There are so many kinds of personal insurance that is available to consumers at an individual level, and it can be a little confusing understanding the ins and outs of each type of policy and the exact kind of coverage or conditions that come with them. Here are six things that you have to know about insurance in Malaysia.
- Your Agent Is Here To Help
Many people regard their insurance agents as someone to call to check on their policy or the person who introduces them to a policy, but an insurance agent is capable of so much more. Being able to find the right plan to fit your needs, understanding what you can afford and helping you to avoid over-insurance are all part of the job for an insurance agent.
- You can be overinsured
It sounds like a crazy concept, but there is such a thing as too much insurance. While it may seem like more insurance is always better, you have to balance the amount you are insured for with how much you are paying in premiums every month. Thankfully, there are many plans that combine different insurance elements to provide a holistic coverage package.
- Death isn’t the end of things
While it’s a bit of a squeamish topic, death isn’t the end of your troubles. Besides funeral costs which can stretch between RM 2,000 and over RM 100,000, you also may have existing medical bills and outstanding debts that need to be settled by your family members. Having the right kind of insurance policy with the necessary coverage helps to take care of these problems – and most important of all is the fact that insurance payouts happen nearly instantly, being the fastest payout.
- Pre-existing conditions are nothing to be afraid of
There’s a persistent belief that if you have a pre-existing medical condition, getting a life or medical insurance policy can be exceedingly difficult – but over the last few years, there have been many more well developed policies that cater to people with these conditions as they are becoming more and more common. High risk policies accept these conditions and the possible critical illnesses that are tied – things like high blood pressure, high body mass index, and high cholesterol are just some examples of pre-existing conditions.
- Insurance provides both options and time
An insurance payout is more than just a monetary sum – it’s a way of providing options to you and your loved ones, as well as time if things take a turn for the worse. Having good coverage allows you to find the best possible medical treatment available to you, and in the event of your death a suitable policy gives your dependents time to get back on their feet.
- Read and understand the policy you have
Insurance policies are more complex than you may realize, and it’s worth some time going through the various clauses and coverage amounts that you are entitled to, as well as keeping track with where you are in your policy as some policies may be investment linked and payouts may vary over time.
With over 90% of Malaysians underinsured, don’t become a part of this statistic. Insurance may seem intimidating on the surface, but these policies are designed to help you when you need it most. Contact us to find out more!
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