In mid-2017, I purchased an investment-linked insurance policy (ILP) that covers RM 300k in sum assured in the event of death, total permanent disability (TPD), and critical illnesses. Its annual premium is RM 1,800.  Fast forward to the present (June 2023), I learnt that I have accumulated a total of RM 4,496 in investment value for this policy. Initially, it seems to be trivial for my focus is on its RM 300k in insurance coverage. But, I began to wonder “what on earth is my RM 4,496 doing in the funds tied up with this policy?”.  Thus, I began to do a small study on my insurance po ..read more

I purchased my first life insurance policy when I was in college. Subsequently, as my income was low and irregular, I canceled it and bought a medical card which was affordable. Gradually, as my income increased, I upgraded my existing card, added critical illness coverages, and raised my sum assured. Today, at this point, I have 7-figures in sum assured.  Over my span of 10+ years as an insurance buyer, I was shared many interesting stories of everyday people, making unnecessary costly mistakes in this area. For most, they involve being penny wise, pound foolish. Here in this article, I ..read more

Lately, I received a question on insurance as follows:  I have been hearing about spending 10% of our income to buy insurance. Thus, I would like to ask, ‘If my salary is RM 30,000 a month, does it make sense for me to pay RM 3,000 a month on insurance premiums? Well, here is my take.  First, it is normal to be conscious of the amount of premiums we pay for our life and medical insurance, but not the benefits and total sum assured from them. I personally take a different approach for my own insurance policies. To me, I feel that my plans and policy benefits are more important than ..read more

Are you looking to buy your first life insurance policy? Before you sign the proposal forms, I would like to give you the top questions you should absolutely ask your insurance agent.  I am sharing this so you can be an informed consumer and evaluate your servicing agent better. It means: You will get a trustworthy and competent agent You are going to buy an insurance policy that meets your needs If done right, you will save on insurance premium, which is a very long term commitment. But if you are an insurance agent reading this, please don’t feel intimidated. Don’t get me wrong. It is ..read more

Question:  Hi, I’m Rachel. I have been working for a marketing agency as an executive for 6 months. It is my first real job upon graduating from a local university. As I write, I’m taking home a fixed monthly salary of RM 3,000 and I’m looking to buy a life insurance policy. I have met up with a few friends who are life insurance agents. They proposed different plans and I was confused. I don’t know which of the life insurance proposals are suitable for me. Hence, my question is, ‘Is there a guide to choosing a suitable life insurance policy for fresh graduates?’  Answer:  Let ..read more