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insurance

9 Things You MUST Know Before You Buy Insurance in Malaysia

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Everyone wants insurance. But barely anyone wants to be ‘sold’ one. This fact has exasperated insurance agents like crazy since the beginning of time.

I’ve been researching how to buy insurance in Malaysia for a while now. It started when I was in my early 20s, a good decade ago. And it’s time to compile everything I know *so far* in an article, for my own reference and yours.

Some notes before we start:

  • Insurance =/= takaful, but they serve more or less the same purpose – protection. I’ll just use the term insurance for the rest of this article, lazy la to type insurance/takaful
  • Yes non-Muslims can absolutely get takaful, and Muslims can get conventional insurance. No one will stop you (except the Gates of Heaven oop-)
  • There are many types of insurance, but in this article we’re specifically talking about the ones for humans, not property, car, travel or pets
  • I’m not an agent and my knowledge on insurance is limited, beyond what was shared to me from people in the financial industry. If anything below is wrong/inaccurate, please comment and I’ll edit

Let’s go-

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[SPONSORED] Investment-Linked Products, As Explained By the CEO of Life Insurance Association of Malaysia

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As part of an outreach campaign, members of the financial media – including personal finance bloggers like yours truly – were invited to the office of Life Insurance Association Malaysia and treated to a first-hand presentation of the latest update within the investment-linked products industry.

Even the CEO of Life Insurance Association of Malaysia (or LIAM for short), Mark O’Dell attended the meeting. He’s like the top boss in the insurance industry. His background is very, very impressive. Happy to report he was approachable in person.

investment linked product

Let me share with you how LIAM explains investment-linked products. It’s quite clever.

Investment-Linked Products, explained using Nasi Lemak

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[SPONSORED] I Asked Hard Questions to the CEO of PIDM 

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As I sat down with Rafiz Azuan Abdullah, the CEO of PIDM or Perbadanan Insurans Deposit Malaysia and asked my questions, it occurred to me that this man is truly at peace with doing a thankless job. 

If you’re unfamiliar with what PIDM does, they are basically a government authority that provides protection for your deposits, as well as takaful and insurance benefits in the unlikely event a PIDM member institution fails.  

For example, let’s say Bank X somehow goes bankrupt and you have RM10k saved there. As Bank X is a PIDM member bank, PIDM will make sure you get your RM10k back immediately.

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[SPONSORED] Revealed: How Takaful Products Get Created (from the Team that Made i-Great Aman) 

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It’s not every day that you get to ask about the takaful plan creation process directly from the people who actually create them for a living.

That’s right, these two ladies from Great Eastern Takaful Berhad makes takaful products. From scratch. They don’t distribute them (that’s the agents’ job). They make them. 

Say hi to Ms. Nurul Sheila Khalib and Ms. Azlina Ideris from the Product Development team at Great Eastern Takaful Berhad (two ladies sitting on the left). 

i-great aman
As someone who is fascinated by behind-the-scenes of the financial industry in Malaysia, I really want to thank them for sharing with me and RoR readers how the takaful creation process looks like.

Here are the 4 stages.

Stage 1: Ideation 

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All the Financial Tools I Use for My Own Money Management (Malaysia-Specific)

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The other day I was listing out all the financial tools that I personally use for money management in my notebook, and the list got kinda long.

That got me thinking – all of you must have your own money management system, right? Even if it’s in your head, even if it’s messy. You know, more or less, that the money in account X is for daily use and the money in account Y is earmarked for, say, retirement.

I did that list because (1) it’s good to know exactly what I have and what I use it for and (2) I don’t want to accidentally forgot about an account, which happens more often than you’d think (that’s why there’s over RM5.77 billion in unclaimed money???).

So here you go – an article compiling all the financial tools I use for my own money management. Please don’t @ me if any of them sucks for you – they’re just the best option for my situation right now – I’m not loyal to any of them and happy to switch to better solutions as and when it suits me. Also please don’t take anything here as investment advice.

The financial tools are arranged in this order:

  • Bank account
  • Credit cards
  • Debit cards
  • Pre-loaded/Loyalty cards
  • E-wallets
  • International money transfers/payments
  • Investment
  • Retirement
  • Insurance
  • Estate-planning
  • Accounting
  • Budgeting app
  • Other accounts with money inside it
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[SPONSORED] What Does PIDM Do and Why Should YOU Care?

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When Perbadanan Insurans Deposit Malaysia – PIDM for short – contacted me about doing a paid collaboration, I was confused. Unlike other sponsored post inquiries I get, PIDM has no products or services to sell. If anything, their services are (1) free and (2) automatic.

Then they told me their reasons. They’re to:

  • Promote awareness on PIDM’s protection services so that people are assured that their deposits, takaful and insurance benefits are safe;
  • Inform which financial products are protected to prevent scams by unscrupulous parties, and;
  • Let people know what they should do IN CASE their banks, takaful and insurance companies go bankrupt (stay calm, see #3).

So apparently – and I didn’t know about this before – there are people out there who scam your family and friends because they don’t know about PIDM?? That is horrible! And this is why PIDM wants to tell the public who they are and what they do!

So I said yes, and together we created this plain-English article about what PIDM does.

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Telemarketer sales tactics you should know (by an ex-telemarketer)

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telemarketer sales tactics

When I was 17-18, I worked as a telemarketer for about 3 months. For an outsourcing company, on behalf of a major insurance provider. I can’t remember the name of the insurance company, or even the product name now. That’s weird, because day-in, day-out, I repeated the same script in hundreds of cold calls.

I earned at least RM3000 per month in those 3 months. This was the point in my life when I knew I could do sales.

Here are some telemarketer sales tactics, and tips for you to resist them.

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