Life Insurance Association of Malaysia Industry Promotion Committee Chairman Ramzi Toubassy said that around 12.5 million Malaysians already have life insurance coverage by 2015. That accounts for almost half of the entire Malaysian population. For the other half who have not invested in life insurance, one possible reason why they did not purchase is the lack of financial resources. Many people think life insurance is too expensive.
In case you cannot foot the bill, you may buy a standalone product or a rider of a life insurance policy. You may invest in a personal insurance which requires less premium than a life insurance. Here are some more reasons why it is important to invest in personal insurance in Malaysia:
- The accident rate in Malaysia is way too high Road accidents alone took the lives of more than 7,000 individuals in 2016. Personal insurance guarantees that your loved ones can continue to enjoy the quality of life they deserve even after you meet your end. At OCBC, they have a plan that pays a subsidy to each insured child if both parents passed away in the same accident.
- A personal insurance will let you apply even if you are already 65 years old In life insurance, the maximum entry is only 60 years old. If you want protection until you reach 80, a personal insurance is a more convenient option.
- Everybody needs medical income benefits Aside from accidents, diseases are also part of life’s uncertainties. In case you got hospitalized, do you have sufficient funds to cover the medical expenses or to pay the caregiver? Invest in a personal insurance with health and wellness privileges.
Are you ready to apply for a personal insurance? Inquire in an insurance company to check if you are eligible to apply and what is covered by the insurance. Generally, companies will let you make a formal application given that you are at least 18 years of age. Some plans are available not just to Malaysians but also to permanent residents, work permit holders, and employment pass holders.