finally has decided to take up HLA.

congratulation ! haha

The point I was trying to make is, do not just look at low premium for it is not guaranteed unlike in Life policy(other than term insurance). Normally the insurers will have the record of their premium increase, it is not that difficult to get if the agent and insurer are transparent about it. The reason why people are not asking for it simply because they are not aware of this.

I agree wz u Chew_Ronnie..

Hi, I'm interested on this plan too. Would like to check which company of this? Thanks.

By the way, anyone of here can advise whether Medical Insurance should put in ILP or traditional plan? Any comemnts?
Thank you.

I thought you have already taken up HLA policy?

yea...i had decided HLA (traditional). but then will take up another ILP also. Still thinking where to put medical insurance (ILP or traditional).

Above is more suitable to my bf so wan to check also.

OIC. If you need info on Prudential ILP just let me know.

Hi,

This is from Allianz.

There is always pros and cons for traditional policies and ILPs. So there is no 1 best plan. It all comes back to what benefits u want and whether the budget you have can get what u want or not. Put it simple - for younger ppl age less than 45, buying ILP is cheaper than buying traditional life policy given that u want the same coverage. But the drawback in ILP is u may face to add extra premium when the fund is not enough to cover the cost of insurance. On the other hand, traditional policies (whole life NOT term) gives you some returns at the end of the day and its considered quite safe. So you choose which suits u better.

Hi, thanks for your comments. Above is noted as well.
Finally, we bought ILP and traditional both. Hope we choose and plan the rite thing.

Hi Ronnie,
sorry i beg to differ.. "Put it simple - for younger ppl age less than 45, buying ILP is cheaper ".
As far as I am aware, ILP is for those age 0 - 35 or 36 (dunno the exact age).. After this band , the cost of insurance (as you rightly stated) will jump every year and that's when one's policy may suffer from possibility of extra premium to cover the charges..
If one buys from ie. age 40, you will see the cost of insurance jumps double, triple, quadxxxxx within the next 10 years.. This was what my agent told me, he had illustrated the cost of insurance to me too so that's how i came to know abt it..

Hi good point here. For ILP's if u really look at the insurance charges, it's actually increasing every year, the only difference is the how much percentage it will leap.

Actually i've did a comparison for 1 of my client at age 43-44, he bought a term life 100k + 36C.I rider 100k, the premium for term is even more higher than a ILP and ofcoz ur concern up there where u need to pay extra premium to cover the changes will happen in the later years say at year 25 and above. So i just told him that is better of getting an ILP since its cheaper and just add some premiums when the time comes.

Also a point to note in ILP is what kind of riders u put in. Critical illness rider is the most expensive after age 40, followed by med card. So basically if u pump in alot of C.I and med benefit, these 2 will eat up alot of cost of insurance.

So there is no right or wrong la. just the customer likes what plan and I'll be very open to them.

when taking an insurance, consider the plan carefully. actually, the basic life insurance is all the same which cover the 3 major risk

1. Death benefits
2. 36/40 critical illness
3. accident/disablement

so the different is in the medical card. how u want the medical card cover u? here's some condition u should consider,

1. don't look at the lifetime limit, look for annual limit. no matter if ur lifetime limit is 600k, but ur annual limit is just 20k, it didn't enough. even a "bisol" could cost almost 5k..

2. look the medical card plan carefully, is it hv any other limit besides the annual limit? even if u hv an annual limit of 60k, but there's limit on operation of 36k, limit on dialysis of 30k, it also didn't enough. one dialysis cost RM500 & need to do at least 2 times a week. u do the math urself.

3. ask the agent whether the medical card need to be renew or not? some medical card need to be renew early or maybe 5 year. u think for urself, if somedays, maybe after 5-6 years of renewing, u get an illness that cost about 50k. do you think the insurance company would let u renew? if u can renew, the previous illness will be excluded from ur benefits.

4. every time u want to renew the medical card, the price won't be the same again.

5. every medical card that need to be renew are term insurance & hv burn money policy.


Nuzul Azwan
Prudential/Prudential-BSN Takaful (JB/KL)
mdnuzulazwan(@)prupartner.com.my

Above good advice for those looking for med card. Better to get policy that does not require renewal.

I want to add

1) ask if the policy is co-assured.
2) what about medicine cost.
3) policy up to what age. Nowadays can get up to 80 years.
4) limits for dialysis do consider, best is none but of course subject to annual limit.
5) if you have a family and on tight budget, ask them for family medical plan. AIA has it because one of my collegue was hospitalized and he told me took family med plan.

For those looking at Med Card, ask every agent from different companies to proposed to you minimum 3 different plans (even agents from the same company can give you 5 different plans for the same budget). If they don't want and only propose to you 1 plan, find another agent.

Always remember, whether it is ILP or otherwise, it is your money. The return you get from ILP is your money, the only difference is that instead of keeping your money to grow elsewhere, you are now keeping in the ILP.
Also remember, medical premium is not guaranteed and subject to change and is age sensitive. This is because medical inflation will set in year after year and is always much higher than the normal inflation.

after reading all thread, here by i need advice on my insurance coverage:

My Profile:
Age: 33
Sex : Male
Smokng : No
Health : Okie n no operation yet since born
Budget : For 36CI only from 100-150.

Currently:
Company Group Insurance from ING
- Medical cap at annual 50K
- If Death 26x monthly salary
- Almost cover all cost of hospitalization as long as does not exceed the annual cap
- Note: It does not cover CI at all.

P.A
- 300K for self and Family, Rm550 Per year

Endowment
- RM52K for Death
- Current value is 30K

Child 1
- Medical Card, ILP type RM100 per month
- With Payer Rider

Child 2
- Endownment RM30K
- With Payer Rider

If you can see, i am definately lacking of 36CI coverage and life too. Have being approaching GE/AIA/PRU/Allianz agent, all of them provided me with the quote. Actaully too many quote that i am "blur' now.

Below is couple of question i have:
- Is it better to have 36CI as standalone or as rider in Life Policy(ILP or Whole Life)?
- My family is currently insured by company group insurance, yearly rm 300++ with the above coverage, should i
get a additional medical card for my family now or later if i resign..?
- Some agent told me 36CI with term policy , does not give you return but Whole life non-par did? The former is
definately cheaper as no return, and later will give you back what you paid plus minor interest.
- Pru Multiple Crisis offer 2x claim on 36CI, what do you guy think of this one.

Insurance Agent: Pls dun advice me on getting life policy as i am looking into CI/Medical Card only. No offend yea!

Thx

My advice to you is to look at your budget. Medical insurance is a non participating insurance and has no return.
Primarily medical insurance is designed to provide fund for medical treatment when one is inflicted by illness; while the CI is designed for catastrophic illness where one is incapacitated.
The primarily objective is to get as much cover as possible within one's budget, and should there be an additional fund/budget, then only one should think of return by incorporating a saving feature in the life insurance in the form of a conventional insurance or ILP.
The difference between a conventional insurance (endowment or whole life etc) and ILP is that the former, the insurer is taking the risk on guaranteeing the return, while the in the case ILP, the insured/yourself is taking the risk on the return. In the olden days, investment return has been good for insurers, as such they can guarantee return of quite a good rate, however this is no more possible now. Even in the bank, they are asking you to invest in fund as they cannot guarantee you good rates anymore/

The old Chinese saying says, the wool of the sheep come from the sheep, i.e. whatever return that you are hoping comes from the additional premium that you have to fork out first, on top of the protection premium that you apy.

In conclusion, look at you need of coverage and the budget, understand and ensure that the cover match with your needs, good trusting agent and etc.
Always remember, insurer has actuarial to calculate, every bit of benefit that is covered, there is a price for it.

36 CI benefits is just only a sum amount of money u'll get if u are confirmed by the doc that u have this kind of illness. but then, it won't cover ur medical bills. the bills will be deducted from ur medical card & u already hv medical card from ur company.. but if u still want it, i don't think there'll be a standalone policy on 36 CI. the most basic insurance plan should have:

1. death benefit
2. 36 CI
3. Acc/disablement.

So by reading all ur coverage, it should be enough for your family with ur current protection. but u should be thinking the future when u won't be able to work anymore because of disablement (maybe accident or stroke), by that time, there won't be any coverage from ur company on medical card.


Nuzul Azwan
Prudential Assurance Malaysia Berhad

annual premium: RM2100
ILP with medical card R&B 150
guaranteed renewal till age 100
waiver premium
annual limit : RM90k
lifetime limit: unlimited

Darren Lim
AIA Financial Consultant

This post has been edited by ChinHong86: Jul 5 2009, 03:25 PM

Hi, I am Denny from ING.
Below are my suggestion:
- Sum assured 75k for CI coverage, Monthly premium RM130.86 with survivor benefit.

It is advisable for you to add up a medical since it is possible for you to resign, and nobody will know whether are you still insurable for medical coverage at that time.
- Annual limit 100k
- Lifetime limit 300k
- R&B 180
- No co-insurance needed
- monthly premium RM 66.06

At the same time, medical coverage for your family(non company group) are advised to be taken now and the reason is same as yours.

Thank you.