A life insurance plan that covers up to RM250,000

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[This is a sponsored article with Manulife Malaysia.]

When we are young and alive, life insurance is probably far from our minds. Even though we have an insurance plan, it is probably a plan chosen and paid for by our parents. It’s like that for me until I was 30 this year and I decided to take out an insurance plan for myself because I have more responsibilities now than when I was 22. .

In the event of an unfortunate death, I know that I will not force my parents to pay my mortgages and debts through their noses. While life insurance is something that should be considered when you’re young, many don’t take the time to clarify the misconceptions and myths that surround it.

In partnership with Manulife Malaysia, we’ll cover some common facts and misconceptions when it comes to getting your first life insurance plan.

Myth # 1: My net worth is so low, is it even worth buying insurance?

You might not have a long list of investments now in stocks, properties, or a huge amount of savings. But that doesn’t mean you don’t need life insurance. For most life insurance plans, it doesn’t matter if you have high or low net worth, you should consider one if you have dependents (parents, spouse, and children) to care for.

In the event of death, the lump sum payment of your death can be used by your dependents to meet their daily expenses or to pay off future debts.

Having said that, you need to keep an eye on the insured amount. Some insurance plans have low premiums (monthly or annual payments that you make to the insurer) and low insured amounts. It is therefore important to know how much you will be insured for.

Myth # 2: Life insurance is expensive because it comes with additions that I don’t need.

There are actually a variety of life insurance plans, even from a single insurer, to meet different protection needs. Some come with several additional modules such as the medical rider, the critical illness rider, the personal accident rider, etc. in one insurance plan.

To note: In insurance, an endorsement designates additional services included in the insurance plan.

However, if you are just starting out, you may not need an insurance plan with multiple endorsements. There are stand-alone insurance plans that only insure your life in the event of death.

Myth # 3: I should only consider Investment Linked Plans (ILPs).

Unlike stand-alone life insurance plans, Investment Linked Plans (ILPs) are life insurance plans that provide investment opportunities. With an ILP, you will have the choice of budgeting your payments to invest in funds.

The advantages of ILPs are that they allow you to reap potential returns on your investment through funds tied to investments, but they come with higher risks than stand-alone insurance plans, and their returns are not guaranteed. You can even withdraw money from it in an emergency. That said, they generally come with a higher entry premium, compared to Manulife easy protection.

So if you’re looking for a simple stand-alone plan with no savings or investment elements, Manulife easy protection may be an option. Personally, I have taken out an insurance plan that is not an ILP because I already have an investment strategy in place.

A word from the sponsor: If you’re considering a no-frills insurance plan, Manulife easy protection is simple and easy to purchase life insurance with hassle-free underwriting as it does not require any medical and financial underwriting. It offers high coverage in the event of death and total and permanent disability at affordable premiums and it covers you up to the age of 80.

Insure up to RM250,000 / Image Credit: Manulife

Myth # 4: I’m still young and have no health issues, so I don’t need life insurance.

Even if you are in good health, life insurance can be a safety net in case something does happen. And if you suddenly fall ill or become disabled, it may be too late to get one.

When you’re healthy and without health issues, purchasing life insurance can potentially earn you a lower rate than you get when you’re in poor health. Plus, when you buy life insurance when you’re younger, you get a lower entry premium.

Myth # 5: Life insurance benefits can only be claimed after my death.

While regular life insurance would only pay your beneficiaries after you die, there are insurance plans that pay a lump sum due to total and permanent disability (PDT). For example, if you have an accident that renders you totally and permanently disabled, there are plans that cover exactly that.

There is also a life insurance plan such as Manulife easy protection which offers a guaranteed survival advantage. You will receive 50% of your annualized premium at the end of all 5 years of insurance.

Quick math: Assuming you are a 26 year old male on the next birthday and have purchased the Manulife easy protection with coverage of 100,000 RM. You will pay 61 RM per month or 732 RM per year for your insurance plan.

At the end of the 5th insurance year (30 years after the next anniversary), you will receive RM366 via the Survival Guarantee.

How Manulife’s Easy Protect Guaranteed Survival Benefit works / Image credit: Manulife

Myth # 6: I’m a stay-at-home parent with no income, so I don’t need life insurance.

For those who are already married and with children but have no income (as a housewife or housewife), life insurance can be vital. As a primary housewife, your role is usually to handle household affairs, such as taking care of the youngest, preparing meals, or shopping for groceries.

In the unfortunate event of your death, a life insurance payment may come in handy for your family, as it could contribute to the costs of hiring someone to temporarily perform your duties until they figure out how to go. forward.

A simple life insurance plan

If you are just looking for a standalone term life insurance plan, you may want to consider Manulife easy protection. It comes with a hassle-free registration it does not require medical and financial pricing. The premiums can go down to RM 1.23 per day for RM 100,000 coverage for a 25-year-old woman on the next birthday.

It also comes with a guaranteed survival benefit 50% of the annualized premium payable at the end of all 5 years of insurance. You can cover yourself with 50,000 RM to 250,000 RM also, up to 80 years.

In the event of accidental death, your relatives can obtain an indemnity of up to 300% in addition to your life protection (300% additional payment applicable in the event of accidental death occurring outside Malaysia or due to a natural disaster).

An example of how the 300% extra payment works / Image credit: Manulife
  • To learn more about Manulife Easy Protect, click on here.
  • Manulife Easy Protect is only available to new customers.
  • Manulife Easy Protect is only available until December 31, 2021.

Featured Image Credit: Manulife Malaysia


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