These insurance companies/ takaful operators offer standalone insurance/ takaful. A monthly premium/ contribution is recommended based on your preferences.
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If you’re looking for coverage for something specific, then this is the type of insurance to consider. A standalone insurance is an insurance used to cover a specific risk. It is the opposite of a comprehensive insurance where it covers a multitude of risks for one product. Standalone insurance give you the option to pay only for a specific coverage, making it more affordable.
For example, if you need coverage for a specific illness such as cancer, you can consider getting a standalone insurance for cancer only rather than a comprehensive medical insurance. This will help you cut cost by covering for that specific illness only. The down side to standalone insurance is that this is only an option for specific conditions and risks, and it will not cover any other risks. This also makes your claims less complicated as a standalone insurance means the amount of coverage is only for that specific risk and will not affect the amount of coverage for other risks. Using the same example as before, say you undergo treatment for cancer and claim from your standalone insurance, this claim will not affect or exhaust the coverage from your comprehensive medical insurance.
Getting a standalone insurance depends on the type of insurance you already have and the risk of what may be lost without it. Say you have a comprehensive medical insurance, but it does not adequately cover a specific high chance illness such as breast cancer, you can consider getting a standalone insurance for cancer if it's more affordable than increasing coverage for your comprehensive coverage.
Standalone insurance can also be considered for special or unique risks relating to personal accidents. To cover more ground on the possibilities of accidents, injuries and death that aren’t comprehensively covered in other insurance plans, a standalone insurance on personal accidents gives you more coverage and better protection in the long term.
This leads to the most important situation you can consider, which is if you want a coverage that doesn't exhaust your current policy. For example, if you were to be in an accident where treatment takes a lot longer and it will exhaust your comprehensive insurance, having a standalone insurance to cover specifically for this moment will help you from exhausting your comprehensive insurance annual or lifetime limit and may even give you additional coverage that your comprehensive plan does not provide.
Standalone insurance coverage specifically cover things that also fall within comprehensive insurance policies, giving you the choice of being specific on your coverage as well as gain better value for money for your options.
At iMoney.my, you can compare and select from a range of standalone insurance in the categories of Life Insurance, Personal Accident, Critical Illness and Medical Card. In each of these categories, the plan offers specific coverage to will help you cover those unpredictable moments, giving you better peace of mind.
How do you know what kind of coverage you need? For example, if you are looking for a Personal Accident standalone insurance plan that covers for specifically head injuries, then you will need to ensure the plan covers Major Head Trauma.
After you have narrowed down your choices, you will need to decide what coverage you need and how much is the plan. You may think the higher the coverage is, the better off you are. However, spending too much on premium for coverage that you don’t need is causing unnecessary financial strain on you.
Decide on your coverage by considering your financial dependents and also affordability.
Be sure that the standalone insurance coverage does not overlap your comprehensive insurance to make claims less complicated. If you already have a comprehensive coverage but want additional protection, ensure that there is not much of an overlap between the two plans to ensure you are not over-insuring yourself.