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  • Lionel Lye

WHY DO WE NEED INSURANCE?



Insurance is a way of risk management. When you are buying insurance, you transfer the potential losses to the insurance company in exchange for the fees known as premiums. Insurance companies securely invest funds, so it can increase, and when it has a claim, it can be repaid.


INSURANCE HELPS YOU:


1. A homeowner is safe to borrow loan because mortgage lenders know your are protected by insurance.

2. Car owners, because some people cannot afford legal costs associated with collision and injuries without repair, healthcare costs, and coverage.

3. If you are disabled or suffer from serious illness (e.g. the 45 critical illness under Great Eastern Life Malaysia), it keeps and maintain your current living standards.

4.Cover health care like treatments, hospitalizations, and other health related items

5.Providing for your family a death event

6.Run a small business or family farm by managing risks

7. Leave a vacation without worrying about flight canceling or other potential issues


WHAT TYPES OF INSURANCE?


1.HOME INSURANCE

If you are not bound by your home insurance law but if you have a mortgage, most lenders will be forced to ensure your home is protected appropriately.


2.HEALTH INSURANCE

Health insurance panel clinics or hospitals. For engaging their practices, we need to pay for personal care from various health professionals.


3.LIFE INSURANCE

If you die, life insurance policy will pay a lump sum to your love ones.


4.MOTOR INSURANCE

It is compulsory to get a motor insurance policy before you renew your road tax in Malaysia.


5.MORTGAGE PROTECTION INSURANCE

When accepting a mortgage, you will have to consider the appropriate coverage to cover you just in case of anything happens and you will usually need to take a mortgage protection insurance. Many buyers did not have enough protection in Malaysia.


If you would like to know more or to get a quote, kindly contact us today.

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