buy insurance for total permanent disability Malaysia

What are the 5 insurance policies I should have?

Total permanent disability 

This refers to a condition where individuals are no longer able to work like they used to because of injuries. Hence, workers are encouraged to buy insurance for total permanent disability Malaysia should the need arises. 

There are 2 classes to this according to insurance companies – temporary or permanent which is then paid out accordingly. This depends on how much can the individual perform work. A temporary partial disability prevents an individual from working full-time. Meanwhile, a temporary total disability prevents a person from working for a period of time. 

However, an individual is not qualified for TPD benefits if there are other treatment options that could possibly cure them or their doctor notes that there is a possibility that they might improve in the future. 

Total permanent disability may occur when an individual had lost the use of their limbs, and injuries that left the policyholder from working as they were before. Hence, if an individual retires or leaves their work based on a reason that isn’t related to the injury, then the support is stopped. 

Life insurance

This type of insurance supports the people that are financially dependent on the policyholder. Such as parents, partners, children, or other loved ones who depend on policyholders who might go through financial hardship once they’ve passed. Consider how much you earn per year and the years you planned to be employed along with burial costs as well, then, purchase a policy to replace your income.

Health insurance

Take into account health insurance as you might need it in the future. The policy can help shield individuals in case of unexpected events – such as fatal diseases, sickness, and so on. 

Homeowner’s Insurance     

This policy helps you cover the replacement of structure and contents of your home, whilst also covering your cost of living while you are staying somewhere as your home is being repaired. The cost to replace it might be more or less depending on the age of your home and the amenities that it contains. Also, count in the cost upgrades as well. Most importantly, the policy should also cover any liabilities in case there is any injury that might occur on your land. 

Automobile insurance

Even though you are driving an old car, and you think that you should skip car insurance, it’s not recommended. This policy covers in case you are met with an accident, and someone is injured, or any properties of theirs are damaged. Hence, if you don’t have any policy then you might have to cover all that yourself or face a lawsuit that might cost you everything you own. Even a small coverage can reduce the risk of putting everything you own on the line.  

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