There are many well-known life insurance companies In Malaysia that are renowned for their reliability and brand recognition. Perhaps one of the most significant purchases you ever make is a life insurance policy.
However, it can be difficult to find the best life insurance for your needs. You might want to become familiar with the features and benefits provided by top insurance companies so that you can make the best choice for your family.
NEVER choose an insurance company solely based on the low premium. Don’t choose an insurer because a friend works there, and you think you’re helping him (since you are going to get life insurance anyway).
You must understand how your insurance company covers you and what services you receive if you need to file a claim. Choose the company only after you are completely satisfied with what they have to offer. Make a shortlist and then compare their proposals. Read on to know more.
Key takeaway
- What is life insurance?
- Top 10 Life Insurance Companies in Malaysia 2022
- How to choose the top best life insurance company in Malaysia
What is a life insurance policy?
A life insurance policy is a contract between two people, an insurance policyholder and an insurer or assurer, in which the insurer promises to pay a sum of money to a designated beneficiary upon the death of an insured person. Other events, such as terminal illness or critical illness, may also trigger payment depending on the contract.
How to choose the top best life insurance company in Malaysia
The best life insurance provider typically satisfies your needs and provides you with sufficient protection to ensure that your loved ones are cared for in the event of one untimely death or if they are diagnosed with a serious illness with a life expectancy of less than 2 years.
However, there are still many other factors that you should consider:
- Your requirements: Before you begin comparing Malaysian life insurance companies, you should first clarify your requirements. Calculate how much your family will need to maintain their current lifestyle by adding outstanding debts, such as your mortgage, your average monthly expenses, and also any other costs you may need to cover in the future.
- Discounts and rewards: life insurers frequently offer discounts to new customers who purchase multiple policies. In most cases, you can find an insurer who will give you a discount if you pay your premiums in advance. When looking for insurance, it’s usually a good idea to compare discounts from various insurers.
- Financial strength ratings: Ratings are assigned by a third party, such as Standard & Poors. While an independent evaluation cannot tell you how good a company is, it can help you measure the insurers’ creditworthiness, which indicates whether or not a company will be able to pay claims now and in the future.
- Built-in benefits: Most insurers include a number of built-in benefits with their policies. Because each insurer is unique, it’s a good idea to read the company’s Product Disclosure Statements (PDS) to know about the benefits they provide. However, some common built-in advantages are as follows:
- Benefits for terminal illness
- Benefits for funeral expenses
- Benefits for future insurability
- Free financial advice
- Premium freeze option
- Indexation
- interim cover
- Exclusions: Your life insurance policy is usually subject to exclusions. A standard exclusion is an event, condition, or circumstance that your insurer does not cover.
- For example, most life insurance companies will not pay any benefits for suicide in the first 13 months after you purchase your policy. It’s usually a good idea to read the company’s PDS to learn what you won’t be able to claim.
- Premiums: Determine whether you can afford the policy premiums now and in the future. A stepped premium style may be best for you if you’re looking for short-term affordability.
- On the other hand, if you are able to begin with higher premiums that don’t increase every year due to your age, a company that offers level premiums may be a better option.
- Customer reviews: To learn more about the experiences of past and current members, read customer reviews and complaints about the various companies.
Top 7 Life Insurance Companies in Malaysia 2022
Below is the top list of the best life insurance companies in Malaysia, and they include the following:
1. American International Assurance (AIA)
American International Assurance, founded in 1947, is one of the largest insurance companies in the United States, as well as one of the world’s leading providers of assurance and protection services.
The company operates in over 50 countries and provides insurance and financial protection services to businesses and individuals in the United States and around the world.
American International Assurance has a long history dating back to 1907, and it has grown to become one of the country’s leading insurance companies. American International Assurance has offices across the country and a wealth of experience to draw on in order to provide quality insurance services to a diverse range of customers.
Features
- Entry Age: 18 years – 70 years
- Cover Term: Protection up to age 100
- Premium Type: Progressive rate. Increases as you age.
- Income Tax Relief: Up to a maximum of RM3,000 a year.
2. Prudential Assurance Malaysia
Prudential has been present in Malaysia since 1924 and has a long history in the Asian region. Prudential BSN Takaful Berhad underwrites takaful products distributed by Prudential Assurance wealth planners and agents.
Prudential Assurance is a leading and innovative insurer with 45 branches and a network of bancassurance distribution partners across the country, employing over 1,700 people.
Prudential Assurance is an indirect wholly owned subsidiary of Prudential plc, headquartered in the United Kingdom. Prudential plc is an English and Welsh company, and its affiliated companies form one of the world’s leading financial services groups, serving approximately 24 million customers.
Features
- Entry Age: 19 years – 70 years
- Cover Term: Protection up to age 100
- Premium Type: Progressive rate. Increases as you age.
- Loyalty Bonus: Up to RM500 awarded once every 2 years starting from the 10th Policy Year onwards
- Income Tax Relief: Up to a maximum of RM3,000 a year.
3. Allianz Life Insurance Malaysia
Allianz Life Insurance Malaysia, which was founded in 1934, is one of the world’s leading life insurance companies. The company operates in over 50 countries and is one of the top ten insurance companies in Malaysia.
Allianz Life provides financial protection and assurance solutions, as well as health and medical insurance. Allianz Life is one of Malaysia’s oldest insurance companies, having been in operation for more than 50 years.
Features
- Entry Age: 18 years – 65 years
- Cover Term: Protection up to age 100
- Premium Type: Progressive rate. Increases as you age.
- Income Tax Relief: Up to a maximum of RM3,000 a year.
4. Great Eastern Life Assurance (Malaysia)
Great Eastern Life Assurance, founded in 1892, is one of the world’s oldest life insurance companies. The company is now a subsidiary of the German insurer Lufthansa, with operations primarily in Asia-Pacific. Great Eastern Life Assurance is a leading insurance company in Malaysia, with offices all over the country.
Features
- Entry Age: 30 days – 70 years
- Cover Term: Protection up to age 100
- Premium Type: Flat rate. Stays the same throughout the coverage term.
- Income Tax Relief: Up to a maximum of RM3,000 a year.
5Tokio Marine Life Insurance
Tokio Marine Life Insurance, founded in 1891, is one of the world’s oldest marine insurance companies. The company is now a subsidiary of the Japanese insurance conglomerate Sumitomo, with operations primarily in Asia-Pacific. Tokio Marine Life Insurance is a leading insurance company in Malaysia, with offices all over the country.
Features
- Entry Age: 45 years – 75 years
- Cover Term: Protection up to age 99
- Premium Type; Flat rate. Stays the same throughout the coverage term.
- Income Tax Relief: Up to a maximum of RM3,000 a year.
6. Etiqa Insurance Berhad
Etiqa Insurance Berhad, a reputable insurance company, based in the United Arab Emirates, was established in 1992. The business now operates primarily in the Asia-Pacific region and is a subsidiary of the Swiss insurance group Migros. One of the top insurance providers in Malaysia is Etiqa, which has offices all over the nation.
Features
- Entry Age:17 years – 70 years
- Policy Term: Protection up to age 100
- Premium Type: Flat rate. Stays the same throughout the policy term.
- Loyalty Bonus: 0.1% Bonus Units of the sum insured.
7. Zurich Insurance Malaysia
Zurich Insurance Malaysia, founded in 1929, is one of the world’s leading insurance companies. The company is now a subsidiary of the Swiss insurance group Migros, with operations primarily in Asia-Pacific. Zurich Insurance Malaysia is a leading insurance company in Malaysia, with offices all over the country.
Features
Entry Age: 35 years – 80 years
Cover Term: Protection up to age 100
Premium Type: Flat rate. Stays the same throughout the coverage term.
Income Tax Relief: Up to a maximum of RM3,000 a year.
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Conclusion
The top best life insurance companies in Malaysia listed in this post offer a wide range of services and products. These companies have been around for a long time and are well-versed in the insurance industry.
They operate in many parts of the world and have a wealth of experience and knowledge to draw on in order to provide quality insurance services to a diverse range of customers.
You can learn more from the video below:
About Author
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My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.
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