How Does Your Insurance Work In Times Of Emergency

The main purpose of insurance is to help people shield themselves financially against life’s uncertainties. You pay a fee - known as a premium on a scheduled basis, eg: annually or monthly to an insurance company, in exchange for transferring the cost of a potential loss to them. 

When the unexpected does happen, here’s how your insurance policies work to protect you: 

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1. It covers your medical bills

An illness or injury can potentially leave you overwhelmed with medical bills and expenses. This is where your health insurance comes in, by protecting you from having to pay the full cost of medical services on your own.  

Your coverage will depend on the type of health insurance you own. The more common types in Malaysia include:  

a. Medical and Hospitalisation
This provides you compensation for hospitalisation and surgical expenses incurred due to injury and illnesses as covered under your policy. It also includes cashless and hassle-free hospital admission.

b. Critical Illness (CI)
When you own a CI policy, you will be covered with a lump sum payment if you are diagnosed with any of the 36 critical illnesses such as kidney failure, heart attack, stroke or cancer.

c. Women-Only Insurance
Specially for ladies, this type of policy covers women-specific illnesses or events such as breast cancer, ovarian cancer and pregnancy, which are generally not covered by regular medical plans. 

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2. It protects you against income loss

Sometimes, you may not be able to work for a period of time due to your hospitalisation. With an insurance plan, you won’t have to worry about having your income disrupted. A hospital income policy will pay you an agreed amount of cash on a daily, weekly or monthly basis while you recover from your injury or illness. 

In cases where an illness or accident causes you to become disabled and permanently unemployed, a life insurance policy will pay you a lump sum to help ease your financial burden. A disability income insurance can also help by providing an income stream to replace a portion of your pre-disability income.

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3.It protects you against debt

When you are protected against loss of income, you are also protected against debt. 

An insurance policy ensures you and / or your loved ones can still move forward and not have to struggle with clearing your credit card debts, mortgage and other loans. 

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4. It grants you peace of mind

In times of emergency, the last thing you and your loved ones need is more stress. 

During difficult times, your insurance policy will provide peace of mind by helping to ensure financial stability for you and your family. 

You can rest easy, knowing that if an unfortunate incident happens, you will still have resources to carry on with your day-to-day life, plus you won’t have to question whether your loved ones will be taken care of if any misfortune happens to you.

Now that you know how insurance works when a crisis happens, make sure you get yourself protected, if you haven’t already! Browse through our range of insurance plans here, or get a quick quote. If you’d like one of agents to get in touch with you, simply leave your contact details here.