Which life insurance package should I choose?

Which life insurance package should I choose? That’s the question that I ask when I started my first job after university. Everyone need an insurance package (Rich people might don’t need it). We need it on emergency. Therefore, life insurance is a must for me.

There is lot of life insurance packages in the market. Some of them are investment, saving link. And some are just life insurance. And some include 36 critical illnesses coverage. Most of them will come with personal accident coverage too. However, which life insurance package is suitable?

Mutual Life Plus 2 Coverage
The Mutual Life Plus 2 is a term insurance policy which protect you against;
A. Group Term Life (GTL)
B. Group Personal Accident (GPA)
C. 36 Critical Illnesses

I selected Mutual Life Plus 2 from Public Mutual. It is an insurance package especially designed for unitholders of Public Mutual. I still remember that it only cost RM750 for RM200,000 life insurance package coverage when I signed up. The cost increased to RM950 the next 5 years. And RM1100 from now onward. It does not include any investment or saving on this package. Whatever you pay for this package will fully use for insurance. Therefore, you get higher coverage. That’s what I prefer.

On average investment link insurance package in the market, it is priced at RM1800 to RM2000 last 5 years (I did not do research lately, not sure what is pricing for it now). Anyway, I did not select investment link package due to low coverage @ RM50,000 only. Try to ask yourself. What can you do with RM50,000 nowadays? If you caught in an accident, can this RM50,000 manages to cover your life expenses when you are disabled? I don’t think so.

Which life insurance package do you own?

  • I’m using AIA Personal Accident only. Cheap. RM195 a year only.

  • I agree on that 50K is not enough to cover anyone’s permanent disability. I really forgot what is my insurance package after reading your post, think is time to revise back the plan 😀

  • i take from takaful ikhlas.