The insurance industry in Malaysia is undergoing a change that's promising to reduce insurance costs for us. While we have earlier looked at i-Lindung and Perlindungan Tenang campaigns and the basic no-frills insurance products that insurance companies in Malaysia have responded with, from AIA, Prudential, Great Eastern to Etiqa, FWD, AXA, and Tokio Marine, the biggest surprise this time around comes from a private company - Fi Life - that aims to be the cheapest insurance provider for specific (read this as - lowest risk) market segments, particularly middle-aged women.
Fi has priced their headline product - RM500,000 in term life insurance for a 30-year old woman at exactly RM30 per month. You can try comparing this to any other insurance company in Malaysia - this is by far the cheapest we've ever seen. Fi is so confident in it's pricing that it will refund you the difference if you ever manage to find a better deal.
You can also include coverage for accelerated critical illness benefit, for up to RM250,000. This is probably more relevant for us, as term life insurance is to ensure the people we leave behind do not run into financial distress, whereas CI coverage is to help us get through difficult, sometimes life-threatening illnesses. A common example is being diagnosed with cancer, and the physical, mental, emotional and financial trauma we go through. Having appropriate insurance coverage for such situations are a great help.
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