Insurance renewal

[Keyite2021]

i am with GE insurance and have this Great TotalCare package. Initial subscription was $35.88 monthly then after claims etc went up to 80.80 then 103.20 which was fine. Now suddenly i received that my insurance premium is $149 per month (never claim since 2020) while the terms of my insurance have been reduced. For e.g. coverage for cancer before renewal was $250k, after renewal drops to 200k. Anyone knows if this is normal or we lan lan pay more but benefit lesser?
I always thought if change to a newer insurance will not cover your older ailments but wah.. didnt know they can suka just change their terms to me being worse off. Can anyone share their advise pls? Thanks in advance

 

[sohguanh]

i am with GE insurance and have this Great TotalCare package. Initial subscription was $35.88 monthly then after claims etc went up to 80.80 then 103.20 which was fine. Now suddenly i received that my insurance premium is $149 per month (never claim since 2020) while the terms of my insurance have been reduced. For e.g. coverage for cancer before renewal was $250k, after renewal drops to 200k. Anyone knows if this is normal or we lan lan pay more but benefit lesser?
I always thought if change to a newer insurance will not cover your older ailments but wah.. didnt know they can suka just change their terms to me being worse off. Can anyone share their advise pls? Thanks in advance

My spouse also same. I think insurer backend got count how much monies give to you already means they lose monies do business with you. They then think of ways to reduce your coverage or increase your premium. Insurers are for profit companies if all customers claim they lose monies need close shop soon.

 

[Keyite2021]

My spouse also same. I think insurer backend got count how much monies give to you already means they lose monies do business with you. They then think of ways to reduce your coverage or increase your premium. Insurers are for profit companies if all customers claim they lose monies need close shop soon.

I see. Didnt realise they can change terms to worse off and also increase premium. Interesting..

 

[reddevil0728]

I see. Didnt realise they can change terms to worse off and also increase premium. Interesting..

need to see the T&Cs lor. usually if they do this means T&Cs cover. if not will be a problem

 

[sohguanh]

I see. Didnt realise they can change terms to worse off and also increase premium. Interesting..

Put yourself in their shoes. Now you open company as insurer and you face such customers you want?

 

[BBCWatcher]

Claims-adjusted pricing ("CAP") is very avoidable. Only the TotalCare P Signature rider is subject to CAP. TotalCare P Optimum is not.

Or you could switch to SupremeHealth A Plus or B Plus (with any rider, although I suggest the "Basic" rider). None of those plan/rider combinations are subject to CAP.

 

[qhong61]

i am with GE insurance and have this Great TotalCare package. Initial subscription was $35.88 monthly then after claims etc went up to 80.80 then 103.20 which was fine. Now suddenly i received that my insurance premium is $149 per month (never claim since 2020) while the terms of my insurance have been reduced. For e.g. coverage for cancer before renewal was $250k, after renewal drops to 200k. Anyone knows if this is normal or we lan lan pay more but benefit lesser?
I always thought if change to a newer insurance will not cover your older ailments but wah.. didnt know they can suka just change their terms to me being worse off. Can anyone share their advise pls? Thanks in advance

What did u claim for

 

[JuniorLion]

All insurers now have increased premiums wef 1 Apr 2024.

 

[andyhtc]

i am with GE insurance and have this Great TotalCare package. Initial subscription was $35.88 monthly then after claims etc went up to 80.80 then 103.20 which was fine. Now suddenly i received that my insurance premium is $149 per month (never claim since 2020) while the terms of my insurance have been reduced. For e.g. coverage for cancer before renewal was $250k, after renewal drops to 200k. Anyone knows if this is normal or we lan lan pay more but benefit lesser?
I always thought if change to a newer insurance will not cover your older ailments but wah.. didnt know they can suka just change their terms to me being worse off. Can anyone share their advise pls? Thanks in advance

The terms and conditions are only valid for 1 year.

I guess they are forcing you out.

 

[wenguang]

i am with GE insurance and have this Great TotalCare package. Initial subscription was $35.88 monthly then after claims etc went up to 80.80 then 103.20 which was fine. Now suddenly i received that my insurance premium is $149 per month (never claim since 2020) while the terms of my insurance have been reduced. For e.g. coverage for cancer before renewal was $250k, after renewal drops to 200k. Anyone knows if this is normal or we lan lan pay more but benefit lesser?
I always thought if change to a newer insurance will not cover your older ailments but wah.. didnt know they can suka just change their terms to me being worse off. Can anyone share their advise pls? Thanks in advance

premium increase every year with age and with inflation.

For transparency, you can compare in the premium table if you are different from the rest.

https://www.greateasternlife.com/co...pd-gsh-gtc-benefit-and-premium-tables-eng.pdf

 

[sohguanh]

premium increase every year with age and with inflation.

While above is generally true it changes when you have made a claim before. They will reassess as some illness can relapse again so they will need to safeguard themselves.

Same as car insurance if you claim before the next renewal maintain at same rate? If you open company do insurance what will you do?

 

[stanlawj]

i am with GE insurance and have this Great TotalCare package. Initial subscription was $35.88 monthly then after claims etc went up to 80.80 then 103.20 which was fine. Now suddenly i received that my insurance premium is $149 per month (never claim since 2020) while the terms of my insurance have been reduced. For e.g. coverage for cancer before renewal was $250k, after renewal drops to 200k. Anyone knows if this is normal or we lan lan pay more but benefit lesser?
I always thought if change to a newer insurance will not cover your older ailments but wah.. didnt know they can suka just change their terms to me being worse off. Can anyone share their advise pls? Thanks in advance

The MOH already announced several times that the costs of insurance will rise because insurers were losing money on the old plans. 2024 is the year that GE starts to increase their premiums significantly. Keep the Totalcare, at least P Optimum before the age of 70yrs old.

 

[Keyite2021]

While above is generally true it changes when you have made a claim before. They will reassess as some illness can relapse again so they will need to safeguard themselves.

Same as car insurance if you claim before the next renewal maintain at same rate? If you open company do insurance what will you do?

think u read me wrong. I am PERFECTLY OK to pay more. But how can the benefit decrease from what i signed up for earlier? That’s what i am referring to.

 

[sohguanh]

think u read me wrong. I am PERFECTLY OK to pay more. But how can the benefit decrease from what i signed up for earlier? That’s what i am referring to.

They do business with you then they got the right to alter the terms and conditions. Logical? Same as banks that close the account of their customers as they don't want to do their business.

You are lucky the insurance company still want to do business with you by altering the benefits in this case. You can choose not take up.

 

[Keyite2021]

They do business with you then they got the right to alter the terms and conditions. Logical? Same as banks that close the account of their customers as they don't want to do their business.

You are lucky the insurance company still want to do business with you by altering the benefits in this case. You can choose not take up.

Right thanks for clarifying. Means i was wrong in assuming what i signed up for wont be the same always. Always learning everyday about the realities of life.

 

[sohguanh]

Right thanks for clarifying. Means i was wrong in assuming what i signed up for wont be the same always. Always learning everyday about the realities of life.

Long time ago our cpf age 55 can all take out. Now what happen? So yes that is the realities of life.

 

[Slowdown]

Right thanks for clarifying. Means i was wrong in assuming what i signed up for wont be the same always. Always learning everyday about the realities of life.

I am in a similar situation. I bought a critical illness and death policy and have been paying 200+ for more than 10 years. I pay my premium every month. Suddenly this month I received a sms that my premium is overdue. After logging into the portal, I found the monthly premium to be 400+. Contacted my agent and he checked. The insurance company up the premium at the end of 2023. Now suddenly I owed premium that is close to 1K.

400+ is too much for me to bare. Can imagine when I reach 65 and they ask me to pay 1K each month. Might as well give them my CPF Life.

(I am sure they sent me letters about the change. I am sure I torn the letter without even opening it.....lolx)

 

[ctan84]

I am in a similar situation. I bought a critical illness and death policy and have been paying 200+ for more than 10 years. I pay my premium every month. Suddenly this month I received a sms that my premium is overdue. After logging into the portal, I found the monthly premium to be 400+. Contacted my agent and he checked. The insurance company up the premium at the end of 2023. Now suddenly I owed premium that is close to 1K.

400+ is too much for me to bare. Can imagine when I reach 65 and they ask me to pay 1K each month. Might as well give them my CPF Life.

(I am sure they sent me letters about the change. I am sure I torn the letter without even opening it.....lolx)

You go read your original plan properly lah. High chance your plan is a 10 or X number of years renewable plan. Which means your initial premium is only locked in for X number of yrs, then when renewed, it will be adjusted accordingly to your age bracket.

 

[sohguanh]

I am in a similar situation. I bought a critical illness and death policy and have been paying 200+ for more than 10 years. I pay my premium every month. Suddenly this month I received a sms that my premium is overdue. After logging into the portal, I found the monthly premium to be 400+. Contacted my agent and he checked. The insurance company up the premium at the end of 2023. Now suddenly I owed premium that is close to 1K.

400+ is too much for me to bare. Can imagine when I reach 65 and they ask me to pay 1K each month. Might as well give them my CPF Life.

(I am sure they sent me letters about the change. I am sure I torn the letter without even opening it.....lolx)

As I say before to recoup back and earn from insurers is to kena. No kena you lose monies.

 

[qhong61]

As I say before to recoup back and earn from insurers is to kena. No kena you lose monies.

Rather not