Smart Life

Choose Your Preferred Contact Point
Deal only with agents registered with the Life Insurance Association of Malaysia or Malaysian Takaful Association, approved insurance/takaful brokers, approved financial advisers, bancassurance/bancatakaful staff or directly with insurance companies/takaful operators. Some plans are available online.

Be A Smart Consumer
Shop around. The product must meet your needs (type and coverage amount). Never make “as a favour” purchases. Know what you’re buying. Compare the premium/contribution payable and the level of cover. Prices may differ due to differences in coverage. Understand the differences so that you can compare and make an informed decision.

Ensure that a copy of the product disclosure sheet is given before making a purchase. The sheet contains key features of the product, premium/contribution payable, key terms and conditions, major exclusions under the policy/certificate and important notices on the product. Ask if unclear.

Read The Fine Print
Answer all questions in the proposal/application form accurately. Don’t sign a blank proposal form and allow the intermediary to complete the information. If the answer given is inaccurate, your claim may be rejected or not fully paid out, the terms of the policy may be changed, or the policy may be terminated.

Read your policy/certificate when you receive it from the insurance company/takaful operator. For life insurance/family takaful and medical and health insurance/takaful products, you have 15 days to return the policy/certificate. A refund (less expenses incurred for the medical examination) will be given.

Know what’s covered and what’s not. Watch out for benefit limitations and exclusion clauses, premium/contribution amount (including future revision of premiums/contributions), risks associated with the product, policy terms and conditions, and period of coverage.

Consider Your Income And determine Your Needs
The primary purpose of life insurance is to make sure your dependents are able to maintain their current lifestyle after you are gone. If you have young children and a significant amount of liabilities, you should have more coverage compared with someone who doesn’t have much debt and whose spouse is working.

Ensure that the premium/contribution payable is affordable throughout the duration of the policy, including any future increase. Review your coverage at least once a year as needs and priorities change. This ensures that you’re always adequately insured.