You wouldn’t believe how often people get into accidents that result in serious illnesses, permanent disability, or even death. Malaysia saw 566,760 road accidents during the pandemic alone, with over 5,000 fatalities*. If that wasn’t alarming enough, the SOCSO mentioned how young people were usually the victims of these fatal accidents**.
While this fact is an unfortunate reality, there are some steps that we can do to secure our finances if we ever find ourselves in unexpected situations. One of the steps is, of course, by getting insurance.
The benefit of being insured is that you can still be financially protected if you are unable to work after an accident or injury. Some comprehensive insurance plans in Malaysia even offer a weekly disability income benefit to those who meet the requirements. Buying your insurance in your 20s may also be generally cheaper, which brings us to the next myth….