Living in Malaysia, and surrounded by friends who are either insurance brokers/agents or those who sell essential oils, you are almost certain to come across ads or social media posts of people sharing insurance related materials.
“What kind of insurance should I buy? Is my insurance coverage enough? When do I buy insurance?”
A lot of questions and the lack of clarification have led to many misconceptions on what an insurance or insurance service provider is or is not. Let’s clear up this confusion and look at life insurance myths that are too good to be true.
#1 I’m young. I don’t need life insurance.
This could not be farther from the truth – the fact is the younger you buy them, the cheaper they are.
Saying that you are young and you do not need life insurance is the biggest misconceptions. Buying insurance when you are young and healthy will help you get a lower rate on your premium, which typically skyrockets with age.
Tip: Customise and save more on your insurance. Make insurance work hard to cover the essentials you need.
#2 If I have life insurance from the office, I don’t need a personal one.
Getting life insurance from your boss is fine and dandy but it may not be enough since a typical payout only covers around twice your base salary. Sadly, it does not follow you around if you quit or lose your job.
Still think it is enough? What if we told you that compared to your office’s life insurance, a personal one ensures your family will be financially protected even when you meet your maker.
#3 It is better to put my money in savings instead of an insurance
Question is, why not both? The question that remains is on how to make both work equally hard for you. Making sense of life insurance is probably a challenge if you are not sound, financially.
If you are looking for ways to make it happen, ensuring your family’s financial protection down the road, customise your insurance at https://bjak.com/life/en/, at find one that fits perfectly to your budget!
#4 I have too many health issues.
Unless your health is super severe, you can still purchase some for of insurance that will help you in the long run. Sure, premiums can be high, but most times they are still available.
If a quote does not fit your budget, customise one that suits your spending power. Online sites like Bjak will be able to give you a free quotation just to see which form of coverage suits you.
#5 There are too many options!
This could be the hardest myth to address! Truthfully, choosing one is not that hard. Start with the basics such as calculating how much life insurance you need, determining what best meets that need and to shop around.
IF you are not that interested to go out, especially with Covid-19 sticking around, go online now with Bjak and start customising an insurance plan that works for you.
Bjak.my 