Did you know Malaysia is currently one of the highest in the region in terms of healthcare cost? In 2018 alone, Gross Medical Inflation was 15.3% before it rose to 16.1% in 2019. Though numbers went down to 14% in 2020, it is most likely to rise again in 2021. What does this mean to you?
This is one of the many reasons you should always review your insurance policy. Healthcare charges, lifestyle changes, change in marital status are some reasons you should always review your insurance policy.
Well, an insurance policy is not something you buy once and forget about it altogether until the day you need it. So just how often should you review your insurance policy? Well, here is what insurers are saying about your insurance policy.
Reason #1: Family status
In 2018, 50,862 couples filed for divorce. In 2019, that number increased 12% to 56,975. For the individuals affected by divorce, you are now obligated to not only change your relationship status on social media, but probably a change in your insurance policy.
What if your relationship status involves the introduction of a baby into your little family? It is time to review your insurance policy. This impacts Malaysians greatly as in 2018, 501,945 births were registered with the numbers dropping 2.8% in 2019 to 487,957. Now the numbers alone may feel out of touch, but imagine how many lives are affected should anything happen to their parents, leaving them without the protection they need?
Still remember your insurance agent’s number?
Reason #2: Career
Careers, or a career change will usually be coupled with a change in salary. During the pandemic, Ranstad Malaysia reports that one in two, or 58% of Malaysians intend to look for a job in 2021.
That means, you or your best friend may experience a spike in income, which may prompt you to increase your coverage, hence initiating a review in policy.
Sadly, of the 58%, 15% are the ones who are out of a job and looking for one. Those who were retrenched may be looking to pause their premium payments until they are able to pay for it again in the near future.
#3 Financial changes
Loans are commitments that you are bound to make as life progresses. Changes in finances like purchasing a new car or finance a home loan, can leave a huge dent in your monthly expenditures prompting a need to review your insurance policy.
What you will need to think about, if you have accumulated debt, is on how to pay it off with life insurance. You’ll likely consider future expenses for your family to continue living a comfortable life after your passing.
#4 Medical diagnosis
We’ve said it time and time again, insurance will and can help you most when it matters – during a medical emergency. But is your coverage enough? Is the coverage that you have put in place ages ago still relevant to the burden of hospital bills today?
Private hospital bills today are scary! For example, each cancer treatment can set you back from RM170/day to RM1030/cycle, excluding daycare rates which range between RM30-RM100/day.
If you think your RM150,000 a year coverage is enough, maybe it is time to revisit your insurer.
As you take each step forward in life, circumstances change, so should your insurance. If you are on the look out for an insurance coverage that is flexible to meet your needs, consider insurers like Bjak‘s Life and Medical insurance.
Reach out to our experience advisers to get well-crafted insurance that will cover you in your time of need.
Bjak.my 