agree with you on the med insurance after 70... I never bother to consider this point when I compare med policies as I really do not think I can afford one by that time I'm 70's...and no I don't want my children to pay for it either...when time comes, if I have to go I have to go...

ILP usually deducts the units from your investment portion of your policy in order to pay for the riders(ie. medical, CI, payor waiver, etc.) that are attached to the ILP. So, if the funds that you have chosen fails to 'shine', your premium will surely goes to paying the rest of the riders attached. And remember to ask the agent, does he know anything about 'Top-Up' cases in ILP. Top-up cases happen whenever the units in your investment funds are insufficient to pay for the cost of insurance+riders... , you will have to top-up a certain amount of money in your renewal. Many ILP policyholders are not aware of this 'feature' in ILP.. So pls take note.

So, yes, ILP's return is not guaranteed, never listen to any guarantee mentioned by the agent as ILP will never have any kind of 'guaranteed' return. What you gonna get after 20 years is all depending on the performance of the funds chosen in your ILP... Good luck.

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Added on November 23, 2009, 7:30 pmHi myremi,

care to enlighten me how one would safe a few $$ if one took medical insurance in their early years... Med insurance are age-banded.. If you bought one at age 50 you will be charged at the banded rate at age 50. If you have bought one earlier say 40, you will still have to pay the same rate when you renew the policy at age 50. The scenario is the same as whether you are 'healthy' at the age of 50 . If there is a loading, it will happen irregardless whether you buy the policy at age 50 or age 40, still you will have to pay for some premium loading if you are not 100% fit & healthy.. Correct me if i'm wrong.

This post has been edited by numbertwo: Nov 23 2009, 07:30 PM

Tks PJUsa.. i have forgotten about this point.. thanks for the reminder..

But I won't bet that the policy will not have any change after 15-20 years...Suddenly you see 'portfolio withdrawal'... is something that we can't guarantee it won't happen forever..

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Added on November 24, 2009, 10:42 pmWhich one of the Kurnia's plan has 'guaranteed renewal'... So far their premium is not guaranteed as per their website:

PERIOD OF COVER AND RENEWAL PREMIUM
This Policy shall become effective as of the date stated in the Schedule. The Policy Anniversary shall be one year after the effective date and annually thereafter. The renewal premiums payable is not guaranteed and the Company reserves the right to revise the premium rate applicable at the time of renewal. Generally, if the health status has been good, the premium in future Policy years will increase by your attained age according to the age band.

This post has been edited by numbertwo: Nov 24 2009, 10:42 PM

So this Kurnia is not 'guranteed renewal' and premium can be loaded individually since they do not mention anything about 'portfolio loading'... so what good does it have?

And I think Rakyat is wrong too on buying a life and attach a medical.
Medical insurance, no matter life insurers or general insurer, are all age-banded. The only reason you think the medical premium is 'locked' because you pay more than what the medical insurance suppose to cost you, and I believe the only life insurance where you can attach a medical card is an ILP. So, in ILP, you still pay your medical as per the age-band premium, you won't realise the increase of premium until one fine year you find out that the units inside your ILP is no longer sufficient to pay the rising medical cost..

Hi
You mentioned that your company already provides you a basic one, perhaps 20-30K yearly limit? If that's true, then the deductible option is very handy indeed. Say one admits into hospital and he/she has to pay a 40K bill, one can use the company's basic coverage to claim till the max, say 30K and the balance of 10K he/she can then claim it from the AXA deductible option. (but of course, you have to folk out the 10K first, and claim from AXA later..)

I always think that for employers like us who have got basic coverage from our companies, it is wise to go for deductible option.

This post has been edited by numbertwo: Nov 26 2009, 09:37 AM

Deductible simply means you pay(or the other insurance co. pays) the first RMxxK, and bill the balance to AXA. Whether you need to submit the original medical Bill or a copy of the Bill, you would need to check with the insurance co. I know a general insurer's policy is to submit them a 'true certified' copy of the bill will do.

To Rakyat.. I am surprised you can attached a rider to a wholelife plan as I tot you can only buy it separately. But anyhow, it goes back to square one if the med insurance is deducting the wholelife's return to cover the rising cost of the medical premium.

not entirely true.. I've a letter from an life insurer telling his client that his Medical policy will not be renewed due to claims experience.. I'll post it up if needs be.. The things is policy contract is the only legal binding documents, if your policy contract does not say 'guarantee renewal; or portfolio exclusion', insurers surely can kick anyone out in the next renewal as and when they see fit. So, check your policy contract before you sign. I know many of those medical policy (ie. rider in the ILP) will never has these clauses stated... But for some general insurers' plan you can see these terms stated quite Clearly...ask PJUSA.

Hope to hv A non-profit insurer in m'sia would be like having a day dream in one of the wonderful beach in M'sia.. heh

sorry for the late repl..

it is a rider in the ILP...

PJ,

Have you seen a new medi plan from Allianz, MediShield Plus. ? It has a deductible option and the coverage per ringgit looks reasonable.. Maybe good if you could take a look and gives us some comment?

So far my only question is I can't find anywhere in their brochure that says 'guaranteed renewal' and 'portfolio loading'....

Could you please point out to me where does it say the deductible is per disability?

Thanks.





and..being 'no deductible' option doesn't necessary mean it is good.. Do you know how deductible works, if i may ask?

This post has been edited by numbertwo: Jan 15 2010, 07:00 PM

yeah, no assumption made if I can't see it printed. If deductible or max claim per limit is per disability, they will state that UPFRONT.

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Added on January 16, 2010, 10:48 amAllianz plan's deductible max out at 15K , so yes your memory is correct. And it does give a >50% off the non-deductible premium if you choose the max 15K deductible plan.

ie. (R&B rate RM300)
- Male 40 with non-deductible RM751.20
- Male 40 with 15k Deductible RM300

I just need one deductible plan as I'm relying on the Co. med as the primary..

This post has been edited by numbertwo: Jan 16 2010, 10:48 AM

Good to see more options coming up.. it was down to TM , AXA or Pac that has got the deductibles previously..

This post has been edited by numbertwo: Jan 16 2010, 06:16 PM

Allianz Powerlink is ILP, this is NOT RECOMMENDED for anyone even after 40 years old(either you are in bad shape or super healthy)... I hope you take into the account of the ILP's characteristics before advising anyone below 60 to buy any ILP related plan..

This post has been edited by numbertwo: Jan 18 2010, 10:53 AM

Very unfortunate, Allianz CS answered my query with regards to the deductible is as following :

Q: 5) is the deductible of RM10k applicable to yearly? Or lifetime? Or perdisability? Kindly confirm
A: 5. Level of Deductible refers to the portion of the eligible expenses which customer is liable before any benefits are payable under this plan per admission.

If it is per admission it would means that this is not a good choice! Imagin if one has a 10K deductible plan, and having to admit hospital whereby fees are over RM10K each, it means one has to folk out RM10K each admission before one can claim from Allianz? hmm...

I have not seen such a lousy medical policy... Co-insurance of 10-90 exists in mostly life insurers' plans. Co-insurance of 20-80 when room & Board exceeds the standard package exists mostly in general insurers' plans. Never have I seen both exits in one plan, care to tell which insurance co is this?

Has the medical insurance premium adjusted lately? I heard that ING med card premium has increased +20% this year...Anyone could confirm?

Agree, plenty of GI H&S plans are guaranteed renewable.. a very common phrase you can find in the policy contract these days :

"xxxxx Insurance cannot refuse the renewal of the Policy
or impose new exclusions for renewal. However,
the product may be withdrawn from the market in
accordance with the Portfolio Withdrawal Condition."

I would firstly ask myself two questions :
1. Do i have a realiable, trust worthy agent to serve me, to help me submit and pursue the claims after the event?
2. Is my pocket deep enough to 'pay first, claim later'..Think in a scenario where you may have to folk out thounsand(s) first...

I will not be too bother about insurance not honour the claims later. Bank negara is always there for me.....just know the route to deal with this circumstances and you can save 25% of the premium (that's what i know , the difference between cashless and non-cashless premium band)