Here’s How You Can FINANCIALLY Prep Yourself to Face Costly Everyday Problems

Featured image credits: Miriam Merry Go Round

Every year, Malaysians are faced with the ongoing struggle of inflation and constant price hikes.

This is why it’s crucial that Malaysians manage their finances carefully! Sure, everybody has heard about the importance of budgeting their expenses and saving money, but there’s more to that to ensure you don’t go broke.

Unfortunately, there are always circumstances that force us to spend more money than we initially planned to. Some of these instances include happy occasions, like birthdays or weddings; while others can be downright costly and upsetting, like car accidents or getting hospitalised. These problems can even cost a bomb!

Well, if you don’t like getting caught off-guard by nasty surprises and would like to be financially prepared, insurance planning would be able to provide you with the protection you’re looking for. It might seem like an unnecessary expense, but that’s only if you aren’t getting the right insurance. Otherwise, insurance is the fee you pay (which has certain tax benefits) to safeguard against incidents that can be potentially devastating to your finances. Here are some of the ways Malaysians can actually be financially prepared to face common and costly everyday problems, with Allianz insurance plans:

 

1. Customizable home and contents insurance can make a serious difference if something happens

Your home is probably your most valuable possession, and it’s not just because of the insane prices these days. It’s your safe haven, somewhere you can relax and recharge.

In view of this, we do our best to make sure our homes are always in tip top condition. Alas, there are always things that aren’t in our control and this can cause severe damages to our homes. Fires, floods, break-ins, and even burst pipes can cause serious damage. These repairs and/or replacements are unlikely to come cheap.

But what adds insult to injury is that while you might already have home insurance, it might not provide you the right cover or the right amount for your needs. Is it possible that you are over-paying or paying less and still not be sufficiently covered? Allianz has a customizable home insurance plan called Smart Home Cover, where you can determine your protection components as well as the coverage amount for your home and valuables. Whether you’re a homeowner, renter, or landlord, the plan can be tweaked accordingly. Try Smart Home Cover now to find out how much your home insurance premium would cost depending on your needs! Or even buy it online!

 

2. The cost of comprehensive coverage car insurance outweighs the cost of car repairs

Source: Youtube

Road accidents are (unfortunately) so common in KL that we see one almost every day. In fact, according to Bloomberg, Malaysia ranks third in the world for country with the riskiest roads. Drive safe out there guys!

Accidents are unpredictable and if you’ve ever been in one, you’d know that the cost of repairs are SHOCKING. It’s even more expensive if you hit another car or suffer injuries.

Well, one way to avoid forking out a few hundred, or thousand ringgit, is by claiming for accidents with the Allianz Car & Motor Comprehensive Cover instead, which protects your car against liabilities to other parties as well as losses and damages to your car or a third party’s car.

 

3. Medical insurance is CRUCIAL because healthcare inflation rates are in the double digits

When it comes to our health, it can be quite unpredictable. You see scary stories in the news all the time about diseases and sudden health problems. One mosquito bite could end you up in the hospital for days or weeks. Of course, you hope it doesn’t happen to you but it’s always good to be prepared.

Unfortunately, the cost of medical treatment is on the rise, with an annual inflation rate of over 11 per cent, so the bills can be extremely expensive!

Hence, it’s very important to get a medical insurance plan that can protect you and your loved ones against medical inflation. It’s especially good to get medical insurance with a high (or no) limit for your long-term medical protection. Allianz MediSafe Infinite, has no lifetime limit and a high annual limit (up to RM1.5 million), including a wide range of benefits, so that Malaysians can claim for out-patient Dengue or Typhoid fever treatment, post-hospitalisation benefits, surgeries, hospital rooms and much more.

 

4. Get the right insurance plan for dealing with critical illnesses

Critical illnesses are another important category to look at. Should you be diagnosed with an illness that’s deemed critical, not only is your life on the line, but the medical bills are also another issue to stress about. The last thing anybody wants to worry about in that position is if they can afford the treatments. The cost of treatment can go up as high as millions of Ringgit and it’s only made worse by not being able to work.

Instead of worrying about the bills, safeguard yourself beforehand and give yourself peace of mind. Critical illness insurance will give you a lump sum for you to use as you see fit, be it for your medical treatment, your family’s living expenses, or whatever you need. You should just focus on getting better!

Of course, it’s also best if your critical insurance covers you even at early stage diagnosis as early treatment gives the highest chance of recovery.

With the Allianz Prime Care plan, Malaysians can get comprehensive coverage against over 100 critical illnesses from early to advanced stages.

 

5. Ensure your loved ones are taken care of should anything happen

The topic of life insurance is often a taboo because nobody likes to imagine or talk about the possibility of passing away or losing a loved one. As much as we hate it, it’s the reality of life and it’s better to be prepared for it rather than to be completely lost when tragedy strikes.

Life insurance can help pay off existing debts, provide living expenses for a significant amount of time, and invest in your child’s education or livelihood. Allianz PremierLink can provide a high sum assured of up to RM4 million, which can help plan and financially secure your family’s future. Alternatively, if you want something simple and fast, Allianz i-EssentialCover is a plan you can use to calculate how much monthly premiums would cost or even buy the plan online now, as it offers up to RM500,000 coverage for 10 years.

So, there you have it, just some of the many plans available for Malaysians to apply for and be financially prepared to deal with costly problems that may arise in the future.

“I still don’t know what insurance plan(s) to get or whether I can even afford it leh.“

Fret not! Simply visit Allianz A-Z Reads, a knowledge hub where they share articles about their many plans, the different uses, and how insurance can help more.

Have a particular protection in mind or interested in finding out how much it would cost for different insurance plans? Check out Allianz Online to make use of the free calculators to estimate the cost; if the price is right, you can even buy most of them online!

See? It’s pretty simple and it literally takes just minutes to apply for a brand new insurance plan. Stop delaying though! It’s a known fact that majority of Malaysians are not insured.

According to The Star, even those who are insured are not adequately covered.

So start taking insurance seriously as the protection you get can actually save you a lot more money in the long run.

Find out more about Allianz here!