The Quick Guide on Picking the Right Insurance For You

 

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Others | Wednesday, 02 Aug 2017

Whether you want to insure your life, health, home or car, there are so many different plans out there that it can be tricky to decide which one you really need! To keep it simple, here is a quick guide on several insurances you should know, so you can figure out which is best suited to protect yourself and loved ones in case of unexpected events.

 

Type

What It Does

Suitable For

Why You Would Need It

Life

Life Insurance

 

 

 

Pays a lump sum or death benefit to beneficiaries upon the insured’s death.

 

Those who want to provide a safety net for loved ones.

It offers financial security to beneficiaries by replacing loss of potential income and ensuring that financial goals can still be met.

– Term life insurance

Provides coverage for a set period. 

Those who would like coverage for a specific time period, or is unable to afford whole life insurance. For example, growing families whose protection needs may be high for a particular time period.

– Whole life insurance

Provides coverage for a lifetime. Generally more expensive and flexible than term.

Those who want long-term coverage. Once your plan is approved, it will remain in force regardless of your health.

 

Travel

Travel insurance

Provides coverage when you are on your holiday.

Those who want to have a worry-free vacation.

You get to enjoy your holiday more when you are protected against potential setbacks, such as delays, medical expenses, accidents or emergency evacuations.


 

Home & Property

Homeowner’s/ Renter’s Insurance

Protects against loss in the event of burglary, damages, fire, flood and other natural disasters.

Homeowners or renters.

Your financial burden is lesser should unexpected things happen to your home or its contents. 

Burglary Insurance

Covers loss caused by theft or burglary.

Homeowners or business owners.

You can ensure that your home or business premise is protected against potential loss

Fire Insurance 

Covers loss caused by fire.

Glass Insurance

Covers breakage of building glass such as windows

Domestic Servant Insurance

Provides personal accident coverage and other expenses for maid.

Employers with a domestic helper or maid.

It fulfils your responsibility as an employer towards your domestic helper’s welfare.

Medical

Medical Care  Insurance

Covers eligible medical expenses when you are admitted into the hospital.

Those who want peace of mind through medical protection. This helps to give you access to good healthcare to see you through your illness.

It helps you receive comprehensive medical care. Despite rising medical costs and costs of living, the right coverage helps you take care of your medical needs today.

Critical Illness Insurance

Provides financial support upon diagnosis of a critical illness covered in the policy.

 

Those who want comprehensive medical coverage on critical illnesses such as cancer or heart attack.

This helps to lessen your worries over treatment costs, your family’s wellbeing and potential financial impact should the unexpected happen.

Hospital Cash Insurance

Pays a fixed amount for each day you are hospitalised for treatment or surgery.

Those who do not want to place a financial burden on loved ones when being hospitalised.

This helps to support you when your income flow has been disrupted upon hospitalisation.

Group Health Insurance 

Employer-sponsored health coverage for business owners, employees and often their dependents.

Business owners from both small and big companies. 

This helps to provide additional protection for your employees.

Motor

Car & Motor Insurance

Covers your vehicle against liabilities.

Anyone who purchases a vehicle.

It helps to offset losses due to accidents, fire and theft.

 

Some plans may include additional benefits such as roadside assistance in case of breakdowns.

 

Source: Allianz Malaysia, Moneysense.gov.my, Insuranceinfo.com.my, SmartInvestor.com.my

 

At the end of the day, you should always factor in your requirements, lifestyle, preferred payment mode and budget when choosing an insurance plan. It helps to have flexible coverage options that allow you to customise a policy that fits your needs.

 

Allianz Malaysia has a comprehensive selection of insurance plans to suit various insurance coverages. For more information or to find the right insurance, call 1300 88 1028, email customer.service@allianz,com.my or chat with us via Facebook live chat.  

 

 



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