Here's Why Most Malaysians Don't Have Insurance, And Why This Trend Should Stop:
It's always a good idea to plan ahead, and to have something to cushion your fall should you be tested with shortcomings or difficulties that life may throw at you (and it will). Some Malaysians overlook the importance of having insurance, often believing that they can't afford it. Think of it as having a fairy godmother: no matter what crap life may give you, she'll be there to make sure you're not left with zilch protection.
Why do I need insurance?
It acts as your safety net or preventive measure; something that's certain to have your back. As quoted by economist Karl Wärneryd, “Insurance is a remedy against the feeling of uncertainty in the sense that there is preparedness for facing the consequences of the ill outcomes that uncertainty may embody.” The benefits of insurance will not only be reaped by you, but will be extended to your loved ones and personal belongings/properties, depending on the variation of insurance you're ready to subscribe to.
The benefits of having insurance, simplified:
+ Life insurance: Your dependents won't need to worry about living expenses should, god forbid, something happen to you
+ Health/Medical insurance: Having this means you won't be burdened with paying expensive medical bills
+ Car insurance: It is needed for protection against liability, collision and comprehensive damage, uninsured motorist coverage, and medical payments coverage, and anything else under that category
+ Home protect insurance: Home insurance safeguards your home by ensuring that you are covered in the event of an unexpected event like fire, flood, etc
+ Business insurance: It aids in defraying the costs related to liability and property damage claims.
Contrary to popular beliefs, insurance can be affordable
Some might shy away from having insurance because of how costly they are. Insurance companies usually come with various packages suitable to your preferences. If you're of age where you're eligible for insurance, you'd be doing your future self a huge favour by having one.
While we're on this topic we've discovered that Zurich has some pretty promising plans you should look into if you're serious about safeguarding your future and yes, we did some research. Here's what we've found:
Zurich Essential Cover, and what they are:
From what we have looked into, Zurich Essential Cover offers the necessary safeguards to make sure you have everything you require for personal safety. You can choose a 20 or 30 year coverage term and the Guaranteed Acceptance feature that fits your financial condition without medical check-up.
The benefits of this package include: High protection of up to 600% Basic Sum Assured (BSA), comprehensive Disability Support Plan, etc. You can download their brochure
HERE to find out more. You can find the answers to the frequently asked questions and more in this brochure.
The important thing to know is that anyone between the ages of 14 days and 70 years old is eligible for Zurich Essential Cover. The policyholder must be at least 16 years old, though.
Z-Driver, and what they are:
So it's basically a motor insurance. Whatever that may happen to your car (because let's face it, your beloved vehicle may throw a tantrum sometimes), accidents, breakdown or what have you, your car insurance will make sure you don't have a panic attack. Everything will be handled on your behalf.
Back to this, these are what Zurich's car insurance will cover:
+ Loss or damage to your car due to accidental fire, theft or accident
+ Liability to third parties for injury or death
+ 60% discount off the tariff rate for Special Perils coverage
+ Unlimited breakdown towing with purchase of Z Drive Assist
+ Personal Accident Cover of RM50,000 for authorised E-Hailing driver
In short, you're all cared for. There are more benefits that you read about
HERE so you can do your own research as well.
Zurich SME Business, and what they are:
Got a business? Cool. Got insurance for it? If your answer's no, then you might want to check out Zurich SME Business insurance plan. If you're feeling overwhelmed already, don't be. It's quite simple, actually. With this plan, you can choose between two types:
Z ONE BUSINESS -> For those who want a straightforward yet comprehensive coverage
Z FLEXI BUSINESS -> For those who want to be empowered to decide their coverage of their business
OR
Combined Single Limit with Z One Business Plan, which is a
(Non Fire Classes) coverage which allows you to divide the entire limit amount as needed. Don't worry if you don't know what any of these mean. Just click
HERE to know more. You can find the explanation about the benefits, plans comparison and more so you could decide which one is right for you.
Z-HomeProtect, and what they are:
This policy gives you protection against loss or damage to your building and/or contents that are only used for residential purposes as a result of the risks listed in the policy. The Z-HomeProtect insurance policy is divided into two portions. You can choose to subscribe to:
+ Section I (protection of house building),
+ Section II (protection of household goods),
+ or just get both!
Living in Malaysia, we're vulnerable to natural disasters such as floods that happen every year. You need to protect your home in case of a disaster so it'd be a lot easier for you to get back on your feet. Aside from flood, the Z-HomeProtect plan also covers damages caused by these unfortunate incidents:
- Fire, lightning, thunderbolt, subterranean fire
- Explosion
- Aircraft and other aerial devices and/or articles dropped therefrom
- Impact with any of the buildings by any road vehicles or animals not belonging to or under control by you or any of your family member
- Bursting or overflowing of domestic water tanks, apparatus or pipes
- Theft but only if accompanied by actual forcible and violent breaking into or out of a building or attempt thereat
- Hurricane, cyclone, typhoon, windstorm
- Earthquake, volcanic eruption
- Flood
- Robbery and hold up in the premises of your property
Don't you feel relieved already? If you're curious to know more about the Z-HomeProtect plan, check out this
LINK where you can read more about the benefits and coverage. You could also download their brochures from the link, which we think are very useful if you do decide to take on the plan.
Financial literacy isn't necessarily a stand alone subject that is properly taught in Malaysia, and understandably not every Malaysian is aware of it. But it's never too late to be fluent in a new language and insurance is one of the most crucial factors you should seriously consider to ensure a smooth sailing life, to put it simply. Life has its ups and downs, and so consider insurance as a "cheat code" to life should you encounter any obstacles in your path.
Zurich has one of the best insurance plans out there, but don't take our words for it. You can see that for yourself by checking all their official platforms, linked below:
What do you think about Malaysians' awareness when it comes to insurance? Let's hear it from you!
