Which insurance companies are the best in Malaysia according to rank?
There are no rankings for insurance companies in Malaysia. However, there are very renowned names that operate in Malaysia which are known for stability, good returns, and brand reputation.
Which insurance product covers the most diseases?
Most medical insurance has similar coverage but makes sure you buy one which:
- The number of diseases: Minimum of 36.
- Hospitalization – Should provide options in terms of single, double or quadruple sharing
- New diseases – Updated to the latest like COVID-19.
What other factors must I know about medical insurance?
- Ease of claim. Don’t buy medical insurance that you have doubts about claiming. Some even need you to pay upfront and claim later.
- Good agents – Try to buy from a good friend who is an insurance agent. Its best being referred by a friend (with a good track record of claim and availability). A lot of agents will stop serving you after the first 3 years because they don’t get any more commission after that.
- Price or cost – The insurance premium should be affordable and tailored to your budget, not the other way around.
Which insurance company offers the cheapest premium?
When it comes to premium, the more you pay, the more coverage you will get. But it also depends on other factors like:
- Age – the older you are, the higher the premium will be. This is because it affects the term of paying for the premium.
- Health condition – You will pay more premium if you are a smoker (cigarettes and E-Cigarettes) as you are at high risk for certain diseases like lung cancer.
- Height and weight – They will usually check your BMI to ensure you are not high risk for hypertension and stroke
- Duration – This determines how long you have to pay the premium. If you go for a lifetime, then it is cheaper.
What should I look for in choosing an insurance company or agent?
- Comfortable – That’s the most important. You need to be yourself and completely honest with your agent and the feeling must be mutual. If you feel distrust, then you should speak to another one.
- Convenience – Your agent should make it convenient for you in every. This includes talking to you about your policy, proposal, and whatever information you need. You should not be feeling shortchanged in any way.
- Policy and payment – You should not be made to pay more than you want to. Start with a budget and your agent should work around that. If you feel that they are trying to make you pay more than you can afford (or budgeted) then it is not the right company.
Making a choice on which insurance company to use can be challenging as you will actually be entering into a long-term investment. When it comes to Life Insurance, you might want to consider choosing only the most reliable and dependable companies. We list the top 10 for you.
Most Malaysians make these mistakes before choosing life insurance
If you are reading this, chances are you know the importance of having life insurance. You know you need some form of coverage and protection for your family if something unfortunate happens to you. You want to leave enough funds for your family or loved ones so that they do not have to be burdened.
Understanding the implications
One of the biggest concerns in life is uncertainties. You know what a life insurance policy could do for your family when you are no longer around or if you are unable to provide financially due to unfortunate incidents. You do not want to leave them with debts or loans to pay for which is why a payout would help them tremendously. With every insurance company offering life insurance, you would be spoilt for choice in selecting one. But make sure you know what you should not do before making that decision. If not, we outline it for you.
Waiting too long or later
You might have heard of people telling you that life insurance is something you buy ‘later in life’. You should get your medical insurance, investments-linked insurance and others first then think about life insurance. When you underestimate this need, you would be making a big mistake. The longer you wait to get life insurance, the more vulnerable your family members are. No one knows what is going to happen in the next moment hence, getting your life insurance soon would do everyone a lot of good. Furthermore, the older you get, the harder it is to get any insurance coverage unless you do not mind paying more premiums.
Price is not everything
When you decide to buy any form of insurance, you need to consider your ability to afford the premium. However, this does not mean the cheapest policy would work best for you. When you are making your decision and shopping for the best insurance company, price should not be your main priority. You must look at what the coverage is and how will it protect your and your loved ones. The price of the premium will play a part in your decision but it should not be the most important. If you are concerned with your affordability, talk and discuss this with your insurance agent and see if there is an incremental plan.
Finding the right company
NEVER choose the insurance company just because the premium is cheap. Don’t decide on the insurer because your friend is an agent there and you think you are helping him (since you are going to get life insurance anyway). You need to understand how the insurance company covers you and what services you get in the event that you need to make a claim. Decide on the company only after you are fully comfortable with what they offer. Always make a shortlist, then compare their proposals.
Ultimately, you want to be in a situation where you need not be bogged down by too many procedures and documentation. Ensure that your agent can answer all the questions you have and that you have the coverage that you want. After making a comparison with a few other insurance companies, you would have an idea of what you should be getting. If the one you are talking to does not provide certain coverage, you should ask about it.
AXA Insurance
AXA Insurance is a member of one of the world’s leading financial institutions, they aim to provide you with quality financial advice and solutions for every stage of your life. AXA is committed to helping our customers fulfill their dreams and get the most out of life without worrying about their finances. AXA Insurance offers a wide range of Smart products that meets your Personal (Motor, Health, Home, Travel, etc) and Business Insurances needs.
Prudential Assurance Malaysia
– Prudential is probably one of the most established life insurers in Malaysia. It is part of the United Kingdom business and is one of the oldest insurance companies in Malaysia. It has more than 1,000 employees and more than 10,000 agents around the country.
Great Eastern Life Assurance (Malaysia)
– One of the most popular brands when it comes to Life Insurance, it is one with one of the largest network as well. To date, Great Eastern has more than 20,000 associates around the country. For Great Eastern, life insurance has been one of its best-selling products since it started.
American International Assurance (AIA)
– AIA has been around for a long time now. Life Insurance has been its flagship product offered through its tens of branches nationwide which is headquartered in Kuala Lumpur.
Allianz Life Insurance Malaysia
– The Allianz Life Insurance is one of its primary products while it offers other investment-related products as well. In 2012, Allianz was one of the fastest-growing life insurance businesses in Malaysia and this is still growing.
Mayban Life Assurance
– The subsidiary of Maybank and has a very unique business model. Unlike other life insurance companies, Mayban Life Assurance operates through the Maybank branch network and its specialists. This means that it has one of the largest networks in Malaysia via the Maybank business. Apart from life insurance, this brand offers other wealth management products as well.
Tokio Marine Life Insurance
– Tokia Marine is from Japan which has a history dating back to more than 100 years. In Malaysia, it has been around for well over 60 years and is regarded as one of the most stable life insurers in the world. Before it became Tokio Marine Life Insurance Malaysia, it was TM Asia Life Malaysia Berhad. The name became official in 2007 with the formation of the strategic alliance between Tokio Marine & Nichido Fire Insurance Co., Ltd. With Asia General Holdings the parent company of TM Asia Life. As an independent life insurance provider, it has achieved remarkable results over the years having been recognized in for the Best Brand in Life Insurance in Malaysia by the BrandLaureate Award for 2014-2015.
Hong Leong Assurance
– This is another brand that operates under a bank’s banner. Formerly known as Malaysia Pacific Insurance, it is able to ride on the success of its banking business in offering life insurance packages to its customers from all walks of life around the country. This is done through the Hong Leong Bank branches as well as direct-agents that operate nationwide. Today, Hong Leong Assurance Berhad is the largest life insurance company in the country and operates as a subsidiary of HLA Holdings Sdn Bhd name which is fully owned by the Hong Leong Financial Group Berhad. Life insurance packages from Hong Leong Assurance are catered for people at various stages of their lives. In 2016, Hong Leong Assurance was awarded the Domestic Life Insurer of the Year for Malaysia by Asian Banking and Finance.
Manulife Malaysia
– The Manulife brand might be quite new and recent in Malaysia, but it actually comes from a long history of other names that went through a series of branding and rebranding. Manulife Malaysia has actually been in the country since 1963 when it came under the branch of British American Insurance Co from the Bahamas. Many might remember the former John Hancock Life Insurance which was formerly known as British American Insurance. Today, under the Manulife banner, it has grown through a strong network of agents around the country offering one of the best life insurance packages to Malaysians. It now offers a comprehensive range of products in life insurance, retirement planning, investments and education through its other subsidiaries like Manulife Insurance Berhad and Manulife Asset Management Services Berhad.
Zurich Insurance Malaysia
– This is one of the most recent additions to the life insurance market after acquiring Malaysian Assurance Alliance Berhad a few years back. Since then, Zurich has been establishing a firm standing with over 1,000 employees and almost 5,000 agents around the country.
AmMetLife Insurance Berhad
AmMetLife Insurance Berhad is perhaps one of the most established names in the life insurance sector. It started out in 1973 when it was known as AmLife Insurance Berhad. The merger between AmBank Group and MetLife International Holdings in 2014 saw the birth of AmMetLife Insurance Berhad. Today, it is one of the reputable life insurance companies that provide various types of products offered through the vast network of the AmBank Group.
Etiqa Insurance Berhad
The name Etiqa came around in 2005 after the merger between Maybank Ageas and the Malaysia National Insurance Berhad. The former, which was then known as Mayban Ageas is the insurance and takaful arm of Maybank while the latter is the largest national insurer in the country. The merger also included Takaful Nasional Sdn Bhd. It took them about 2 years to become one of the top corporate insurers in Malaysia being associated with top corporations like Malaysia Airlines and Petronas Twin Towers, to name a few. Etiqa’s range of life and general insurance products are offered through its network of more than 15,000 agency force and the Maybank branches across the nation.
Hannover Rueck SE
There is a Malaysian branch of leading insurance provider Hannover Rueck SE. Operating at The Intermark in the heart of the city, this life insurance provider has been around since 1990 when it was a representative office. 5 years after that, it became a full-service branch. As a foreign name in the insurance and investment sector, it has a strong reputation among its customers, offering a wide range of life and health insurance products.
MCIS Insurance Berhad
Sanlam Group came around back in 1918 when it started out as a life insurance company. This would be the basis of what would become MCIS Insurance in Malaysia, one of the prominent names in life insurance of the country. MCIS became a licensed life insurer in Malaysia under the Financial Services Act 2013 where it has since grown to offer an attractive range of products in life and personal insurance.
Sun Life Malaysia Assurance Berhad
The Sun Life Malaysia Assurance Berhad’s name is sometimes perceived to be new but not many know about its exclusive bancassurance partnership with CIMB Bank. This means that it distributes its life insurance packages under the bank, which is one of the largest and widest in Malaysia. The name is actually the result of a joint-venture between Sun Life Financial and the Khazanah Nasional Berhad owned Avicennia Capital Sdn Bhd.
Gibraltar BSN Life Berhad(formerly Uniasialife)
Gibraltar BSN Life Berhad started out as UniAsiaLife Assurance. It was only after the RM518 million acquisition by Prudential Financial, Inc and Bank Simpanan Nasional in 2014 that saw the company changed its name to Gibraltar BSN Life Berhad. Today, it has grown by leaps and bounds as a life insurance provider where it offers these products to Malaysian of all stages. What makes the packages so interesting is that they are designed to be very simple and affordable. Customers can be insured through life protection, investments, retirements and others.
You MUST ask this about your Medical Insurance
Buying insurance is a long-term commitment. When you have medical insurance, it is extremely important to know what you are getting into or it could spell trouble later.
Dispel the misconceptions
In any form of insurance, the cheapest does not always mean good. But this does not mean you should buy the most expensive either. What you want from your insurance is to have sufficient coverage and get what you pay for. Straightforward plans like life insurance can be quite easy to understand but with your medical insurance, you might want to be more concerned and detailed. Here are some of the questions (and issues) you must look into when getting medical insurance.
What does it come with (and without)
First things first. Your medical plan should give you the most important thing you need and that financial assistance for medical expenses including hospitalization and such. Anything more than that would be a bonus. You have 2 types of plans to choose from which are:
- Basic plans – Mostly covering medical expenses that include hospitalization and other treatment costs. These plans are priced according to the level of service (and treatment) you could get like ward room sizes and types.
- Income plans – This usually covers the protection for your income if you are hospitalized and your income is affected.
Does it cover all the critical illnesses?
Most medical insurance today will cover the cost for most critical illnesses as it is what the plan is all about. The only issue is that the treatment cost might take up most of the coverage which means you might not have much left if you need treatment in the future. Hence, if you are looking to protect yourself from this, you should get a separate critical illness plan which is not the same as your medical insurance.
Is the cheapest any good?
You need to first determine how much you can afford to pay every month for your medical insurance. This would then help to ascertain if you should go for the cheapest plan you can find. Obviously, the higher your premium is, the more coverage you would get but that does not mean you do not get much with a cheaper alternative. The only difference is in the amount of your treatment and the medical services you could receive.
I have an illness currently, will that affect my next medical insurance?
Yes. Insurance companies have major exclusions when it comes to pre-existing illnesses (if any) that you might have before your new medical coverage starts. There is a waiting period even for those with no pre-existing illnesses that can range from 3 months to 2 years, depending on the situation. That is why you are always advised to get your medical insurance as early in life as possible.
With medical insurance, do I still need to pay when I admit into the hospital?
To some extent, yes. A lot of policyholders think that with medical insurance, hospital admission is totally cashless and that they do not need to pay a single sen. There could be administrative fees while some hospitals require a deposit or a payment upfront. It would be best to check with your insurance provider on what the procedure is before you decide. In most cases, these payments are very minimal and they are usually refundable after processing or when you are discharged from the hospital.
How do I make an insurance claim?
Depending on which insurance company you have a policy which, the claiming process varies. But they usually fall into either one of the two following:
- Cashless: You are required to have your medical card with you. Just present your card at the hospital, call your agent, or the company’s hotline number and they will process.
- Pay first, claim later: This is in situations when you have to pay with your own cash and then make the claim with the insurance company after the treatment.
What is the process involved in claiming?
If you have a minor accident or need some medical treatment at the hospital:
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- Call your agent or insurance company about your situation and why you need the treatment.
- If you do not have your medical card with you, ensure you have your MyKad. Some insurance companies will allow you to go cashless this way.
What should I do when making the claim?
- Check your policy: The most important thing you need to know is what is provided in your policy. Make sure that you are not taking a treatment or service that is not covered or you will have to pay for it yourself later.
- Panel: Check to ensure that the hospital you are getting your treatment is in the panel of networks as stated in your policy.
- Non-panel: There are some hospitals that might not be in the panel of your insurance company. You would most likely be required to make an upfront payment for this. Check with your insurance company about this before proceeding.
- Companion: If possible, bring along a friend or family member to help you especially during check-in.
Is COVID-19 covered in my current medical insurance?
If you are a life insurance holder in Malaysia, COVID-19 is covered while some have given additional coverage as well. This covers the diagnosis of COVID-19 as well as death or treatment due to the virus as well.
Who should I call to make a claim?
All insurance companies will have their respective hotline numbers. Be sure to save the contact information and your policy number in your phonebook. Among them are:
- Etiqa Malaysia: 1 300 88 1007
- AIA: 1300 88 1899
- Tokio Marine Malaysia: 03 2603 3999
- AIG Malaysia: 1 800 88 8811
- Manulife Malaysia: 1 300 13 2323
- Great Eastern Life: 1 300 13 1088
- Prudential Malaysia: 03 2771 0288
- AXA Malaysia: 1800 88 1033
- Allianz Malaysia: 1800 88 1138
- Zurich Malaysia: 1 300 88 8622
- MSIG Malaysia: : 1800 88 6744
