Only 41% Malaysian are covered with life insurance !!

Only 41% of Malaysian are covered with Life insurance, how about the balance?

 When comes to purchasing product, normally what product will become your priority and catches your attention?

  •   Things that you can use it in your daily life?
  •  Things that will bring you happiness and satisfaction for short while?
  •   Things that are on the trend in the market?
  •  Things that are not so important but it’s on sales and it’s so cheap.

 Most of us when comes to purchasing things/product in our daily life we will usually go for our priority.

There are 2 type of priority for consumer.

1st category is “WANTS

2nd Category is ‘NEEDS

What’s the different between WANTS & NEEDS?

Wants is desire, you want to have this, you want to have that, as long as it can fulfill your desire and provide happiness when purchasing it is a wants.

WANTS example:

  1.  luxurious goods : branded clothes, bags, watches, gadgets
  2.   Lifestyle entertainment: Holiday, fine dining, clubbing.
  3.  Live in bungalow, drive luxurious car

 NEEDS example:

  1.   Basic Food
  2.  Shelter
  3.  Clothing
  4. Protection toward yourself and the family member

Some people might think that, food, shelter and clothing is important but they need something better so they tend to spend more on upgrading their lifestyle without bothering to think of their family security such as: medical coverage for themselves and their family member.

When it comes to insurance coverage, protection, majority of the prospect will give some common answer

  1. I need to pay for car loan, house loan, personal loan and household expenses; I do not have extra money to commit any insurance plan.
  2.  I am still young, it is better to enjoy my life first, insurance is not that important.
  3. My company has purchase company insurance for me; I don’t think I need it.
  4.   I am very healthy, I don’t need any insurance.

Sounds familiar?

Reason why prospect will give these common answer is because, insurance, medical coverage is not their priority in the shopping list. Come to think about this, the commitment that you had mention such as;

  • Car loan: when you purchase a car, do you buy a motor insurance for your car?Yes you do, but you do not have an insurance to protect the driver (yourself). If touch wood any unfortunate event happen, your car is insured but not you, who should bear the medical cost for you?
  •   House Loan: when you purchase your dream house, the banker will usually advise you to buy a protection to protect your housing loan, when unfortunate event happen the Mortgage loan will help you to settle your housing loan, even the house also have a protect why not the owner itself.
  • When you are young, you might think that insurance is not important but what if something happen to you, you do have commitment such as: car loan, credit card debts, who shall pay for it? Do you expect your old age parents to settle all the debt for you? That why you need to prepare a sum of money in case any unfortunate event happen.
  • Company does purchase for you, but can you guarantee that you will be working in the company till the age of retirement? If your company wants to cut cost and request you to retire earlier will you still be covered? When the time comes, age of retirement you are no longer working with the company, you start to plan for your medical coverage after retirement, by that time can you ensure that you are still as healthy as 20 years before? Can you afford to pay for a medical plan of RM300 per month for just a minimum coverage on medical? Think twice.
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One comment

  1. Every budies need Life Insurance, life insurance give protect financial in the future if we have accident for us and child

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