Jul 20 2009, 05:17 PM
QUOTE(Optiplex330 @ Jul 18 2009, 08:48 PM)
Wow. You sure know this insurance thing. Thanks.
So now I know Medical card is just a form of general insurance product like car insurance, fire insurance or marine insurance. In that there is no advantage or reward for having stayed with the same insurance company for many years. Find a better offer and jumping ship is the name of the game. You lost nothing.
But can you clarify further what you meant by rider and old age saving thing?
And if I go to AXA, do I have to undergo all the medical examination thing even though I have never made any claim from Prudential?
Much appreciated.
Hi Optiplex,So now I know Medical card is just a form of general insurance product like car insurance, fire insurance or marine insurance. In that there is no advantage or reward for having stayed with the same insurance company for many years. Find a better offer and jumping ship is the name of the game. You lost nothing.
But can you clarify further what you meant by rider and old age saving thing?
And if I go to AXA, do I have to undergo all the medical examination thing even though I have never made any claim from Prudential?
Much appreciated.
I strongly advise your to discuss with your P's agent and AXA's agent and b4 making the decision. I'm sure u'll find more info and made a well-informed decision after tat. No doubts AXA could offer cheaper premium than Prudential, i am sure there are pro and cons of both plan.NO MEDICAL PLAN is the best unless it suits what you want Considering switching plan from one to another is a bit risky and was not encouraged by Bank Negara unless you really think it is best to switch... do pay attention to the consequence of 30 days risk effective date beside 120 days of waiting period for specific illness, and list of benefits in details.
Basically, medical card can be standalone or attach as a rider to a life policy like investment-linked. Insurance charges for both cards will be charged according to age band regardless of type of card u r holding.
However, bear in mind that must pay the premium promptly at every renewal year, failing to do so make result in lapsation of standalone medical card and thus, if at the time you are so "lucky" to admit hospital... i don think any insurance company would like to honour the claim. Especially we are so used to pay premium yearly via autopayment credit card. Imagine you need to REMEMBER and MAKE SURE you have made the payment EVERY YEAR TILL OLD AGE..and we may have new Credit card no after expiry date....
Taking a medical card rider attached to whole life policy has the advantage if you forgot to pay the premium as long as there are enough cash value to sustain. Usually, there will be a "handsome" sum of cash value in the life policy to sustain the insurance charges after few years of prompt payment. I would consider this as hassle free and buy with a peace of mind.
Of coz, Pjusa has his point also that you can opt to pay only standalone medical card if not bind to whole life policy, especially you don want/cant afford to continue paying the whole-life policy premium. However, do you know u have to option consider to revise / review / reduced the whole life premium when u don want to commit so much in premium and you may have so called "premium holiday" in the life policy????.
Whether standalone or attached rider, there are pros and cons depending on what u want.
Added on July 20, 2009, 5:24 pm
QUOTE(numbertwo @ Jul 20 2009, 04:22 PM)
AIG Home Assurance does offer standalone CI coverage, up to max of 150K only though.
I think Public Mutual also offer CI coverage to its investor at very cheap premium, but subject to portfolio withdrawal when notice is given ;(Beside, i think i have come across certain insurer offer CI coverage with very minimal life coverage of RM5K also... worthwhile to explore further....
This post has been edited by samowong: Jul 20 2009, 05:24 PM
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