Life Insurance

Life has a way of throwing a wrench in your plans when it’s least expected. In the event of your unexpected death, a life insurance plan provides your nominee(s) with financial relief to help them cope with the practicalities of such a loss. It can help you lead your life to the fullest without having to worry about your loved ones’ financial future. Depending on your chosen life insurance plan, your nominee(s) will receive benefits as specified in the plan.

Life insurance plans usually also include disability insurance which can replace a portion of your income if you can’t work.

Medical insurance pays for medical bills but does not provide life cover. Life insurance provides a lump-sum payment to the insured’s nominee in the event of death or to the insured in the event of total & permanent disability.

As a general rule of thumb, you should set aside 10 times your annual income for life protection.

The main types of life insurance plans in Malaysia include term life insurance, whole life insurance, and investment-linked life insurance. Term life insurance provides coverage for a fixed period of time while whole life insurance lasts an entire lifetime and offers cash value. Life insurance with investment plans combines insurance with savings and investment benefits, with some of the premiums invested into relevant funds for potential growth in returns.

In the event of death or total & permanent disability, nominee or life assured has to check that the life insurance policy is up to date and there are benefits claimable. You may find the relevant forms and supporting documents to make a claim here. For assistance, call us at 1 300 22 6262 or check in with us at your nearest Gibraltar BSN branch. We’ll provide you with all the necessary claim form(s) to be completed, along with information on the supporting documents we'll need from you in order to process your claim. 

To expedite the payout of the policy monies in the event of a death, please ensure the policy owner makes a nomination by downloading and completing the Nomination Form.

Before pinpointing the ideal life insurance plan for you and your loved ones, it is best to keep the following in mind: 

Affordability - With many life insurance policies available in Malaysia, it is important to know how much you need to pay for the right coverage that you need. At Gibraltar BSN Malaysia, we provide instant quotations in Malaysia for our online life insurance plans, starting from only RM3.90 a month.

Type of plan - Since there are so many different types of life insurance plans available, such as term life insurance, whole life insurance, and investment-linked life insurance, you need to evaluate which one is best suited for you and your loved ones. There are even life insurance plans you can buy online.

Yes, especially if you have dependents. No matter how old you are, it is important that you have a life insurance policy so that your loved ones will be provided for in the event of an unforeseen tragedy.

To find out more about our life insurance plans in Malaysia, don’t hesitate to contact us or  get an instant quote online.

While it is useful to have life insurance provided by your company, there are several reasons why you should still buy your own individual life insurance policy in Malaysia:

1.    Company coverage of life insurance plans usually has a lower limit compared to individual plans.
2.    Your coverage is tied to employment and your policy benefits could be changed.