Question: What insurance should I get?
Answer: There are 3 must-have insurance you should get.
You’re healthy now doesn’t mean you’re safe from any serious illness or injury. If anything were to happen, are you financially prepared for the loss of income and expensive medical costs?
You should get insurance or takaful for you (and your loved ones). You can’t plan to get sick or hurt but you can plan ahead to protect yourself.
1. Medical Insurance
Medical insurance a.k.a. medical card is an insurance type that pays for your medical expenses when you’re ill or injured.
Scenario: My uncle slowly developed cataracts over the years so he went to a doctor to get checked, and was suggested to consult an eye specialist at a private hospital. The cost for cataract surgery at the private hospital is RM38,000 for both eyes!
Unfortunately, because my uncle did not get insured early, his eyes were not insured in his policy so the cost will have to come out of his pocket.
It’s true our government hospital is one of the world’s best! But will you be able to wait?
Another question is:
I have employee medical insurance so do I still need insurance?
Yes, you do. Employee medical benefit is only in place so that you can recover quickly and get back to work as soon as possible. It does not cover critical illness which is next.
2. Critical Illness Insurance
What is critical illness insurance?
This is an insurance type that typically pays out a lump sum amount when the policyholder is diagnosed with a critical illness such as heart attack, stroke, cancer and kidney failure.
Why do you need critical illness insurance?
Critical illness does not choose who or when to appear but when it does, you may not be able to work anymore to sustain yourself.
Not only do you have to worry about the cost of treating the critical illness but what about your commitments such as your house and car?
Health does not have a price tag but the treatments for it do:
| Critical illness | Cost of treatment (RM) |
| Heart attack | 10,000 to 30,000 |
| Stroke | 35,000 to 75,000 |
| Cancer | 18,000 to 300,000 |
The lump sum you get from the critical illness policy will greatly help to alleviate the loss of income so you can focus on recovering
3. Life Insurance
Meanwhile, life insurance is an insurance type that pays out a lump sum of cash to the policyholder in the event of death or total permanent disability (losing the ability to use a pair of limbs or eyesights.) In other words, your family (or other named beneficiaries) get a lump sum of cash after you die or are no longer able to use a pair of your limbs or eyesights.
Death is inevitable; it is the matter of how and when that varies. You wouldn’t want to leave your family debt-ridden once you’ve passed on so the lump sum that they receive will be used to clear any outstanding debts, funeral cost and fund other financial commitments.
Even if you’re debt-free, what would be the fate of your dependents once you’ve passed on? The lump sum of cash will financially support them when you’re no longer around. The money will help them survive longer while they look for other means of income.
Like our lives, our limbs and eyes may not last a lifetime. As losing them may also mean losing your job and income, how would you continue to live and provide for your dependents?
It is at that moment that your life insurance becomes your lifeline. The amount received through life insurance will not last forever, but it would definitely ease your burden and the ones who depend on you.
Here’s a recap of the 3 insurance:
| Insurance type | Why you need it |
| Medical insurance | It pays for your medical expenses when you’re ill or injured |
| Critical illness insurance | It typically pays out a lump sum amount that is agreed upon when the policyholder is diagnosed with a critical illness such as heart attack, stroke, cancer and kidney failure |
| Life insurance | It pays out a lump sum of cash to the policyholder in the event of death or total permanent disability (losing the ability to use a pair of limbs or eyesights) |
Not to scare you but medical care is not cheap and is only getting more expensive by the day. We may not need it now, but when we do, how would we pay for medical and hospital bills?
Getting the 3 insurance above is the answer to that. If it’s not you who protect yourself and your dependents, who else will?
With as low as RM5 a day, you can provide a better future for yourself and your loved ones. Protect yourself with a comprehensive life and medical insurance plan today through Bjak.
Bjak.my 