Questions to Ask Before Buying Insurance

looking for high annual coverage insurance plan Malaysia

Are you looking for high annual coverage insurance plan Malaysia? Do you know how to buy insurance? What should you look for? What are the red flags? Insurance is extremely important when it comes to protection. Just getting the first one you find without knowing if it’s a good fit for you is a recipe for disaster. So, how exactly should a person go about purchasing insurance? 

Is it right for me?

Firstly, you need to ask yourself if this is the best policy for your needs? Having an insurance policy is equivalent to having a safety net. When you have insurance, your back is covered in the event of any unforeseen accidents. This is why choosing the right one is so important. When you have a car, you buy car insurance. Homes have homeowners insurance and for people, there are a variety of insurance policies that cater to different needs. Investment linked plans, medical coverage, life insurance, the list goes on and on. Before committing yourself to anything, you need to know your own needs. What is important to you? There is no point buying every insurance under the sun and paying through the nose for identical policies with only the most minute differences. That is just a huge waste of money. Consider your family history, medical history, hobbies etc and research which policies will best fit your needs. After all, what is the point in buying insurance if it doesn’t cover you when you most need it. 

Can I afford it?

looking for high annual coverage insurance plan Malaysia

Now you have found a policy that fits your needs. The next part is to determine if you can afford it in the long run. There is no point in committing to something and then discovering that you are not able to afford it after a few years. Not only will you have wasted your money, especially if getting a refund is out of the question, but you will have wasted a lot of time as well. Always remember that it is better to have a basic and simple policy that you can afford rather than no policy at all. You can always take out another policy or upgrade the one you currently have if your financial situation improves as time goes by but you cannot just decide to downgrade or cancel it if you find difficulty paying the premium, unless you want to incur a huge financial loss

How should I purchase it?

looking for high annual coverage insurance plan Malaysia

You are confident in the policy you have chosen and decide that this is the one you want. So, how do you purchase it now? Should you do it online or through an agent? Both these options have their pros and cons. While purchasing from an agent can be a little more costly as you will be covering their commission as well, you will be able to receive support in a more timely manner. It’s much easier to shoot a text to the agent should you have any questions or concerns than to go to the company’s website. On the flip side, buying online, when that option is available, is a little cheaper but getting assistance will be a chore. 

Whatever the case may be, it is always important to do proper research before committing to a policy. Take the time to do research because regretting later is not an option. 

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