy to get the best terms (no diabetes, no HBP etc) and you didn’t enjoy the compounding effect of building up annual interest with your cash value since your young age (anyway their interests also sucky nowadays). My mom took up a medical policy in her late 50s and the monthly premiums is RM500++.

This post has been edited by msacras: May 7 2024, 09:03 AM

That's why I mentioned if you feel the squeeze today to pay, don't bother to continue because it will only get worst and eventually will give up the policy. Just need to do proper calculation and evaluation.

I am sure a lot millionaire insured themselves because they can afford to.
The ones that are complaining here obviously is hitting their ceiling of affordability.

This post has been edited by Capt. Marble: May 7 2024, 09:05 AM

Which hospital?

Putrajaya, ummc etc is not govt ya. They are semi

So yeah pls state hospital name and procedure so netizen can investigate

In short, pool fund depleted, COI increase, your premium rollover cannot sustain.

Either you top up to meet your cover period or it just lapsed upon -ve.

In short, you don't expect paying 5k pa, last 20 years to sustain for the next 20 years. It can never

This post has been edited by jojolicia: May 7 2024, 09:06 AM

Insurans not for BiForty

This post has been edited by The.Lucas.DaY: May 7 2024, 09:04 AM

DP

This post has been edited by jojolicia: May 7 2024, 09:06 AM

so for example, i've been sub for insurance in the span of 10 years and premium keep increasing lets say 3-4x. At the same time, i never utilize cause health is in good form. It means ayam rugi lor, right?