Living your life carefree is one of the most desirable goals for anyone and part of achieving this goal is to have proper protections or precautions for what could happen. Any slight neglection toward people’s safety will profoundly damage people’s well-being. Thus, the world came up with the idea of selling people safety through insurance. For a Malaysian to make any step toward a care-free lifestyle, they must first obtain these basic insurances before any additional, more specified insurance could come by. Both of these fundamental and additional insurances are all running on and have to be aligned with Malaysian policies, and we suggest you take a look at the related policies for a better understanding of how the insurances work. For example, looking for child education insurance policy Malaysia government is applying on the market. 

Life insurance

Life insurance is a contract between you and an insurance firm – this contract is signed after you have bought the insurance from the company — for any future uncertainty. After you signed the contract, you would have to pay a monthly premium agreed fee. This fee will be used to maintain your contract and generate the final payout amount. Which will be provided by the insurance firm in case anything happens to you such as sudden death, permanent disability, critical illness, or any terminal illness. Making life insurance becoming one of the most important guarantees that you must get, in case you cannot provide for your family anymore, and if you are your family’s only income then this is a must. 

There are two types of life insurance:

Term Life Insurance only covers you for a selective period from between 10, 15, to 20 years with a lower or the cheapest premium over the agreed period. This will come with no cash value to what you will receive and the policy will eventually expire after the plan is over. 

Whole life insurance covers your entire lifetime in return for you to pay a higher premium over the agreed period with the cash value increases throughout the policy. Another perk would be that the policy will not expire as long as you keep the premium payment running. 

Health insurance

Despite their similarities in terms of body conditions resolving, health insurance and life insurance are a whole different game. Health insurance will come in handy in cases of emergency and coverage of medical expenses will be paid by the insurance company. It would be more secure and specified if you have health insurance such as a medical card or critical illness coverage. If you are admitted to the hospital, the medical card that you have will be able to cover the cost of your treatment. This could come in handy if you are looking for a private clinic/hospital treatment. 

Property insurance

This insurance is to protect your properties like houses and other monetary items. There are 3 types of insurance policies that apply for this: 

Householder policy: covers your house’s internal contents like household furniture, personal effects, and other possessions. 

Homeowner policy: this will cover your house structures, meaning the whole house itself, not the internal items. Some examples could be the walls, roofs, fences, and gates.

Fire policy: covering loss or damage of your residential property, but not the contents, from fire or lightning.