Over the past few months, we have seen an increasing number of policyholders shocked by sudden and substantial demands to top up premiums or face policy lapse – particularly for medical insurance sold as “covering until age 99”.
Based on recent cases and policy documents reviewed, there are several important realities that consumers should understand.
1. “Cover Until 99” is usually NOT what people think it means
When an insurance agent says a medical policy “covers until age 99”, this rarely means:
• guaranteed medical coverage until age 99; or
• coverage at the same premium throughout your lifetime.
In most investment-linked medical policies, “99” merely refers to the maximum age the rider can theoretically remain attached, provided the policy does not lapse. Coverage is conditional on:
• sufficient investment value;
• rising insurance charges being fully paid; and
• repeated premium increases or top-ups over time.
Once the investment value is exhausted, the policy lapses – regardless of what age the policy was “supposed” to cover.
2. Medical insurance costs rise exponentially after age 65–70
This is the point that is most often downplayed or not explained at all. From policy charge tables and illustrations we have reviewed:
• medical rider charges increase gradually in earlier years;
• but after age 65–70, charges rise steeply and exponentially;
• by the 70s, monthly insurance charges can far exceed the original premium.
This is not a small adjustment. It is a structural jump. A premium that looked “affordable” at age 50 can become mathematically incapable of sustaining the policy in the 70s – even if no claims were made.
3. “Just top up” is not a neutral suggestion
When insurers later recommend:
• large single premium top-ups; and/or
• substantial monthly premium increases,
this is often presented as a way to “keep the policy sustainable”. What is rarely discussed is whether:
• the remaining contractual term of the medical rider justifies such funding;
• the policy is already near its natural expiry age; or
• the original premium structure was realistically designed for later-life costs.
4. A signed “policy acknowledgement” is not proof of real disclosure
Insurers often rely on policy acknowledgement slips signed many years ago to say:
“You acknowledged receipt of the policy documents.”
However, many such acknowledgements:
• do not list what documents were actually provided;
• do not highlight critical terms such as rider expiry age or non-guaranteed charges;
• do not explain sustainability risks in later life.
An acknowledgement of receipt is not the same thing as meaningful disclosure or understanding.
5. The uncomfortable truth: stop relying blindly on insurance agents
This needs to be said plainly. Insurance agents are incentivised to sell products. Many genuinely believe what they are selling. But consumers should stop assuming that:
• “lifetime medical” means lifetime affordability;
• “cover until 99” means no major premium shocks; or
• an illustration reflects real-world costs at age 70 and above.
If a product is described as covering you to 99 without a realistic explanation of exponential premium increases after 70, that description is incomplete at best, and misleading at worst.
6. Practical takeaway for consumers
Before trusting any medical insurance product:
• ask what happens to premiums after age 70;
• ask whether coverage is guaranteed or conditional;
• ask how long the rider actually lasts contractually;
• and assume that future premiums will not resemble today’s premiums.
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