Many of us have heard of U for Life but may not be aware of what it is or how it can be beneficial to us. So we at iBanding are happy to help you get to know this very convenient yet useful online insurance service.

 

What is U for Life?

To put it briefly, U for Life Sdn. Bhd. is a registered agent of Tokio Marine Life Insurance. How it is unique compared to other insurance agents is that it is the first of its kind in Malaysia, where the purchase of affordable life insurance policies can be done online.

What this means is that you no longer need to set up an appointment with an agent and sit through two hours at an expensive coffee shop trying to understand all the policies that the agent is trying to sell you. Instead, you can be in the comfort of your home, listening to your favorite tunes on Spotify and spend a mere 10 to 20 minutes on this insurance-purchase-made-easy platform, and voila! You just got yourself a brand new life cover! However, do keep in mind that U for Life is still an agent, and that purchasing a plan via U for Life does not mean that you are purchasing direct from the insurance company.

 

Background

U for Life was launched in May 2015 as a result of the collaborative efforts of two giants in the insurance industry: Hannover Re as the principle shareholder, and Tokio Marine Insurance as the insurer.

The main objective of U for Life is to reach out to more Malaysian in ensuring a fully-insured population. U for life is aware of the changing needs and behaviour of the millenial population where more and more purchases are made online and with this understanding, had created this online insurance platform to help ease the method of purchasing insurance policies, which many perceive to be a long and tedious process.

 

What are the Insurance Plans Offered?

U for Life offers a basic Life Cover. However, there are other add-on or alternative coverages that are also available. Below is what each of the cover means to you:

Life Plan:

• Pays cash in the event of death from natural causes
  • up to RM 500,000
  • coverage period of up to 75 years old

• Pays cash in the event of a total and permanent disability (TPD)
  • up to RM 500,000
  • coverage period of up to 75 years old

• Pays cash in the event of death due to an accident
  • up to RM 1,000,000
  • coverage period of up to 65 years old

 

Critical Illness Plan:

• An optional add-on coverage that is offered to you with your Life Plan
• Protection from these critical illnesses:
  • Heart attack
  • Open heart by-pass surgery
  • Stroke
  • Cancer
• Pays 25% of your Life Coverage in advance
• Coverage up to 65 years old
• Only one critical illness claim allowed per policy

 

Personal Accident Plan:

• May be offered as an alternative to the Life Plan
• Pays cash up to RM 100,000 upon death or TPD due to an accident

 

Eligibility

You have to be a Malaysian, aged between 18 – 59 years with a Malaysian home address to qualify for the U for Life Life Cover. One drawback is that you need to also be residing in any of the following countries: Malaysia, Singapore, USA, UK, Canada, New Zealand, Australia, Ireland or Brunei.

 

Other useful information you need to know:

• No medical check-up is required to be eligible for U for Life Life Plan.
• The premium that you will be paying is by progressive rate. This means that the amount increases every year as you age.
• The premium depends on several factors, such as your age, health condition, medical history, lifestyle and whether or not you are a smoker.
• The premium will not increase according to your health status AFTER you have purchased a policy. However, this is not guaranteed, which means that Tokio Marine reserves the rights to revise the rates.
• Premium payments can be made monthly, quarterly, half-annually or annually, through a Malaysian bank account or by credit card.
• You can change your coverage at any time you may want. The changes will take effect on the next policy anniversary.
• You may terminate the policy at any time. However, U for Life cover does not provide any cash surrender value, this means that no cash amount is payable to the policy holder upon termination of the contract.

So how do you go about buying your Life Plan on U for Life?

We have tested the application process and it was pretty straight forward. Here’s a step by step guide:

• Go to U for Life homepage and click on the Get Started button.
• Answer a series of simple questions, such as your age, medical history and lifestyle. Nothing too stressful.
• Choose the coverage plan that you want.
  • An illustration of what your monthly premium will look like for the next 5 years will be shown.
• In the end, fill in your personal details such as full name, NRIC number and email address.
• Send in your application to be processed.
• A draft policy will be sent to your email.
• You will be directed to the payment page where you are able to choose payment method and frequency of payment.
• Check your email again for your e-policy.

 

And that is all there is to it!

A comprehensive FAQ is available on the website should you require more information regarding the services and products. And if you still have questions, there is also an online customer service present to assist you. Looks like U for Life is true to their word in making sure a simplified method of purchasing insurance for Malaysians. Bravo!