Life Insurance & Medical Insurance 101 Article
Many Malaysians are worried about how high inflation might affect their lives and wellbeing. Little do they know another form of inflation has been affecting their financial lives behind the scenes for years on end. In general, medical inflation has stayed at 4-5x above the average inflation in Malaysia. Malaysia’s medical inflation was projected at 12% in 2022. Even as our savings earn interest and our wages grow over time, high medical inflation may leave us unequipped to deal with medical bills. Having medical insurance can help cover your medical bills, but could be inadequate
It’s easy to mix up life insurance and medical insurance as they are sometimes bundled under one policy. Knowing the difference between life insurance vs medical insurance can help you make educated decisions about your insurance coverage or determine if you are appropriately insured. In this article, we will delve deeper into the main differences between life and medical insurance. Source: The Simpsons What is Life Insurance? Life insurance is a contract that pays your beneficiaries a death benefit if you die. It can also cover long-term care costs for total & permanent disability
According to a 2021 report, Malaysia leads Southeast Asia with the highest percentage of digital consumers with 88% of the country’s population of 15 year olds and above being digital consumers. Nevertheless, online insurance is a relatively new concept to Malaysians. It involves dealing directly with the insurance provider to buy an insurance plan without an intermediary. Since insurance is an important part of financial protection, here are some reasons why you should get online insurance and how it may benefit you. Convenient Online insurance is quick and hassle-free. As the insurance
Life insurance is a contract between an insurer and a policy owner. If you are insured, understanding your policy ensures you can enhance your financial protection while also avoid leaving gaps. A lack of understanding may cause unwanted surprises which may have adverse financial consequences. The thing is...insurance policies can be difficult to understand for policyholders! Don’t fret! We’ve listed down the key things you should understand from your insurance policy to help you on your financial protection journey. Source: memegenerator.net Type of plan Whether it’s life insurance,
Insurance is essential because it financially protects you or your loved ones against unexpected events such as hospitalization, critical illness, or even the unthinkable. When it comes to something so important, it’s advisable to avoid insurance mistakes for better financial planning and proper coverage. To avoid confusion, here’s a guide to avoid those mistakes. Source: Giphy Delaying getting insurance You may feel young, and that your insurance risk is very low. But so long as you are uninsured, uncertainty looms over your financial planning and financial worries can remain.