Some Malaysians are considering ending their insurance policies after being informed about the premium hikes next year.
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A policyholder named Hamidi shared that he was paying RM188.47 per month and would need to pay RM237.34 when the price hike commences. He said his premiums increased from RM157.69 to RM188.47 last year and questioned why the premiums increased each year.Another policyholder, Safie Wahab, plans to discontinue his policy when the time comes. He shared that his insurance premium had increased by RM133, from RM244 to RM377 per month.
Meanwhile, Pereira took out the policy for his son at age 18. In just two years, his son’s medical insurance premium sees a rise of 30%. The domino effect may trickle down and hit insurance agents themselves when fewer clients can afford the expensive premiums. This could affect their commission rates and the company may face a high turnover.
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