If there is only one type of life insurance I should buy…

term insurance blog  

… it will have to be Term Insurance.






There is a wide range of life insurance products in the market today. The industry has developed many new sophisticated products, from whole life insurance, to universal life insurance and variable life insurance. Given this, it is easy to feel confused and be unsure about the type of life insurance coverage to buy.


Our advice in this aspect is simple. Term insurance is the most basic life insurance product that everyone needs to have.



There are 2 main reasons for that:


1. Term insurance is a simple and straightforward product.


Term insurance provides a death benefit over the policy term (you can select a period that is most relevant to you – e.g. 10 years; or up to a certain age – e.g. up to age 80). Throughout the policy term, the insurer will pay out a promised lump sum to your beneficiary in the event of your death.


How much cover to purchase will depend on your personal circumstances. Some areas for consideration include whether you are the sole breadwinner, the number of dependents you have, any future education expenses for your children.


We have created a simple Life Insurance Calculator to help you find out the optimal coverage amount you will need.



2. Term Insurance is cheap


Term insurance is affordable compared to the other types of life insurance. This is because term insurance has no expensive cash value and other savings or investment components embedded in the product.


If your focus is to provide for your dependents in the event of your death, then Term insurance will allow you to purchase higher coverage for each RM1 premium you contribute.


This also means that it is often easy to compare Term insurance and the product is probably one of the most price competitive insurance products you can find.


On our site, we have a one-page comparison table put together by our expert advisers. This compares, in an easy-to-understand way, the most popular term insurance products in Malaysia. Register for an account now and you can enjoy exclusive access to this comparison table.


Assess the level of your coverage today and This email address is being protected from spambots. You need JavaScript enabled to view it. about your Term insurance needs! For as low as RM55 a month, you can get a protection of RM100,000 in the event of your untimely demise. (Learn more about the products offered by AXA Insurance) and our other insurance partners.



DIY Tip: You will see the term “Policy Term” when comparing the different Term insurance products. The policy term is the period over which the premium you will need to pay will be guaranteed.


The shorter the policy term, the lower the premium will be. If you have limited cash outlay, you may wish to consider a shorter guaranteed period first and secure some coverage. Renewal can take place (albeit on a higher premium amount) when you can better afford it. With AXA Insurance, you have a full range of policy term options from 5 years, all the way up to a cover up to age 80.