In this article, we will discuss the difference between general insurance and life insurance. We will discuss on the types of general insurance and the types of life insurance. In addition, we will also discuss on who needs general insurance/life insurance and who does not need them. Insurance is essential for you to be able to focus on the important things in life since it provides financial protection for you and your family in the event of an unforeseen situation.

Find out which do you need? General insurance or life insurance?

Since it is almost impossible to live a risk-free life, insurance is there to protect you from these risks. Insurance can be divided into two categories: General and Life. General insurance protects your belongings from accident. It is also known as non-life insurance, because this insurance covers all the insurances that are not Life related.

In simple words, general insurance covers almost everything other than your life. Example of general insurances are:

• Motor insurance

• Fire insurance

• Home insurance

• Health insurance

• Travel insurance

• Accident insurance

You can choose the type of risks from which you would like to protect yourselves from by simply selecting the right policy with the features you need. General insurance policies usually provide coverage for about one year and premiums are paid on a one-time basis.

General insurance can give you protection in a variety of areas such as accident, fire, health, travel and others. If you have started working, you will be attracted to buy valuable items such as a car, house and vacations. If you do not earn much or do not have much savings, you cannot afford to lose the valuable items you have bought. This is when having general insurance will protect you. In other words, general insurance can protect you from risks that you cannot bear on your own.

Here are some examples of how general insurance can protect you and who should buy them:

Life is uncertain and any unpredictable event may occur at any moment. That is why life insurance is there to protect you and your family financially when bad events happen. Life insurance gives financial stability, aids in the repayment of debts, aids in covering living expenses, and aids in the payment of any medical or final expenditures. When you buy life insurance, you will set a fixed amount, for example RM100,000, that will be paid out to you or your family for the worst event. This is similar to car insurance were the sum insured is the value of your car. The sum insured is paid in full when your car is stolen. In life insurance, a stolen car is equal to death, where the sum insured is paid full to your family.

You normally will pay a regular monhtly amount for an agreed sum insured for your life insurance.

There are 7 types of life insurance. The table below shows the types of life insurance and their brief descriptions.

Although life insurance is a significant protection policy, not many people are aware of its importance. Individuals and families with no life insurance have no choice but to bare the high costs in case of an unfortunate event like accident, disabilities or death. According to OECD in 2019, 12 out of 100 people have life insurance in the US compared to only 5 out of 100 people having life insurance in Malaysia.

The main idea of life insurance is to provide financial assistance to you and your family in the event of an accident, disability or death. Life insurance will cover the high cost in the event of an unfortunate event that happens. If you are married and you support your family, we recommend for you to get life insurance. This is because, in the case that something unfortunate like an accident, disability or death happens to you, you and your family will receive financial aid.

Here is how life insurance can protect you and your family:

Accident:
If you have life insurance and get into an accident which causes severe injuries, the insurance company will pay you and your family the sum insured for your life insurance.

This financial aid can be used to spend on your medical treatment and buying the necessary medical equipment. In addition, it can also be used to cover for your family’s expenses (food, rent) while you are in the hospital.

Disability:
If you have life insurance and get into any disabilities due to an injury or accident, the insurance company will pay you and your family the sum insured for your life insurance.

This financial aid can be used to spend on your medical treatment, installing modifications to your home or car to accommodate your disability or hiring a full time house helper. In addition, it can also be used to cover for your family’s expenses (food, rent) while you are in the hospital.

Death:
If you have life insurance and have passed away, the insurance company will pay your family the sum insured for your life insurance.

This financial aid can be used to cover your family’s expenses when you are not around and help them get back on their feet financially.

General Insurance

Life Insurance

If you live in Kuala Lumpur, this article is for you. We will show you the Top Insurance Agents for 2022 in Kuala Lumpur, the capital state of Malaysia.Insurance is a complex topic and not easy to understand. When you are looking to buy insurance you should get help from the best. At iBanding, we create a transparent overview of most insurance and takaful agents in Malaysia. Therefore, we provide you with reviews and ratings for agents from Malaysian customers to help you find the best insurance agents in Kuala Lumpur.

If you live in Selangor, this article is for you. We will show you the Top 4 Insurance Agents in Selangor for 2022. Selangor is among the busiest state in Malaysia where the population is the highest at 5.46 million. Insurance is a complex topic and not easy to understand. When you are looking to buy insurance you should get help from the best. At iBanding, we create a transparent overview of most insurance and takaful agents in Malaysia. Therefore, we provide you with reviews and ratings for agents from Malaysian customers to help you find the best insurance agents in Selangor.

Are you considering to cancel your Allianz Life Insurance policy? If yes, you are at the right place. We know that cancelling an insurance policy can be complicated. Which is why, we have made a step-by-step easy guide on what you will need to do. Here are the steps you can take in order to cancel your Allianz Life Insurance policy.

It is important to contact Allianz directly, so that you do not loose money or anytime when you go through an insurance agent. Even a delay of one day can cost you a lot of money. Contact the customer service department of Allianz and state your intent to cancel your policy.

Depending on how soon you cancel your contract, you can expect to receive different amounts back.

If you cancel within 15 days of sign-up:

• Check with the insurance company if your policy is still within 15 days of sign-up. If yes, you can expect a full refund of the money you have paid so far.

If you cancel after 15 days of sign-up:

• You can still cancel, however you will not receive a full refund of the premium you have paid.

In addition, if your policy has been already been for more than 1 year, you can expect a refund which is called “surrender value”. If it is less than 1 year, you might have little or no surrender value at all.

The contact information for Allianz customer service representative is as below.

Customer Service Representative hotline: 1-300-22-5542

You need to write an official letter to Allianz Malaysia, stating your intent to cancel your policy. You can request for the refund in the letter according to what has been explained to you by the customer service representative. When mailing the letter, be sure to use registered post as you will be provided with a receipt by the post office for the letter you are sending. Alternatively, you can also use PosLaju to send this official letter. The official letter to should be addressed to:

Allianz Arena, Ground Floor,
Block 2A, Plaza Sentral,
Jalan Stesen Sentral 5,
Kuala Lumpur Sentral,
50470 Kuala Lumpur.

You should remember to follow the proper formatting in writing an official letter. Here is a sample letter of cancellation that you can use as a guide in writing your letter:

Once Allianz has received your formal letter, the company will acknowledge your cancellation request. If you have not received any acknowledgement for your cancellation within 5 business days, you must walk into an Allianz branch to inquire further about your cancellation status. Be sure to bring along your receipt of proof of mailing the formal letter with you when you walk in to enquire.

In case you receive a refund or surrender value, Allianz will begin processing it and a cheque will be sent to you by ordinary post within the next 30 days.

Top Private Hospitals in Malaysia in 2021/22

Are you considering to cancel your Etiqa Life Insurance & Family Takaful policy? If yes, you are at the right place. We know that cancelling an insurance policy can be complicated. Which is why, we have made a step-by-step easy guide on what you will need to do. Here are the steps you can take in order to cancel your Etiqa policy.

It is important to contact Etiqa directly, so that you do not loose money or anytime when you go through an insurance agent. Even a delay of one day can cost you a lot of money. Contact the customer service department of Etiqa and state your intent to cancel your policy.

Depending on how soon you cancel your contract, you can expect to receive different amounts back.

If you cancel within 15 days of sign-up:

• Check with the insurance company if your policy is still within 15 days of sign-up. If yes, you can expect a full refund of the money you have paid so far.

If you cancel after 15 days of sign-up:

• You can still cancel, however you will not receive a full refund of the premium you have paid.

In addition, if your policy has been already been for more than 1 year, you can expect a refund which is called “surrender value”. If it is less than 1 year, you might have little or no surrender value at all.

The contact information for Etiqa customer service representative is as below.

Customer Service Representative hotline: 1 300 13 8888.

Before contacting, please note that Etiqa Contact Centre operates from 9.00am to 5.00pm from Monday to Friday and 8.30am to 12.30pm on Saturday. The contact centre will be closed on Sundays and Public Holidays.

You need to write an official letter to Etiqa General Takaful Berhad, stating your intent to cancel your policy. You can request for the refund in the letter according to what has been explained to you by the customer service representative. When mailing the letter, be sure to use registered post as you will be provided with a receipt by the post office for the letter you are sending. Alternatively, you can also use PosLaju to send this official letter. The official letter to should be addressed to:

Etiqa General Insurance Berhad
Level 19, Tower C, Dataran Maybank,
No. 1, Jalan Maarof,
59000 Kuala Lumpur.

You should remember to follow the proper formatting in writing an official letter. Here is a sample letter of cancellation that you can use as a guide in writing your letter:

Once Etiqa has received your formal letter, the company will acknowledge your cancellation request. If you have not received any acknowledgement for your cancellation within 5 business days, you must walk into an Etiqa branch to inquire further about your cancellation status. Be sure to bring along your receipt of proof of mailing the formal letter with you when you walk in to enquire.

In case you receive a refund or surrender value, Etiqa will begin processing it and a cheque will be sent to you by ordinary post within the next 30 days.

Difference between Motor Takaful vs Insurance

Protecting family is important to everyone especially in times like this where COVID-19 is widely spreading. Hong Leong MSIG has launched two new plans to support and safeguard your family’s future despite the uncertainties in life. HLM Takaful Tenang and HLM Takaful Tenang 50 are yearly renewable family takaful plans that not only offers financial protection to your family but also offers increasing protection for death or Total & Permanent Disability (TPD).

The two family takaful plans customers can choose from are :

• Takaful Tenang :
  Customers can select their Initial Basic Sum Covered from RM20,000 to RM80,000 depending on their needs.
• Takaful Tenang 50 :
  An affordable option for customers with contribution of RM50 a year. The Initial Basic Sum Covered will depend on their age.

The main difference between both these plans are that :

• Increasing Coverage
  The Basic Sum Covered will automatically increase by 5% of the Initial Basic Sum Covered upon the first and second renewal. This benefit will be payable upon death or Total & Permanent Disability (TPD).
• Hassle-free Renewal
  At the end of the certificate year, your certificate will automatically be renewed for another year, up to a maximum of 2 times, without the need for medical check-ups or answering of health questionnaires.
• Additional Services
  Hong Leong can make arrangements to perform religious obligation or contribute to a charitable organisation on your behalf if you have suffered total permanent disability (TPD) or passed on. There are three services you may choose from namely Hajj by Proxy, Qurban and Waqf.

For more information, you can view the full brochure from Hong Leong MSIG Takaful.

Limited Time: Free Protection Against COVID

HLM Takaful is giving out free COVID protection to all Malaysians. All you have to do is fill out a quick online form.

In the wake of the social and economic disruptions from COVID-19, the Malaysian Health Ministry have been giving vaccinations to their people. You may have some side effects from the COVID vaccines, which are normal signs as your body is building protection. These side effects may affect your ability to do daily activities, but they should go away in a few days. However, some people will have more severe side effects and would last longer.

According to the US Center for Disease Control and Prevention (CDC) the most common side effects are :

Today, there are many takaful companies who are stepping up their Corporate Social Responsibility efforts to help their policyholders in new and different ways. Hong Leong MISG Takaful’s HLM Takaful Pro-Vax Campaign is one such praiseworthy effort that is open to all Malaysians irrespective of whether you are a Hong Leong MISG Takaful policyholder or not.

RM100 a day when you get sick

Sign-up in just one minute. All you need to provide is your name, ic, address, mobile number, and email and you are immediately protected.

Promotion Ends 31 August 2021

Act quickly, because the promotion only runs until 31 August 2021. For further information, you can download the full press release.

Summary of Benefits

• RM100 per day upon hospital admission due to vaccination complication
• RM 5,000 cash for death due to vaccination complication

SIGN UP NOW

HLM Takaful Pro-Vax Campaign

Eligibility

• Malaysians above 18 years old at time of registration.
• Participants who do not have an individual policy/certificate with medical coverage from Hong Leong Assurance/Hong Leong MSIG Takaful.
• Complete the registration between 30 May 2021 – 31 August 2021.

Terms & Conditions

• A total of RM300,000 is allocated for this programme, and will be given out on a first come, first served basis.
• The coverage period is from 30 May 2021 – 30 September 2021, or when the programme limit of RM300,000 is exhausted, whichever is earlier.
• No waiting period for these benefits.
• Each customer is only entitled to claim once from Hong Leong Assurance Berhad or Hong Leong MSIG Takaful Berhad.
• Only applicable for vaccines that has been approved by the Malaysian government and administered by the appointed parties accordingly.

Online Term Life insurance is the best and cheapest alternative to expensive comprehensive life insurance. And to help, we have compiled this list of best Term Life Insurance and Family Takaful for RM400,000 in 2021 for you.

Before diving right into the list, we briefly explain what term life insurance is and how it is different from comprehensive life insurance. Comprehensive life insurance consists typically of (1) protection, (2) savings and additional options called (3) “riders” such as medical card. We briefly explain each part below.

(1) Protection Part

The protection part of life insurance pays a large sum of money when the person dies through a natural cause or accident. Death protection is the main reason many Malaysians buy life insurance. The government supports you to protect your family from financial loss with a tax deduction on life insurance. 

(2) Savings Part

The savings part of life insurance helps the owner of the insurance to save money for the future. The money is paid out at the end of the insurance period in one go. Most often, this money is used for retirement. Another use of the saved money is children’s education or housing loans. Depending on the purpose of the savings, insurance companies give the insurance a different name. The savings part of insurance is one of the main reason why life insurance can be costly. 

(3) “Riders” Part

The last part are “riders” that offer additional protection against unforeseen events. Most often the riders are medical card or critical illness. Riders can add significantly to the price of insurance, so you want to be careful, when you  add them. However, they are optional, and you can always choose not to buy them. 

Term Life Insurance does not have savings 

As mentioned above the “Savings” part in regular insurance can be the most expensive part of life insurance. Term Life insurance does not have a saving’s part. You only pay for the protection against death and accident. Not having a savings part, makes Term Life insurance very cheap and affordable, because insurance companies will charge you a fee for managing your money. This fee is called the management fee and can be as high as 6%. 

Term Life insurance is best when you want to protect your family from financial chaos when the main money earner in the family dies. We do not wish for such an unfortunate event, but it is crucial to plan for it because even though unlikely, it can happen.

How to compare prices between insurance companies?

If you want to compare prices between insurance companies, then you need to ensure that the personal details are the same, because the cost of insurance will depend on the specific details of the person who want to be insured. The prices below will give you an indication of what the insurance can cost. To get the exact price for you, click on the link to get a free price quote from the insurance company. Here are the details we used to calculate the cost of our sample customer. 

• Age: 40 years old
• Gender: Male
• Height: 175cm
• Weight: 65kg
• Smoker: Yes

Most likely you will not fit that specific profile so that you need to calculate the price for yourself. However, you can use the rates below as an indication of how expensive a company is. 

Best Online Term Life for RM400,000 at glance

Best Term Life Insurance and Family Takaful of 2021

1. PruDirect Protect

Cheapest term life of 2021

Prices can be easily checked on one webpage at Prudential

Key Features

RM904 per year for RM400,000

PruDirect Protect is offered by Prudential Assurance Malaysia. Prudential is one of the largest life insurance providers in Malaysia. In iBanding’s yearly insurance survey Prudential ranked #3 among all the life insurance companies. PruDirect only provides protection until the age of 69. It is one of the cheapest in Malaysia, however, you can only buy it annually. The product cannot be paid monthly.

Learn More PruDirect Protect

Featured Benefits of PruDirect Protect

2. Sun eSsential Life

Cheap and most flexible

Sun eSsential Life webpage is simple and can be purchased with a few clicks.

Key Features

Learn More eSsential Life

RM 1184 per year for RM400,000

Sun Life insurance is 2019 winner of the Best Life Insurance Award based on the response of over 10,000 Malaysians. One reason for the win, is the wide range of life insurance products that Malaysians can buy online: Sun eSenstial Life, Sun eCritical Shield and Sun eMediCare Income. Similar to AXA, Sun Life offers a wide range of insurance sum  from RM50k to RM500k. In addition to the conventional insurance, Sun Life Malaysia Takaful offers the same products as Shariah compliant takaful products. Downside is that Sun eSenttial Life does not offer double sum insured for accidental death.

Featured Benefits of eSsential Life

3. AIA One Plan

Best short-term protection

AIA has many life insurance products but only few can be bought online

Key Features

RM1224 per year for RM400,000

AIA One Plan is a simple insurance plan that covers death and total & permanent disability. One of the few plans that AIA offers online commission-free and no intermediaries. Thus one of the cheapest product that AIA has to offer. This plan is only open to Malaysian citizens residing in Malaysia.

Learn More AIA One Plan

Featured Benefits of AIA One Plan

4. AXA eLife Protector+ 

Double protection for accident. Easiest to buy.

You do not need to be an expert to use AXA eProtector+ webpage. It is simple and easy to buy the insurance.

Key Features

RM1388 per year for RM400,000

AXA Insurance is one of the few Malaysian insurance companies that have embraced the web. AXA has started Malaysia’s first medical card eMedic very successfully and is now offering a very good term life insurance. Besides offering the cheapest price for our model customer, eLife Protector+ also offers double the sum insured, when the insured person dies in an accident, so instead of RM 400,000, the family will get RM 800,000. This product is only available to Malaysians.

Learn More eLife Protector+

Featured Benefits of eProtector+

5. Great Term Direct 

Provides protection up to 80 years of age

Great Eastern asks a lot of information before you can purchase the insurance.

Key Features

RM1396 per year for RM400,000

Great Term Direct is a direct channel non-participating term plan that provides protection against Death and Total and Permanent Disability up to age 80 next birthday. The plan allows you the flexibility to choose your coverage amount from RM100,000 to RM500,000 depending on your financial and protection needs. No medical examination is required in order to apply for this plan.

Learn More Great Eastern

Featured Benefits of Great Term Direct

6. FI.LIFE by Tokio Marine

Offers the highest protection of RM1 million

FI Life has a fairly simple website that asks for your information right away.

Key Features

RM1643 per year for RM400,000

FI.Life is the online product provided by Tokio Marine. You have the option to chose between a fixed premium or a flexible premium. The advantage of fixed premium is that over time the premium does not change, however, this is also a disadvantage, because in the early years the premium is more expensive than a flexible plan. You can see in the chart below that for the flexible plan the price is RM136.95/month vs. RM333.90/month for the fixed plan. A price difference of RM196.95. What plan should you buy? If you do not have the money today to buy the fixed price plan, buy the flexible plan. Ideally, your income will grow over the years, so that you can afford the price increase.

Learn More FI Life

7. Term Cover 10 

Price fixed for 10 years

We found the webpage from HongLeong Assurance difficult to navigate,

Key Features

RM1688 per year for RM400,000

HongLeong is offering its Term Life insurance under the name Term Cover 10. The unique product feature is that the price for the insurance is fixed for 10 years. This is different from other Term Life insurance where the price might increase over the years. After 10 years, you can renew the policy for another 10 years, if the insured person is younger than 65 years old. We found that the webpage is a bit difficult to use, so that you need to play around to get the price for your specific details.

Learn More Term Cover 10

Featured Benefits of Term Cover 10

Summary Best Online Term Life for RM400,000 at glance

1. Prudirect Protect by Prudential
2. eSsential Life by Sun Life
3. One Plan by AIA Malaysia
4. eLife Protector+ by AXA Life
5. Great Term Direct by Great Eastern 
6. FI LIFE by Tokio Marine
7. HLA Term Cover 10 by HongLeong Assurance

AXA’s newly launched product covers medical, critical illnesses (heart disease, cancer etc) and life insurance.

2020 has been a rollercoaster of a year. With the pandemic, some of us needing medical attention and some of us losing our loved ones, this year has truly been an eye-opener. Safeguard yourself and your family from unfortunate events by purchasing insurance. Sleep better at night knowing that your family is taken care of financially in the future.

AXA has unveiled a new product called AXA eCombo! It’s got you Belanja

Introducting AXA eCombo = Medical + Critical + Life

AXA eCombo consists of the three insurance policies that you need the most:

• AXA eMedic – Medical Insurance
• AXA eCritical Early Care – Critical Illnesses Coverage
• and AXA eLife Protector+ – Life Insurance

This combo is best suited for a young family that is starting to buy insurance.  An insurance policy is an important source of financial stability in case of any uncertainty in the near future. To explain the benefits, here is an example.

Case in point: Mark, 31 year old with family and house

Meet Mark, a 31-year-old family man with a lovely little girl. They have just purchased their 2 story family home secured with a housing loan. Recently, Mark got diagnosed with COVID-19 in a critical state. Fortunately, Mark was able to make a full recovery. But this got Mark thinking to plan for the future. What insurance should he buy?

What insurance should a young family buy?

Mark feels that even though the government hospitals are free, he would like to have the option to go for private hospitals for his family, because of the shorter waiting period. He heard of cases, where critical medical equipment has a long waiting at a government hospital.

Medical insurance gives access to private hospitals

While Mark was critically sick at the hospital, his office only allotted him a week’s sick leave, while Mark was admitted for 29 days. His wife had to borrow money to pay for daily expenses such as food and transport. Mark would like to get money when he is sick and not able to work.

Critical Illness insurance provides extra money for extra treatment and daily expenses

Mark feels it’s necessary to safeguard his fragile family against the financial strain of paying off a loan. He worries that when he dies in an unfortunate accident, his loan cannot be paid anymore. His wife and kid will have to move out of the house.

Life insurance can pay for outstanding loans

Mark now wants to protect himself and his family against those possible events.

How can AXA eCombo help?

To address Mark’s worry and protect himself and his family from those unfortunate events. AXA eCombo provides full protection.

1. AXA eCombo is a full Medical Card
2. AXA eCombo is a Critical Illness insurance
3. AXA eCombo is a Life Insurance

AXA now covers all three aspects with AXA eMedic, AXA eCritical & AXA eLife Protector+ combined as AXA eCombo. Now for as low as RM71 per month, Marks sleeps comfortably at night knowing that his family will be taken care of. Read more details below.

AXA’s Medical – Get the fast lane to treatment

Medical Insurance will guarantee you access to private hospitals with lower waiting times and with a more preferential treatment than government hospitals. Here are the benefits of AXA eCombo:

iBanding tip: Only need Medical Insurance? Save 5% when you buy your insurance annually.

AXA eMedic Medical Card

AXA’s Critical Early Care – Get extra cash for extra treatment

Critical Illnesses don’t knock doors, they come uninvited. Protect your family against 50 critical illnesses that require expensive treatment not covered by regular medical insurance. Get additional money to support your family during long hospital stays. Here are the benefits of AXA eCombo:

iBanding tip: Only need Medical Insurance? Save 5% when you buy your insurance annually.

AXA’s Life Protection – Secure your family financially

We hate to admit it but there is always the risk of death (heart disease, cancer etc). Ensure your family’s financial security with life insurance such as eLife Protector. With a lump sum payout that can be used to pay off housing loans and any debts, etc.

iBanding tip: Only need Medical Insurance? Save 5% when you buy your insurance annually.

FWD Takaful Berhad (“FWD Takaful”) is offering Malaysian a way to earn extra money through an affiliate program. This is a simple way to earn some extra money on the side without much effort.

How to earn extra money through affiliate program?

An affiliate program, sometimes called associate program, is an arrangement in which the seller (FWD) is paying a small commission to another person who brought in the customer. You can also call it referral program. You recommend a product to a friend and when the friend buys the product the seller pays you a small commission.

Is being a FWD Affiliate for me?

You do not need to be an expert in insurance in order to participate and earn extra money. You are best suited if you have a large network of friends and family or a large following on social media. If you come across someone who is interested in insurance or family takaful you can recommend them to a specialist from FWD. The specialist is fully trained and licensed and will be able to provide the best recommendation to your friend. If your friend then decides to buy, you will be recognized as the person who made the connection and receive a commission from FWD Affiliate

How much does it cost?

There is no upfront cost that you have to pay. If you are interested you can sign-up for free.

How to get started to earn extra money?

Here are a few simple steps on how to become an FWD Affiliate:

1. Create an account and download the FWD Affiliate app to be tagged to one of our
   registered agents.
2. Share pre-generated content to your social media connections.

[Click here for IOS]

[Click here for Android]

Where can I get more information?

Read the official press release here in English or in BM