You Might be in Massive Trouble, Without These 3 Insurance Policies

In life, the only constant is change. Unexpected events can impact us significantly, both emotionally and financially. Don't wait till the world comes crashing down. Here's 3 insurance policies that can help you make that difference for you and your loved ones.

FSM Feb 26, 2018 5458

“Insurance? I don't need it!”

We have all been guilty of saying that at some point in our lives. When we were younger and feeling invincible, it is naturally hard to see the point in a piece of paper that promises payment when something unfortunate happens to you. As we get older and our priority shifts, many other worries catch up on us and getting the proper coverage takes second place in our minds.

Everyone's needs are different. If you have no dependents or liabilities, there may not be much of a need for life protection. However, you may require protection against the reduction or loss of income if you are diagnosed with cancer or any major critical illness. Insurance is more than just life and death, it is about helping to pick up the pieces when the world comes crashing down on your feet.

Here are 3 important insurance plans you should first look at, without them, you and your loved ones could face massive financial troubles:

#1 Term Life Protection Plan (or Whole Life)

Life protection plans (whether it is term or whole life), are meant to ease your family's financial burden on the loss of a breadwinner. When the breadwinner faces a critical accident and unexpectedly passes away, there will be a sudden reduction or halt in income for the family. This could mean the inability to keep up with your child's future education, repayments, and other living expenses.

As this is a heart-breaking and major loss for the family, they will need time to come to terms and cope with the loss of their loved one. While your loved ones are trying to overcome the harsh reality, there would likely be a period of time before they can find a means to take on some replacement income.

Term life protection plans provides the highest coverage for the amount of premiums paid. For life protection plans, ideally priority should be given to cover your protection needs which includes, family's living expenses, outstanding liabilities, and some bequest to be left for your family.

#2 Critical Illness Plan

We've heard a person utilize this analogy: A term or whole life plan is for your loved one, but a critical illness plan is for yourself when you survive a devastating illness. With medical advancements, it means that survival rates for many critical illnesses are improving especially if you are diagnosed early and the appropriate treatment are administered. In recent years, there are a number of plans that allow claims for early to advanced stage critical illnesses. Besides, you have the option of getting a standalone critical illness plan or adding critical illness as a rider to your existing insurance policy.

According to the Asean Costs in Oncology (Action) study by Sydney-based George Institute for Global Health, nearly half of all Malaysian cancer patients experience financial struggles a year after being diagnosed with cancer. Treating critical illness is not a one-off treatment as it requires rehabilitation and a routine follow-up visit. These recurring treatment and consultation costs can quickly add up and erode your cash savings. Some treatments are also extremely harsh on the human body which will affect your ability to attend work therefore reducing your income earning capability. Therefore, a critical illness plan pays out a lump sum to help cover out of pocket medical costs, and ease the financial impact of a reduced income during your recovery period.

Learn more about critical illness plan here.

#3 Hospitalization Plan

By looking at the medical inflation rate in Malaysia which is between 10% - 15% every year, the cost of private medical treatment in Malaysia can be very expensive, especially with hospitalisation and surgery. But, with a medical card, you don’t need to worry much about the medical bills as the insurance company will take care of the treatment cost which is included in the policy that you have bought. One of the benefits of getting a medical card is also you get additional cash allowance if you are hospitalised in government and private hospitals, depending on the medical card that you have chosen. With this, you don’t need to be afraid of outliving your savings.

How FSM INSURANCE can help you get on track

Here at FSM INSURANCE, we help to make your coverage more affordable with our 30% cost-savings. Email us at to book an appointment and get your financial needs reviewed today.




Protect yourself and your loved ones now and enjoy savings at FSM INSURANCE!

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