Question: What insurance should I get?
Answer: There are 3 insurance types you should get.
You may be healthy now but it doesn’t mean you’ll be safe from any serious illness or injury. If anything were to happen to you, are you financially prepared for expensive medical costs?
You can’t tell when you’ll get sick or when your final moment will come, but you can plan ahead to protect yourself and your loved ones.
These are three insurance types you should get to protect yourself and your loved ones.
Medical Insurance
Medical insurance is an insurance type that pays for your hospitalization and medical bills.
Scenario: My uncle slowly developed cataracts over the years, so he went to a doctor to get checked and was suggested to consult an eye specialist at a private hospital. The cost for cataract surgery at the private hospital was RM38,000 for both eyes!
Unfortunately, because my uncle did not have medical insurance, the cost had to come out of his pocket.
You may ask: Why not wait for treatment at a government hospital?
Our government hospitals are some of the world’s best! But with long waiting lines, will you be able to wait?
Another question you may have is:
‘I have employee medical insurance. Do I still need insurance?’
Yes, you do. Employee medical benefit is only in place so that you can recover quickly and get back to work as soon as possible. It does not cover critical illness, which is the next insurance type.
Critical Illness Insurance
What is critical illness insurance?
This is an insurance type that pays out a lump-sum amount when the policyholder is diagnosed with a critical illness such as heart attack, stroke, cancer and kidney failure.
Why do you need critical illness insurance?
Critical illness does not choose when to appear, but when it does, you may not be able to work anymore to sustain yourself.
Not only do you have to worry about the cost of treating the critical illness, but what about your commitments such as your house and car?
Health does not have a price tag but the treatments for it do:
| Critical illness | Cost of treatment (RM) |
| Heart attack | 10,000 to 30,000 |
| Stroke | 35,000 to 75,000 |
| Cancer | 18,000 to 300,000 |
The lump-sum payout you get from the critical illness policy will help cover the cost of your treatment and other financial commitments so you can focus on recovering.
Life Insurance
Meanwhile, life insurance is an insurance type that pays out a lump-sum amount to the policyholder in the event of death or total permanent disability (losing the ability to use a pair of limbs or eyesight.) You or your family (or other named beneficiaries) get a lump sum of cash after you die or can no longer use a pair of your limbs or eyesight.
Death is inevitable; it is a matter of how and when that varies. You wouldn’t want to leave your family debt-ridden once you’ve passed on, so the lump sum they receive will clear any outstanding debts, and funeral costs and fund other financial commitments.
Even if you are debt-free, what would be the fate of your dependents once you’ve passed on? The lump sum of cash will financially support them when you’re no longer around. The money will help them survive longer while they look for other means of income.
Like our lives, our limbs and eyes may not last a lifetime. As losing them may also mean losing your job and income, how would you continue to live and provide for your dependents?
It is at that moment that your life insurance becomes your lifeline. The amount received through life insurance will not last forever, but it would definitely ease your burden and the ones who depend on you.
Here’s a recap of the 3 insurance types:
| Insurance type | Why you need it |
| Medical insurance | It pays for your hospitalization and medical bills |
| Critical illness insurance | It pays out a lump-sum amount that is agreed upon when the policyholder is diagnosed with a critical illness such as heart attack, stroke, cancer and kidney failure |
| Life insurance | It pays out a lump-sum amount to the policyholder in the event of death or total permanent disability (losing the ability to use a pair of limbs or eyesight) |
Not to scare you, but medical care is not cheap and is only getting more expensive by the day. You may not need it now, but when you do, how would you pay for your medical and hospital bills? And if you have dependents, how would they survive after you’re no longer around?
Getting the 3 insurance types is the answer to the above.
With as low as RM5 a day, you can provide a better future for yourself and your loved ones. Protect yourself and the ones you love by getting a comprehensive life and medical insurance plan today at Bjak.
