Insurance is too expensive.
I don’t need insurance, I’m still young and healthy.
I’ll purchase insurance later.
Insurance is confusing.
I can’t find coverage that suits my needs.
These are some of the more common reasons why people are reluctant to buy insurance or are complacent about it. If you find yourself relating to the above, then keep on reading.
Although insurance may seem like something that you can put off for the time being, the truth of the matter is, we cannot predict the future. Accidents do happen and the unpredictability of life is something that we need to factor in to safeguard our future as well as that of our loved ones.
Picture this, you are the sole breadwinner for your family and are financially comfortable. But should your circumstances change overnight, will your family be taken care of? Will they have what they need to survive without struggling to make ends meet?
What if one of your family members is seriously ill? Will you be able to provide the medical care needed without burning a hole in your pocket and it being an unexpected financial burden?
These are just some examples of what could happen, but depending on the type of insurance you purchase, you could actually protect yourself and your family in a variety of ways. There are many types of insurance and coverage available in the market: life insurance, medical insurance, home insurance, property insurance, vehicle insurance, critical illness insurance, flood insurance, just to name a few. While getting them all may not be a feasible option for you at this juncture, getting some form of coverage should be on your radar and this would depend on the risk factors that relate to you.
How does insurance work?
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected incidences that result in financial losses. The insurance company pays you or someone you have selected as the beneficiary of the policy should the need to claim arise. Without insurance, these financial losses will have to be covered with your own savings or that of your loved ones.
Once you’ve purchased a policy suited to your needs, you will be paying a monthly premium. The amount for this would depend on your policy and coverage. While this is the part that is a deterrent for many causing the reluctance in purchasing insurance, the monthly payments need not be an intimidating figure. Again, with the many choices out there, you can find one to suit your budget.
Yes, insurance can be expensive but with the many options out there now, there is coverage to suit almost all needs and budgets.
Points of consideration
- What are some of your concerns regarding the future? What are some of the things that you feel would have a big impact that you would like to protect yourself and your family from? List down all these factors so you get an idea of what you’ll need to soften the blow should anything untoward happen.
- Do your research and see what’s available in the market. List down and compare all the options.
- List down all the questions you may have regarding a policy. Meet with a consultant to get clarification and to address any uncertainties you may have.
Need help?
While the options available may be confusing, there are specialists that can help you narrow down the most viable choices for you. Head to www.etiqa.com.my for more information or call 1-300-13-8888 with any enquiries.
