Why do you need life insurance?
To identify whether you need life insurance , you should consider the worst case in the event of any accident. If you die the next day, will your loved ones be protected from financial aspect?
If your family will be financially distressed after your departure, it is clear that you need life insurance. After-death benefits will replace your income and also help your family to cope with other financial needs.
Are you sure your family is able to pay for your last expenses such as medical expenses, funeral expenses, taxes, debt and chargeback fees? Are they able to pay routine financing such as rent, housing loan, food, clothing, transportation and health financing, at least in the early stages? What about long-term financial goals? With your departure, does your spouse have enough money for your child’s educational goals or for retirement purposes? Do you also want to leave something for your child or granddaughter?
Life insurance policies in Malaysia are best suited to those who have family members who rely on them financially, so it is not obligatory for children or entrepreneurs who have no source of income or dependent family members financially.
Life insurance coverage will keep your loved ones financially financed if you no longer exist or lose their ability to find income sources. Your family will be assured that their quality of life will not be affected by full insurance coverage.
For more information about Insurance planning Malaysia, please visit https://www.vka.com.my/services/personal-financial-planning/insurance-planning/
