Financial Planning only for the rich?

I was fortunate to join the financial industry when I graduated. I learn a lot about financial planning and management knowledge and practice some of it. I want to share with you today one rule that I have practised since then, which is to pay yourself first. When you receive an income, pay yourself first. What does this mean? It means paying yourself first as a saving for the future or a sum of money you set aside for a purpose, such as savings, buying a toy, buying something, a holiday, etc. We do have to remember one of the reasons we work is to enjoy life. You will develop such a habit and high discipline as time goes by. Today, I meet a person who save a small of money for years so that he can buy a Microsoft Surface Pro 7 for his wife. It struck me when he hand me a stack of hard cold cash. I told him that I received his payment with a heavy heart. I can feel the sincerity and the high self-discipline over the years that he save enough money to buy this item. I wish him the best

Who need to buy Personal Accident Insurance? Not me!

It does not matter who you are, I believe that if the situation permits, everyone should have an insurance plan. Today I am going to share with you personal accident insurance.

In simple words, Personal Accident Insurance is insurance that provides a benefit when the person meets an accident. There are many types of personal accident insurance in the market, some are general i.e car accidents and public transportation accidents. But some are specific i.e sports accidents, extreme sports accidents and special occupation accidents.

You may be wondering the differences between normal life insurance that provides benefits compare to personal accident insurance that also provides benefits. The answer is in the word - Accident. If you want to know the products in detail, please leave your comment and I will get back to you.

This post is actually regarding buying personal accident insurance in Malaysia. I will share with you the companies in Malaysia that have the flexibility for us to purchase personal accident insurance online and my experiences navigating on their website. 

As of the time I am writing this post in August 2021, there are 6 General Insurance companies in Malaysia that you can purchase personal accident insurance ONLINE directly. They are:

1. MSIG Online. The link is here.

2. Tokio Marine (Tokionow). The link is here.

3. TuneProtect. The link is here.

4. Allianz Online. The link is here.

5. AIG. The link is here.

6. Etiqa. The link is here.

Now, personal accident insurance is a simple, straightforward, easy to understand product feature. Therefore, please do not drop off from your chair if you found out that these online insurance products only offer a few choices for customers to choose from.

MSGI offers 5 types of plans and provides accidental death or permanent disablement, and bereavement allowance only. 

Toko Marine offer only 2 type plans, but they do have additional benefit such as renewal bonus, death due to COVID-19 and snatch theft or robbery protection.

TuneProtect only offers 1 plan which provides accidental death & permanent disablement, medical expenses, bereavement allowance and hospital income allowance. Speaking of this company, before I did my research, I have high expectations of them, but, I think I better stop here.

Allianz offers 3 types of plans and out of the normal product features, they do add on some differentiation here such as double indemnity cover, personal liability, amateur sports cover and hijacking, terrorism and kidnap cover.

AIG is the company that offer the most choices among the rest. Even though they have only 4 types of the basic plan which provide coverage on accidental death & permanent disablement, renewal bonus, medical expenses and daily hospitalization income due to an injury, AIG offers to top up or additional benefits such ass additional accidental death and disablement benefit, medical & hospital benefits, financial assistance and relief benefits and specified infectious diseases benefits. It might be confusing to some people, but on the bright side, AIG is unique compare to others.

Last but not least is Etiqa and they offer both conventional and takaful personal accident insurance online. Etiqa has 4 types of plans and provides quite a long list of benefits such as death, permanent disablement, lifestyle modification expenses, road ambulance fee, compassionate care, facial, dental reconstructive surgery or treatment, hospital cash allowance, medical in and out hospital expenses, recovery expenses, recovery nursing and skin graft.

You can personally try it out to generate a quotation for yourself because as far as I tested it out, all these 6 companies offer easy to navigate user experiences (come on, how hard can it be to navigate a basic personal accident insurance plan)

That's all from me and if you like the content I am creating here, please remember to follow me and I look forward to seeing you soon.



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