«
»

4 Types of Insurance You Need To Have

Should I buy medical insurance when I am already covered by my employer?

.

I am a Government Servant, Why I need any Insurance when fully covered by Government ?

.

I do not  Need ANY Insurance!

.

Life is so uncertain. Despite all the preparation, precaution and planning, one might make, almost no one can predict what may happen on the very next moment.

Accidents, illness and disasters can and do happen when we least expected it, and if you are not adequately insured, it could leave you with unexpected high medical cost and loss.

You may have been working so hard to build a strong and solid  financial footing for your future and your family, so you want to be sure that everything is protected.

Insurance help to protect yourself, your assets and ability to earn.

There are many type of insurance that are available in the market but you must have this four Basic Insurance:

1) Life Insurance.

Life Insurance will protect you against death and permanent disability risk. It provide you and your loved ones some financial security in times of hardship.

The policy money will be paid to your loved ones should you pass away or  suffer a total and permanent disability.

A must have policy for those who have family to take care. This is your love and financial commitments to your family.

2) Medical and Health Insurance-Medical Card

With higher and escalating medical treatment costs, Medical and Health Insurance provide a good option to transfer the risk to the insurance companies.

It cover Pre-hospitalization benefits, In-hospitalization benefits, Post Hospitalization benefits and Out-of-Hospital benefits.

This policy will provide financial assistance should you get a serious sickness or accident. It  pay on reimbursement basis directly to the  hospital, not you. Therefore there is no way you can make profit out of it

Not everyone need Life Insurance but everyone needs Medical and Health Insurance

It is better to get your own Medical and Health Insurance even it is covered by your employer.

This will provide you  more option when seeking treatment and company protection will be terminated once you quit from the company. At that time, your health may not permit you to take a new health insurance.

** Government hospitals have the latest and best medical treatment. You only pay RM1 to access to Government clinic so they are very crowded with too many patients on the waiting list.

With your own Medical and Health Insurance, you got control and option whether to admit to Government or private hospital. Therefore buying Medical and Health Insurance is a wise choice even you are Government servant.

Read more about How to Seek An OutPatient Treatment at Government Clinic

3) Personal Accident insurance

This annual paying policy which provides compensation in the event of injuries, disability or death caused solely by accidental, violent, external and visible events.

You are cover anywhere in the world, anytime of the day i,e  24-hour worldwide insurance protection.

This is the must have as accident do happen we will least expected it.

By paying RM150.00 per annum you should be getting RM100,000 Personal Accident insurance coverage easily.

4) Critical Illness Insurance-36 dread diseases Cover

At any time or age, Critical illnesses can hit us.

Even younger person i.e less 35 years old, nowadays also have a high chances of getting Critical Illness.

This plan will pay a lump sum payment irrespective of actual medical cost incurred and you will be financially prepared to face these serious health problems.

It only payable should the person diagnosed with any one of these 36 dread diseases.

List of 36 Critical Illness covered are:

  1. Stroke
  2. Cancer
  3. Heart Attack
  4. Coronary Artery Disease Requiring Surgery
  5. Other Serious Coronary Artery Disease
  6. Angioplasty Or Other Invasive Treatments For Coronary Artery Disease
  7. Heart Valve Replacement
  8. Fulminant Viral Hepatitis
  9. Chronic Liver Disease
  10. Primary Pulmonary Arterial Hypertension
  11. Chronic Lung Disease
  12. Kidney Failure
  13. Surgery To Aorta
  14. Aplastic Anaemia
  15. Major Organ Transplant
  16. Blindness
  17. Loss Of Hearing / Deafness
  18. Loss Of Speech
  19. Coma
  20. Major Burns
  21. Multiple Sclerosis
  22. Paralysis / Paraplegia
  23. Muscular Dystrophy
  24. Alzheimer’s Disease / Irreversible Organic Degenerative Brain Disorders
  25. Motor Neurone Disease
  26. Parkinson’s Disease
  27. Terminal Illness
  28. Encephalitis
  29. Benign Brain Tumor
  30. Major Head Trauma
  31. Bacterial Meningitis
  32. Poliomyelitis
  33. Apallic Syndrome
  34. Loss Of Independent Existence
  35. Aids Due To Blood Transfusion
  36. Cardiomyopathy

Beside giving you a piece of mind, insurance also can be use for Tax saving.

Please contact your insurance agent also know as financial adviser for more information.

This entry was posted on Thursday, May 6th, 2010 at 12:08 am and is filed under Insurance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “4 Types of Insurance You Need To Have”

  1. Prudential gets in-principle nod for AIA buy

    LONDON: UK regulators have agreed in principle to Prudential Plc’s US$35.5bil purchase of AIG’s Asian life insurance unit, sources said, and the British insurer hopes to price its bumper rights issue within days.

    The UK’s largest insurer was thrown off its schedule to buy American International Assurance (AIA) last week, when the Financial Services Authority (FSA) blocked the deal in the last minute on concerns over Prudential’s capital base.

    The FSA had yet to give its final approval and bankers in late-night talks were ironing out the last wrinkles between the two companies.

    But the watchdog had agreed in principle after financial terms had been tweaked, the sources said, resulting in a smaller cash component for AIG, but not a lower overall price.

    “The FSA has signed off on the plan. We could price the rights issue very soon,” a source said

    fr:biz.thestar.com.my/news/story.asp?file=/2010/5/14/business/6260623&sec=business

  2. Healthcare costs rise and rise

    THREE years ago, an appendectomy (appendix removal surgery) cost RM1,800. Today, it will set you back RM3,000. Potentially, this relatively simple procedure can cost up to RM20,000 in 20 years’ time. The fact is that the cost of medical healthcare goes up every year, and it usually outpaces the general inflation rate.

    Dr Pawel Suwinski, Frost & Sullivan Malaysia Sdn Bhd’s senior consultant of healthcare practice for Asia-Pacific, believes that healthcare costs in Malaysia increases about 10% every year – approximately double the inflation rate.

    “It is something to worry about, as we can expect healthcare to become more expensive with every year. We are already at the point that only few can afford to pay for more complex and sophisticated procedures directly from their pockets,” he says, adding that the majority rely on other sources such as insurance, health saving accounts, or public care.

    According to a former cancer patient, a standard radiotherapy regiment of 35 sessions cost RM2,000 in 1999. Ten years later in 2009, it costs a whopping RM35,000 – although it should be noted that today’s treatment is better targeted and more localised than it was before.

    Dr Suwinski says there are four levels of therapy classification. In 2008, standard, basic-level breast cancer treatment in private hospitals costs RM20,000 to RM30,000, but this can go well beyond RM100,000 for the maximum level, which uses the latest-available therapeutics.

    Affecting confidence

    The AXA Life Outlook Survey 2009 (covering 2,707 Asians across key markets in Malaysia, China, Hong Kong, India, Indonesia, the Philippines, Singapore and Thailand) shows that the increase in healthcare costs is affecting Malaysians’ confidence in their health levels in their retirement years. It shows that only 29% are confident of maintaining it, down 11% from 40% at the last survey in 2007.

    The survey also shows there is a dip in respondents’ confidence levels in maintaining their health over the next five years. Only 40% of respondents are confident of maintaining it, down from 49% two years ago.

    According to Nicholas Kua, chief marketing officer of AXA AFFIN Life Insurance Berhad, fewer Malaysians believe they have sufficient savings for medical care, due to the escalating cost of hospitalisation and medical treatment.

    “In 2007, 71% of Malaysians were satisfied with their medical conditions and savings but in 2009, this figure has dropped to 48%. Consumers are also worried about using up the lifetime limit of their medical coverage while they are still early in their retirement years,” he says.

    However, the fact remains that medical costs will continue to rise, and the so-called “medical inflation” rate outpaces even the general inflation rate every year. This can be put down to the continuous and sizeable investments poured into research and development for the continuing advancement of medical technology. This is not only necessary but also essential – without it, there would be no new drugs, treatments or tools, and the standard of healthcare will not improve.

    In light of the increasing healthcare costs, we can count ourselves fortunate for the system put in place by the Government for the benefit of all Malaysians.

    Association of Private Hospitals of Malaysia (APHM) president Datuk Dr Jacob Thomas was quoted in StarBizweek as saying there is only so much that the public hospitals can cope with as these hospitals are already overloaded with patients. Currently, there is a ratio of one doctor for every 1.3 beds for private healthcare, as compared to a one doctor for every three beds ratio in public healthcare.

    Malaysians in general prefer private healthcare – but its escalating costs, combined with effects of the global recession, may drive patients to the public healthcare system.

    Dr Suwinski says that where middle-class wage earners are concerned, savings alone may not be sufficient to pay lifelong medical bills.

    “The funds for essential medical care need to come from other sources,” he says, citing national and commercial insurance, and health saving accounts as examples.

    “Relying only on savings will mean rationing the care,” he says, explaining that this may preclude the use of latest advances in treatment as these tend to be more expensive.

    Increasingly unaffordable

    Dr Suwinski says the present economic situation affects consumers’ income, and make private healthcare increasingly unaffordable. He believes third-party payers (like insurance) will play a more prominent role in the future.

    He also sees the possibility that people may spend less on healthcare. “The so-called discretionary care, which is non-essential, will suffer most as people will be less willing to dispose of their savings in bad economic times.

    “However, essential care, mostly related to curative and life-saving, will be affected to a lesser degree. People will need to consume these services to become healthy. Also, this type of healthcare is paid mostly by third-party payors and does not affect savings,” he says.

    fr:thestar.com.my/news/story.asp?file=/2009/7/5/focus/4246689&sec=focus

  3. 12,000 jobs available at Great Eastern
    By ZAZALI MUSA

    It seeks to hire more fresh graduates and professionals

    JOHOR BARU: Great Eastern Life Assurance (M) Bhd, the country’s largest and oldest insurer wants to recruit more fresh graduates and professionals to become its agents.

    Senior vice-president and head, customer acquisition division (agency management) Song Hock Wan said the target was to recruit at least 6,000 new recruits this year and another 6,000 in 2011.

    He said as of last month, the company had recruited close to 3,000 new agents and was confident of getting a total of over 5,000 new agents for this year.

    “The recruitment plan is part of our on-going business strategy to have better market penetration and to reach our potential customers,’’ Song told StarBiz on Saturday.

    He said at the company’s free health talk “Smart For Life” – the event was part of a series of tea talks, which is open to the public and all its policy holders.

    Song said 50% of its new agents in the Klang Valley region were young graduates and professionals while outside the region, the figure hovered between 30% and 40%.

    He said to date, the company had over 17,000 agents with 50:50 ratios between the full-timers and part-timers.

    Song said gone were the days where insurance agents in Malaysia were mostly part-timers as they chose to sell the insurance policies to supplement their income.

    “We want to have more people joining us as full-time agents, being a full-timer you are more committed and dedicated to your profession,” he said.

    Song said the industry should get together to shed the image that insurance agents were not salesmen and they were not selling death policies.

    He said agents were actually consultants who gave advice and educate customers on the financial-related matters such as protection, saving and wealth creations based on individuals’ financial capability and needs.

    Song said there was still growth potential for insurers in the country as the insured rate was lower (at 41%) compared with developed economies such as Japan, Singapore and the United States.

    He said it would be looking at the underserved segment of the younger population and new entrants to the job market with little disposable income.

    fr:biz.thestar.com.my/news/story.asp?file=/2010/8/30/business/6905061&sec=business