[vc_row equal_height=”yes” content_placement=”middle” css=”.vc_custom_1602488691191{padding-right: 0px !important;padding-left: 0px !important;}”][vc_column css_animation=”slideInUp” width=”1/2″][vc_single_image image=”10477″ img_size=”500×500″ alignment=”center”][vc_custom_heading text=”Linda lor, Head of Sales Management, Allianz General Insurance Company (Malaysia) Berhad” font_container=”tag:h4|text_align:left”][vc_single_image image=”10211″ img_size=”500×500″ alignment=”center”][vc_custom_heading text=”Ooi Haw Yun, Chief Product Officer, Allianz Life Insurance (Malaysia) Berhad” font_container=”tag:h4|text_align:left”][/vc_column][vc_column width=”1/2″][vc_text_separator title=”” color=”black” border_width=”3″][vc_custom_heading text=”Your guide
” font_container=”tag:h1|font_size:34px|text_align:center|color:%23ed1c24|line_height:34px” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”appear”][vc_custom_heading text=” to buying ” font_container=”tag:h1|font_size:34px|text_align:center|color:%23ed1c24|line_height:34px” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”appear”][vc_custom_heading text=”insurance premiums” font_container=”tag:h1|font_size:34px|text_align:center|color:%23ed1c24|line_height:34px” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”appear”][ultimate_fancytext strings_textspeed=”350″ strings_backspeed=”0″ fancytext_tag=”h3″ fancytext_strings=”By Ridzvaani Nagarajen” strings_font_style=”font-weight:normal;font-style:normal;” strings_font_size=”desktop:15px;” fancytext_color=”#ed1c24″ strings_font_family=”font_family:Montserrat|font_call:Montserrat|variant:regular”][vc_text_separator title=”” color=”black” border_width=”3″][/vc_column][/vc_row][vc_row][vc_column css=”.vc_custom_1602492080055{padding-right: 40px !important;padding-left: 40px !important;}”][vc_row_inner][vc_column_inner][vc_empty_space height=”2em”][vc_column_text]It is true that we can’t predict nor prevent any unexpected incidents from happening in our daily lives such as accidents, injuries and health conditions. However, at some point, we’re all able to get some protection and for the majority of us, it’ll only be possible to receive these protection through insurance.
Buying insurance is a personal choice especially when it comes to deciding how to manage the risks you might encounter when things go wrong. When purchasing insurance, it is of utmost importance to make sure you have a good understanding of the risks you might encounter, the value of the insurance and how it’ll help you at times of need.
If you’re not sure what are some of the important factors to take into account when purchasing insurance, fret not as we spoke to Linda Lor, Head of Sales Management, Allianz General Insurance Company (Malaysia) Berhad, and Ooi Haw Yun, Chief Product Officer, Allianz Life Insurance (Malaysia) Berhad to share their knowledge on a basic guide to buying insurance.
[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row css=”.vc_custom_1597027682459{margin-top: 3% !important;margin-bottom: 3% !important;padding-right: 0px !important;padding-left: 0px !important;}”][vc_column][ultimate_carousel slides_on_desk=”1″ slides_on_tabs=”1″ slides_on_mob=”1″ infinite_loop=”off” autoplay=”off” next_icon=”ultsl-arrow-right2″ prev_icon=”ultsl-arrow-left2″ dots_color=”#ed1c24″ adaptive_height=”on” centermode=”” item_space=”0″][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”10172″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″ css=”.vc_custom_1602666916263{margin-top: 3% !important;padding-right: 20px !important;padding-left: 0px !important;}”][info_list font_size_icon=”24″ eg_br_width=”1″ connector_animation=”fadeInUp”][info_list_item list_title=”What does insurance premium stand for?” list_icon=”Defaults-comments” animation=”fadeInUp”]Insurance premium is the amount of money an individual or businesses pays for an insurance policy. Insurance premiums are paid for policies that cover both general and life insurance.
General insurance is an insurance product that does not cover the life of an insured or is commonly known as a non-life insurance product. There are two categories for general insurance products which are:
The Commercial Line: Offered to businesses or corporations
The Personal Line: Designed specifically for the public.
The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis. Life insurance on the other hand, is a contract with an insurance company, where the insured individual will pay a set amount of premium monthly, quarterly, bi-annually or annually in exchange for a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Presently, most life insurance provides compensation for Total Permanent Disability (TPD), to protect the insured and his or her family in the event of the loss of ability to generate income.[/info_list_item][info_list_item list_title=”What factors determine the premium?” list_icon=”Defaults-comments” animation=”fadeInUp”]For life insurance, key factors that determine the cost of the premium are based on age, gender, health, lifestyle and medical history among others. However, general insurance premiums are taken for motor or non-motor insurance. For example, under motor insurance, the insurance companies will consider factors such as:
- Type and age of the car,
- Number of claims made,
- Driver’s age,
- Gender in underwriting the policy.
Under non-motor segments such as home insurance, the built up area, location and if the house is renovated are some of the factors that are taken into account.[/info_list_item][/info_list][vc_custom_heading text=”“When purchasing insurance, it is of utmost importance to make sure you have a good understanding of the risks you might encounter, the value of the insurance and how it’ll help you at times of need.“” font_container=”tag:h5|text_align:center|color:%23ed1c24″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”appear”][vc_empty_space height=”2em”][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”10307″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″ css=”.vc_custom_1602667234358{margin-top: 3% !important;padding-right: 20px !important;padding-left: 0px !important;}”][info_list font_size_icon=”24″ eg_br_width=”1″ connector_animation=”fadeInUp” css_info_list=”.vc_custom_1602664985958{margin-top: 2em !important;margin-bottom: 2em !important;}”][info_list_item list_title=”How are insurance premiums calculated?” list_icon=”Defaults-comments” animation=”fadeInUp”]Insurance premiums are calculated based on several factors. For life insurance, among the factors are:
- AGE: Insurance companies look at age because that can predict the likelihood that you’ll need to use the insurance. With health insurance, younger people are less likely to need medical care, so their premiums are generally cheaper. Premiums increase as people age and have a higher chance of needing more medical services.
- THE TYPE OF COVERAGE: There are several options presented when you decide to buy an insurance policy. The more comprehensive coverage you get, the more expensive it will be.
- THE AMOUNT OF COVERAGE: The less coverage, the cheaper the premiums will be and it doesn’t matter what you’re insuring for.
Under general insurance, there are a few factors that are taken into considerations when premiums are calculated. For example, some of the factors that are important when buy a car insurance would be:
- The car’s gross market value,
- No-claim discount and manufactured year,
- Location and cubic capacity among others.
[/info_list_item][info_list_item list_title=”Who decides on the insurance premium an individual should take?” list_icon=”Defaults-comments” animation=”fadeInUp”]The only person who can decide this would be the person who is purchasing the insurance. Again, it boils down to the type of coverage that’s needed and how much you can afford to pay on a monthly or annual basis.
Same principle applies for parents buying policy for their children for the first time. It is very important to have a budget set aside so that the policy in force won’t lapse. It is always good to approach an agent who is trained to advise you on the best coverage you should be getting based on your needs.[/info_list_item][info_list_item list_title=”Should people purchase an insurance premium according to their age?” list_icon=”Defaults-comments” animation=”fadeInUp”]In insurance, there is no one size fits all policy. It is down to one’s own objectives, risk and most importantly, budget. For each age segment, there are various types of products each insurance company in the market can offer such as savings, investment to women-related.
The best would be to speak to an agent and share your thoughts and ideas on what you’re looking for in an insurance policy and the agent will advise you accordingly.[/info_list_item][/info_list][vc_custom_heading text=”“In insurance, there is no one size fits all policy. It is down to one’s own objectives, risk and most importantly, budget.“” font_container=”tag:h5|text_align:center|color:%23ed1c24″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”appear”][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”10331″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″ css=”.vc_custom_1602667248327{margin-top: 3% !important;padding-right: 20px !important;padding-left: 0px !important;}”][info_list font_size_icon=”24″ eg_br_width=”1″ connector_animation=”fadeInUp”][info_list_item list_title=”Do parents need to buy insurance for their toddlers or children?” list_icon=”Defaults-comments” animation=”fadeInUp”]Yes, parents are encouraged to buy insurance for their toddlers or children and usually, it will be the medical related ones. With many private hospitals available and the cost of medicine and medical-related services rising, parents would usually opt for the medical cards to help ease medical payments for their child’s treatment or monthly check-up.[/info_list_item][info_list_item list_title=”What type of insurance premium should older adults purchase?” list_icon=”Defaults-comments” animation=”fadeInUp”]Insurance for older adults ranges from:
- Health
- Motor
- Home
- Life insurance
From a health perspective, it would be:
- Maximum coverage age
- Annual and lifetime limits of the insurance policy
- The cost of the premium
Apart from that, as one gets older, one tends to stay home more often, hence, a proper home insurance coverage against fire or invasion should be a top priority to ensure the house, everyone living in it and its contents are well protected.[/info_list_item][info_list_item list_title=”At what age should people buy life and medical insurance premium?” list_icon=”Defaults-comments” animation=”fadeInUp”]It doesn’t matter what type of insurance you’re planning to buy, but it would be ideal to buy them when you’re young. Having a life, medical or any other insurance policy will act as a financial safety net for you and your family in the event of an untimely incident and can also serve to replace the loss of incomes or pay off debts. A younger and healthier policyholder will also receive a more comprehensive coverage as you will have a clean bill of health. Plus, you would save a lot on the premium too.[/info_list_item][info_list_item list_title=”How does insurance benefit people’s life?” list_icon=”Defaults-comments” animation=”fadeInUp”]Insurance in a nutshell is protection, therefore it protects us in our hour of need, be it health, home or vehicle. It is best that our parents see the importance of insurance early and start getting ourselves covered from young until adulthood. Having this positive attitude in seeing the importance of insurance from an early stage can help spur more people to get covered and at the same time, increase the insurance penetration in the country which the government previously set at 75 percent.[/info_list_item][/info_list][vc_custom_heading text=”“Having a life, medical or any other insurance policy will act as a financial safety net for you and your family in the event of an untimely incident and can also serve to replace the loss of incomes or pay off debts.“” font_container=”tag:h5|text_align:center|color:%23ed1c24″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css_animation=”appear”][/vc_column_inner][/vc_row_inner][/ultimate_carousel][/vc_column][/vc_row][vc_row css=”.vc_custom_1594189719583{padding-right: 0px !important;padding-left: 0px !important;}”][vc_column][vc_row_inner][vc_column_inner][vc_text_separator title=”READ MORE” title_align=”separator_align_left” align=”align_right” color=”custom” border_width=”9″ accent_color=”#dd3333″ el_class=”read”][bs-grid-listing-1 columns=”3″ show_excerpt=”1″ title=”” icon=”” hide_title=”0″ heading_color=”” heading_style=”default” category=”14,29,13″ tag=”” count=”3″ post_ids=”” offset=”” featured_image=”0″ ignore_sticky_posts=”1″ author_ids=”” disable_duplicate=”0″ time_filter=”” order=”DESC” order_by=”date” _name_1=”” post_type=”” taxonomy=”” _name_2=”” cats-tags-condition=”and” cats-condition=”in” tags-condition=”in” tabs=”” tabs_cat_filter=”” tabs_tax_filter=”” tabs_content_type=”deferred” paginate=”none” pagination-show-label=”0″ pagination-slides-count=”3″ slider-animation-speed=”750″ slider-autoplay=”1″ slider-speed=”3000″ slider-control-dots=”off” slider-control-next-prev=”style-1″ ad-active=”0″ ad-after_each=”” ad-type=”” ad-banner=”none” ad-campaign=”none” ad-count=”” ad-columns=”1″ ad-orderby=”date” ad-order=”ASC” ad-align=”left” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” override-listing-settings=”0″ listing-settings=”” bs-text-color-scheme=”” css=””][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row equal_height=”yes” content_placement=”middle”][vc_column width=”1/2″ css=”.vc_custom_1594697216061{margin-bottom: -10% !important;}” offset=”vc_hidden-sm vc_hidden-xs”][vc_custom_heading text=”5.0″ font_container=”tag:h2|font_size:60|text_align:right|color:%23000000″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal”][/vc_column][vc_column width=”1/2″ offset=”vc_hidden-sm vc_hidden-xs”][vc_custom_heading text=”Out of” font_container=”tag:h2|font_size:22|text_align:left|color:%23000000″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1594696759538{padding-top: 10px !important;padding-bottom: 0px !important;}”][vc_custom_heading text=”5 Stars” font_container=”tag:h2|font_size:22|text_align:left|color:%23000000″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1594697016740{margin-top: -6px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][/vc_column][/vc_row][vc_row equal_height=”yes” content_placement=”middle”][vc_column css=”.vc_custom_1594780415864{margin-bottom: -10% !important;margin-left: -4% !important;}” offset=”vc_hidden-lg vc_hidden-md”][vc_custom_heading text=”5.0″ font_container=”tag:h2|font_size:45|text_align:center|color:%23000000″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1594784592259{margin-bottom: -1% !important;}”][vc_column_text]
Out of
5 Stars
[/vc_column_text][/vc_column][/vc_row]
