Insurance Companies in Malaysia

 

Life insurance is the payment of a premium by an insurance policy holder and the assurance of a sum of money from the insurer when the policy holder dies, suffers terminal illness or critical illness. Life insurance may be protection policies or investment policies. Protection policies provide for the payment of a sum of money to the policy holder in an eventuality whereas investment policies makes your money grow.

 

We as responsible adults must make sure our loved ones are safeguarded financially in case we forever leave them behind. This is why we buy takaful life insurance policies.

 

While common offices provide work coverage equivalent to one or two times their annual salary, insurance firms should provide seven to ten times their annual salary.

 

There are good reasons why we should buy life insurance policies. One is that premiums are based on computations you and your financial adviser discuss to make the payments manageable. There are premiums that suit your budget so that you can finish paying your policy term. The older you are the higher the premium. It is wise to buy insurance policies while you are still young, this is for young people to provide themselves with lock in coverage when the need arises. Be able to protect your family. Especially for parents, your children will continue to require daily needs when you pass away. Life insurance can be a source of funds for the unexpected. When we reach adulthood, thinking about aging and mortality is a reality. You will have to think about retirement, being able to sustain the needs of your family, save for the unexpected etc. life insurance is not just about yourself but it is taking responsibility for your loved ones. Read http://money.cnn.com/pf/insurance/ to gain more details about insurance.

 

The some of the common pitfalls in buying an insurance policy may be the lack of understanding of the different types of life insurances. There are at least 5 types of insurance policies and you need to discuss them with your financial adviser. You must have a clear objective why you want to purchase a policy because without one, you may end up not finishing the terms of payment. Policies with higher premium are better that lower ones. However this is not true, the better insurance policy is the one that fits your needs.

 

There are a number of insurance providers in Malaysia and some with over 130 years experience both locally and globally and the Malaysian Insurance Institute provides the education of agents who wants to become financial advisers. Go read more insurance info from our website.