Buying life insurance for you and your loved ones helps provide some financial security in times of hardship. The money from your policy will be paid to your loved ones when you pass away or to you should you suffer a total and permanent disability or loss.
 
 
Things I Should Know
Provisions in your contract

Buying tips for life insurance

Naming your nominee
 
What Else Can I Do?

Read our FAQs on life insurance

Download the booklet on life insurance
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You can claim for tax relief of up to a maximum amount of RM6,000 per year for an ordinary life policy. This is inclusive of any contributions you have paid to an approved retirement benefit scheme such as the Employees Provident Fund or other pension scheme.

To ensure that your immediate family has some financial support after your demise

To finance your children’s education

To have a savings plan for the future so that you have a constant source of income after retirement

To ensure that you have extra income when your earnings are reduced due to serious illness or accident
 
    Term insurance
    •  
       
      This offers insurance protection for a limited period only whereby the money is paid up if you pass away or if you suffer total and permanent disability.
       
    Whole life insurance
    •  
       
      Life-long protection and premiums are paid throughout your life and the money including any bonuses will be paid when you pass away or suffer total and permanent disability.
       
    Endowment
    •  
       
      A combination of protection and savings whereby the money will be paid at the end of a specific period upon your demise or if you suffer total and permanent disability.
       
    Investment-linked
    •  
       
      For investment-linked insurance, your premium is used to buy life insurance protection and units in a fund managed by the life insurance company. The benefits paid to you or your nominee will depend on the price of the units at the time you surrender your policy or when you pass away.
       
    Life annuity plan
    •  
       
      Series of payments paid to you until you pass away. Types of annuity include immediate annuity or deferred annuity.
       
    Supplementary rider/cover
    •  
       
      A rider is a supplement attached to the basic insurance plan such as endowment or whole life.
       
    Mortgage reducing term assurance (MRTA)
    •  
       
      An insurance protection plan that 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.
       
 
When it comes to choosing a policy, always:

Consider a policy that best suits your life stage

Understand the scope of cover provided under the
policy

Be aware of the circumstances should you need to switch policies
 
  Remember to faithfully disclose all the facts in your application form. If your insurance agent fills out your application for you, be sure to read and understand the requirements carefully before signing the form. Otherwise, any non-disclosure of material fact can cause your policy to be void.  
 
 
 
 
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For more details, please download our booklet on life insurance or contact an insurance company for assistance. In this booklet, you can find more information about the types of life insurance available in Malaysia as well as advice on lodging complaints.