Life Insurance gives you the peace of mind as you grow older.
With so many products and companies, we list the top life insurance companies in the market for you.
Do you really need life insurance?
Life insurance is one package you will buy that comes with a payout if you suffer either TPD or total and permanent disability or death. TPD refers to the situation where you suffer any form of sickness or injury that deem you unable to work, thereby losing your source of income.
The insurance for your loved ones
It is then absolutely necessary that you have some form of financial assistance in such unfortunate events, especially for your family members. If you lose your source of income, the life insurance will give the payout so that your family members can continue to go on with their lives without needing to worry about financial commitments.
What you should know about life insurance
There are in general 2 types of life insurance which are:
- Term Life – This usually covers you only for a certain timeframe depending on your choice. It can be in terms of 5, 10 or 20 (or longer) years. If you suffer from TPD during the period of time, then the benefit will be given to you. Once the term is up, you can either renew or discontinue the policy.
- Whole life – This policy covers you for as long as you pay the premium. Your beneficiary will receive the payout regardless of what age you suffer the TBD or death. The policy is in effect for as long as you are paying the premium.
- Term life insurance premiums are usually lower than whole life insurance premiums. The latter meanwhile usually stays the same throughout while the former tends to increase at every renewal stage.
- Whole life insurance usually comes with a certain cash value or a savings feature. That means the premium you pay will be for insurance as well as for savings for a later time. That means you can have the option to withdraw the amount or use it to cover the premium payments at a later age.
Choosing the right life insurance for you
With so many options available in the market, choosing the right one might be challenging. Your age and income level will play an important role. The older you are, the higher the premium will be as you have a higher health risk. If possible, whole life insurance will be viable especially if you are in your mid-30s and still have young children in your family.
Life insurance providers in Malaysia
Great Eastern Life Assurance
The great lion’s ‘Life Is Great’ makes this company one of the top life insurance companies in Malaysia. It is one of the oldest and most established companies in this sector having been around for a few decades now. Today, Great Eastern has more than 20,000 agents around Malaysia where it has branches across the country as well as in countries like Brunei, Indonesia, Vietnam, China and Singapore where it is the largest life insurance company there as well.
Prudential Assurance Malaysia Berhad
This is one company which needs no introduction. Prudential is one of the most renowned life insurers not only in Malaysia but in the world as well. Its history in the country dates back to 1924 where it has more than 40 branches across the country with more than 13,000 agents.
Mayban Life Assurance
A subsidiary of Maybank, the largest bank in Malaysia, Maybank Life Assurance is perhaps one of the most stable life insurance companies in the country. The subsidiary began operations in 1993 where its products are usually sold through the nationwide network of Maybank branches.
Most people will remember the name John Hancock Life Insurance which was once known as British American Insurance Co. Known today as Manulife, it is one of the fastest growing life insurers in Malaysia with almost 2,000 agents operating in over 50 branches across Malaysia.
AIA (American International Assurance)
Besides being very established in Malaysia, AIA Berhad is the largest independent listed pan-Asia life insurance group in the world with over 20 branches in the country alone.
Allianz Life Insurance Malaysia Berhad
Allianz Life offers several life insurance policies as well as investment-related offerings where it was the fastest growing life insurance companies in Malaysia at one time.
Tokio Marine Life Insurance
Tokio Marine might not be the most popular name but it is well established. In fact, Tokio Marine has more than 130 years of history in the world while in Malaysia alone; it has been around for more than 60 years now. It is part of the oldest and largest non-life insurance company in Japan.
Zurich Insurance Malaysia
The Zurich Insurance Malaysia Berhad name came about after the acquisition of Malaysian Assurance Alliance Berhad (MAA) by Zurich Insurance Group back in 2011 and it has since grown by leaps and bounds to become a major player in the life insurance market.
Hong Leong Assurance
Owned and operated by the Hong Leong Group, it is one of the top domestic brands in life insurance and financial planning.
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