If you’re a resident of Malaysia or planning on becoming a resident in Malaysia, finding the right life insurance companies in Malaysia is necessary to keep your properties safe from any possible damage or catastrophe.
Life insurance is a means of risk management for everyone. It secures you and your family from unforeseen circumstances that can endanger your health and life.
With life insurance, you are financially protected and may relax knowing that your family will also be cared for, depending on your chosen insurance plan.
The biggest fear for many people is leaving their families in debt if they die or are injured in an accident and become disabled. Fortunately, numerous solutions for the best life insurance companies in Malaysia may assist you.
The list below might help you find out where to start and clarify insurance terms.
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Table of Contents
Life Insurance
Generally, life insurance is a contract between you and your insurer. A specific amount of coverage and benefits is paid for by your insurer every month. In the event of your death, a terminal illness, a critical illness, or a total and permanent disability, these payments will be paid to you or the policy’s beneficiaries.
Importance of Life Insurance
1. Achieve your financial goals
Everybody has life objectives that require financial planning. Life insurance plans encourage saving. You can build up your savings by paying a small insurance premium monthly. The fact that this little monthly amount increase makes it much better. You’ll therefore save enough money in the future to achieve your long-term and more important financial goals.
2. Assist in paying debts and bills
If you have debt from a vehicle loan or a credit card, for instance, it doesn’t go away after you die. Someone must pay for it. In most cases, it may be your spouse or partner or your parents or relatives if you are single. To avoid burdening your loved ones with these expenses, having life insurance can help cover these payments.
Your life insurance policy can also cover the cost of your funeral and burial. Your loved ones won’t be as stressed trying to pay for it.
3. Provide financial security for your family.
Financial security for yourself and your family is the primary goal of life insurance. By purchasing life insurance, you may ensure that your loved ones won’t suffer financially when you die.
4. Gives peace of mind
You’ll feel more relaxed if you have life insurance. Life is unpredictable, but life insurance can provide your family with financial support during your death.
5. No More Tension or Stress During Tough Times.
Any unforeseen circumstances can put you through financial, psychological, and physical stress. Therefore, if you have insurance to cover such outcomes as disease, injury, permanent disability, or even death, you spare yourself and your family from stress and anxiety. If you have insurance, any financial stress will be handled, allowing you to concentrate on improving.
Top 10 Best Life Insurance Companies In Malaysia
1. Ezy-Life Secure Insurance
Ezy-Life Secure is Malaysia’s best term life insurance for individuals looking for cheap, straightforward, and simple life insurance.
Though it is affordable, it also offers competitive death or total and permanent disability compensation and is flexible to suit your needs. You can select the duration of your plan, starting from 5 to before your 80th birthday.
In addition, you have the option of paying your premiums annually or monthly. No medical test is necessary to apply for this best-term life insurance in Malaysia; applicants must be 16 or younger.
2. Zurich Insurance
Another reputable company that offers general and life insurance protection in Malaysia is Zurich.
The company is a member of the Zurich Insurance Group, one of the leading insurance providers in the world that operates globally. For your family’s safety and peace of mind, you can confidently rely on the products provided by Zurich Insurance.
3. Allianz Malaysia Berhad
One of the best life insurance companies in Malaysia is Allianz Malaysia Berhad.
Allianz Malaysia also offers General insurance and life insurance. It is a conventional insurance provider. The Life Insurance product is through Allianz Life Insurance Malaysia Berhad, and the General Insurance product is through Allianz General Insurance Malaysia Berhad.
Allianz Malaysia is a member of Allianz Group in Germany, and it’s known for being one of the best insurance companies throughout the globe. In more than 70 nations around the world, Allianz has over 100 million clients, and its market share in the insurance industry is still growing.
4. Prudential Assurance Malaysia Berhad
Prudential Assurance is among the best life insurance companies in Malaysia. Prudential is a reputable life insurance company that originated in London. One of Malaysia’s top providers of life and medical insurance, they offer a wide range of products to meet customers’ protection, investment, and savings needs.
Prudential Insurance Company is rated as having an A+ level of financial stability. Prudential offers some different forms of term life insurance. They provide riders such as an accidental death benefit, a living needs gift, and a children’s protection rider.
5. ManuTerm
ManuTerm, one of the top term life insurance providers in Malaysia, offers affordable premiums on insurance coverage for death and permanent disability.
In addition to this basic coverage, you can add accidental benefits, income benefits, and critical illness riders to your term life insurance policy.
The best feature of this best-term life insurance in Malaysia is the option to renew the policy or change it to any permanent Manulife plan. Either of these can be done without the need for evidence of insurability.
6. AXA Malaysia
Another conventional insurance provider in Malaysia is AXA. They provide both general and life insurance. AXA has been affiliated with AFFIN Bank Berhad in Malaysia since 1975.
Currently, AXA provides various General and Life Insurance products to more than 1.5 million customers across the country. AXA can meet your insurance demands and needs.
7. Great Eastern Life Insurance Malaysia
Great Eastern Life operates in Malaysia through two principal companies, Great Eastern General Insurance (Malaysia) Berhad and Great Eastern Life Assurance (Malaysia) Berhad.
They provide both general insurance and life insurance products. You can rely on Great Eastern to provide you with the highest insurance coverage.
8. PRUTerm
PRUTerm is also one of the top life insurance companies in Malaysia. They offer coverage for death and total and permanent disability before the policy’s anniversary, next birthday, or age 60, whichever comes first.
The premium for this best-term life insurance in Malaysia is payable for the entire 5-year coverage term or between 10 and 70 years minus issue age.
The minimum sum promised for the insured, or their family is guaranteed, and the maximum is subject to underwriting. You can add critical illness, medical, accident, and other riders to this best-term life insurance in Malaysia to make it more suited to your needs.
9. Great Term Direct
The Great Term Direct is one of your options for the best term life insurance in Malaysia. It offers affordable premiums that will protect you until the age of 80.
This best-term life insurance also covers your family’s financial stability in Malaysia. Before you turn 65, if you become disabled, you will receive the whole amount of your basic sum assured.
The best feature of Great Term Direct is its easy application. There are only a few health-related questions that you must answer. A medical examination is not necessary.
10. eLife Protector+
The best term life insurance in Malaysia for hassle-free online purchases is AXA’s eLife Protector+. This best-term life insurance in Malaysia is also automatically renewed each year up to age 75, provided that all premium payments are made on time.
Though this best life insurance company has several advantageous features, no medical tests are required. Just four online questions need to be answered.
Our Recommendations
We recommend Ezy-Life Secure Insurance as the best among the out-listed life insurance companies in Malaysia because It is a specific term life insurance policy that is affordable and suitable for your needs.
The duration of benefits and the amount paid under the plan in case of death or permanent and total disability are up to you. Furthermore, your premium will be less expensive the earlier you start.
Conclusion
Knowing the various insurance companies available in Malaysia and their details can help you decide on the one that best suits your needs. You don’t need to be afraid of any misconduct or being cheated because Bank Negara Malaysia strictly regulates all insurance businesses in Malaysia.
