23 May - 5 min read
Death is not a topic anyone likes to talk about, much less think about. But it’s an eventuality that we all should prepare for, especially when it comes to securing our loved ones’ future.
A large percentage of Malaysians do not have life insurance, as most of them are under the impression that life insurance is expensive, or simply thinking that they’re still too young to have a life insurance policy. But with the ever-increasing cost of living in Malaysia, even funeral and burial costs are on the rise.
So, unless you’re raking in the big bucks and have sufficient savings to guarantee a good life for your dependents even after you’re gone, you’ will need life insurance to help provide that peace of mind for you.
Think of a life insurance policy as a long-term investment, which provides a financial relief for those who are dependent on your income in the event of your death or disability.
A life insurance policy’s payout can also be used to help clear any of your outstanding debts, pay for your funeral, and act as a savings fund for your child’s tertiary education fees.
Only 56% of Malaysians have life insurance, and the main reason why so many Malaysians choose not to have a life insurance cover can be represented by just one word: affordability.
Contrary to what so many people believe, most life insurance policies aren’t as expensive as they think they are. Just like everything else, there are factors that make a life insurance policy premium either more expensive or budget-friendly.
The premium-influencers are fairly basic and straightforward – things like coverage amount, your current health status, the number and types of additional coverage added onto the policy, and your current lifestyle can affect your life insurance premium. In other words, the higher your coverage amount and the more elaborate your life insurance policy is, the higher your life insurance premium will be.
With all these tips to getting a more affordable life insurance policy, start researching for the most suitable life insurance now to protect your loved ones and dependants. After all, we never know what surprises the future might hold for us.
If you don’t know where to start, check out Allianz i-EssentialCover. It’s a term life insurance policy that provides up to RM500,000 of death and total and permanent disability (TPD) benefits. It’s also one of the few term life insurance that offers a guaranteed yearly premium, on top of speedy and hassle-free policy purchase process.
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