Insurance Plan: Why Every Adult Needs It

An insurance plan can do more than just pay your bills, it adds to the quality of your life too. Learn some of the most popular benefits and why people choose to invest in them.

by Etiqa Malaysia

During a conversation with a group of people in their mid-30s, it was found that a small percentage of them didn’t have an insurance plan and have only thought about it in passing. When asked what they would do in the event of an emergency, their responses were along the lines of “my company provides medical insurance.”

The idea of this is unsettling as it leads to further questions – what happens if you’re no longer employed? Are you financially secure to support a sudden hefty medical bill? Have you thought about life in the long term? The benefits of insurance are far too many to summarize in a single article, so here are the 4 of the most common reasons the majority of people invest in it.

You Gain Financial Security

Firstly, the most obvious reason for having an insurance plan is that it’s an ideal form of financial security for everyone. The truth is, anything can happen at any time, regardless of how well we try to stay clear from mishaps. Whether it’s a sudden accident, an unfortunate illness or the onset of diseases that occur as we age, a quality insurance plan would be able to cushion your finances and take care of the bills.

While it’s understood that not everyone can afford extensive medical plans, the e-Medical Pass by Etiqa was designed to be as affordable as possible while offering great value starting from as low as RM1.74/day.

You Can Plan Ahead for Long Term Care

As a handful of people tend to rely on their employers for medical coverage, it must be noted that the coverage may not be sufficient and is only valid through your employment. Whereas a personal plan will take care of you now and through your senior citizen years. Additionally, the earlier you sign up for a medical plan, the better your options, coverage and value. A latter application may come with the risk of lower coverage and higher value.

For example, if you wait to sign up for an insurance plan and develop any sort of lifelong condition before your application, that particular condition may not be covered by your insurance provider.

Another way you’re able to plan for the long term is with life insurance. If you have dependents such as elderly parents, a spouse or children, this is definitely something to look into. A life insurance plan will ensure your kin is taken care of financially if you are unable to due to disabilities or demise.

You Can Manage Your Own Coverage

One of the best things about owning your own insurance plan is having the freedom to curate your coverage according to your personal needs and affordability. Basic medical coverage has its limitations and doesn’t include certain critical diseases. To add financial support to your plan, you’re able to add on niche coverage options for a plan best suited for yourself and your family.

To exemplify this, if cancer is something that has occurred in your family, you would want to ensure you are financially protected against the cost of treatment as well. In this case, look into expanding your insurance portfolio with cancer-specific plans such as the e-Cancer Care by Etiqa. In the unfortunate event of a diagnosis, you can focus on treatment and recovery without worrying about affording the bills.

You Can Be at Ease When You Expect the Unexpected

 As with all things in life, nothing is guaranteed. Unfortunate events can happen at any time; more often than not, catching you off-guard when you least expect it. With an insurance plan in place, you’re able to focus on solutions while ensuring your finances will be protected through most situations.

Did you know the cost of medical care increases by 15% on average every year?* The cost of an insurance plan is something you can budget for; whereas the unexpected hefty bills that come with sudden medical care for an emergency, long-term disease and other events can shake your financial security in a minute. A quality plan can prevent this risk and keep things on track.

Additionally, be at peace knowing that you would have access to a wider range of healthcare facilities and not limited to public hospitals only. Depending on your insurance plan, you would be able to pick a hospital-based on its specialists, location, convenience and service too!  

In a nutshell, the benefits of having an insurance plan are plenty and investing in it is necessary. With a quality plan in place, you would be able to live a quality life with one less thing to worry about. If you’ve yet to get the protection you need, hop over to the Etiqa to view some of the best value-added options and plans. The brand has an e-commerce platform, allowing you to skip the paperwork, check-ups and hassle so you can sort out your application instantly online.

This article is brought to you by Etiqa Malaysia.


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References

https://www.malaysia-health-insurance.com/information/cost/

About the Writer
Etiqa Malaysia
Etiqa is the leading insurance and takaful provider in Malaysia under Maybank Group. Etiqa is committed in educating Malaysians on all things insurance, finances and health.
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