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A life insurance policy is a contract with an insurance company, where you the payer/insured will pay a set amount of premium monthly, quarterly, bi-annually or annually, in exchange for a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death.
Most life insurance nowadays also provide compensation for Total Permanent Disability (TPD), to protect the insured and his/her family in the event of the loss of ability to generate income.
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Having life insurance coverage helps make sure that the people you care about will be provided for financially, even if you are no longer around or lost the capacity to care for them.
The more dependents you have the more your policy value or sum assured should be. Examples of your dependents are:
- Your spouse depends on your income
- You have children
- You’re a stay-at-home parent
- You’re single, but you financially support your relatives
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Some types of life insurance, such as whole-life insurance or investment-linked policies (ILP) allow you to accumulate a cash value. Other types of insurance, like term insurance, don’t have any cash value. These policies generally have comparatively lower premiums.
Types of life insurance
Description
Endowment
A combination of protection and savings where the money will be paid at the end of a specific period when you die or if you suffer total and permanent disability.
Investment-linked insurance
It combines investment and protection, where your premiums will be divided for life insurance cover and investment in specific funds of your choice. You can choose the premium allocation ratio.
Life annuity
The insurance company will pay you over a set period of time until you pass away. Types of annuity include immediate annuity or deferred annuity.
Mortgage Reducing Term Assurance (MRTA)
It covers the repayment of an outstanding property loan to the financial institution in the event of untimely death, disability or critical illness of the borrower.
Whole life insurance
It is designed to provide lifetime coverage; hence it usually has higher premium payments than term life. Premium amount is typically fixed, it has a cash value, which functions as a savings component and may accumulate tax-deferred over time.
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The main benefit is to replace your income when you are no longer around to:
- Help your family cover living expenses
- To pay for important financial needs like your funeral expenses, medical bills, debts, and legal fees
- Leave a legacy to your children or grandchildren
You can also claim for tax relief for a life insurance policy together with your Employees Provident Fund (EPF) contributions.
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Your life insurance plan should suit your life stage and you should understand the scope of cover provided under the policy.
Things to look for:
1. To meet your financial goal
Whether you are looking forward for a lump sum maturity benefit upon retirement or to sponsor your child’s overseas education, look for a life insurance plan that meets your goals.
2. Premium cost that you can afford
While you buy life insurance to meet your financial goals and protect your family, it should also be affordable for you. Generally, your insurance premium should not exceed 6% of your income. For example, if you are earning RM5,000, your monthly insurance premium should not be more than RM300.
Best Life Insurance
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Showing out of 8 insurance product(s)
Featured
- Death Benefit
- Up to RM600,000 of the sum insured
- Total & Permanent Disability Benefit
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- Personal Accident Benefit
- Up to RM400K of the sum insured
- Coverage Term
- Up to 71 years old
- Death Benefit
- RM40,000
- Total & Permanent Disability Benefit
- Up to RM80,000
- Personal Accident Benefit
- RM80,000
- Coverage Term
- Up to 65 years old
- Death Benefit
- Up to 3x of insured amount
- Total & Permanent Disability Benefit
- Up to RM8,000,000
- Personal Accident Benefit
- Up to RM25,000,000 per life
- Coverage Term
- Up to 100 years old
Promiseland Advisory & Wealth Management
Personalized financial guidance and comprehensive planning. Free consultation session worth RM388 up for grab!
- Death Benefit
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- Total & Permanent Disability Benefit
- -
- Personal Accident Benefit
- -
- Coverage Term
- Up to 100 years old
- Death Benefit
- Up to RM500,000 basic sum assured
- Total & Permanent Disability Benefit
- Up to RM10,000,000
- Personal Accident Benefit
- -
- Coverage Term
- Up to 80 years old
- Death Benefit
- Up to RM8,000,000
- Total & Permanent Disability Benefit
- Up to RM8,000,000
- Personal Accident Benefit
- Up to RM8,000,000
- Coverage Term
- Up to 100 years old
- Death Benefit
- Starting from RM25,000*
- Total & Permanent Disability Benefit
- Starting from RM25,000*
- Personal Accident Benefit
- Starting from RM25,000*
- Coverage Term
- Up to 80 years old
- Death Benefit
- Up to RM1,000,000 per life
- Total & Permanent Disability Benefit
- Up to RM4,000,000 per life
- Personal Accident Benefit
- Up to RM1,000,000 per life
- Coverage Term
- Up to 65 years old
- Death Benefit
- Up to RM8,000,000*
- Total & Permanent Disability Benefit
- Up to RM8,000,000*
- Personal Accident Benefit
- -
- Coverage Term
- Up to 100 years old
- Death Benefit
- 100% of the sum insured
- Total & Permanent Disability Benefit
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- Personal Accident Benefit
- 100% of sum insured
- Coverage Term
- Up to 100 years old
- Death Benefit
- Up to RM600,000
- Total & Permanent Disability Benefit
- -
- Personal Accident Benefit
- Up to RM600,000
- Coverage Term
- Up to 65 years old
eLife Protector+
Take proactive steps to protect your family's financial future with this simple online plan.
- Death Benefit
- 100% of sum insured
- Total & Permanent Disability Benefit
- 100% payout of sum insured
- Personal Accident Benefit
- 200% payout of sum insured
- Coverage Term
- Up to 75 years old
- Death Benefit
- 100% of sum insured
- Total & Permanent Disability Benefit
- 100% of sum insured
- Personal Accident Benefit
- -
- Coverage Term
- Up to 80 years old
- Death Benefit
- Up to RM500,000
- Total & Permanent Disability Benefit
- Up to RM1,000,000
- Personal Accident Benefit
- Up to 200% of sum insured
- Coverage Term
- Up to 70 years old
eCombo
Generali eCombo is a combination of three insurance plans that complement each other perfectly – medical insurance, life insurance and critical illness insurance.
- Death Benefit
- 100% of sum insured
- Total & Permanent Disability Benefit
- 100% payout of sum insured
- Personal Accident Benefit
- 200% payout of sum insured
- Coverage Term
- Up to 75 years old
- Death Benefit
- Up to RM60,000
- Total & Permanent Disability Benefit
- Up to RM60,000
- Personal Accident Benefit
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- Coverage Term
- Up to 55-years old
- Death Benefit
- Up to 6x of the coverage amount
- Total & Permanent Disability Benefit
- 100% of the coverage amount.
- Personal Accident Benefit
- Up to 6x of the coverage amount
- Coverage Term
- Up to 80 years old
- Death Benefit
- Hibah up to 200%
- Total & Permanent Disability Benefit
- 100% of coverage amount
- Personal Accident Benefit
- Hibah up to 200%
- Coverage Term
- Up to 80 years old
Last updated: Jul 15, 2024
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