By: MediSavers | 28 July 2021

Why Do You Need Life Coverage?

How can one be prepared for the future of your loved ones? Do you know how much does your life worth?

In this blog, we will discuss life coverage and its importance to everyone for lifelong peace of mind.

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Why Do You Need Life Coverage?

“If you fail to plan, you plan to fail”. Although not everything in life will happen as planned or expected, one can still determine and be prepared for the potential risks and incidents earlier to prevent further damage. Just as getting yourself Life Coverage to ensure your peace of mind even in the worst situation.

Well what is life coverage and why is it important?

Let us discuss further, shall we?

 

Image credit: Freepik

A life coverage policy guarantees the insurer pays a sum of money or death benefits to named beneficiaries when the insured policyholder dies, is affected with Total Permanent Disability (TPD) or is diagnosed with Critical Illness (CI) in exchange for the premiums paid by the policyholder during their lifetime. Life coverage is generally very important, and the premium paid can actually be exempted from taxation purposes yayy!

Importance of Life Coverage:

 

Image credit: Freepik

1) Protects and Provide Financial Support For Loved Ones

This is the most important aspect of life coverage that one needs to think about. Especially for the breadwinner of the family, your loved ones are dependent on you even after you are gone or disabled as there are definitely things to be taken care of. The benefit from your life coverage policy will be able to ease the family’s burden and ensure a quality life for them all. The coverage compensation received can be used to pay pending medical bills, children’s education and provide financial solutions especially during the big loss and new lifestyle adjustments.

 

Image credit: Freepik

2) Helps in Dealing With Loans and Debts

Nobody would want to see the family deal with the financial crisis on top of the frustration and emotional struggle from the loss of a loved one. In the event of your death, your loved ones will have to pay your funeral expenses and pay off any financial liabilities you have, such as your debts and shared responsibilities, such as credit card fees, car payment, mortgage payment, student debt, and other loans. Having life coverage will ensure that your family gets to live off loans and be financially prepared.

 

Image credit: Freepik

3) Ensures the Continuity of Life Even at Total Permanent Disability (TPD)

Imagine someone who works, earns and supports a family met with an unfortunate event that made him paralysed for life. In a situation like this, that person would not be able to work or support the family anymore. Thankfully, with life coverage, the family gets to utilize the Total Permanent Disability (TPD) coverage benefits that would be able to provide for the medical aids while ensuring financial security for the loved ones.

 

Image credit: Freepik

MediSavers Prima Life

 

“We cannot predict the future, but we can be prepared for the best or worst.” Getting life coverage is very crucial for every individual especially for the breadwinners of the family. Knowing that your loved ones have a secure future even when you are no longer able to do so is definitely a peace of mind that everyone needs.

 


MediSavers Prima Life comes in four different membership plans where members can apply for Group Term Family Takaful coverage up to RM300,000 and Personal Accident Coverage up to RM600,000 from as low as RM48 monthly!

For more information and to connect with our friendly advisors, please visit https://www.mxm.com.my/medisavers-prima-life/.