How do costs/prices compare between standalone medical insurance and life insurance with riders?
Adeline: Standalone medical insurance is often more affordable because it focuses solely on your medical needs and doesn’t include an investment element or death benefits, which can drive up the cost. The price difference between standalone medical insurance and combined life and medical plans can become significant for this reason. While some life insurance plans offer temporary discounts when adding medical riders, these discounts are usually short-term and vary by insurer.
What is the best standalone medical insurance in Malaysia?
Adeline: There isn’t a single “best” plan because everyone has different needs. The right plan for you depends on your health needs, financial situation, and how long you plan to keep the insurance. A good plan should be affordable enough for you to keep renewing over time and provide the coverage that matches your specific needs. Be cautious of policies that have “no claims years” clauses, which means unless you don’t make a claim for several years after your case is accepted, else it could affect whether your policy is offered for renewal. If your insurer refuses to renew, it may be difficult to get coverage elsewhere, as new insurers might impose exclusions, charge higher premiums, or postpone or deny your application altogether.
What is the “No claims years” clause?
The “No claims years” clause is a provision in some insurance policies that rewards policyholders for not filing any claims during a specific period of time. If you go without making a claim for one or more years, you may become eligible for certain benefits
Are there specific wellness benefits or additional features that come with standalone medical insurance?
Adeline: Yes, some insurers offer wellness benefits to make their plans more attractive. These benefits can include rewards like vouchers or points for using fitness apps, or free health screenings such as blood tests. After the COVID-19 pandemic, some insurers in Malaysia have also started offering coverage for psychological issues, such as anxiety or depression, as part of their standalone medical insurance plans. These extras add value and help promote overall health and wellness.