Tips for Insurance

TIPS ON PURCHASING LIFE INSURANCE

Be sure to buy from a company through an authorized agent    

Buying life insurance is basically buying future financial security for your family. Authorized insurance companies are listed in Bank Negara Malaysia’s website or must you need to find out more, contact the (LIAM) Life Insurance Association of Malaysia.

Shop around for rates         

Seek premium quotes and proposal from moreover than 1 insurance company and match up to them. Be sure to compare among analogous policies as not all insurance policies have same benefits.

Understand the scope of cover, terms & conditions of the policy

Make sure you understand all provisions in the policy and if required, ask for explanations from the insurance company. Be careful if you’re told that bonuses or dividend scales are guaranteed.

Avoid additional unwanted coverage         

Don’t be pressured into buying “packaged” products that may contain fixed / fastened coverages that you do not need. However, you may opt to add additional coverage or rider of your choice at additional premium which is better value for cash / money.

                         

Make sure the life policy endorsed is right for you           

Carefully study your agent recommendation & ask for explanation to make sure the policy suits you.

Constantly check the date the insurance becomes effective         

The date the insurance goes into effect may be different from the date the company issues the policy. Make sure to ask your agent for the effective date of your insurance.

Fill in your application carefully

  • Never sign blank proposal or app forms.
  • Make sure all information filled in your application is
  • Complete and accurate to avoid delays or even denial of claims.

Make sure premiums are paid to company

Make sure your cheque or money order is made payable to the insurance company and not to your agent and insist for a receipt immediately as proof of payment.

Read your policy twice when you receive it           

Life policies have a “free-look” period of 15 days from the date you receive it. Therefore, use this chance to assess the policy to ensure this is the right policy for you or not.

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