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.

Like I say before, a lot of millionaires buy insurance too even though they can self insured. Why?

How many percentage of people need to give up their insurance in old age. From my friends and families, I have not encountered anyone who need to give up even after retirement.

If you say paying for insurance is a burden, what makes you think people will be disciplined enough to save and self insured? How many people can do that and are able to calculate risk to self insured enough?

Unless, your plan is to go government hospital when you’re old age, then it’s a different story altogether but be wary that our current cheap government hospital cost are not sustainable. That’s why government are encouraging people especially B40s to buy insurance.

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?

Have not receive anything from my agent.

- Like I say before, a lot of millionaires buy insurance too even though they can self insured. Why?

It's because they can afford to pay.
Affordability is the issue here.
You might be comfortable with the premium today but if it increases beyond ones expectations, he /she might not be able to afford it.
By looking at the main post, she already started to complain about the increase in the premium of her insurance. Of course she wants to continue to be insured but if it goes too high, do you think she will be able to pay the increments? It all boils down to affordability. People should be given a full picture of how things will be when signing up for insurance. Obviously she did not expect the rise to be so much.

- How many percentage of people need to give up their insurance in old age. From my friends and families, I have not encountered anyone who need to give up even after retirement.
After paying for 23 years, I gave up mine. So now you know one person that gave up their policy. 2 policies actually. I was originally told after paying for 20 years, it would continue to self paid for itself until it eventually matured but after the 20th year, I called up and I was told otherwise, stating the increment of medical bills. I continue to pay diligently until the premium starts to increase exponentially, twice per year. I did a calculation and found out that it will eventually reach beyond what I am willing to pay after I retired and decided to stop it. Since I started the policy, I have paid more than half the insured sum itself by the time I decided to surrender the policy.

- If you say paying for insurance is a burden, what makes you think people will be disciplined enough to save and self insured? How many people can do that and are able to calculate risk to self insured enough?
Of course not a lot is capable and discipline enough to save and self insured. All I am saying is people needs to be given the right information and projection of increment that they are supposed to expect from signing up a policy. You can clearly see from the main post itself, she was not expecting such increments in the premium. Project and show them the entire cost of insurance throughout the tenure and reason with them if they are ok to go through the entire thing. No point if the person is comfortable at the beginning and ended up surrendering the policy half way through because he didn't know it will be up so much. Just give them the full picture at the beginning and adjust accordingly to their affordability level.

not fair at all

ppl misused the medical and we kena

insurance was always a kok trap...

and now the trap is springing up...

got monei, just put it in your investments and savings and you can tap from there if you ever need monei for your medical ...

you think 5k is expensive?.... what about 7k next 3 years...
then 10k next 3 years...

since you've already paid so much for so long... you will feel compelled to continue even with that kind of price...

monei that you've put in, better put into improviing the livestyle and food and stay healthy is much more worth it...

There’s no way insurance companies are able to predict 100% correct what will happen in the future. Their pricing and underwriters can only underwrite a policy based on current conditions and some predictions of what inflation is going to be in the future. However, medical inflation in Malaysia has gone way above what they anticipated and the pandemic makes it worse.

Like I say before, unless you can self insured or plan to only go government hospitals, then go ahead and give up your insurance. There’s no right or wrong here. Most repricing will still give you an option to retain the current premium but then you will have to sacrifice some coverage. At the end of the day, it’s again the problem of our salaries has not increased in tandem with inflation which affects everything and not just insurance. Insurance is worse affected because medical inflation is a lot worse than our inflation rate. That’s why a lot of hospitals have changed their policies as nowadays a lot of minor surgeries don’t require hospitalisation anymore due to pressure from insurance companies.

Fair statement. There is no way the prediction will be 100% accurate. What really ticked me off was the "pay for 20 years then it will pay for itself" which turned out to be unfulfilled coupled with the exponential increment after that and when I was asking for options and alternatives to retain the insurance but without the such high increment in premium, there were no options at all other than surrendering and sign up for a new policy. If only I knew what was I getting into before I signed up and get locked in, I would have done things differently. It's not like a loan for cars which last 5-9 years or house which might go up to 30 years, this one is turned out to be an endless increase forever until the day I die or surrender the policy.

Fair statement. There is no way the prediction will be 100% accurate. What really ticked me off was the "pay for 20 years then it will pay for itself" which turned out to be unfulfilled coupled with the exponential increment after that and when I was asking for options and alternatives to retain the insurance but without the such high increment in premium, there were no options at all other than surrendering and sign up for a new policy. If only I knew what was I getting into before I signed up and get locked in, I would have done things differently. It's not like a loan for cars which last 5-9 years or house which might go up to 30 years, this one is turned out to be an endless increase forever until the day I die or surrender the policy.

Like I say before, it can’t be predicted. You ask any underwriter or actuarial people in 2018 to take into consideration a worldwide pandemic and they will probably laughed at you as it’s probably their 1 in 100 scenarios only such things happened.

What my actuarial friend told me is you need to review your insurance every few years as things change and sometimes what was underwritten 20 years ago are not relevant anymore and you really buta-buta paying for useless things. If really, you see after reviewing that it’s not sustainable in the future, it’s sometimes better to terminate and take up a new policy.

Yup that's why I surrendered mine. 23 years of premium payment down the drain with 0 claim. What was claimed to be best plan for me 20 over years ago is now totally useless.

That’s a wrong mentality when it comes to insurance. A lot of people think like you and say all the money can be better spent as I never claimed a single sen. However, do you really want to claim? Without claiming a single sen is actually a good thing. Insurance is about protecting you from potential risk. It’s really about what if scenario only and you cannot really say it’s useless as it provided you coverage for 23 years.

Yup it's good to be protected and I wanted to continue the policy but that wasn't an option because I was priced out of what I am willing to pay for it. That was what happened to me.

That’s a wrong mentality when it comes to insurance. A lot of people think like you and say all the money can be better spent as I never claimed a single sen. However, do you really want to claim? Without claiming a single sen is actually a good thing. Insurance is about protecting you from potential risk. It’s really about what if scenario only and you cannot really say it’s useless as it provided you coverage for 23 years.

A lot of ppl think like this, but hindsight is 20/20. If its the other way around eg: they got admitted, etc.. they would be thinking, thank goodness I bought insurance

Even for a simple dengue case, if u admitted to private hospital can cost 5 figures already.

If cancer the cost teruk. My friend only 34 years old got breast cancer, need to go surgery and chemo, imagine u 34 how much saving u have to treat cancer?