First Question:

Example:
for rm300/month (rm3600/year)

- Life/TPD/CI (Accelerated basic sum assured - either one) : RM150k
- Medical Card
- waiver of premium upon CI/TPD : RM3600/year

Scenario:

When CI strikes, and I make full accelerated claim of 150k from basic sum assured, then Life/TPD/CI will become zero. With waiver of premium rider, medical card will become free until the rest of my life isn't?

An agent told me that I do not need to add waiver of premium rider if I choose accelerated basic sum assured because when I make full claim, then the basic sum assured will become zero, so the waiver of premium rider is something useless which we are paying for nothing. Is this true?

My own understanding is that, once basic sum assured becomes zero, there will no longer be insurance charges for Life/TPD/CI but there will still be insurance charges for medical card. So in the the event we make full acclerated claim from basic sum due to Critical illness and basic sum assured becomes zero, the medical card will only be free for life IF we chose to add waiver of premium rider, otherwise we still have to pay for the medical card, correct? So the agent is wrong?

But, the rider is paying RM3600/year which is the charges for everything (Life/TPD/CI/Medical Card and Waiver). One altenative is to chose the waiver rider so that it pays only for the medical card charges portion. Another alternative is to let it pay the full amount RM3600/year and any additional amount will be used to purchase units in the investment and increase cash value. Am I correct?


Second Question:

Is it ok to take up a plan with projection of cash value that can cover insurance charges up to a age of only, say, 63 years old? The monthly premium for such a plan gives more coverage for less money. 63 years old is still a long way to go. Say, 20 years later, when we are more financially stable, can we then increase the monthly premium, so that the cash value can cover insurance charges longer beyond 70 years old?