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Life insurance is a contract between an insurance company and an individual insurance policyholder. The contract stipulates a sum of money payable by the insurer to the beneficiary in the occurrence of death, or after a set period, in exchange for a monthly premium.

The two primary categories are term life insurance, which offers affordable coverage for a specific period, and whole life insurance, which provides lifelong coverage and includes a cash value component. There are also variations like investment-linked policies that combine protection with investment opportunities.

Term life insurance provides pure, affordable protection for a specific period (e.g., 20 or 30 years). Whole life insurance provides lifelong coverage and includes a savings component that builds cash value over time. The best life insurance type for you depends on your budget and long-term financial goals.

You need a life insurance policy if anyone depends on your income, such as a spouse, children, or aging parents. Essentially, if your absence would cause financial hardship, you need coverage.

Ideally, your life insurance coverage must be 10 to 15 times your total annual income. When getting life coverage, the key is to ensure enough coverage for your family and future needs.

Yes, it can be a smart strategy. Your whole life insurance provides a permanent, base level of coverage. However, you might purchase a term life insurance policy to affordably cover a specific, temporary financial responsibility such as a large mortgage or a child's university fees.

Yes, you can hold multiple life insurance policies. This is a common way to increase your total coverage as your financial responsibilities grow. Highly recommended to review your policies occationally. It's important to ensure that the combined premiums for all your policies remain affordable.

An insurance premium for a life insurance policy is calculated based on different factors such as age, family medical history, amount of coverage required, gender, lifestyle, and the benefit provided by the policy. 

Sum assured refers to the amount of money that the insurer will pay to your family in case of an unfortunate event.

A life insurance policy  offers a range of benefits — from supporting your family with income for expenses like mortgages and debts, to helping fund education or a business. Your policy can be  a powerful tool to secure your future and protect your loved ones. 

It depends on a person’s budget and coverage needs. Term life insurance — such as PRUTerm and PRUTerm Premier — is a more affordable option for those seeking coverage over a specific period. On the other hand, whole life insurance — like PRUWith You Plus and PRUWealth Enrich 2.0 — offers lifelong protection and serves as a permanent policy solution.

When choosing a life insurance plan in Malaysia, it is best to assess your policy goals and determine the type of coverage you need. It will help you to decide upon how much you have to pay and evaluate the best life insurance policy option available in the market. It is recommended to go for a trusted name when buying a life insurance policy. In this case, our wealth planner can help you assess your needs and match you with the best policy option accordingly.

Life insurance ensures that there is a continuity of finances for your loved ones after you die. It is important as it helps with the following upon your demise:

• Ease the financial stress of your family. 
  
  
• Gives your family some financial control. 
  
  
• Help cover daily expenses. 
  
  
• Help with your children’s college and university fees.
  
  
• Cover your house mortgage. 
  
  
• Cover funeral costs. 
  
  
• Help protect your business if you’re running one.
  
  
• Help support spouse/family. 
  
  
• Enables you to leave an inheritance.

Yes, a life insurance policy is just as relevant whether you’re 40 or 60 years old. By maintaining a life insurance policy, your family will be provided for even upon your death, no matter how old you are.

Employer-provided life insurance is a valuable benefit, but it's often not enough to fully protect your family. Additionally, it's typically tied to your job. It's wise to have a personal life insurance policy to ensure continuous and adequate coverage.

Life insurance functions to help your beneficiaries upon your demise or if you have a Total Permanent Disability. Medical insurance pays when you have an accident or an illness by covering hospital and treatment costs.