Although the option to buy insurance online has become popular recently, the plans offered online are very basic and provide little customisation or flexibility to suit your changing personal and financial needs. When you are looking to get insurance or takaful coverage, the first thing that comes to mind will be to get it through a reputable agent. As much as it is convenient to have an agent close to your location or someone you know, you may be missing out on some of the best in the business. If you have been following our series of articles, we have mentioned why working with friends and family may not exactly be the most favoured choice for some while others look at this as an advantage.
Continue reading “11 things to know before buying Insurance or Takaful”
Insurance companies in Malaysia have recently started offering simple, affordable term insurance and takaful plans directly to the customer. These online or direct term plans have become a regulatory requirement making insurance purchases online easily available now as opposed to the traditional channel of an insurance agent.
From our previous articles, we have established that buying an insurance plan traditionally is not a one-step process. There are many red tapes and requirements needed by the insurance providers upon submission. When buying insurance through an agent, you will need to compile many forms and references. After everything has been compiled, there is a waiting period which will be followed by the verification and approval of the insurance company. Contrasting from traditional insurance, buying insurance online can be a fast and easy option to get protection. However, as is the case with purchasing anything online it is important to read through the terms of coverage provided paying specific attention to the exclusions that apply when buying these plans online.
Continue reading “What you need to know about online insurance and takaful plans?”
When it comes to the experience of buying and claiming for insurance, customers are bound to find ambiguity or difficulty in understanding and executing the required processes. Customers tend to rely on their agents to help them get things done as insurance companies rely on a lot of paperwork to ensure due diligence in their processes. Helpful agents do a lot for their customers. However good agents take the extra step to educate their customers on their plans. At the point of sale, it is vital for the agent to explain the procedures and expectations related to the customer’s policy clearly in order for the customer to service their own policies with ease at the time of need.
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Are you looking for life insurance? Do you know exactly how much coverage you should get? When buying life insurance, the concern is not how much you need, but how much your family or dependants will need at the time of your death and after as well.
We’ve covered the importance of insurance and the types of insurance you should buy. With all that information, you still need to calculate the amount of life insurance you and your family will need following an unexpected event. It is undeniable that every person and family have various commitments at different life stages. For those with a family, they would like to pull through smoothly after breadwinner gets unfit to work or passes away. For those who are single, you need to ensure that your passing does not become a burden to your family, leaving behind debt that they did not see coming.
Continue reading “How much Insurance you should buy”
Most people are unwary of the importance of insurance/takaful until an unfortunate event takes place. On the other hand, those who already have coverage may not be adequately covered as their disposable income may limit the amount that they can afford. The downfall of having insufficient coverage is that the amount of the protection may not be sufficient to cover the financial needs of your family in the future. On top of that, the amount that is sufficient today may not apply in the next year as financial commitments change over time.
Circumstances of your life may lead you to believe that one need is more important than the other based on the time you purchased an insurance/takaful plan. There is no doubt that our basic needs such as food and our home take priority. However, it is advisable to be equipped with the right type of plan covering the most important aspects of your life as most unfortunate events come without a warning.
Continue reading “Three key insurance/takaful plans every Malaysian should buy”
In 2017, Malaysia’s insurance and takaful coverage penetration stood at 55%. This means that only five out of ten people are covered with a life insurance policy. It is also not surprising that most of the people covered by insurance are based in urban areas such as the Klang Valley. This means there is still a lot of potential for insurance agents to close this gap. The problem is also lack of education and awareness of financial products – life insurance in particular. This is why customers are advised to speak to qualified insurance agents who can first understand their personal financial situation, and then recommend products that will meet these needs in plain and simple language.
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If you ask an industry expert to describe insurance, they would explain that it is a contract which is represented by a policy where an individual receives a guarantee of compensation for specified loss, damage, illness or death in return for payment of a premium. Industry jargon and definitions are far from likely to educate people on the reasons they need to be protected. In contrast, it could leave the customer confused and overly cautious of making the choice in purchasing a life insurance product.
Industry lingo aside, life insurance is a financial product that provides families monetary compensation if a client passes away and/or are no longer able to provide for their family with income they are accustomed to. Understanding how insurance relates to real life situations which are commonly faced by families helps customers understand the relevance of insurance in their lives. Most families have an average of one to two breadwinners. For families who rely on a combined household income, losing one source of revenue could put a severe strain on their household and family needs.
Continue reading “What is insurance and why do you need it?”